Financials PI Industries Limited

Equities

PIIND

INE603J01030

Agricultural Chemicals

Market Closed - Bombay S.E. Other stock markets 03:18:15 2024-05-18 am EDT			5-day change	1st Jan Change
3,575 ^INR	-0.04%		-2.33%	+1.79%

Apr. 20	PI Industries Limited Appoints Rafael Del Rio Donoso as a Non-Executive Non-Independent Director	CI
Feb. 13	Jefferies Adjusts PI Industries' Price Target to INR4,165 From INR4,290, Keeps at Buy	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	142,351	161,524	342,056	427,753	459,097	542,514	-	-
Enterprise Value (EV) ¹	140,439	163,934	321,356	407,782	426,825	514,540	507,649	497,993
P/E ratio	34.7 x	35.4 x	45.2 x	50.7 x	37.4 x	33.7 x	30.3 x	26.8 x
Yield	0.39%	0.34%	0.22%	0.21%	0.33%	0.32%	0.34%	0.38%
Capitalization / Revenue	5.01 x	4.8 x	7.47 x	8.07 x	7.07 x	6.94 x	5.96 x	5.15 x
EV / Revenue	4.94 x	4.87 x	7.02 x	7.69 x	6.57 x	6.58 x	5.58 x	4.73 x
EV / EBITDA	24.4 x	22.8 x	31.7 x	35.7 x	27.7 x	25.6 x	22.4 x	19 x
EV / FCF	630 x	689 x	112 x	213 x	36.2 x	349 x	51.7 x	40.9 x
FCF Yield	0.16%	0.15%	0.89%	0.47%	2.76%	0.29%	1.94%	2.45%
Price to Book	6.23 x	6.16 x	6.41 x	6.99 x	6.39 x	6.28 x	5.34 x	4.55 x
Nbr of stocks (in thousands)	138,031	138,108	151,718	151,629	151,662	151,676	-	-
Reference price ²	1,031	1,170	2,255	2,821	3,027	3,577	3,577	3,577
Announcement Date	5/17/19	6/4/20	5/18/21	5/17/22	5/18/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,409	33,665	45,770	52,995	64,920	78,209	91,021	105,323
EBITDA ¹	5,764	7,186	10,122	11,424	15,421	20,068	22,692	26,206
EBIT ¹	5,429	5,819	8,374	9,406	13,156	17,250	19,290	22,123
Operating Margin	19.11%	17.29%	18.3%	17.75%	20.26%	22.06%	21.19%	21%
Earnings before Tax (EBT) ¹	5,379	6,138	9,385	10,328	14,443	18,715	21,111	24,371
Net income ¹	4,102	4,566	7,383	8,438	12,295	16,077	17,765	20,044
Net margin	14.44%	13.56%	16.13%	15.92%	18.94%	20.56%	19.52%	19.03%
EPS ²	29.73	33.08	49.89	55.63	81.04	106.0	118.1	133.7
Free Cash Flow ¹	223	238	2,859	1,916	11,789	1,472	9,824	12,182
FCF margin	0.78%	0.71%	6.25%	3.62%	18.16%	1.88%	10.79%	11.57%
FCF Conversion (EBITDA)	3.87%	3.31%	28.25%	16.77%	76.45%	7.34%	43.29%	46.48%
FCF Conversion (Net income)	5.44%	5.21%	38.72%	22.71%	95.88%	9.16%	55.3%	60.77%
Dividend per Share ²	4.000	4.000	5.000	6.000	10.00	11.37	12.09	13.46
Announcement Date	5/17/19	6/4/20	5/18/21	5/17/22	5/18/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	22,178	11,621	11,971	11,938	13,542	13,563	13,952	15,432	17,700	16,132	15,656	19,104	21,303	18,948	20,105	-	-
EBITDA ¹	5,140	2,753	2,274	2,489	2,920	2,965	3,050	3,456	4,319	4,151	3,428	4,678	5,269	4,765	5,016	10,586	-
EBIT ¹	-	2,313	1,826	-	-	2,462	2,514	-	3,759	3,584	2,851	3,981	4,852	3,865	3,967	-	-
Operating Margin	-	19.9%	15.25%	-	-	18.15%	18.02%	-	21.24%	22.22%	18.21%	20.84%	22.78%	20.4%	19.73%	-	-
Earnings before Tax (EBT) ¹	-	2,636	2,223	-	2,666	2,692	2,693	3,140	3,977	4,002	3,325	4,454	4,998	4,362	4,737	-	-
Net income ¹	-	1,954	1,798	1,872	2,296	2,226	2,044	2,624	3,348	3,518	2,806	3,829	4,217	3,649	3,917	-	-
Net margin	-	16.81%	15.02%	15.68%	16.95%	16.41%	14.65%	17%	18.92%	21.81%	17.92%	20.04%	19.79%	19.26%	19.48%	-	-
EPS ²	-	12.82	11.95	12.34	15.14	14.67	13.48	17.29	22.06	23.20	18.50	25.24	28.28	24.18	25.90	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9.000	-	-
Announcement Date	10/28/20	2/2/21	5/18/21	7/30/21	11/12/21	2/3/22	5/17/22	8/3/22	11/8/22	2/14/23	5/18/23	8/9/23	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	2,410	-	-	-	-	-	-
Net Cash position ¹	1,912	-	20,700	19,971	32,272	27,974	34,865	44,521
Leverage (Debt/EBITDA)	-	0.3354 x	-	-	-	-	-	-
Free Cash Flow ¹	223	238	2,859	1,916	11,789	1,472	9,824	12,182
ROE (net income / shareholders' equity)	19.5%	18.6%	18.5%	14.7%	18.5%	20.2%	18.5%	18%
ROA (Net income/ Total Assets)	-	12.4%	13.2%	11.4%	15.1%	17.3%	17.9%	16.4%
Assets ¹	-	36,898	56,134	73,965	81,354	92,933	99,244	122,217
Book Value Per Share ²	166.0	190.0	351.0	404.0	474.0	570.0	670.0	787.0
Cash Flow per Share ²	-	50.60	49.00	34.90	98.80	106.0	118.0	138.0
Capex ¹	3,685	6,743	4,390	3,371	3,225	13,054	7,998	7,935
Capex / Sales	12.97%	20.03%	9.59%	6.36%	4.97%	16.69%	8.79%	7.53%
Announcement Date	5/17/19	6/4/20	5/18/21	5/17/22	5/18/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PI Industries Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,577 INR

Average target price

4,130 INR

Spread / Average Target

+15.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Agricultural Chemicals

	1st Jan change	Capi.
PI INDUSTRIES LIMITED	+1.79%	6.51B
CORTEVA, INC.	+17.80%	39.34B
PHOSAGRO	-.--%	11.28B
FMC CORPORATION	+1.48%	7.99B
ICL GROUP LTD	-2.15%	6.18B
YUNNAN YUNTIANHUA CO., LTD.	+36.99%	5.43B
THE FERTILISERS AND CHEMICALS TRAVANCORE LIMITED	-13.59%	5.37B
UPL LIMITED	-13.00%	4.61B
THE SCOTTS MIRACLE-GRO COMPANY	+6.96%	3.87B
JORDAN PHOSPHATE MINES CO. PLC	+4.12%	3.89B

Other Agricultural Chemicals