Mar'25 View on P I Industries Ltd

PI Industries Ltd is a leading player in the agro-chemicals space having strong presence in both Domestic and Export markets. It has state-of-art facilities in Gujarat having integrated process development teams with in-house engineering capabilities. The stock is facing serious headwinds due ot following reasons. So stay cautious on PI Industries • Q3FY25 earnings were expectedly soft, with EBITDA down 7.5% yoy. • The pharma segment continued to bleed, with large PBT losses. • PI has indicated “challenging market dynamics” and “transitory industry headwinds.” • we believe the slowdown in growth will likely act as an overhang on the stock. • Reported a subdued Q3FY25, as expected, amid slowing shipments of pyroxasulfone. • The outlook for the next couple of quarters is soft. • Revised guidance for single-digit revenue growth in FY25 & demand improvement to start H2CY25. • We increase loss estimates for recent acquisitions, leading to cut to EPS estimates.