PI Industries Q2 FY27 Results: Consolidated Net Profit ₹122 Crore on Total Income of ₹1,763 Crore
- Earnings
- Agro chemicals
Reviewed byKeshav SehgalBlacklitt Research
PI Industries (NSE: PIIND) reported consolidated total income of ₹1,763 crore and net profit of ₹122 crore for the quarter ended 30 Sep 2026, it said in a filing on 04 Nov 2026. Standalone total income was ₹1,596 crore and standalone net profit ₹207 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,762.90 crore, down 9.8% YoY and 0.2% QoQ
- Net profit: ₹122.20 crore, down 70.1% YoY and 50.0% QoQ
- EPS: Basic ₹8.05, against ₹26.98 a year earlier and ₹16.10 in Q1 FY27
- Pharma segment: Loss before tax of ₹607 million in the quarter
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,596.00 crore, down 12.9% YoY and 3.8% QoQ
- Net profit: ₹207.10 crore, down 57.8% YoY and 39.4% QoQ
- EPS: Basic ₹13.66, against ₹32.36 a year earlier and ₹22.50 in Q1 FY27
- Depreciation: ₹82.20 crore, up 14.5% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,763 | 1,955 | -9.8% | 1,766 | -0.2% | |
| Revenue from operations | 1,702 | 1,872 | -9.1% | 1,702 | 0.0% |
| Other income | 61 | 83 | -25.9% | 64 | -4.7% |
| 122 | 409 | -70.1% | 244 | -50.0% | |
| Profit before tax | 184 | 525 | -65.0% | 322 | -42.8% |
| Finance costs | 8 | 3 | +223.1% | 8 | +6.3% |
| Depreciation | 105 | 98 | +7.0% | 104 | +1.2% |
| Tax expense | 62 | 116 | -46.7% | 78 | -20.4% |
| Net profit margin | 6.93% | 20.94% | -14.01 pp | 13.82% | -6.89 pp |
| EPS, basic (₹) | 8.05 | 26.98 | -70.2% | 16.10 | -50.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit fell faster than income. Consolidated total income fell 9.8% YoY, but net profit fell 70.1%, and profit before tax fell 65.0%.
Other income of ₹61.10 crore is 33.2% of consolidated profit before tax of ₹184.00 crore, and tax of ₹61.80 crore is 33.6% of that profit before tax. Finance costs rose to ₹8.40 crore from ₹2.60 crore a year earlier, though they remain 0.5% of total income.
The consolidated results include the pharma segment, which recorded a loss before tax of ₹607 million in the quarter. The filing does not give the reason for the fall in profit.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,596 | 1,833 | -12.9% | 1,660 | -3.8% | |
| Revenue from operations | 1,534 | 1,753 | -12.5% | 1,599 | -4.1% |
| Other income | 63 | 80 | -22.2% | 61 | +2.8% |
| 207 | 491 | -57.8% | 342 | -39.4% | |
| Profit before tax | 275 | 615 | -55.2% | 437 | -37.0% |
| Finance costs | 2 | 1 | +111.1% | 2 | -17.4% |
| Depreciation | 82 | 72 | +14.5% | 80 | +2.4% |
| Tax expense | 68 | 124 | -44.9% | 96 | -28.7% |
| Net profit margin | 12.98% | 26.79% | -13.82 pp | 20.58% | -7.60 pp |
| EPS, basic (₹) | 13.66 | 32.36 | -57.8% | 22.50 | -39.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 57.8% YoY against a 12.9% fall in total income. Revenue from operations fell 12.5% and other income fell 22.2%, and profit before tax fell 55.2%.
Other income of ₹62.50 crore is 22.7% of standalone profit before tax of ₹275.20 crore, and tax of ₹68.10 crore is 24.7% of that profit before tax. Depreciation rose 14.5% to ₹82.20 crore, while finance costs were ₹1.90 crore.
The standalone statement reports one segment, Agro Chemicals. The exceptional items for the year ended 31 Mar 2026 relate to a ₹1,100 million provision on the PI Health Sciences investment and a ₹223 million labour code liability, but none appears in the quarter.
Inference
The filing reports that the board approved the unaudited results on 4 Nov 2026 and that Price Waterhouse Chartered Accountants LLP issued review reports with unmodified conclusions. The consolidated review notes that four subsidiaries were not reviewed by their auditors, and that their results are not material to the group.
Dividends paid were ₹1,517 million in each of the half years ended 30 Sep 2026 and 30 Sep 2025. The filing does not state a dividend for the current period. It also does not state the reason for the fall in profit, or the net profit attributable to owners of the parent for the consolidated quarter.
The filing also records that Kumiai Chemical Industry (India) Private Limited was included in consolidation from 3 Jul 2026.
Filed with BSE on . Reference: Original filing (PDF)
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