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🔬 PI Industries Ltd – Q4 & FY25 Results Review | Growth, Margins, and Outlook

Created by Piyush Patel_ in Company Update 21 May 2025

🔬 PI Industries Ltd – Q4 & FY25 Results Review | Growth, Margins, and Outlook

📅 Report Period: Q4 FY25 & FY25
📈 CMP: ₹3,688
🏢 Industry: Agrochemicals & Life Sciences

📊 Financial Highlights

Consolidated Income Statement Summary:

Metric	Q4 FY25	YoY Growth	FY25	YoY Growth
Revenue	₹17,871 Mn	+3%	₹79,778 Mn	+4%
EBITDA	₹4,569 Mn	+3%	₹21,833 Mn	+8%
Net Profit	₹3,305 Mn	-11%	₹16,602 Mn	-1%
EPS	₹24.4	↓ from ₹27.3	₹109.4	↓ from ₹124.6
EBITDA Margin	26%	Flat	27%	+95 bps
Gross Margin	55%	+121 bps	53%	+279 bps

🚀 Segmental & Regional Insights

Domestic Agri Brands:

Q4: +21% YoY (Volume +24%)
FY25: +6% YoY (Volume +9%)
Strong growth due to good Rabi season and new launches

Agchem Exports:

Q4: -5% (Volume +7%)
FY25: +5% YoY (New product contribution +31%)
Price erosion due to softening input costs

Biologicals:

Q4: +10% YoY
FY25: +20% YoY
Strong traction with sustainable agri solutions

Pharma (PI Health Sciences):

Q4: 6% of exports revenue
33% QoQ growth

📈 Key Financial Ratios (Consolidated)

Ratio	FY24	FY25
Debt/Equity	0.01	0.01
ROCE	35.1%	28.9%
Net Sales/Trade WC	6.16x	4.97x
Net Sales/Net Fixed Assets	2.23x	1.90x

💰 Cash Flow Snapshot

Metric	FY24	FY25
CFO	₹13,923 Mn	₹14,130 Mn
Capex	₹5,851 Mn	₹9,280 Mn
Free Cash Flow (Est.)	~₹8,072 Mn	~₹4,850 Mn

📉 FCF decline driven by higher capex for new capacity and R&D expansion.

🧪 Strategic & Business Updates

6 new products commercialized in Exports, 7 in Domestic Agri
Biologicals: Global expansion plan with PREtec, Obrona, Saori, and Teikko in portfolio
Diversification into Specialty & Electronic Chemicals
Strong engagement via 15,000+ distributors and 1.6 Mn farmers

🔭 Outlook & Valuation

Valuation Ratios (CMP ₹3,688):

PE Ratio: ~33.7x
PBV: ~3.6x

Near-term growth supported by:

Continued biologicals expansion
New launches in Agchem and Pharma
Strengthened India distribution

Challenges: Margin pressure in exports, high capex impacting cash

📌 Investor View

🔷 Long-term outlook remains promising, supported by diversified growth engines
🔷 Near-term volatility in profitability due to high tax and input price dynamics
🔷 Investors may accumulate on dips with a 5-year horizon

⚠️ Disclaimer

This analysis is for educational purposes only and should not be construed as investment advice. Investors are advised to do their own due diligence before making any investment decisions.