PI Industries Limited

BSE:523642 Stock Report

Market Cap: ₹425.6b

PI Industries Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Mayank Singhal

Chief executive officer

₹260.0m

Total compensation

CEO salary percentage19.49%
CEO tenure27.8yrs
CEO ownership20.5%
Management average tenure1.8yrs
Board average tenure5.8yrs

Recent management updates

Recent updates

Narrative Update • Jun 07

523642: Dividend Outlook And Margin Strength Will Support Future Bullish Thesis

Analysts now place PI Industries' fair value at about ₹4,708.65 compared with the prior ₹4,831.97. This reflects updated views on faster revenue growth of roughly 20.61%, stronger profit margins near 21.40%, and a lower future P/E assumption close to 40.32x.
Narrative Update • May 23

523642: Higher Future P/E Assumptions Will Sustain Cautious Stance Despite Dividend Review

Analysts have adjusted their price target on PI Industries from ₹2,230 to ₹2,280, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Board meeting scheduled for May 19, 2026, to review and approve audited standalone financial results for the quarter and financial year ended March 31, 2026 (Key Developments).
Narrative Update • May 07

523642: Interim Dividend Will Support Future Income-Focused Bullish Thesis

Analysts have moderately lifted their price target on PI Industries to reflect the revised fair value estimate of ₹4,831.97, up from ₹4,806.06. This update is supported by revised assumptions around the discount rate, revenue growth, profit margin and future P/E multiples.
Narrative Update • Apr 21

523642: Future Earnings Multiple Compression Will Drive Cautious View Despite Interim Dividend

Analysts have revised their price target for PI Industries from ₹2,800 to ₹2,230, citing updated assumptions around discount rates, revenue growth, profit margins, and a lower future P/E multiple as key drivers of the change. What's in the News A board meeting is scheduled on February 12, 2026 at 14:00 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with limited review reports by the auditors (Key Developments).
Narrative Update • Apr 06

523642: Interim Dividend Will Support Continued Bullish Case

Analysts have trimmed their fair value estimate for PI Industries from about ₹4,872.93 to roughly ₹4,806.06 as they reset assumptions around revenue growth, profit margins and future P/E levels. What's in the News A regulatory order has been issued by the Office of the Excise and Taxation Officer cum State Tax Officer, Bhatinda, creating a tax demand of ₹39,009,656 for FY 2021-22 under CGST and PGST provisions.
Narrative Update • Mar 23

523642: Future Earnings Strength Will Sustain Confidence As Tax Demand Is Contested

Analysts have slightly adjusted the price target for PI Industries from about ₹3,421.75 to around ₹3,399.88, reflecting refreshed assumptions on discount rate, revenue growth, profit margin and future P/E multiples. What's in the News A board meeting is scheduled on Feb 12, 2026, at 14:00 Indian Standard Time to review unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025, and to consider an interim dividend for FY 2025-26 (company filing).
Narrative Update • Mar 09

523642: Interim Dividend And Tax Appeal Will Support Continued Bullish Case

Analysts have trimmed their price target on PI Industries from about ₹5,173 to roughly ₹4,873, citing updated assumptions on the discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Interim dividend declared at ₹5 per share on equity shares with face value of ₹1, to be paid on or before March 13, 2026, following a recent board decision on shareholder payout.
Narrative Update • Feb 23

523642: Future Earnings Strength Will Sustain Confidence Despite Contested Tax Demand

Analysts have reduced their price target on PI Industries from ₹3,808 to ₹3,422, citing updated views on fair value, discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Board meeting scheduled on February 12, 2026 at 14:00 IST to review unaudited standalone and consolidated results for the quarter and nine months ended December 31, 2025, and to consider an interim dividend for FY 2025-26 (company filing).
Narrative Update • Feb 08

523642: Future Earnings Strength Will Support Confidence Despite Tax Dispute Risk

