PI Industries shared the transcript for its Q3 FY26 Earnings Conference Call, held on February 13, 2026. Management noted the global crop protection market is in a late-stage downcycle, impacting exports. Despite headwinds, the company reported a Q3 FY26 revenue of INR 13,757 million, with strong 50% YoY growth in the Pharma business. The focus remains on long-term platform development, portfolio diversification, and achieving stabilization expected from Q4 FY26 onward.
Q3 FY26 Performance Highlights
PI Industries reported Q3 FY26 revenue of INR 13,757 million. While AgChem exports moderated due to demand softening and inventory management by customers, the domestic agrochemical market saw subdued demand. The management noted that the sector is nearing stabilization, expecting sequential improvement starting in Quarter 4.
Financial metrics remained resilient despite industry challenges. Gross margin expanded to 59%, supported by favorable product mix and cost discipline. The EBITDA margin for the 9-month period stood at a healthy 27%, within the guided range of 25% to 26% for the full year.
Segment Deep Dive: AgChem and Exports
Mr. Mayank Singhal addressed the global AgChem environment, noting distributor destocking and adverse weather. The company is on track to commercialize 8 to 10 new molecules, with 5 already commercialized. The strategic focus on technology advancement and portfolio diversification is progressing well.
In the domestic AgChem business, new launches—including 3 herbicides (Alcor, Comet, Fixit) and 1 insecticide (Uranus)—have helped offset softer farmer demand. The launch of the direct-to-farmer mobile app, ‘PI Mitra Kisan’, aims to strengthen grower connections.
The company remains confident in the AgChem export business, which grew by 22% in 9M FY24 and 9% in 9M FY25. Management anticipates CSM business growth to turn positive in FY27.
Pharma and Biologicals Growth Engines
The Pharma platform demonstrated strong momentum, achieving a 50% year-on-year revenue growth over 9 months. The company is building capabilities across the U.S. and Europe, though near-term momentum was moderated by global biotech funding uncertainties.
The Biologicals segment continues to scale towards a global franchise. Regulatory milestones include the approval of Harpin αβ in India. The first NCE from India, PIOXANILIPROLE, is under registration, with commercialization expected within the next financial year (FY27). Biologicals contributed around 20% of revenue so far in FY26.
Strategic Outlook and Capital Allocation
PI Industries highlighted its strong ESG standing, improving its S&P Global Corporate Sustainability ranking to the 98th percentile.
Regarding cash utilization, the company has a debt-free balance sheet supported by net cash of INR 35 billion. CAPEX guidance for FY27 is broadly INR 500 crore to INR 600 crore. Investments in Pharma and Biologicals are viewed as future value creation engines, not current losses.
The company expects overall growth momentum to build into FY27 as industry conditions stabilize. Management confirmed that working capital days (which increased to 139 days) are expected to improve as market scenarios normalize.
Source: BSE
