PI Industries Stock Crashes 15% To Its Lowest Level Since September 2020 As Q2 Profit Slumps 70% To ₹122 Crore

PI Industries shares had a brutal session on Thursday. The stock fell 15% on the Bombay Stock Exchange (BSE) to ₹1,859.25, its lowest price in more than six years, after the agrochemicals maker reported a sharp fall in its September quarter earnings.

The decline stood out in a market that was firmly in the green. At 9:59 AM, PI Industries was down 14% at ₹1,879.80, while the Sensex was trading nearly 2% higher.

Trading volumes also jumped. Around 2.18 million shares changed hands on the National Stock Exchange (NSE) and the BSE combined, almost twice the usual volume.

PI Industries Q2 Results: Profit Falls 70%; EBITDA Drops 57%

The September quarter numbers explain the sharp reaction. PI Industries reported revenue of ₹1,702 crore, a 9% decline from the same period last year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell much faster, dropping 57% to ₹232.7 crore.

The company's EBITDA margin came down to 13.7%. A year ago, it stood 1,524 basis points higher. Profit after tax was down 70% to ₹122 crore.

PI Industries pointed to higher input costs and pricing pressure during the quarter. El Niño conditions and genericisation also affected prices, the company said.

Costs were not limited to raw materials. Spending on new business development, research and development, and the launch of new molecules pushed up overheads. Higher energy expenses added to the bill.

The result was a steep fall in operating profit despite the company's continued investment in new businesses.

PI Industries Share Price: Stock Slips Below October Low

The stock has now broken below its previous low of ₹2,006, touched on 27 October. Its last comparable price level was seen in September 2020. From its 52-week high of ₹3,829 on 10 November 2025, PI Industries has lost more than half its value.

PI Industries operates across agrochemicals, speciality chemicals, ag-biologicals and pharmaceuticals. Its custom synthesis and manufacturing business serves customers in more than 40 countries. The company is also among the world's five largest players in agrochemical custom synthesis and manufacturing.

For investors, the immediate concern is the scale of the earnings decline. Revenue fell by a single-digit percentage, but EBITDA and net profit dropped much more sharply. The next set of results will be important in showing whether the margin pressure seen in Q2 is easing.

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