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PI Industries Limited (PIIND) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of PI Industries Limited ₹1,320, price ₹2,386, upside -44.7%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · IN · ISIN INE603J01030

PI Broad data Sep 24, 2026

PI Industries Limited

PIIND · NSE

Weakest SetupStrongly overvalued and low quality.

!Fair value ₹1,320 · Strongly overvalued (−45%)
!Quality 45/100
!Expensive Growth (revenue 5y +8.2 %/yr)
✓Solidly profitable · 19.7% net margin (TTM)
!Low debt · negative free cash flow
·0.63% dividend yield
!Trails peers (5/13)
✓Wide moat 69/100
!Insider activity 40/100
!Weak on dividend: 13 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

₹4,703 ₹2,255 Fair Value ₹1,320 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range ₹2,255 – ₹4,703 · fair‑value band ₹989.85 – ₹1,650 · the ₹2,386 price screens above the ₹1,320 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

PI Industries Limited, together with its subsidiaries, manufactures and distributes of agricultural chemicals in India, rest of Asia, North America, Europe, and internationally. It operates through Agro Chemicals and Pharma segments.

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PI Industries Limited, together with its subsidiaries, manufactures and distributes of agricultural chemicals in India, rest of Asia, North America, Europe, and internationally. It operates through Agro Chemicals and Pharma segments. The company offers agrochemicals, including insecticides, fungicides, herbicides, and biologicals; crop solutions for soybeans, chili, sugarcane, rice, wheat, cotton, and corn, as well as horticulture products; and plant nutrients and specialty chemicals. It also provides research and development services, such as target discovery, molecule design, library synthesis, lead optimization, biological evaluation, and route synthesis. In addition, the company offers custom synthesis and manufacturing solutions, including process research and development, analytical method development, synthesis of reference standards, structure elucidation and synthesis of impurities, physio-chemical studies and 5-batch analysis under GLP conditions, scale-up studies, safety data generation, waste categorization and treatability studies, process/plant engineering, and large-scale commercial production; and distribution services. The company sells its products to farmers, distributors, retailers, and sellers. It also exports its products. PI Industries Limited was incorporated in 1946 and is based in Gurugram, India.

Stock analysis

PI Industries Limited (PIIND) currently trades at ₹2,386, while our model-based Fair Value estimate is ₹1,320, implying the stock looks roughly 80.8% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of ₹1,846 per share, and 1 of the 17 models we run sit above the ₹2,386 price.

Bear case: the Dividend Discount group reads lowest at ₹227.10, and 16 of the 17 models stay below the price. Evidence for this calculation is high.

Scenario range: ₹989.85 (bear) to ₹1,650 (bull), the price of ₹2,386 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 45/100 (below-average quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

PI Industries Limited reported revenue of ₹67.1B in FY2026 versus ₹53.0B in FY2022, a compound +6.1%/yr. Reported net income was ₹13.2B in FY2026, compounding +11.9%/yr from FY2022.

Key figures

Market cap ₹398B (≈ $4.1B) · P/E ratio 27.5 · P/S ratio 5.40 · EPS (TTM) ₹86.85 · Dividend yield 0.6% · Net margin 19.7% · Return on equity 12.4% · Return on assets (EBIT) 13.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).

What moves the price

The share trades about 37% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −45%, PIIND screens richer than that median.

