P I Industries Ltd
PIINDP I Industries Ltd is cheap for a reason. The P/E sits at the 34th percentile of its own range, and the quarters are still getting worse.
The sharpest disagreement: the P/E sits at the 34th percentile of its own range, but the engine is deteriorating — cheap for a reason until the quarters turn.
The price is in a downtrend (44 weeks in) while the P/E sits at the 34th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −39.4% year on year, and 84% of the last 3 years' profit arrived as cash. What settles it: whether the quarters turn before the discount closes.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
P I Industries Ltd trades at ₹2,751, in a downtrend and 44 weeks into that stage. That is −10.1% against its own 200-day average. It sits at 15% of a 52-week range of ₹2,575 to ₹3,758. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (16 weeks and counting).
Today the stock is in a downtrend — week 44 of stage 4, confirmed. At ₹2,751 it trades −10.1% versus its 200-day average and sits at 15% of its 52-week range (₹2,575–₹3,758).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +381% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (16 weeks and counting; last ahead the week of 2026-05-15) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
P I Industries Ltd trades at 34.7× P/E, near the bottom of its own range — cheaper only 34% of the time. Its long-run median P/E is 38.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 34.7× is near the bottom of its own range — cheaper only 34% of the time, against a long-run median of 38.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved −20.4% against a −34.3% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −1.4%/yr price move, ~+9.1%/yr came from earnings growth and ~−10.5 pp from the multiple (compressing); over 10y, of the +13.8%/yr price move, ~+15.7%/yr came from earnings growth and ~−1.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
P I Industries Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −15.9% latest against +21.4% at its 12-quarter best), ROCE slipping at 15.4%. The read is built from 12 quarters across 4 curves, on full evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −15.8% | +1.1% | +8.0% | +12.3% |
| Profit | −20.4% | +2.4% | +12.3% | +15.5% |
| EPS | −20.4% | +2.4% | +12.3% | +14.4% |
| Share price | −34.3% | −8.5% | −1.4% | +13.8% |
4-Factor Sector Score
40.9/100 — rank 22 of 24 in Pesticides/Agrochemicals · 90% evidence confidence
P I Industries Ltd scores 40.9 out of 100 against the 24 companies it is compared with in Pesticides/Agrochemicals, ranking 22. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 6.6 + 15.5 + 10.6 + 8.2 = 40.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
P I Industries Ltd reported ₹1,565 Cr of revenue in the Mar 26 quarter, −12.4% year on year. Over 10 years it has compounded at 12.3% a year. The last full year, FY26, came in at ₹6,714 Cr. The last four reported quarters add to ₹6,713 Cr.
FY26 revenue came in at ₹6,714 Cr (−15.8% on the year), capping 10 years at 12.3% compound. The latest quarter (Mar 26) printed ₹1,565 Cr, −12.4% year on year.
Pace check: the last four quarters averaged −16.0% growth against the decade's 12.3% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −15.9% over the last 4 quarters against −6.4%/yr over the last 8 — rolling over; TTM profit −20.5% vs −11.4%/yr — rolling over.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
P I Industries Ltd's operating margin is 22.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 19.0% to 28.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 22.0%, −3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 19.0%–28.0%.
🚨 Why the margin moved: operating margin went −4.0 pp year on year while gross margin went +2.8 pp — the loss came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
P I Industries Ltd earned ₹200 Cr of net profit in the Mar 26 quarter, −39.4% year on year. Full-year FY26 profit was ₹1,321 Cr. The 10-year compound rate is 15.5%. That is 12.8% of the quarter's revenue. The same quarter a year earlier earned ₹330 Cr.
Mar 26 profit was ₹200 Cr, −39.4% year on year. On the full year, FY26 printed ₹1,321 Cr (−20.4%), and the 10-year compound rate is 15.5%.
🚨 Why profit moved: revenue contributed −12.4% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −21.6% vs revenue −16.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 84% of P I Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹474 Cr of operating cash against ₹1,321 Cr of profit. After ₹1,298 Cr of capital spending, ₹−824 Cr was left as free cash.
