PI Industries slumps as Q2 PAT drops 70% YoY
Revenue from operations fell 9.11% year on year to Rs 1,701.8 crore in Q2 FY27 from Rs 1,872.3 crore. Sequentially, revenue was largely unchanged, compared with Rs 1,702.3 crore in Q1 FY27.
Profit before tax stood at Rs 184 crore in Q2 FY27, down 42.82% vs previous quarter and 64.97% vs year-ago quarter.
Gross margin declined to 49% from 57% in both Q2 FY26 and Q1 FY27. Overheads increased 14.8% year on year to Rs 609.1 crore from Rs 530.6 crore and rose 1.8% quarter on quarter from Rs 598.4 crore.
EBITDA declined 56.5% year on year to Rs 236.2 crore in Q2 FY27 from Rs 543.4 crore in Q2 FY26. Sequentially, EBITDA fell 36% from Rs 369.3 crore in Q1 FY27. EBITDA margin contracted to 14% from 29% a year earlier and 22% in the previous quarter.
Total expenditure increased 10.15% year on year to Rs 1,574 crore. Raw material consumption declined 11.47% to Rs 789.7 crore, while employee expenses rose 16.33% to Rs 256.5 crore. Interest costs increased 223.08% to Rs 8.4 crore, and depreciation rose 7.04% to Rs 104.9 crore.
The agrochemicals segment recorded revenue of Rs 1,628 crore, down around 10% year on year from Rs 1,809.2 crore. The pharma segment grew around 19.7% to Rs 75.9 crore from Rs 63.4 crore.
Net cash generated from operating activities stood at Rs 889.9 crore in H1 FY27, compared with Rs 247.6 crore in the corresponding period last year.
The company reduced its net working capital cycle by 18 days to 121 days as of September 2026 from 139 days in March 2026, releasing Rs 298.1 crore in cash. Surplus cash, net of debt, stood at Rs 3,573.7 crore.
Capital expenditure stood at Rs 567.4 crore in H1 FY27, reflecting continued investments in efficiencies, capacities, new initiatives and research and development.
PI Industries is a global life sciences company operating across agri-sciences, speciality chemicals, ag-biologicals and pharmaceuticals. It has over 4,000 employees, 10 international offices and research and development centres in India and the US, along with manufacturing facilities in India and Italy. The company serves customers in more than 40 countries and provides agrochemical custom synthesis and manufacturing services, crop solutions and contract research, development and manufacturing services (CRDMO).
Powered by Capital Market - Live News