Shares of PI Industries fell as much as 8 per cent on Wednesday, emerging as the top loser on the Nifty 500 index, after the company reported March-quarter earnings that came in below already subdued market expectations.
The company’s fourth-quarter performance was impacted by weakness across both export and domestic agrochemical businesses, with profitability declining more sharply than anticipated.
For the quarter ended March 2026, revenue declined 12 per cent year-on-year to Rs 1,565 crore, broadly in line with Street estimates.
However, EBITDA fell 26 per cent to Rs 337 crore from a year earlier, compared with analysts’ expectations of a 19 per cent decline.
EBITDA margin contracted to 21.5 per cent from 25.4 per cent in the corresponding quarter last year, missing consensus estimates of 23 per cent.
Net profit dropped 39 per cent year-on-year to Rs 200 crore from Rs 331 crore, significantly worse than the 23 per cent decline anticipated by analysts.
For the full financial year, revenue and EBITDA performance were largely in line with market expectations. A favourable product mix helped limit the decline in annual EBITDA margin to around 200 basis points, with margins remaining at 25 per cent.
Within business segments, the company’s agrochemical exports business reported a 19 per cent decline in revenue, while export volumes fell 14 per cent due to a high base effect.
Domestic revenue also declined 7 per cent year-on-year, with volumes falling 1 per cent amid adverse weather conditions, weak crop realisations, regulatory disruptions in the biologicals segment and elevated channel inventory levels.
The earnings miss reinforced concerns over the pace of recovery in the global agrochemical cycle, particularly in export markets where demand conditions remain challenging despite signs of inventory normalisation in certain regions.
Following the results, investors reacted negatively to the sharper-than-expected decline in profitability and margins, sending PI Industries shares sharply lower in early trade.
PI Industries stock traded 6.68 per cent lower at Rs 2,910 on the National Stock Exchange (NSE) in the morning session. |
