• Incorporated in 1947, PI Industries provides complex chemistry solutions in agri and pharma sciences.
  • PI Industries current operation consisting of 5 formulation facilities as well as 13 multi-product plants under its 4 manufacturing locations.
  • PI has exclusive rights from several global corporations for distribution of their products in India.


Company Overview

Incorporated in 1947, PI Industries (NSE: PIIND) focuses on complex chemistry solutions in agri and pharma sciences. With the strength of over 3000 employees, PI Industries currently operates a strong infrastructure set-up consisting of 5 formulation facilities as well as 13 multi-product plants under its 4 manufacturing locations. These state-of-the-art facilities have integrated process development teams with in-house engineering capabilities. The Company maintains a strong research presence through its R&D facility at Udaipur, where it has a dedicated team of over 300 scientists and chemists. The facility includes advanced research and development labs, kilo plants and pilot plants with NABL certification. Over the years, the Company has successfully leveraged its capabilities across the Agri-sciences value chain by providing integrated and innovative solutions to its customers by partnering with the best. Its business approach is built on the foundation of trust, integrity and IP protection. PI Industries has formed partnerships with leading companies globally where it provides solutions across the fields of research & development, regulatory services, manufacturing services, application development, marketing, distribution and customer connect initiatives. Through its evolution, the PI Industries brand has brought valueadded offerings to millions of farmers in the country and across the globe thereby carving a niche position in the minds of the local and global customers. Some of the key strengths of the Company are its strong technical capabilities in the area of research and development, manufacturing services, brand building, strong distribution presence in India and customer connect initiatives. PI Industries is geared to show accelerated performance backed by a combination of attractive opportunity and well-integrated capabilities given its partnership approach to business.


Research & Manufacturing Facilities

  • Udaipur, Rajasthan
  • Ankleshwar, Gujarat (Unit-1,  Unit-2)
  • Jambusar Gujarat

Industry Overview

Agriculture Sector Overview

Global Scenario

Agriculture has evolved into a highly diverse sector. Agricultural operations today range from small subsistence farms to large multinational holdings. Perishable farm produce is not only sold fresh in the local markets but simultaneously across the world too, thanks to modern tech-enabled value chains. Transcending their traditional roles of providing mankind with food and fiber, farmers today have also become producers of renewable energy. 1

About two billion people derive their livelihood from agriculture. In spite of steadily improving agricultural yields and production, about 820 million people worldwide still remain undernourished. In addition, millions suffer from other forms of malnutrition such as micronutrient deficiency and obesity

The global agricultural production is estimated to grow by 15% between 2019 and 2028 while land use is predicted to remain flat, according to OECD-FAO Agricultural Outlook. Most of the additional food demand is projected to originate in regions having high population growth, in particular Sub-Saharan Africa, India, the Middle East and North Africa. Several years of strong supplies have reduced the international prices of most of agricultural commodities. With productivity improvements outpacing demand growth, real prices are projected to remain at or below the current levels over the coming decade.

Food use of cereals is projected to grow by 150 million ton (Mt), rice and wheat accounting for 50 Mt each, by 2028. Consumption of Sugar and Vegetable Oil are estimated to grow by 30 Mt each for the said period. Consumption of dairy products, meat and fish are expected to expand by 20 Mt (milk solid equivalent), 40 Mt and 25 Mt respectively, between 2019 and 2028.

With nearly one-fourth of all emission coming from agriculture, forestry and land use change, the pressure on agriculture to reduce its carbon footprints is mounting. Sustainable agriculture practices and increasing intervention of new technologies are going to be the driving agricultural themes in the near future.

Indian Agriculture

As the world’s second most populous country, India is home to vast agro-ecological diversity. Four out of 34 global biodiversity hotspots and 15 WWF Global 200 eco-regions fall fully or partly within India. Having only 2.4% of the world’s land area, the country harbors around 8% of all recorded species, including over 4,500 plant and 91,000 animal species.

Agriculture, with its allied sectors, is the largest source of livelihood in India. With 82% of Indian farmers being small and marginal, 70% of country’s rural households still depend primarily on agriculture for their livelihood. India is the world’s largest producer of milk, pulses and jute and the second largest producer of rice, wheat, sugarcane, groundnut, vegetable, fruit and cotton. It also ranks as a leading producer of spices, fish, poultry, livestock and plantation corps.

Harvesting its fourth consecutive bumper crop, India produced a record 295.67 Mt of food grain in the crop year 2019-20 (JulyJune). Higher by 10.46 Mt over the previous year, this highest ever production was fuelled by record outputs across rice (117.94 Mt) and wheat (107.18 Mt). Likewise, nutri/coarse cereals, oilseeds, maize, and cotton too reached record production levels with output being 47.54 Mt, 33.50 Mt, 28.98 Mt and 36.05 million bales respectively.

Despite achieving grain self-sufficiency, the production in India remains resource intensive, cereal centric and regionally biased. Access to world class agronomy practices and agri-inputs remains sparse. The stress on water resources remain a key challenge while raising farmers’ income by way of a holistic policy of enabling (instead of subsidizing) reforms can make farming sustainable and farmers prosperous. The Government of India has announced several profarmer initiatives to double farmers’ income by 2022 and provide growth impetus to the agriculture sector. These include the Pradhan Mantri Kisan Maan Dhan Yojana (‘PM-KMY’), Pradhan Mantri Kisan Samman Nidhi (‘PM-KISAN’), the e-NAM portal to promote ‘One Nation One Market’, Direct Cash Benefit Transfer etc.