Analysts have revised their fair value estimate for PI Industries from ₹3,888.96 to ₹3,808.23. This change reflects slightly adjusted assumptions for the discount rate, revenue growth, profit margins and future P/E.
Narrative Update • Jan 25

523642: Tax Appeal And Upcoming Results Will Support Ongoing Bullish Thesis

Analysts have marginally increased their fair value estimate for PI Industries from ₹5,159.50 to ₹5,172.61, citing slightly adjusted assumptions for the discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Office of the Excise and Taxation Officer cum State Tax Officer, Bhatinda, issued an order under Section 73 of the CGST Act 2017 and PGST Act 2017 for FY 2021-22, raising a tax demand of ₹39,009,656 including interest and penalty, mainly linked to disallowed input tax credits (regulatory filing).
Narrative Update • Jan 10

523642: Future Tax Appeal Will Support Confidence In Bullish Outlook

Analysts have trimmed their price target for PI Industries from ₹5,473 to ₹5,159, citing slightly softer assumptions on revenue growth and profit margin, even as they factor in a modestly higher future P/E multiple. What's in the News The Office of the Excise and Taxation Officer cum State Tax Officer, Bhatinda, issued an order under Section 73 of the CGST Act 2017 and PGST Act 2017 for FY 2021-22, raising a tax demand of ₹3,90,09,656 including interest and penalty, mainly due to disallowance of input tax credits availed by PI Industries (Regulatory filing).
Narrative Update • Dec 26

523642: Future Earnings Strength Will Support Confidence Despite Slight Forecast Adjustments

Analysts have slightly reduced their price target for PI Industries, trimming their fair value estimate by approximately ₹34 to ₹3,888.96. They have factored in marginally lower long term revenue growth and profit margin expectations while maintaining a broadly similar future valuation multiple.
Narrative Update • Dec 12

523642: Future Profitability Will Drive Confidence As Long Term Outlook Remains Robust

Analysts have nudged their price target for PI Industries slightly higher to ₹3,922.81, reflecting modest adjustments to discount rate assumptions and a largely unchanged view on the company’s long term growth, margins, and valuation multiples. What's in the News Board meeting scheduled for November 11, 2025, to review and approve unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, including limited review reports (company filing).
Narrative Update • Nov 28

523642: Future Profitability Will Drive Renewed Confidence Amid Market Uncertainty

Analysts have slightly reduced their price target for PI Industries from ₹3,957.88 to ₹3,922.81. They cite lower anticipated revenue growth and modest declines in profit margins, while maintaining a cautious outlook based on updated financial projections.
Narrative Update • Nov 14

523642: Market Expectations And Financial Metrics Will Shape Measured Outlook

Narrative Update on PI Industries Analysts have revised their fair value estimate for PI Industries down slightly, from ₹4,061.68 to ₹3,957.88. This change is due to modest adjustments to key financial assumptions and updated market expectations.
Narrative Update • Sep 05

AgChem And Life Sciences Focus Will Secure Lasting Resilience

With no material changes in the discount rate or future P/E ratio, analysts maintained their consensus price target for PI Industries at ₹4062. What's in the News Board meeting scheduled to consider and approve unaudited standalone and consolidated financial results for the quarter ended June 30, 2025.
User avatar
New Narrative • Nov 29

Dynamic Product Innovations Set To Boost Growth Amid Industry Challenges

New high-value products and a strong pipeline of advanced molecules are expected to drive long-term revenue growth and market expansion.

CEO Compensation Analysis

How has Mayank Singhal's remuneration changed compared to PI Industries's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

