✅ At a Glance
| Metric | FY24 | FY25 | YoY Growth |
|---|---|---|---|
| Revenue from Ops | ₹13,407 Cr | ₹15,752 Cr | 🔼 +17.5% |
| Total Income | ₹14,845 Cr | ₹16,602 Cr | 🔼 +11.8% |
| Net Profit | ₹1,660 Cr | ₹3,305 Cr | 🚀 +99% |
| EPS (Basic) | ₹54.93 | ₹109.44 | 🚀 2x jump |
| CMP (19 May 2025) | ₹3,691.40 | – | |
| TTM P/E | ~33.7x | – |
PI Industries just delivered an agri-powered earnings explosion — with EPS more than doubling in FY25. Holy chlorpyrifos!
🧪 About PI Industries
- 🌱 Leader in custom synthesis & contract manufacturing (CSM) in agri and pharma
- 🧪 Chemistry-led export model
- 🇮🇳 India + international diversified biz
- 📈 One of the cleanest mid-to-large caps with zero debt
If you like businesses where India does high-end tech + export scale, PI is your guy.
💰 FY25 Financials (Consolidated)
| Line Item | FY25 (₹ Cr) |
|---|---|
| Revenue from Ops | ₹15,752 Cr |
| Total Expenses | ₹12,296 Cr |
| EBITDA (Est.) | ₹4,306 Cr |
| Net Profit (PAT) | ₹3,305 Cr |
| EPS (Basic) | ₹109.44 |
| Cash from Ops | ₹1,413 Cr |
| Capex | ₹850 Cr |
| Free Cash Flow | ₹563 Cr ✅ |
The earnings are real. The chemistry is pure. The cash is flowing. But valuation?
🧮 Fair Value (FV) Estimate
- EPS (TTM): ₹109.44
- Fair P/E for high-quality export-led agri-pharma: 32x
👉 FV = ₹109.44 × 32 = ₹3,502
CMP = ₹3,691.40
➡️ Slightly overvalued (~5.4%) — but not in bubble territory.
🔍 Segment Breakdown
| Segment | FY25 Revenue | Profit (PBIT) |
|---|---|---|
| Agro Chemicals | ₹15,575 Cr | ₹2,391 Cr |
| Pharma | ₹2,151 Cr | ₹(304) Cr ❌ |
Agro rules the roost. Pharma still burning R&D cash — but once commercialized, this could be the next rerating trigger.
🏦 Balance Sheet Snapshot
| Item | Value (₹ Cr) |
|---|---|
| Total Assets | ₹1,22,767 Cr |
| Cash & Bank | ₹5,923 Cr |
| Current Investments | ₹12,598 Cr |
| Receivables | ₹18,326 Cr |
| Inventories | ₹9,839 Cr |
| Equity | ₹1,01,570 Cr |
| Borrowings | ₹1,117 Cr |
| D/E Ratio | 0.01x 🔥 |
📦 High working capital, yes. But still runs debt-free and dividend-paying.
🧾 Cash Flow Game
- OCF = ₹1,413 Cr
- Capex = ₹850 Cr
- FCF = ₹563 Cr
- Dividend Paid = ₹227 Cr
- Net Increase in Cash = -₹294 Cr (mostly capex-driven, not operating stress)
🧨 Risks
- ❌ Pharma division bleeding: ₹(304) Cr loss
- 💸 High capex phase may hit short-term FCF
- 🌍 Export-heavy biz = FX risks
- 👨🔬 Very dependent on new molecule launches
🧠 EduInvesting Take
“PI is not your average fertiliser uncle. This is agri’s Tesla, quietly building global tech contracts from India.”
The stock is not cheap — but it never gets cheap. If you’re looking for safe, clean, growth-led compounders — this is one of the last few left.
If pharma turns around? Add 25% to EPS in FY26.
🏁 Final Verdict
✔️ 2x profit jump
✔️ EPS ₹109.44
✔️ Virtually zero debt
✔️ Export tech moat
❌ Slightly overvalued
❌ Pharma still lagging
“If you want slow, non-flashy wealth creation with a chem-lab twist — PI Industries still deserves a place in your portfolio.”
Tags: PI Industries FY25 Results, EPS ₹109.44, best agrochem stocks India, PI share price, pharma turnaround PI, PI Industries analysis, eduinvesting coverage
