P.I. Industries (PI IN) – Q3FY26 Result Update – Near-term weakness amid industry headwinds – HOLD
Published on 13 Feb 2026
We expect near-term challenges in the agrochemical space to weigh on overall performance. However, medium-term growth will be supported by new CSM product launches, biologicals recovery, and scale-up in pharma. We estimate consolidated revenue/EBITDA/PAT CAGR of about -1%/-2%/-3% over FY25–28E. At current levels, the stock trades at 33x FY28 EPS. We value the stock at 33x Dec’27E EPS, arriving at TP of Rs3,196, and maintain our ‘HOLD’ rating.
