)
Visual
test
PI Industries
PI Industries (PIIND) investor relations material
PI Industries Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
Q2 FY26 revenue was INR 18,723 million, down 16% YoY, with EBITDA at INR 5,434 million (down 14%) and PAT at INR 4,093 million (down 19%).
H1 FY26 revenue was INR 37,728 million, down 12% YoY, with EBITDA at INR 10,653 million (down 12%) and PAT at INR 8,093 million (down 15%).
Gross margin improved to 57% in Q2 and H1 FY26, up over 550 bps YoY, driven by favorable product mix and operational efficiencies.
Pharma business doubled revenue YoY in H1, with new customer additions in the U.S. and Europe, though profitability remains impacted by investment phase and product mix.
Biologicals business is in investment phase, with global expansion, new research center in Hyderabad, and new US registration and Mexico launch.
Financial highlights
Agchem exports declined 18% in Q2 and 16% in H1 YoY, mainly due to volume drops and customer delivery schedules.
Domestic revenue fell 13% in Q2, impacted by erratic rainfall and regulatory transitions.
Pharma revenue grew 104% YoY in H1, now contributing ~4% of exports revenue.
Capex for H1 FY26 was INR 4,415 million, focused on manufacturing and R&D infrastructure.
Trade working capital days increased to 115, reflecting current market conditions.
Outlook and guidance
Recovery in domestic and export businesses expected from Q4, with positive Rabi season outlook and improved water levels.
Full industry recovery anticipated in H2 2026 or later; short-term guidance remains muted due to ongoing macro headwinds.
Pharma and biologicals expected to scale up over the next few years, with profitability following as scale is achieved.
ETR expected to be 22%-23% for the next 2-3 years.
Continued focus on margin discipline, portfolio diversification, and scaling strategic platforms.
Analyze H1 revenue decline drivers
What caused the H1 CFO decline?
Assess Pharma segment's increasing loss
Pharma business: Timeline for positive EBITDA?
Biologicals: Milestones for market leadership?
AgChem exports: What drives H2 CY26 recovery?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 7 FebGICRE
Net profit for the nine months surged to ₹6,62,217 lakhs, with a robust solvency ratio of 3.87. - 7 Feb517271
Strong revenue and profit growth, interim dividend, and major investments approved. - 7 Feb514167
Quarterly and nine-month results reflect solid revenue, profit, and compliance with new labour codes. - 7 FebMGL
Strong revenue growth offset by lower margins and profit; interim dividend declared. - 7 FebPGIL
Strong revenue and margin growth, with India set for further expansion and upgraded ratings. - 7 Feb504614
Strong revenue and profit growth in Q3 FY26, led by power and steel segments. - 7 FebCHEMPLASTS
Net losses widened and revenue fell year-over-year amid regulatory and market headwinds. - 7 FebSBIN
Q3 FY26 net profit reached ₹21,028.15 crore, driven by robust income and strategic divestments. - 6 FebHTOO
Resale registration for 71,429 shares via warrant, with proceeds only on exercise; financial risks persist. - 6 FebVSAT
Q3 revenue up 3% to $1.16B, net income $25M, strong cash flow, Ligado boost, satellite focus.
Next PI Industries earnings date
Q3 25/2613 Feb, 2026
PI Industries
Next PI Industries earnings date
Q3 25/2613 Feb, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
PI Industries Limited is an Indian agrochemical company engaged in the manufacturing and distribution of crop protection products and specialty chemicals. The company operates in domestic and international markets, offering research, custom synthesis, and contract manufacturing services. It is headquartered in Udaipur, Rajasthan, India, and its shares are listed on the NSE.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage