Accumulate PI Industries; target of Rs 4065: Devan Choksey

Devan Choksey's research report on PI Industries

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.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

PI Industries - 23052025 - de