FY26: operating cash of ₹474 Cr against reported profit of ₹1,321 Cr, leaving free cash of ₹−824 Cr after ₹1,298 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 84% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 84%: the cash cycle stretched 26 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 3.7× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
P I Industries Ltd's cash conversion cycle runs 119 days in FY26, up from 93 days in FY21. Capital spending ran ₹3,979 Cr over the last 3 years. At FY26 sales of ₹6,714 Cr each day of that cycle holds about ₹18.4 Cr, so roughly ₹2,189 Cr sits inside the business at any moment.
FY26: debtors at 88 days, inventory at 157 days — roughly 5.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 119 days, looser than FY21's 93.
The full loop: cash goes out to suppliers and production on day 0; stock waits 157 days to sell; customers pay about 88 days after that; and suppliers themselves are paid at 125 days — netting out to the 119-day cycle.
In money terms: at FY26 sales of ₹6,714 Cr, each day of the cycle holds about ₹18.4 Cr — so the 119-day loop keeps roughly ₹2,189 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹3,979 Cr over the last 3 fiscal years against ₹1,067 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1,030 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
P I Industries Ltd earns a ROCE of 15% in FY26. Return on invested capital clears the cost of that capital by +1.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 19.7% net margin on 0.50× asset turns.
FY26 ROCE is 15%.
Why the return is what it is — the wiring (FY26): 19.7% net margin × 0.50× asset turns × 1.19× balance-sheet leverage ≈ 11.7% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 13.2% − 12.0% = a +1.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
P I Industries Ltd carries total debt of ₹342 Cr against shareholder equity of ₹11,231 Cr as of Mar 26, a debt-to-equity of 0.03 — effectively unlevered. On the annual view that ratio went from 0.05 in FY22 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹342 Cr against shareholder equity of ₹11,231 Cr — a debt-to-equity of 0.03. On the annual view, debt-to-equity went from 0.05 (FY22) to 0.03 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 5.7 points of P I Industries Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 31.5% of the company. Foreign institutions moved −3.9 points over the same window, to 14.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +5.7 points over 8 quarters to 31.5%; Foreign institutions: −3.9 points over 8 quarters to 14.8%; Promoters: +0.0 points over 8 quarters to 46.1%.
Why the register moved: rotation — foreign institutions −3.9 points against domestic institutions +5.7 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
P I Industries Ltd: the Z-score reads 16.92. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 16.92 sits well clear of the distress zone — the balance sheet is not the risk here.
The safety line in one sentence: the Z-score reads 16.92.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Titan Biotech Ltd524717 | 69.3/100Favorable setup78% evidence | ASLEEP | 29.1/35 Revenue 31.8% · PAT 38.7% · OPM change 6.9 pp 83% evidence | 20.2/25 ROCE 22.8% · OPM 19.9% 76% evidence | 6.0/20 P/E 57.8× · PEG — 50% evidence | 14.0/20 RS sector 41.7% · RS bench 39.3% · 1Y 371.1%5 of 12 weeks ahead 100% evidence |
| Exact sum: 29.1 + 20.2 + 6 + 14 = 69.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Sharda Cropchem LtdSHARDACROP | 65.3/100Favorable setup97% evidence | ASLEEP | 23.7/35 Revenue 18.5% · PAT 49% · OPM change -5 pp 95% evidence | 18.5/25 ROCE 30.2% · OPM 17% 95% evidence | 19.2/20 P/E 11.8× · PEG 0.26 100% evidence | 3.9/20 RS sector -10.9% · RS bench -13.7% · 1Y -24.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 23.7 + 18.5 + 19.2 + 3.9 = 65.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.9% and the one-year return is -24.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Punjab Chemicals & Crop Protection LtdPUNJABCHEM | 61.8/100Mixed-positive evidence81% evidence | ASLEEP | 22.7/35 Revenue 8.2% · PAT 43.5% · OPM change 1 pp 95% evidence | 18.3/25 ROCE 18.6% · OPM 12% 95% evidence | 12.1/20 P/E 21× · PEG — 50% evidence | 8.7/20 RS sector -6.2% · RS bench -2.6% · 1Y -13.2%1 of 10 weeks ahead 70% evidence |
| Exact sum: 22.7 + 18.3 + 12.1 + 8.7 = 61.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Bayer CropScience LtdBAYERCROP | 61.7/100Mixed-positive evidence70% evidence | ASLEEP | 21.4/35 Revenue 3.7% · PAT 21.7% · OPM change 2.1 pp 83% evidence | 19.1/25 ROCE 20.1% · OPM 18.4% 95% evidence | 8.5/20 P/E 387× · PEG — 15% evidence | 12.7/20 RS sector 9.4% · RS bench -10.7% · 1Y -33.2%0 of 10 weeks ahead 70% evidence |
| Exact sum: 21.4 + 19.1 + 8.5 + 12.7 = 61.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Dharmaj Crop Guard LtdDHARMAJ | 61.1/100Mixed-positive evidence62% evidence | TURNING | 23.8/35 Revenue 19.6% · PAT 56.9% · OPM change 2.7 pp 62% evidence | 12.9/25 ROCE 16.4% · OPM 4.5% 95% evidence | 10.6/20 P/E 16.6× · PEG — 15% evidence | 13.8/20 RS sector 5% · RS bench -2.5% · 1Y -13.2%4 of 10 weeks ahead 70% evidence |
| Exact sum: 23.8 + 12.9 + 10.6 + 13.8 = 61.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Advance Agrolife LtdADVANCE | 56.3/100Thin evidence · provisional56% evidence | TURNING | 21.4/35 Revenue 27% · PAT 37.6% · OPM change 4.3 pp 83% evidence | 14.8/25 ROCE 19.3% · OPM 10.8% 95% evidence | 10.1/20 P/E 22.8× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —2 of 10 weeks ahead 0% evidence |
| Exact sum: 21.4 + 14.8 + 10.1 + 10 = 56.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 7UPL LtdUPL | 54.2/100Mixed-positive evidence90% evidence | ASLEEP | 20.6/35 Revenue 11.2% · PAT 100% · OPM change -1 pp 88% evidence | 9.3/25 ROCE 10.1% · OPM 19% 100% evidence | 12.5/20 P/E 28.3× · PEG 0.5 100% evidence | 11.8/20 RS sector 4.9% · RS bench -12.2% · 1Y -16.3%0 of 10 weeks ahead 70% evidence |
| Exact sum: 20.6 + 9.3 + 12.5 + 11.8 = 54.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8India Pesticides LtdIPL | 54.0/100Mixed-positive evidence81% evidence | TURNING | 20.0/35 Revenue 17% · PAT 10.1% · OPM change -2 pp 95% evidence | 13.6/25 ROCE 16.7% · OPM 14% 95% evidence | 14.1/20 P/E 16.5× · PEG — 50% evidence | 6.3/20 RS sector -11.9% · RS bench -12.1% · 1Y -27.3%4 of 11 weeks ahead 70% evidence |
| Exact sum: 20 + 13.6 + 14.1 + 6.3 = 54 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Jubilant Ingrevia LtdJUBLINGREA | 52.7/100Mixed-positive evidence93% evidence | FADING | 18.2/35 Revenue 11% · PAT 11.2% · OPM change 1 pp 100% evidence | 10.2/25 ROCE 11.4% · OPM 15% 100% evidence | 6.4/20 P/E 36.8× · PEG 2.37 65% evidence | 17.9/20 RS sector 11.8% · RS bench 7.8% · 1Y -5.6%6 of 12 weeks ahead 100% evidence |
| Exact sum: 18.2 + 10.2 + 6.4 + 17.9 = 52.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Bharat Rasayan LtdBHARATRAS | 51.6/100Mixed-positive evidence77% evidence | ASLEEP | 17.1/35 Revenue 5.8% · PAT 3.5% · OPM change 4 pp 83% evidence | 16.5/25 ROCE 17.4% · OPM 16% 95% evidence | 14.7/20 P/E 13.3× · PEG — 50% evidence | 3.3/20 RS sector -33.2% · RS bench -34.6% · 1Y -51.5%0 of 11 weeks ahead 70% evidence |
