Accumulate PI Industries; target of Rs 980: Dolat Capital

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26 Aug, 2025 12:21

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Dolat Capital's research report on PI Industries

PI reported strong set of numbers driven by better than expected operating performance. It was the twin effect of increase in sales of high margin products coupled with improvement in operating efficiency. However, the company has toned down the guidance for FY18 to 10% in the both domestic agchem and in the CSM segment.

Outlook

Considering the cautious stance, we have revised our revenue estimates downwards by 4% with a marginal increase in the earnings factoring lower tax rate. We maintain our Accumulate rating with a downward revision in target price to Rs 980 from Rs 1,001 earlier. (23x FY19 EPS).

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