Shares of PI Industries declined over 5% on Wednesday after the company reported a weaker-than-expected set of Q4 FY26 results, with EBITDA and profit missing street estimates.
The stock fell nearly 5.6% to around Rs 2,950 after investors reacted negatively to the company’s earnings performance and cautious commentary on margins and input costs.
The biggest concern for the street was the EBITDA miss. PI Industries reported Q4 EBITDA of Rs 337 crore, down 26% year on year, compared to market expectations of a 19% decline. EBITDA was estimated to have missed analyst expectations by nearly 15%.
The company’s EBITDA margin narrowed sharply to 21.5% from 25.4% a year ago, falling below street expectations of 23%.
Revenue for the March quarter declined 12% YoY to Rs 1,565 crore, largely in line with estimates. However, net profit dropped 39% to Rs 200 crore from Rs 331 crore in the year ago period, significantly worse than the roughly 23% decline anticipated by the street.
Analysts also highlighted that PI Industries has now missed estimates in seven out of the last nine quarters, raising concerns over execution consistency and demand recovery.
Weakness was visible across both domestic and CSM businesses. Agrochem exports declined 19% YoY, while export volumes were down 14% due to a high base effect.
Domestic revenue fell 7% from last year, impacted by adverse weather conditions, lower crop prices, elevated channel inventories and regulatory disruptions in biological products.
For FY27, the company indicated that ongoing geopolitical tensions are leading to higher input costs and pricing pressure. While management remains cautiously optimistic about export recovery in the second half due to committed customer offtake plans, investors appeared concerned over near term profitability and demand visibility.
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