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Swing Capital

P I Industries Ltd

NSE: PIIND BSE: 523642

PI Industries Ltd is a leading player in the agro-chemicals space having strong presence in both Domestic and Export markets. It has state-of-art facilities in Gujarat having integrated process development teams with in-house engineering capabilities.[1]

₹3,106
52W: ₹2700 — ₹4330
PE 28.8 · Book ₹728 · +327% vs book
Market Cap₹47,127 Cr
Stock P/E28.8Price to Earnings
ROCE25.4%Return on Capital
ROE19.7%Return on Equity
Div. Yield0.51%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 33.4% CAGR over last 5 years

Weaknesses

  • −Debtor days have increased from 44.6 to 57.6 days.

Shareholding Pattern

Promoters46.09%
FIIs15.87%
DIIs31.2%
Public6.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters46.09%46.09%46.09%46.09%46.09%46.09%46.09%46.09%
FIIs18.76%19.02%▲0.318.46%▼0.618.06%▼0.416.98%▼1.116.42%▼0.615.97%▼0.515.87%▼0.1
DIIs25.84%26.21%▲0.427.07%▲0.927.43%▲0.429.21%▲1.830.26%▲1.130.94%▲0.731.2%▲0.3
Public9.14%8.54%▼0.68.23%▼0.38.28%▲0.07.58%▼0.77.09%▼0.56.85%▼0.26.69%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,9691,7211,6262,0122,1311,7801,6481,7691,7531,270
Expenses1,4151,1771,1731,3811,4461,2351,1441,1951,146900
Operating Profit553544453631685545504574607370
OPM %28%32%28%31%32%31%31%32%35%29%
Net Profit464486384498558424386464491282
EPS ₹30.6232.0725.3432.8536.8127.9325.4330.632.3718.56

AI Insights

Revenue Trend

TTM revenue at ₹6,440Cr, down 14.9% YoY. OPM at 32%.

Debt Position

Borrowings at ₹53Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹480Cr (15% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 31.2% (+7.40pp change). FIIs: 15.87% (-3.30pp change). Promoters hold 46.09%.

Margin & Efficiency

ROCE declining from 36% (Mar 2014) to 25% (Mar 2025). Working capital days: 60.

Valuation

PE 28.8x with 25.4% ROCE. Price is 327% above book value of ₹728. Dividend yield: 0.51%.

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