PI Industries shares fall 8% after Q4 results turn out to be worse-than-feared

Shares of PI Industries Ltd. fell as much as 8% on Wednesday, May 20, after the company reported its fourth quarter results after market hours on Tuesday. The results turned out to be worse than what the street had feared earlier. The stock is the top loser on the Nifty 500.

PI Industries In Q4

For the March quarter, PI Industries reported a drop of 12% in its revenue to ₹1,565 crore, which is in-line with what the street was working with.

The company also reported a decline of 26% in its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to ₹337 crore during the quarter. The street was expecting the EBITDA to decline by 19% from last year.

EBITDA margin for the quarter narrowed to 21.5% from 25.4% last year, also lower than expectations of 23%.

Net profit for the period fell 39% to ₹200 crore from ₹331 crore last year and the decline was also higher than the 23% drop the street was anticipating.

PI Industries In FY26

For the full financial year, the decline in revenue and EBITDA was in-line with what the street had anticipated. A favourable product mix kept margin decline down to 200 basis points to 25%, in-line with expectations.

PI Industries Segments

Within segments, PI Industries Agrochem Exports declined by 19% from last year, while volumes were down 14% due to a high base.

Domestic revenue declined by 7% from last year, volumes dropped 1% due to adverse weather conditions, lower crop prices, regulatory disruptions in Biologicals, and elevated channel inventories.

PI Industries For FY27

For the new financial year, PI Industries cited an increase in input costs due to the ongoing geopolitical tensions, leading to pricing pressure.

The company is cautiously optimistic on their exports for the second half of the year due to committed customer offtake plans. The management continues to remain positive on growth for FY27.

Shares of PI Industries are trading 7.5% lower this morning at ₹2,890.. The stock is down 10% so far in 2026.