Agro Chemicals · PI
Pesticides/Agrochemicals
from 2,486 today
We initiate coverage on PI Industries Limited with a HOLD rating and a target price of Rs 2,638, based on a 16x FY28E EV/EBITDA multiple. PI is India’s preeminent custom synthesis and manufacturing franchise.
We expect near-term challenges in the agrochemical space to weigh on overall performance, though medium-term growth will be supported by biologicals recovery and scale-up in pharma. We value the stock at 30x FY28 EPS, arriving at a target price of Rs2,569, and maintain our 'HOLD' rating.
We maintain our BUY rating on the stock with a revised target price of Rs 3,045/share, factoring in resilient operating performance, expanding biologicals and pharma CRDMO platforms, and a strong balance sheet despite near-term Agchem headwinds.
PI Industries reported a weak quarter as revenue declined 10% YoY, primarily due to a dip in the CSM business. Factoring in the muted 1QFY27, we cut our FY27/FY28 earnings estimates and reiterate our BUY rating with a target price of INR3,000.
PI Industries reported another soft quarter with declines in revenue, EBITDA, and PAT, leading to a trimmed FY27/28 EPS estimate and a revised target price of INR 2,520 while retaining a HOLD rating due to near-term headwinds in CSM exports and higher operating costs.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