| Exact sum: 17.1 + 16.5 + 14.7 + 3.3 = 51.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Bhagiradha Chemicals & Industries LtdBHAGCHEM | 51.0/100Mixed-positive evidence88% evidence | TURNING | 23.6/35 Revenue 21.7% · PAT 31.1% · OPM change 7.3 pp 65% evidence | 5.8/25 ROCE 4.5% · OPM 12.3% 100% evidence | 2.0/20 P/E 207× · PEG 3.04 100% evidence | 19.6/20 RS sector 22.5% · RS bench 17.9% · 1Y -0.7%11 of 12 weeks ahead 100% evidence |
| Exact sum: 23.6 + 5.8 + 2 + 19.6 = 51 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12GSP Crop Science LtdGSPCROP | 50.4/100Thin evidence · provisional59% evidence | TURNING | 16.5/35 Revenue 21.2% · PAT 37.8% · OPM change -4 pp 88% evidence | 14.3/25 ROCE 19% · OPM 9% 100% evidence | 9.6/20 P/E 26.8× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —3 of 3 weeks ahead 0% evidence |
| Exact sum: 16.5 + 14.3 + 9.6 + 10 = 50.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 13Dhanuka Agritech LtdDHANUKA | 46.6/100Mixed-negative evidence96% evidence | ASLEEP | 8.3/35 Revenue 0.9% · PAT -5.3% · OPM change -2.5 pp 88% evidence | 19.1/25 ROCE 28.3% · OPM 22.5% 100% evidence | 13.0/20 P/E 15.6× · PEG 1.72 100% evidence | 6.2/20 RS sector -12.4% · RS bench -16.2% · 1Y -40.9%4 of 12 weeks ahead 100% evidence |
| Exact sum: 8.3 + 19.1 + 13 + 6.2 = 46.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Sumitomo Chemical India LtdSUMICHEM | 45.4/100Mixed-negative evidence94% evidence | TURNING | 12.1/35 Revenue -3.6% · PAT 3.9% · OPM change 1 pp 100% evidence | 19.0/25 ROCE 22.1% · OPM 22% 100% evidence | 4.0/20 P/E 44.6× · PEG 4 100% evidence | 10.3/20 RS sector -8.2% · RS bench 6% · 1Y -12.8%9 of 10 weeks ahead 70% evidence |
| Exact sum: 12.1 + 19 + 4 + 10.3 = 45.4 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 15Rallis India LtdRALLIS | 45.3/100Mixed-negative evidence91% evidence | ASLEEP | 16.1/35 Revenue 7.3% · PAT -28.4% · OPM change 2.6 pp 95% evidence | 9.3/25 ROCE 12.8% · OPM 15.2% 95% evidence | 11.4/20 P/E 26.7× · PEG 0.89 100% evidence | 8.5/20 RS sector -1.8% · RS bench -20.7% · 1Y -39.2%0 of 10 weeks ahead 70% evidence |
| Exact sum: 16.1 + 9.3 + 11.4 + 8.5 = 45.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16NACL Industries LtdNACLIND | 44.9/100Mixed-negative evidence94% evidence | TURNING | 28.1/35 Revenue 11.9% · PAT 100% · OPM change 3 pp 100% evidence | 4.4/25 ROCE 8.1% · OPM 11% 100% evidence | 3.8/20 P/E 171× · PEG 2.02 100% evidence | 8.6/20 RS sector -12.5% · RS bench 3.8% · 1Y -26.9%10 of 10 weeks ahead 70% evidence |
| Exact sum: 28.1 + 4.4 + 3.8 + 8.6 = 44.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Astec Lifesciences LtdASTEC | 44.9/100Mixed-negative evidence63% evidence | ASLEEP | 23.3/35 Revenue 9.4% · PAT 47.7% · OPM change 11.2 pp 71% evidence | 2.6/25 ROCE -5.4% · OPM -0.8% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 9.0/20 RS sector -3.5% · RS bench -9.3% · 1Y -27.2%7 of 10 weeks ahead 70% evidence |
| Exact sum: 23.3 + 2.6 + 10 + 9 = 44.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Meghmani Organics LtdMOL | 44.3/100Mixed-negative evidence74% evidence | TURNING | 20.6/35 Revenue -7.8% · PAT 100% · OPM change 7 pp 95% evidence | 9.4/25 ROCE 6.7% · OPM 18% 95% evidence | 10.2/20 P/E 21.3× · PEG — 15% evidence | 4.1/20 RS sector -33.7% · RS bench -13.6% · 1Y -42.8%3 of 10 weeks ahead 70% evidence |
