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  5. PI Industries shares tumble to 52-week low as Q4 PAT declines 39% YoY, EBITDA contracts; here’s what analysts said

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PI Industries shares tumble to 52-week low as Q4 PAT declines 39% YoY, EBITDA contracts; here’s what analysts said

Abha Raverkar
By Abha Raverkar

4 min read | Updated on May 21, 2026, 14:54 IST

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SUMMARY

PI Industries Q4 results: Its board of directors recommended a final dividend of ₹10 per equity share, at a rate of 1,000%, with a face value of ₹1 each for FY26.

Stock list

PIIND
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PI Industries shares

Its EBITDA margin contracted by 402 basis points (bps) YoY to 22% in the March FY26 quarter from 24% in Q4 FY25.

PI Industries share price: Shares of PI Industries declined as much as 6.93% to hit a 52-week low of ₹2,700 per unit on the National Stock Exchange (NSE) on Thursday, May 21, as its earnings failed to impress the streets.
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At around 2:47 PM, the stock was trading 6.64% lower at ₹2,708.70 per equity share.

The scrip has fallen more than 12% in the past week and 10% over the month. On a year-to-date basis, it has lost nearly 16%.

While the share hit a 52-week high of ₹4,330 apiece on July 30, 2025, it touched a year’s low of ₹2,700 on March 30, 2026.

PI Industries Q4 results

The agrisciences and chemicals company reported a 39% year-on-year (YoY) decline in its consolidated profit after tax (PAT) to ₹200.2 crore in the fourth quarter of the 2025-26 financial year (Q4 FY26), compared to ₹330.5 crore in the year-ago period.

Its revenue from operations fell 12% YoY to ₹1,565.2 crore during the quarter under review, as against ₹1,787.1 crore in the March quarter of the 2024-25 fiscal year (Q4 FY25), according to a regulatory filing dated May 20.

At an operational level, its EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, stood at ₹337.3 crore in Q4 FY26, reflecting a 26% YoY decrease from ₹456.9 crore in the year-ago period.

Its EBITDA margin contracted by 402 basis points (bps) YoY to 22% from 24% in Q4 FY25.

The firm said that its Q4 performance reflects the volatile global situation and customer delivery schedule.

Key highlights

PI Industries saw a 15% decline in AgChem exports due to a contraction in the global agrochemical industry.

While its domestic volumes grew by about 3%, its domestic revenue softened by 9% YoY, as it was weighed down by pricing pressures caused by its market inventory being at elevated levels.

Furthermore, a reduction in key crop acreages, along with regulatory transitions in Biologicals towards normalisation with flat growth for the reporting quarter, also impacted its domestic revenue.

However, its pharma revenue surged 23% YoY, and contributed about 8% to its export revenue.

Final dividend

PI Industries’ board of directors recommended a final dividend of ₹10 per equity share, at a rate of 1,000%, with a face value of ₹1 each for FY26, subject to the approval of the members at the ensuing annual general meeting (AGM).

The total dividend for the fiscal year comes to ₹15 per equity share, including the interim dividend of ₹5 per equity share, with a face value of ₹1 each.

What analysts said

Analysts at Jefferies said that PI Industries missed its EBITDA and PAT estimates. Its new product growth slowed, and pyroxasulfone is in sharp contraction. Furthermore, its working capital rose sharply. However, a favourable base and growth in new molecules restored growth in FY27, with management expecting high-single-digit revenue growth. It forecasted the company’s adjusted PAT to have a compound average growth rate (CAGR) of 12% over FY27-28.
In a note, analysts at Morgan Stanley said that PI Industries is expected to return to positive growth in FY27. It expects improved traction across exports and the domestic agchemicals business. Its pharma business may take two to three years to double its revenue base. The analysts noted that the firm’s commentary on agchemicals recovery was more cautious than that of its peers.
HSBC analysts noted that the firm's Q4 FY26 earnings were another miss, given the disappointment in the agrochemicals business, and higher overhead pressure on EBITDA margin. Its core businesses remained muted, and new businesses might take time to scale up their necessary investments. It cut the PI Industries’ earnings growth estimates.

PI Industries has a total market capitalisation of ₹41,070.09 crore as of May 21, 2026, according to data on the NSE.

Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.

About The Author

Abha Raverkar
Abha Raverkar is a post-graduate in economics from Christ University, Bengaluru. She has a strong interest in the markets and loves to unravel the nitty-gritties of the latest happenings in the world of markets, business, and the economy.

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