Buy PI Industries; target of Rs 3750: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on PI Industries

New molecule commercialisation (record 9 in FY22 and target of 7 in FY23), robust order book of $1.4 bn and focus to broaden new product offerings in non-agrochemical (electronic chemical and pharma) would mean sustained high growth in CSM business. Company has strong R&D (team of 400+) focus; it has achieved break-through for developing continuous flow chemistry for one intermediate, commissioning of new chemistry building block (MMH) and pharmaceutical lab at Udaipur (Rajasthan). New technology development key to product launch and sustained high growth. Domestic formulation business would outpace industry growth led by yet another year of above-normal monsoon, ramp-up of new launches and focus on horticulture segment through JIVARGO brand.

Outlook

We maintain a Buy on PI with a revised PT of Rs. 3,750 (rollover of PE multiple to September-24 EPS). Potential pharma acquisition would improve long-term earnings growth outlook and we are constructive on stock. At CMP, the stock trades at 35x/31x FY24E/FY25E EPS.

More Info

At 15:06 hrs PI Industries was quoting at Rs 3,238.75, down Rs 19.45, or 0.60 percent.

It has touched an intraday high of Rs 3,307.25 and an intraday low of Rs 3,228.10.

It was trading with volumes of 5,053 shares, compared to its thirty day average of 11,699 shares, a decrease of -56.81 percent.

In the previous trading session, the share closed down 0.21 percent or Rs 6.70 at Rs 3,258.20.

The share touched its 52-week high Rs 3,533.30 and 52-week low Rs 2,334.35 on 14 September, 2021 and 27 January, 2022, respectively.

Currently, it is trading 8.34 percent below its 52-week high and 38.74 percent above its 52-week low.

Market capitalisation stands at Rs 49,137.71 crore.

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PI Industries - 080922 - khan