Buy PI Industries; target of Rs 2845: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on PI Industries

PI Industries reported topline growth of 37% YoY to Rs 1162 crore against our estimate of Rs 1113 crore. Growth was led by both CSM (+40% YoY) and domestic formulation (+26% YoY). OPM expanded 176 bps YoY to 23.7% leading to EBITDA growth of 48% YoY to Rs 275.5 crore against our estimate of Rs 259.2 crore. The operational performance was largely led by control on opex along with some improvement in gross margins. PAT grew 61% YoY to Rs 195.4 crore against our estimate of Rs 175.7 crore. The bottomline growth was led by higher other income (+104% YoY) owing to increase in liquid investments/cash post QIP and lower taxes (26% vs. 29% in Q3FY20).

Outlook

We arrive at a target price of Rs 2845 (earlier Rs 2540). We maintain our BUY recommendation on the stock.

For all recommendations report, click here

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