PI Industries Q2 FY26 Results: Revenue Dips, New Products Drive Growth Momentum
19 November 2025, Mumbai: PI Industries Ltd. has released its Q2 FY26 results, reporting a revenue decline of around 16% year-on-year, largely due to planned phasing in agchem exports and erratic monsoon conditions affecting the domestic market. Despite the dip, the company recorded strong traction in newly launched products and improved gross margins driven by a favourable product mix.
Q2 FY26 Performance Highlights
The company posted a 17% volume decline in agchem exports, aligning with its business plan and customer delivery schedules. However, new products launched over the past three years grew by an impressive 27% YoY, with five new molecules commercialised during H1 FY26. Domestic revenues were impacted by erratic rainfall, regulatory changes in biologicals, and softer volumes.
Pharma revenues surged 54% YoY, contributing nearly 4% to export revenues. Overheads increased marginally (2%) due to investments in new businesses and product promotion.
Q2 FY26 Financials (INR Mn)
| Particulars | Q2 FY25 | Q2 FY26 | % YoY |
|---|---|---|---|
| Revenue | 22,210 | 18,723 | (16%) |
| Gross Margin | 52% | 57% | 549 bps |
| Overheads | 5,214 | 5,306 | 2% |
| EBITDA | 6,289 | 5,434 | (14%) |
| EBITDA Margin % | 28% | 29% | 71 bps |
| Net Profit | 5,082 | 4,093 | (19%) |
H1 FY26 Performance: Market Conditions Impact Growth
PI Industries’ H1 numbers reflect broader market headwinds, with revenue down 12% YoY. The agchem export segment fell 16% but was partly offset by a robust 38% YoY growth in new products. Pharma revenues doubled, growing 104% and contributing about 4% of total export revenues.
Despite cost pressures and increased investments, EBITDA margins held steady at 28%, supported by a favourable product mix and operational efficiencies.
H1 FY26 Financials (INR Mn)
| Particulars | H1 FY25 | H1 FY26 | % YoY |
|---|---|---|---|
| Revenue | 42,899 | 37,728 | (12%) |
| Gross Margin | 52% | 57% | 557 bps |
| Overheads | 10,094 | 11,029 | 9% |
| EBITDA | 12,142 | 10,653 | (12%) |
| EBITDA Margin % | 28% | 28% | (7) bps |
| Net Profit | 9,570 | 8,093 | (15%) |
Innovation Pipeline: High-Value Crop Solutions for 2026
PI Industries is preparing for multiple new high-value launches in 2026, including:
- Alcor – Systemic herbicide
- Comet – Post-emergent herbicide for grass control
- Uranus – Miticide for enhanced crop protection
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