PI Industries has released the transcript of its Q2 FY26 earnings conference call, discussing the unaudited financial results for the quarter and half-year ended September 30, 2025. The call addressed the challenges faced due to weather disruptions and regulatory changes, alongside insights into the company’s performance, growth strategies, and future outlook. Key discussions revolved around agrochemical exports, domestic performance, and the expansion of the pharma CRDMO business.
Financial Performance Overview
During Q2 FY26, PI Industries’ performance reflected current market conditions. There was a notable impact in the domestic market due to excessive and uneven rainfall, and regulatory actions affecting biological areas. However, the company anticipates a recovery in the domestic and agrochemical export sectors, particularly in Q4.
Segment Highlights
The company saw a 5% Y-o-Y decline in domestic revenues during H1 FY26, which was offset by growth in Q1. Pharma business exhibited strong growth with a 54% Y-o-Y revenue increase. The company continues to focus on strategic partnerships and cost optimization to build resilient business models.
Growth and Expansion
PI Industries remains on track to commercialize 8 to 10 new molecules in the current fiscal year, having already launched 5 in H1. The company’s pipeline includes non-AgChem molecules in electronic and specialty chemicals. Investments are being made in market and product development across various geographies, including the US, Brazil, Europe, Mexico, and India.
Strategic Initiatives
The company is scaling its biologicals business globally, following the acquisition of Plant Health Care. A new biological research center has been commissioned in Hyderabad to support global research efforts. The company’s long-term strategic initiatives are aligned to strengthen its leadership position and transform it into a diversified life sciences enterprise.
Financial Discussion
Q2 FY26 revenues stood at Rs. 18,723 million, a 16% decline from the same period last year. The decline is attributed to slow demand and customer delivery schedule deferments. Despite industry headwinds, PI Industries is focused on maintaining healthy margins. ETR is expected to be in the range of 22%-23% for the next 2-3 years.
Future Outlook
PI Industries expects a recovery in domestic and agchem exports in Q4. The company anticipates significant headroom for growth in the pharma business and remains committed to harnessing cutting-edge technologies to drive niche offerings. Key discussions in the earnings call also addressed questions related to future growth opportunities, regulatory challenges, and the company’s investment strategies.
Source: BSE