| Exact sum: 20.6 + 9.4 + 10.2 + 4.1 = 44.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Insecticides India LtdINSECTICID | 43.8/100Mixed-negative evidence77% evidence | ASLEEP | 11.9/35 Revenue 7% · PAT -1.4% · OPM change -2 pp 83% evidence | 13.0/25 ROCE 15.8% · OPM 6% 95% evidence | 11.7/20 P/E 13.5× · PEG — 50% evidence | 7.2/20 RS sector -8.5% · RS bench -9.5% · 1Y -38.7%7 of 10 weeks ahead 70% evidence |
| Exact sum: 11.9 + 13 + 11.7 + 7.2 = 43.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Excel Industries LtdEXCELINDUS | 43.1/100Mixed-negative evidence70% evidence | TURNING | 14.4/35 Revenue 12% · PAT -11.8% · OPM change 0 pp 83% evidence | 8.6/25 ROCE 6.1% · OPM 8% 95% evidence | 10.9/20 P/E 16.4× · PEG — 15% evidence | 9.2/20 RS sector -4.6% · RS bench -2.6% · 1Y -27.3%2 of 10 weeks ahead 70% evidence |
| Exact sum: 14.4 + 8.6 + 10.9 + 9.2 = 43.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Epigral LtdEPIGRAL | 41.3/100Mixed-negative evidence94% evidence | ASLEEP | 6.5/35 Revenue 4.8% · PAT -37.4% · OPM change -2 pp 100% evidence | 14.3/25 ROCE 15.5% · OPM 25% 100% evidence | 16.5/20 P/E 17.3× · PEG 0.43 100% evidence | 4.0/20 RS sector -32.9% · RS bench -17.5% · 1Y -40.9%7 of 10 weeks ahead 70% evidence |
| Exact sum: 6.5 + 14.3 + 16.5 + 4 = 41.3 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 22P I Industries Ltdthis pagePIIND | 40.9/100Mixed-negative evidence90% evidence | ASLEEP | 6.6/35 Revenue -15.9% · PAT -20.5% · OPM change -3 pp 88% evidence | 15.5/25 ROCE 15% · OPM 22% 100% evidence | 10.6/20 P/E 34.7× · PEG 1.71 100% evidence | 8.2/20 RS sector -3.4% · RS bench -15.3% · 1Y -32.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 6.6 + 15.5 + 10.6 + 8.2 = 40.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Best Agrolife LtdBESTAGRO | 29.7/100Adverse evidence81% evidence | TURNING | 7.9/35 Revenue -24.1% · PAT -56.5% · OPM change 8 pp 95% evidence | 9.0/25 ROCE 5.2% · OPM 20% 95% evidence | 7.0/20 P/E 22.9× · PEG — 50% evidence | 5.8/20 RS sector -30.7% · RS bench -8.5% · 1Y -36.9%1 of 11 weeks ahead 70% evidence |
| Exact sum: 7.9 + 9 + 7 + 5.8 = 29.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Heranba Industries LtdHERANBA | 25.7/100Adverse evidence65% evidence | ASLEEP | 11.7/35 Revenue 13.1% · PAT -80% · OPM change -2.7 pp 62% evidence | 1.2/25 ROCE -1.6% · OPM -7% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.8/20 RS sector -22% · RS bench -25.7% · 1Y -51.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 11.7 + 1.2 + 10 + 2.8 = 25.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is P I Industries Ltd's share price today?
P I Industries Ltd trades at ₹2,751, −34.3% over the past year. The company is valued at ₹41,741 Cr. The stock sits at 15% of its 52-week range of ₹2,575–₹3,758, −10.1% versus its 200-day average. On the tape, the price is in a downtrend, 44 weeks in. — as of 31 July 2026.
What were P I Industries Ltd's latest quarterly results?
P I Industries Ltd reported revenue of ₹1,565 Cr and net profit of ₹200 Cr for the Mar 26 quarter. Revenue fell 12.4% and profit fell 39.4% year on year. Earnings per share were ₹13.20. The operating margin was 22.0%, 3.0 pp lower than a year earlier. — as of 31 July 2026.
What is P I Industries Ltd's revenue?
P I Industries Ltd reported revenue of ₹1,565 Cr in the Mar 26 quarter, −12.4% year on year. For the full FY26 fiscal year, revenue was ₹6,714 Cr (−15.8%). Over the last 10 years revenue compounded at 12.3% a year. — as of 31 July 2026.
