PI Industries Ltd

Meeting Details

• Date: August 25, 2026; Virtual; One-on-One with Kotak Mahindra Asset Management Company.
• Date: August 31, 2026; Mumbai; One-on-One with Quest Investments.
• Date: September 4, 2026; Mumbai; One-on-One with Awriga Capital.

Participants

• Key company participants: not named in filing.

Purpose

• Purpose: one-on-one investor discussions on company updates.

Meeting Details

• Dates: Aug 25, 2026; Aug 31, 2026; Sep 4, 2026; times not specified.
• Type/Mode: One-on-One; Aug 25 virtual; Aug 31 and Sep 4 in Mumbai (physical).
• Organisers: Kotak Mahindra Asset Management Company; Quest Investments; Awriga Capital.

Participants

• Key company participant: Company Secretary and Compliance Officer.

Purpose

• Purpose: Interaction with Analysts/Investors.

Financial Performance

• Q1 FY27 revenue ₹17,023 million; gross margin 57%; EBITDA 22%.

Operating Update

• Domestic volume growth 12%; revenue growth 3% in Q1.
• Biologicals grew 50% in quarter; R&D spend 3–4% of revenue.
• Export environment challenging; currency and commodity volatility noted.

Balance Sheet & Cash Flow

• Net cash ₹38 billion; debt-free balance sheet.
• Contract assets ~₹750 crore (June 2026).
• Net working capital reduced by 19 days; cash release ₹300 crore.

Capex & Projects

• Capex guidance ₹700–₹800 crore for FY27; current quarter ₹250 crore.
• Three focus areas: existing assets, new verticals, innovation-led approaches.
• Commissioned flow-chemistry plant; enhanced process control and safety.

Guidance & Outlook

• FY27 revenue growth expected in the lower single digits; cycle-dependent.
• ETR for FY27 expected around 24%.
• FY27 to be better than FY26 driven by second-half export recovery.

Q&A Highlights

• Pipeline ~90 projects; majority in AgChem; 60% at advanced stage.
• FY27 launches: 4–5 molecules; 2–3 in Electronics; 1–2 in Pharma/Health Sciences.
• Pioxaniliprole domestic launch expected within the year; other geographies next year / year after.
• New products contributed 16–18% in CSM; early-stage CRDMO visibility in Pharma.
• Export volumes down ~8%, value down ~12%; currency benefits managed via pass-through.
• Domestic volume growth offset by delayed sowing; growth trajectory intact.

Meeting Details

• Dates: August 19, 2026; August 24, 2026.
• Type: one-on-one investor meetings.
• Mode/venue: in-person (Mumbai) on Aug 19; virtual on Aug 24.
• Organisers: Aug 19 – DSP Asset Managers; Aug 24 – Capital World.

Participants

• Company management participants not disclosed.

Purpose

• Purpose: interaction with analysts/investors.

Additional Notes

• No price-sensitive information proposed to be shared.

Meeting Details

• Date: August 19, 2026
• Venue: Mumbai
• Type: Mix of one-on-one and group meetings
• Event: Motilal Oswal 22nd Annual Global Investor Conference, 2026

Participants

• Key company participant: Company Secretary and Compliance Officer

Purpose

• Purpose: Investor interaction with analysts/investors

Meeting Details

• Date of call: August 12, 2026; time not disclosed.
• Type: group earnings conference call; mode not specified.
• Event/organiser: PI Industries Limited.

Participants

• Key participants from company are not listed.

Purpose

• Purpose: discuss unaudited standalone and consolidated results for quarter ended June 30, 2026.

Additional Notes

• Audio recording of the earnings call is available on the company website.

Financial Performance

• Q1FY27 revenue 17,023 Mn, down 10% YoY.
• EBITDA 3,693 Mn; EBITDA margin 22%.
• Net profit 2,442 Mn.
• Gross margin 57%; overheads 5,984 Mn.
• Domestic volume up ~12%; revenue up ~3%.
• AgChem exports down ~12% due to soft global demand.
• Biologicals growth >50% YoY; pricing under pressure.
• PIHS revenue down ~25% YoY due to order-book phasing.
• Input costs up due to geopolitics; gross margin affected.
• Overheads grew in low single digits; net profit in line with operating performance.
• Net working capital reduced by 19 days.

Balance Sheet & Liquidity

• Surplus cash net of debt INR 37,939 Mn.
• Shareholders' funds at Jun-26: INR 1,14,683 Mn.
• Debt/Equity ratio 0.02; short-term debt INR 955 Mn.
• Total capex in Q1FY27: INR 2,685 Mn.

Operational Highlights

• PIHS: 4 marquee customers onboarded; exclusive Integrated Drug Discovery partner with Biotech.
• Renewed AIFA GMP Certification for Lodi; QC Lab GMP Certification at Lodi.
• Capex ~INR 233 Mn to expand CDMO capacity; labs in Lodi and Hyderabad.
• Expanding GMP site at Lodi, Italy; non-GMP site in India.
• Biologicals: 2nd generation Harpin αβ commercialized in 25+ countries.
• Nematicide peptide performs at par with leading chemical nematicides.
• Field trials cover 5M+ hectares in Brazil.
• PHC949 registered and tested in the US; 500+ field trials; 1,000+ growers.
• 5+ new products expected in FY27; 90+ molecules in pipeline; >60% in advanced stages.
• Soil & Nutrition: continued investments in focused geographies; peptides label expansion US, Brazil, Mexico.
• 8 manufacturing sites; 3 MPPs under construction; 260+ patents; 700+ scientists.

Strategic Outlook

• Long-term outlook remains intact; continued investments in new businesses and product launches.
• FY27: 5+ new products; 90+ molecules in pipeline; >60% in advanced stages.
• Domestic GTM revamp; exports to be technology-led incremental growth.
• CRDMO expansion; global BD; strengthening regulatory capabilities.
• Debt-free balance sheet; war chest of growth capital.

Risks & Mitigation

• Geopolitical tensions push up input costs and pricing pressures.
• Delayed and uneven monsoon impacting Kharif sowing.
• Export demand softness in AgChem; competitive pressures.
• Mitigation: diversify geographies, expand product pipeline, partnerships, regulatory upgrades.

Governance & ESG

• S&P Global Sustainability Yearbook 2026 feature.
• Dow Jones Best in Class Emerging Markets designation.
• Top 2% ESG-rated globally; 3rd consecutive year in S&P CSA Yearbook.
• LTIFR zero for all employees and workers.

Financial results

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved.
• Limited review reports by statutory auditors enclosed.
• Regulation 33 compliant interim results under Ind AS.

Foundation incorporation

• PI Foundation to be incorporated under Section 8 as not-for-profit subsidiary.
• PI Industries to hold 100% equity (direct/indirect) subject to ROC approval.
• Initial share capital Rs 1 lakh.

Exceptional items and labour codes

• One-time write-back of contingent consideration Rs 1,260 million.
• Incremental employee benefit liability due to Labour Codes recognized.
• Standalone Rs 223 million; consolidated Rs 229 million.

Auditor and notes

• PwC review: no material misstatement; some subsidiaries not reviewed.
• Annexures A and B detailing results and Foundation incorporation.