PI Industries reports 8% revenue decline despite pharma surge

PI Industries reported Q1 FY26 revenue of INR 19,005 million, down 8% year-on-year despite 7% sequential growth. The company maintained EBITDA margin at 27.5%.

The pharma platform delivered impressive 186% revenue growth, while domestic business grew 6% supported by favorable monsoons. Gross margin expanded to 57.4%, up 5.7 percentage points due to improved product mix and cost optimization.

PI Industries plans capital expenditure of INR 700-800 crore for FY26 and projects single-digit revenue growth driven by accelerated second-half performance.