₹13b

Dec 31 2025n/an/a

₹15b

Sep 30 2025n/an/a

₹15b

Jun 30 2025n/an/a

₹16b

Mar 31 2025₹260m₹51m

₹17b

Dec 31 2024n/an/a

₹17b

Sep 30 2024n/an/a

₹18b

Jun 30 2024n/an/a

₹17b

Mar 31 2024₹250m₹46m

₹17b

Dec 31 2023n/an/a

₹16b

Sep 30 2023n/an/a

₹15b

Jun 30 2023n/an/a

₹14b

Mar 31 2023₹191m₹42m

₹12b

Dec 31 2022n/an/a

₹12b

Sep 30 2022n/an/a

₹10b

Jun 30 2022n/an/a

₹9b

Mar 31 2022₹165m₹39m

₹8b

Dec 31 2021n/an/a

₹8b

Sep 30 2021n/an/a

₹8b

Jun 30 2021n/an/a

₹8b

Mar 31 2021₹153m₹24m

₹7b

Dec 31 2020n/an/a

₹7b

Sep 30 2020n/an/a

₹6b

Jun 30 2020n/an/a

₹5b

Mar 31 2020₹12m₹3m

₹5b

Compensation vs Market: Mayank's total compensation ($USD2.75M) is above average for companies of similar size in the Indian market ($USD669.86K).

Compensation vs Earnings: Mayank's compensation has been consistent with company performance over the past year.

CEO

Mayank Singhal (53 yo)

27.8yrs
Tenure
₹260,000,000
Compensation

Mr. Mayank Singhal was Vice Chairperson of PI Health Sciences Limited and serves as Director. He has been Executive Vice- Chairman & Managing Director at PI Industries Limited since September 09, 2019 and...

Leadership Team

NamePositionTenureCompensationOwnership
Mayank Singhal
Executive Vice-Chairman & MDno data₹260.00m20.45%
₹ 87.0b
Rajnish Sarna
Chief Investor Relations Offno data₹100.01m0.083%
₹ 352.1m
Sanjay Agarwal
Group CFO and Head of Strategy & Integrated Development Cell1.8yrsno datano data
Atanu Roy
Global Chief Information Officer2.8yrsno datano data
Amit Goel
Lead Corporate Legal1.9yrsno datano data
Shruti Joshi
Company Secretary & Compliance Officer1.2yrsno datano data
Kamali Rajesh
Global Chief People Officerless than a yearno datano data
Atul Gupta
Executive Directorno datano datano data
Arunabha RayChaudhuri
Global Head of Supply Chain Management2.8yrsno datano data
Ramesh Subramanian
Global CEO of PI Health Sciences1.4yrsno datano data
Jagresh Rana
CEO of AgSciences & CEO of Biologicals businessno datano datano data
Marco Busch
Global Chief Scientific Officer of PI AgSciencesno datano datano data
1.8yrs
Average Tenure
54yo
Average Age

Experienced Management: 523642's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

NamePositionTenureCompensationOwnership
Mayank Singhal
Executive Vice-Chairman & MD27.8yrs₹260.00m20.45%
₹ 87.0b
Rajnish Sarna
Chief Investor Relations Off13.6yrs₹100.01m0.083%
₹ 352.1m
Atul Gupta
Executive Directorless than a yearno datano data
Vegulaparanan Vishwanathan
Independent Director1.1yrsno datano data
Shobinder Duggal
Independent Director4.6yrs₹5.28mno data
Pia Singh
Independent Director3.8yrs₹5.35m0.021%
₹ 91.2m
Narayan Seshadri
Non-Executive Chairperson20.4yrs₹31.43m0.31%
₹ 1.3b
Arvind Singhal
Non Independent Non Executive Director9.7yrs₹4.90mno data
Lisa Brown
Lead Independent Director5.8yrs₹4.98mno data
Tanjore Balganesh
Non Independent - Non Executive Director9.1yrs₹9.43mno data
Rafael Del Rio Donoso
Non-Independent Non-Executive Director2.3yrs₹39.28mno data
5.8yrs
Average Tenure
62.5yo
Average Age

Experienced Board: 523642's board of directors are considered experienced (5.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/20 18:47
End of Day Share Price 2026/06/19 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

PI Industries Limited is covered by 45 analysts. 23 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null null360 ONE Capital Market Private Limited
Himanshu BinaniAnand Rathi Shares and Stock Brokers Limited
null nullAnand Rathi Shares and Stock Brokers Limited