PI Industries hits 52-week low, stock in downtrend for period up to five years; what's next?
PI Industries: Brokerage Nuvama has retained its 'HOLD' rating, citing the sharp correction in the stock price and limited downside potential from current levels. The stock is currently trading at 23 times FY29 estimated earnings.
- Nov 6, 2026,
- Updated Nov 6, 2026 9:33 AM IST
Shares of PI Industries Ltd have logged negative returns for period up to five years. The agrochemicals stock slipped 36.77% in five years, 52% in a year, and 42% in six months. It's a sea of red for the chemicals stock in the short term and long term. Only in ten years, the stock has gained 106%.
Brokerage Nuvama has retained its 'HOLD' rating, citing the sharp correction in the stock price and limited downside potential from current levels. The stock is currently trading at 23 times FY29 estimated earnings.
Nuvama said the company reported a weak performance, with consolidated revenue declining 9.1% year-on-year to Rs 1,700 crore, primarily due to an 18% contraction in agrochemical exports. Gross margin fell 780 basis points to 49.5%, while EBITDA margin stood at 13.7%, missing Nuvama's estimates by 32%. Domestic agriculture and pharmaceuticals remained growth drivers, expanding 19% and 20%, respectively, but their performance was insufficient to offset weakness in the custom synthesis and manufacturing (CSM) business.
Nuvama reduced its FY27 and FY28 earnings estimates by 35.9% and 28.2%, respectively, and shifted its valuation base to FY29. It has slashed its target price to Rs 1,682 from Rs 2,801, valuing the stock at 25 times Q2FY29 estimated earnings per share.
Brokerage Motilal Oswal remains cautiously optimistic about the company's medium-term prospects, supported by a healthy order book of approximately $1.25 billion and expectations of a gradual recovery in global agrochemical demand. The brokerage expects growth to be supported by higher contributions from new CSM molecules, expansion in domestic agriculture and biologicals, and the scaling up of newer businesses, including pharmaceutical CRDMO and electronic specialty chemicals.
However, persistent pressure on realizations and margins across key CSM molecules has prompted the brokerage to cut its FY27 and FY28 earnings estimates by 38% and 27%, respectively. It expects revenue, EBITDA and adjusted profit after tax to decline 4%, 37% and 47%, respectively, in FY27. A recovery is projected in FY28, with the three parameters expected to grow 15%, 36% and 49%, respectively.
Motilal Oswal has reiterated its 'BUY' rating with a target price of Rs 2,060, based on 32 times FY28 estimated earnings per share. The valuation multiple represents a 10% discount to the stock's 10-year average one-year forward earnings multiple.
PI Industries stock
PI Industries share price fell 1.03% to Rs 1756.10 in the current session against the previous close of Rs 1774.30 on BSE. Market cap of the firm fell to Rs 26,643 crore. Total 0.27 lakh shares changed hands amounting to turnover of Rs 4.76 crore. It hit a fresh 52 week low of Rs 1730 today.
PI Industries share are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
About PI Industries
PI Industries is a leading player in the agrisciences and fine chemicals industry, operating on a unique business model of "In-licensing" for the Indian market and "Custom Synthesis and Manufacturing" (CSM) for global clients. The company serves as a strategic partner to global innovators, offering end-to-end solutions from research and development (R&D) to commercial production. PI Industries has established a significant presence in the global agrochemical supply chain, characterized by a transition from a domestic-focused manufacturer to a technology-driven global partner.
Shares of PI Industries Ltd have logged negative returns for period up to five years. The agrochemicals stock slipped 36.77% in five years, 52% in a year, and 42% in six months. It's a sea of red for the chemicals stock in the short term and long term. Only in ten years, the stock has gained 106%.
Brokerage Nuvama has retained its 'HOLD' rating, citing the sharp correction in the stock price and limited downside potential from current levels. The stock is currently trading at 23 times FY29 estimated earnings.
Nuvama said the company reported a weak performance, with consolidated revenue declining 9.1% year-on-year to Rs 1,700 crore, primarily due to an 18% contraction in agrochemical exports. Gross margin fell 780 basis points to 49.5%, while EBITDA margin stood at 13.7%, missing Nuvama's estimates by 32%. Domestic agriculture and pharmaceuticals remained growth drivers, expanding 19% and 20%, respectively, but their performance was insufficient to offset weakness in the custom synthesis and manufacturing (CSM) business.
Nuvama reduced its FY27 and FY28 earnings estimates by 35.9% and 28.2%, respectively, and shifted its valuation base to FY29. It has slashed its target price to Rs 1,682 from Rs 2,801, valuing the stock at 25 times Q2FY29 estimated earnings per share.
Brokerage Motilal Oswal remains cautiously optimistic about the company's medium-term prospects, supported by a healthy order book of approximately $1.25 billion and expectations of a gradual recovery in global agrochemical demand. The brokerage expects growth to be supported by higher contributions from new CSM molecules, expansion in domestic agriculture and biologicals, and the scaling up of newer businesses, including pharmaceutical CRDMO and electronic specialty chemicals.
However, persistent pressure on realizations and margins across key CSM molecules has prompted the brokerage to cut its FY27 and FY28 earnings estimates by 38% and 27%, respectively. It expects revenue, EBITDA and adjusted profit after tax to decline 4%, 37% and 47%, respectively, in FY27. A recovery is projected in FY28, with the three parameters expected to grow 15%, 36% and 49%, respectively.
Motilal Oswal has reiterated its 'BUY' rating with a target price of Rs 2,060, based on 32 times FY28 estimated earnings per share. The valuation multiple represents a 10% discount to the stock's 10-year average one-year forward earnings multiple.
PI Industries stock
PI Industries share price fell 1.03% to Rs 1756.10 in the current session against the previous close of Rs 1774.30 on BSE. Market cap of the firm fell to Rs 26,643 crore. Total 0.27 lakh shares changed hands amounting to turnover of Rs 4.76 crore. It hit a fresh 52 week low of Rs 1730 today.
PI Industries share are trading lower than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.
About PI Industries
PI Industries is a leading player in the agrisciences and fine chemicals industry, operating on a unique business model of "In-licensing" for the Indian market and "Custom Synthesis and Manufacturing" (CSM) for global clients. The company serves as a strategic partner to global innovators, offering end-to-end solutions from research and development (R&D) to commercial production. PI Industries has established a significant presence in the global agrochemical supply chain, characterized by a transition from a domestic-focused manufacturer to a technology-driven global partner.