PI Industries Ltd. share price target

Kumiai Chemical Industry (Kumiai) has revised up its H1FY25 revenue guidance by ~9% to JPY96bn from JPY88bn, citing that net sales are expected to exceed the forecast due to advanced shipment to overseas markets in its Agchem business.

*over or under performance to benchmark index PI Industries manufactures plant protection and specialty plant nutrient products and solutions under its agri-inputs business. It is also a leading custom synthesis and manufacturing (CSM) company in India, providing contract research and contract...

Quarterly Update Q4FY25

We maintain our BUY rating on the stock.

Quarterly Update Q2FY25

We upgrade our rating on the stock from HOLD to BUY considering attractive valuations post the recent correction in stock price while long-term growth prospects remain intact.

Based on our estimates, PI Industries is valued at 30x FY26E, with a target price of Rs 4,980 per share. This implies an upside potential of 6% from the CMP, with a HOLD recommendation.

Quarterly Update Q1FY25

We maintain our BUY rating on the stock.

PI Industries’ (PI) revenue for the quarter reached Rs. 2,069 crore, reflecting an 8% y-o-y increase
and a 19% q-o-q rise, 2% above expectations.

PI Industries has offered to acquire UK based listed company Plant Health Care Plc (PHC) for a sum of £32.8 million which is in the agriculture biological space. It has experience in protein/peptide technology.

we maintain our BUY rating on the stock.

Quarterly Update Q4FY24

PI Industries (PI)’s revenue grew 11% YoY in 4QFY24, led by a healthy growth
in the CSM business (up 9% YoY) and incremental revenue from the Pharma
business, which was absent in 4QFY23 (revenue mix of ~4% in 4QFY24).

We maintain our BUY rating on the stock.

Quarterly Update Q3FY24

PI Industries strong track record, long-term relationships and ability to innovate new molecules gives us the confidence to value it 27x Sep FY26E resulting to near term TP of Rs 3750, implying an upside of 11% from the CMP.