PI Industries Q2FY27 Results: Revenue Declines 9% to ₹17,018 Crore, PAT Down 70%
PI Industries reported Q2 FY27 consolidated revenue of ₹17,018 crore, down 9% YoY. PAT declined 70% to ₹1,222 crore. EBITDA fell 57% to ₹2,362 crore. Agchem exports dropped 18%, while domestic revenue grew 19% and Biologicals surged over 45%. Health Sciences revenue increased 20%.
The substantial decrease in revenue and profit, especially the 70% drop in PAT, is a material event for investors and the market, impacting the company's valuation and investor sentiment.
The company reported a significant decline in revenue and profit for the quarter and half-year, primarily due to headwinds in agchem exports and increased costs impacting margins. While certain segments like Biologicals and Health Sciences showed growth, the overall financial performance was negative.
PI Industries Limited announced its unaudited financial results for the quarter and half-year ended September 30, 2026. The company reported a consolidated revenue of ₹17,018 crore for Q2 FY27, a decrease of 9% compared to ₹18,723 crore in Q2 FY26. Profit After Tax (PAT) saw a significant decline of 70%, falling to ₹1,222 crore from ₹4,093 crore in the same period last year.
The company's EBITDA also decreased by 57% to ₹2,362 crore in Q2 FY27, down from ₹5,434 crore in Q2 FY26. The EBITDA margin contracted to 14% from 29% year-on-year.
For the half-year ended September 30, 2027 (H1 FY27), consolidated revenue stood at ₹34,041 crore, down 10% from ₹37,728 crore in H1 FY26. PAT for H1 FY27 was ₹3,664 crore, a 55% decrease from ₹8,093 crore in H1 FY26. EBITDA for H1 FY27 was ₹6,055 crore, down 43% from ₹10,653 crore in H1 FY26, with the EBITDA margin narrowing to 18% from 28%.
Agchem exports declined by approximately 18% in Q2 FY27 due to lower demand and pricing pressure from genericization. Conversely, domestic revenue grew by about 19%, and the Biologicals segment saw aggressive growth of over 45%. The Health Sciences revenue increased by 20%. The company also commenced commercial GMP manufacturing of Galidesivir (API).
Gross margins were impacted by higher input costs (5%) and pricing pressure due to El Nino and genericization. Overheads increased due to continued investments in new businesses and R&D, alongside new molecule launch expenses and energy costs.
The company's balance sheet remains strong, with shareholders' funds at ₹1,14,574 crore as of September 2026. Net working capital was reduced by 18 days, releasing ₹2,981 crore in cash. Total capital expenditure for H1 FY27 was ₹5,674 crore, reflecting ongoing investments in efficiencies, capacities, new initiatives, and R&D.
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