Fair Value models

Bear ₹989.85 Fair Value ₹1,320 Bull ₹1,650
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹34.84 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
EPV ₹703.50 ₹793.42 ₹871.00 74
Owner Earnings ₹682.97 ₹1,214 ₹2,189 73
Residual Income ₹669.63 ₹779.20 ₹1,582 72
All 17 models by family
DCF Models
Owner Earnings ₹682.97 ₹1,214 ₹2,189 73
Earnings-Based
Graham-Dodd ₹592.04 ₹3,400 ₹4,728 63
Lynch FV ₹958.06 ₹1,369 ₹1,779 61
PEG = 1.0 ₹958.06 ₹1,369 ₹1,779 57
EPV ₹703.50 ₹793.42 ₹871.00 74
Dividend Discount
Gordon GGM ₹131.88 ₹262.78 ₹397.93 67
DDM Multi-Stage ₹131.88 ₹227.10 ₹277.39 67
Multiples
P/E Multiple ₹1,110 ₹1,480 ₹1,850 63
P/S Multiple ₹497.87 ₹663.83 ₹829.79 58
P/B Multiple ₹1,110 ₹1,480 ₹1,850 55
EV/EBIT ₹1,052 ₹1,357 ₹1,663 66
EV/EBITDA ₹990.41 ₹1,276 ₹1,561 67
EV/Revenue ₹598.71 ₹797.86 ₹997.01 54
Asset-Based
NCAV (Graham) ₹370.15 ₹496.00 ₹740.29 54
Economic Profit
Residual Income ₹669.63 ₹779.20 ₹1,582 72
ROIC Compounder ₹703.50 ₹869.13 ₹1,071 72
Growth Earnings
Growth-Adj P/E ₹1,292 ₹1,846 ₹2,399 67

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Quality Score breakdown

Overall quality 45/100

Of which business quality 46 · Market factors (momentum, volatility) 35

Profitability 52
Margins and returns on capital today
Quality Growth 12
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 19
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 48/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−15.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
Start year 2021 (pandemic). Over 10 years: +12.5% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.4%
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.8%
Dividend (yield on the price)0.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12% vs 14%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 20%
Start year 2021 (pandemic)

PIIND screens 81% overvalued. Compare with Corteva, Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Agricultural Inputs · 179 stocks

Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside −45% · Bottom 25%
Profitability
Return on equity (TTM) 12% · Above median
Return on assets 6% · Above median
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 15% · Top 25%
Growth and dividend
Revenue growth −12% · Bottom 25%
Dividend yield (TTM) 0.6% · Bottom 25%
Balance sheet
Debt / equity 0.01× · Below median

Valuation Multiplesvs Agricultural Inputs median · lower = cheaper

P/E (TTM) 27.5× · Priciest 25%
P/B 3.54× · Priciest 25%
P/S (TTM) 5.93× · Priciest 25%
EV/EBITDA 22.2× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 21
FUTURE (revenue growth)0 · sector 36
PAST (return on equity)49 · sector 24
HEALTH (low debt)99 · sector 97
DIVIDEND (yield)13 · sector 41

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Agricultural Inputs stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Corteva, Inc CTVA $80.34 $28.49 −65%
Nutrien Ltd NTR $75.43 $82.61 +10%
Qinghai Salt Lake Industry Co 000792 ¥24.87 ¥27.36 +10%
CF Industries Holdings CF $120.59 $161.00 +34%
SABIC Agri-Nutrients Company 2020 124.00 SAR 150.65 SAR +21%
Yara International ASA YAR kr 446.70 kr 659.87 +48%
Yunnan Yuntianhua Co 600096 ¥27.95 ¥50.49 +81%
The Mosaic Company MOS $24.73 $25.77 +4%
Asia-potash International Investment (Guangzhou)Co.,Ltd., 000893 ¥39.75 ¥38.01 −4%
ICL Group ICL $5.40 $2.98 −45%

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₹1,320 −81%Fair Value
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Cite: Fair Value Calculator (2026). "PI Industries Limited Fair Value". https://www.fairvalue-calculator.com/stock/PIIND

