PIIND

PI Industries’ revenue stood at INR 17,871 Mn., up 2.6% YoY (-6.0% QoQ), in-line with our estimates. EBITDA came in at INR 4,556 Mn., up 3.1% YoY (-11.0% QoQ), below our estimates by 6.2%, led by higher operating expenses. Adjusted net profit stood at INR 3,305 Mn., down 10.6% YoY (-11.3% QoQ), below our estimates by 8.9%, led by weaker operating performance and higher depreciation expense. We have revised our FY26E/FY27E EPS estimates by -15.2%/-10.8%, reflecting lower revenue guidance and persistent near-term challenges stemming from weaker export demand and tariffs led uncertainty in the global market. Currently, the stock is trading at PE multiple of 31.1x/25.6x based on FY26E/FY27E EPS, respectively. Outlook We value PI Industries at 28.0x FY27E EPS, implying a target price of INR 4,065. We maintain our “ACCUMULATE” rating on the stock.