PI Industries Q4 Review: Dolat Capital Downgrades To 'Reduce', Cuts Target Price On Cautious Growth Outlook

Management guided a mid-single digit revenue growth for FY26 owing to pressure in CSM, uncertain global macro, pricing pressure in generics in domestic business.

Dolat Capital

21 May 2025, 10:30 AM IST i

<div class="paragraphs"><p>PI Industries reported revenue of Rs 17.9 billion as exports stood at Rs 14.5 billion.  (Image used for representational purpose. Source: Dinuka Gunawardana/Pexels)</p></div>

PI Industries reported revenue of Rs 17.9 billion as exports stood at Rs 14.5 billion. (Image used for representational purpose. Source: Dinuka Gunawardana/Pexels)

CSM exports growth slowed down to 6% in FY25 owing to pricing pressure and inventory de-stocking, which is expected to continue even in FY26. However, PI is gaining traction on the non-agchem side of the portfolio, with non-agchem inquiries increasing from ~20% in FY22 to ~40% in FY25. It has a strong pipeline of products providing long-term visibility with 15+ new molecules commercialized over the last three years, and 90+ molecules...