Frequently asked questions

Is PI Industries Limited (PIIND) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹1,320 versus a price of ₹2,386, about −45% upside (overvalued).
What is the fair value of PIIND?
Our model-based fair value for PI Industries Limited is ₹1,320 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹2,386.
What is the quality score of PIIND?
PI Industries Limited has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for PI Industries Limited (PIIND)?
Our model-based price target is the fair value of ₹1,320 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario ₹989.85, optimistic scenario ₹1,650. It is a calculation from audited fundamentals, not an analyst target.
What is the PI Industries Limited stock forecast for 2026?
Our models put fair value at ₹1,320, about −45% upside versus a price of ₹2,386 (overvalued). Cautious scenario ₹989.85, optimistic scenario ₹1,650. The calculation is refreshed regularly with new filings.
What is the revenue of PI Industries Limited (PIIND)?
PI Industries Limited reported trailing-twelve-month revenue of about ₹67.1B (latest available figure, as of Sep 24, 2026).
Does PI Industries Limited pay a dividend?
PI Industries Limited currently shows a dividend yield of about 0.63% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of PI Industries Limited (PIIND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PI Industries Limited it is ₹1,320 per share (as of Sep 24, 2026), against a price of ₹2,386. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is PI Industries Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PIIND trades above its calculated fair value: price ₹2,386, fair value ₹1,320, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PIIND?
No. The price is what the market pays today (₹2,386); the fair value is what the company's own numbers justify (₹1,320). For PI Industries Limited the two are ₹1,066 per share apart. That gap is exactly why we show both numbers side by side.
How much is PI Industries Limited worth?
The market values PI Industries Limited at about ₹398B (market capitalisation, as of Sep 24, 2026). Per share that is ₹2,386; our models calculate a fair value of ₹1,320 per share.
What do the bullish and bearish scenarios say about PIIND?
Our models span a range for PI Industries Limited: cautious scenario ₹989.85, base ₹1,320, optimistic ₹1,650 per share (as of Sep 24, 2026, price ₹2,386). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PIIND?
PI Industries Limited trades at a price-to-earnings ratio of 27.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,320 is built from several models across several years. Other multiples: P/B 3.5, P/S 5.9, EV/EBITDA 22.2.
How solid is the balance sheet of PI Industries Limited (PIIND)?
Balance-sheet figures for PI Industries Limited (as of Sep 24, 2026): return on equity 12.4%, debt of 0.01 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is PIIND from its 52-week high?
PI Industries Limited trades at ₹2,386, about 37% below its 52-week high of ₹3,814 and 6% above the low of ₹2,255 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,320 is for.
Which stocks are comparable to PI Industries Limited?
From the same area (Basic Materials) we also value Corteva, Inc, Nutrien Ltd, Qinghai Salt Lake Industry Co, CF Industries Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is PI Industries Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹2,386, calculated fair value ₹1,320 (−45%), Quality Score 45/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PIIND calculated?
We run PI Industries Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,320, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. PI Industries Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of PI Industries Limited (PIIND)?
The closing price on Sep 23, 2026 was ₹2,386. Our model-based fair value is ₹1,320, about −45% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PI Industries Limited right now?
The price sits above even our optimistic bull case (₹1,650). The favourable scenario is already priced in. Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of PI Industries Limited (PIIND) come from?
Earnings per share at PI Industries Limited grew +17.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share +13.9 %, EBIT margin +1.8 %, tax rate +0.2 %, residual (interest, one-offs) +0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of PI Industries Limited

How large is the market capitalisation of PI Industries Limited (PIIND)?
The market capitalisation of PI Industries Limited is ₹398B (≈ $4.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of PI Industries Limited (PIIND)?
The price-to-sales ratio of PI Industries Limited is 5.40 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of PI Industries Limited (PIIND)?
Earnings per share at PI Industries Limited are ₹86.85 (price ÷ EPS = P/E 27.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PI Industries Limited (PIIND)?
The dividend yield of PI Industries Limited is 0.6% (payout 17.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of PI Industries Limited (PIIND)?
The net margin of PI Industries Limited is 19.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of PI Industries Limited (PIIND)?
The return on equity (ROE) of PI Industries Limited is 12.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of PI Industries Limited (PIIND)?
On an EBIT basis the return on assets of PI Industries Limited is 13.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of PI Industries Limited (PIIND)?
The operating margin of PI Industries Limited is 14.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PI Industries Limited (PIIND)?
Revenue at PI Industries Limited is growing −12.4% versus a year earlier (3y avg +1.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at PI Industries Limited (PIIND)?
Earnings per share at PI Industries Limited are growing −39.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does PI Industries Limited (PIIND) generate?
The free cash flow of PI Industries Limited is −₹4.5B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does PI Industries Limited (PIIND) hold?
PI Industries Limited holds more cash than debt, ₹18.4B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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