Buy PI Industries; target of Rs 5184: KR Choksey

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KR Choksey's research report on PI Industries

PIIND reported an 8.3% Y-o-Y (+18.8% Q-o-Q) rise in revenue to INR 20,689 Mn (vs. our estimate of INR 21,692 Mn, a miss of 4.6%) Net income increased 17.2% Y-o-Y (+21.5% Q-o-Q) to INR 4,488 Mn. Nevertheless, it was a beat of 10.2% from our estimates. As exports, newer products and within domestic, biologics, are growing strong, we revise up the EPS estimates by 9% and 17%, respectively.

Outlook

We value PIIND at the same 35.0x its revised FY26 EPS of INR 148 and arrive at a TP of INR 5,184 (earlier INR 4,430). We maintain BUY, as the upside potential is 15.5% from CMP.

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PI Industries - 120824 - kr