Street View: Weak core business demand clouds outlook for India's PI Industries

PI Industries

21/05/2026 05:34

** Shares of PI Industries PIIL.NS fall 1.75% to 2,850.40 rupees, extending losses after brokerages flag weak demand trends

** Agrochemicals maker posted 39% y/y drop in Q4 profit on Tuesday

CAUTIOUS FY27 OUTLOOK WEIGHS ON SENTIMENT

** Morgan Stanley ("overweight", PT: 3,883 rupees) says co enters FY27 cautiously, despite positive revenue growth return expectations

** HSBC ("hold", PT cut to 3,000 rupees from 3,100 rupees) says core businesses remain muted, new businesses will take time to scale up after quarterly earnings disappointment

** Emkay Global ("reduce", PT: 2,800 rupees) cuts FY27/FY28 EPS estimates by up to 19%, citing weak customer service management exports, lower volumes and muted growth guidance

** Motilal Oswal ("buy", PT: 3,500 rupees) cautiously optimistic on FY27 recovery led by new molecule launches and committed customer offtake plans

($1 = 96.3750 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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