Buy PI Industries; target of Rs 4470: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on PI Industries

PI reported strong consolidated revenue growth of 31% YoY in 2QFY23, led by both CSM/Domestic businesses (revenue up 29%/36% YoY), on the back of strong volume growth of 25%/31%, respectively. EBITDA margins improved 280bp YoY to 24.4%, on account operating leverage benefit and favorable product mix. Factoring in a better-than-expected sales growth and margin expansion, we raise our FY23/FY24 earnings estimate by 10%/9% and reiterate our Buy rating on the stock.

Outlook

We raise our FY23/FY24 earnings estimate by 10%/9% on the back of betterthan-expected sales growth and margin expansion. We value the stock at 40x Sep’24 EPS to arrive at our TP of INR4,470 and reiterate our Buy rating on the stock.

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PI Industries - 10 -11-2022 - moti