What is P I Industries Ltd's profit?
P I Industries Ltd earned ₹200 Cr of net profit in the Mar 26 quarter, −39.4% year on year. Full-year FY26 profit was ₹1,321 Cr. The operating margin ran 22.0% in the latest quarter. — as of 31 July 2026.
What is P I Industries Ltd's market cap?
P I Industries Ltd's market capitalisation is ₹41,741 Cr at a share price of ₹2,751. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is P I Industries Ltd's P/E ratio?
P I Industries Ltd trades at a P/E of 34.7×, at the 34th percentile of its own 10-year range, against a long-run median of 38.0×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does P I Industries Ltd pay a dividend?
Yes — P I Industries Ltd's dividend payout was 17% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.
Is P I Industries Ltd overvalued?
On its own history, P I Industries Ltd looks cheap against its own history: its P/E of 34.7× has been cheaper only 34% of the time in 10 years (long-run median 38.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.
Is P I Industries Ltd growing?
Not right now — P I Industries Ltd's latest numbers are shrinking: latest-quarter revenue −12.4% year on year, profit −39.4%, and the margin −3.0 pp at 22.0%. The 10-year compound rates are 12.3% (revenue) and 15.5% (profit). The earnings engine currently reads: deteriorating — as of 31 July 2026.
How is P I Industries Ltd performing?
P I Industries Ltd is in a downtrend, 44 weeks in. Its latest quarter's revenue fell 12.4% and profit fell 39.4% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 16 weeks. This describes what the data did, not a rating. — as of 31 July 2026.
What stage is P I Industries Ltd in?
Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −15.9% latest against +21.4% at its 12-quarter best), ROCE slipping at 15.4%. The read comes from the last 12 quarters of growth (revenue growth −15.9% latest, profit growth −20.5% latest, eps growth −20.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.
Is P I Industries Ltd in an uptrend?
No — the price is in a downtrend (week 44 of stage 4), trading −10.1% versus its 200-day average and at 15% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.
Is P I Industries Ltd beating the market?
Not lately — on a trailing-13-week view P I Industries Ltd is currently behind the NIFTY 500 (16 weeks and counting; last ahead the week of 2026-05-15), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +381% against the NIFTY 500's +276% — ahead of the index over the full window. — as of 31 July 2026.
Will P I Industries Ltd's share price go up?
This page publishes no price forecast for P I Industries Ltd. What it measures instead: the share price is ₹2,751, the price is in a downtrend 44 weeks in. Its P/E of 34.7× sits at the 34th percentile of its own 10-year range. — as of 31 July 2026.
Who owns P I Industries Ltd?
Promoters hold 46.1% of P I Industries Ltd, foreign institutions 14.8%, domestic institutions 31.5% and the public 7.4% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 5.7 points over 8 quarters. — as of 31 July 2026.
Does P I Industries Ltd have too much debt?
No — P I Industries Ltd's debt-to-equity is 0.03, and operating profit covers the interest bill 40×. FY26 borrowings were ₹342 Cr against equity of ₹11,230 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.
What is P I Industries Ltd's capex?
P I Industries Ltd spent ₹3,979 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,298 Cr, with ₹1,030 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is P I Industries Ltd's cash flow?
P I Industries Ltd generated ₹474 Cr of operating cash flow in FY26 and ₹−824 Cr of free cash flow after ₹1,298 Cr of capital spending. Reported profit that year was ₹1,321 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is P I Industries Ltd's profit real cash?
Yes — over the last 3 fiscal years, 84% of P I Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹474 Cr against reported profit of ₹1,321 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 31 July 2026.
How financially safe is P I Industries Ltd?
On the balance sheet, the Z-score reads 16.92 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 31 July 2026.
Where is P I Industries Ltd in its business cycle?
P I Industries Ltd's FY26 operating margin was 26.0%, against a 13-year band of 19.0%–28.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 22.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.
What could break the P I Industries Ltd story?
The sharpest disagreement: the P/E sits at the 34th percentile of its own range, but the engine is deteriorating — cheap for a reason until the quarters turn. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.
Is P I Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: P I Industries Ltd is cheap for a reason. The P/E sits at the 34th percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the quarters turn before the discount closes. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.