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INVESTMENT INSIGHTS

Check Before You Invest : PI Industries Ltd

BSE: 523642 NSE: PIIND ISIN: INE603J01030
  |   Sector:  Chemicals & Fertilizers   |   Industry:  Pesticides & Agrochemicals

Snapshot

Q.1 Which industry/sub-sector does PI Industries Ltd belong to?
PI Industries Ltd belongs to the Chemicals & Fertilizers sector, operating specifically within the Pesticides & Agrochemicals segment.
Q.2 Is PI Industries Ltd a good quality company?
PI Industries Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is PI Industries Ltd undervalued or overvalued?
PI Industries Ltd appears Undervalued, as its key valuation ratios are lower than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 31.43 39.48
Price to Book 3.7 6.47
Price to Sales 6.18 7.48
EV to EBITDA 19.68 25.12
Q.4 Is PI Industries Ltd a good buy now?
PI Industries Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of PI Industries Ltd?
PI Industries Ltd revenue growth is 4.1% for FY-2025, which is below its 5-year CAGR of 18.83%, indicating slower growth.

Q.2 Gross Profit margin of PI Industries Ltd?
PI Industries Ltd Gross profit margin which is the profit after deduction of direct costs, is 29.9% for FY-2025, which is above its 5-year median of 24.7%, indicating increasing margins.

Q.3 Operating Profit Margin of PI Industries Ltd?
PI Industries Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 27.65% for FY-2025, which is above its 5-year median of 23.8% indicating increasing margins.

Q.4 Net Profit Margin of PI Industries Ltd?
PI Industries Ltd Net Profit Margin is 20.81% for FY-2025, is above its 5-year median of 18.94%, indicating increasing margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 29.9 24.7
Operating Profit Margin (%) 27.65 23.8
Net Profit Margin (%) 20.81 18.94

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of PI Industries Ltd?
PI Industries Ltd Return on Asset is 12.38%, which is in line with its 5-year historical median of 12.38%, indicating stable asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of PI Industries Ltd?
PI Industries Ltd Return on capital employed is 22.99% for FY-2025, which is in line with its 5-year historical median of 22.09%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 11.25%, indicating value creation.

Q.7 Return on Equity (ROE) of PI Industries Ltd?
PI Industries Ltd Return on equity is 17.58% for FY-2025, which is in line with its 5-year historical median of 18.45%, indicating the business is making similar use of its shareholders capital.

Q.8 Cash conversion cycle of PI Industries Ltd?
PI Industries Ltd Cash conversion cycle is 21 days, below its 5-year historical median of 54 days, indicating improved working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 0.62 0.71
ROE (%) 17.58 18.45
ROCE (%) 22.99 22.09
Cash Conversion Cycle 21 days 54 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of PI Industries Ltd?
PI Industries Ltd Debt-to-Equity ratio is 0.01, which is lower the industry average of 0.27, indicating lower debt levels in the industry.

Q.10 Debt to cash flow from operations of PI Industries Ltd?
PI Industries Ltd Debt to cash flow from operations is 0.08, which is at a healthy level.

Ownership & governance

D: Promoter shareholding and pledge status of PI Industries Ltd?

Q.1 Promoter shareholding and pledge status of PI Industries Ltd?
Promoters hold 46.09% of the PI Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does PI Industries Ltd performance compare with that of its Peers?

Q.1 Revenue growth of PI Industries Ltd vs industry peers?
PI Industries Ltd revenue CAGR is 18.83%, compared to the industry median CAGR of 12.15%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 4.1 12.2
Gross Profit Growth (%) 13.6 11.7
Operating Profit Growth (%) 8.2 13.7
Net Profit Growth (%) -1.3 5.8
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 0.62 0.69
ROE (%) 17.58 18.33
ROCE (%) 22.99 17.78
Cash Conversion Cycle (days) 20.51 42

Valuation & price assessment

Q.1 Stock return of PI Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 15.9% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 15.9% 1.4% -6% -24.4%
Q.2 Valuation ratios of PI Industries Ltd vs historical?
The current P/E ratio of 31.43 is lower than its historical median of 39.48, indicating that the stock is trading below its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 31.43 39.48 24.78
Price to Book 3.7 6.47 2.67
Price to Sales 6.18 7.48 1.43
EV to EBITDA 19.68 25.12 12.86

Check more companies

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4. UPL
5. Coromandel Interntl.
6. Supreme Industries
7. Astral
8. PI Industries
9. Gujarat Fluorochemic

Check trending companies

1. Praj Industries Ltd.
2. MRF Ltd.
3. Reliance Power Ltd.
4. Bharat Heavy Electricals Ltd.
5. CESC Ltd.
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