As part of its Covid-19 related stimulus, the Government of India has announced a slew of reform measures and a support package of ` 1.63 lakh crore for the agriculture sector. Considered as the mother of major agricultural reforms of recent times, its key provisions include deregulation of agricultural commodities from the Essential Commodities Act, limiting stock limit only to emergencies, giving selling choice to farmers and allowing private sector participation in agriculture, and substantial fund allocation for development of agricultural and food processing infrastructure.

Crop Protection Industry

Global scenario

Crop protection chemicals (CPC) play a vital role in reducing crop losses from a range of insects, herbs, fungus, nematodes, rodents, etc. They play a significant role in improving yields and farm income.

Valued at $62.5 billion in 2019, the CPC industry is estimated to grow at 6.6% CAGR until 2024 to reach $86 billion. Having been dominated by synthetic products for many decades, the industry is now witnessing growing popularity of bio-pesticides, which are estimated to grow at a much faster CAGR of 16% to reach $15.5 billion in 2024, from its current base of $7.5 billion in 2019.

Contributing a dominant 41.8% of overall demand, the APAC region is the largest consumer of CPC, followed by Europe at 22.1% and North America at 15.1%. Herbicides constitute 55% of CPC demand while fungicides and insecticides contribute 23% and 22% respectively. Patented products, generic products and proprietary off-patent products constitute 30%, 28% and 42% of the global CPC market respectively.

Horticulture segment contributes nearly 30% of the global CPC demand, followed by cereals, corn, rice and soybean at 16%, 13%, 10% and 9% respectively.

Indian crop protection industry

India plays a critical role in the global CPC landscape, thanks to a large domestic market and a globally competitive CPC manufacturing ecosystem that helps it export the surplus production. India is the fourth largest producer of agrochemicals after USA, Japan and China. India is a net exporter of CPC, with nearly 50% of all its production being exported. The primary export markets are US, Brazil, Netherland and France. The export constitute of both, active ingredients and formulations.

The Indian CPC industry is valued at $4.2 billion, equally split (50:50) between domestic and exports, in 2019. It is estimated to grow to $5.7 billion by 2024, with exports’ contribution increasing to 55% to reach $3.1 billion.

At 0.6 kg/hectare, India has one of the lowest per capita CPC consumption, as compared with kg/per hectare figure of 13, 12, 7, 6 and 5 for China, Japan, US, Brazil and France respectively. As the country aims to improve farm productivity and diversify cropping pattern with increased share of horticulture, average consumption is poised to steadily increase over a sustained period of time.

Business Overview

PI Industries is one of India’s foremost agrochemical companies. Offering integrated and innovative products and solutions to its customers, PI enjoys tremendous brand recognition and a strong global presence built over the years on strong foundation of Trust, Integrity and Respect for IP.

PI has exclusive rights from several global corporations for distribution of their products in India. It constantly evaluates prospects to further expand its product portfolio. The spectrum of services that PI provides to its customers are interwoven and spread across its value chain, ranging from research and development, product and application development, registration, manufacturing, marketing and distribution and customer connect initiatives.

Over the past several decades, PI has worked relentlessly to provide value-added solutions to millions of farmers in the country and across the globe, carving a niche for itself in the market, and leaving a lasting impact on the minds of the customers. The strategic, differentiated and partnership approach has enabled the Company to grow at a faster pace, delivering superior returns to all its stakeholders.

Research & Development

Research & Development is one of PI’s key strengths and serves as a great enabler of Company’s business model. The state-of-the-art R&D centre spread over an area of 1,30,000 square feet at Udaipur, Rajasthan, provides excellent infrastructure and lab facilities for research scientists to carry out activities and specialize in the discovery space, including library synthesis, molecule design, lead optimization, route synthesis, biological testing and greenhouse testing.

Some of the infrastructural developments at the R&D centre include advanced research and development labs for process and analytical development, workstations with complete online utilities, in-house library with a vast array of knowledge resources, kilo and pilot plants with NABL accreditation and GLP certification, and green houses for biological testing. The IT infrastructure at the R&D centre includes Electronic Lab Notes (ELN) and Centralized LIMS systems for data and information management providing access to diverse databases.

PI’s strong team of 300+ research scientists includes more than 130 Doctorates specialized in process research and complex chemistries. The Company’s research & product development capability forms the core of its partnership with global innovators when it comes to in-licensing arrangements for patented / proprietary products for commercializing. In-depth expertise in process research, process development and analytical references enable PI to provide integrated solutions to global customers. The Company continues its focus on new innovative chemistries and processes, cutting- edge technologies.



PI has invested in state-of-the-art technologies in order to ensure the highest level of safety, product quality, productivity and consistency in the resulting products. The four integrated manufacturing facilities are cumulatively spread across 100+ acre land and include 13 multi-purpose plants. The manufacturing units are equipped with dedicated high-pressure reaction facilities with high level of futuristic automation. In addition, PI’s 2 Formulation units at Panoli cater to domestic requirements of local as well as global clientele. The multi-purpose plants give PI the flexibility to produce new products in a short span of time and scale up to meet the demand of its clients. The manufacturing facilities are ISO 9001, ISO 14001, OHSAS 18001, ISO 50001 and ISO 17025 certified that conform to very high safety and environment management standards. The Company’s formulation facilities process agrochemicals in WDG, WG, SC, E, EC, DP, GR, etc. and have a world-class warehousing facility. PI’s manufacturing facilities are also equipped with the amenities that help recover, recycle, preserve and reduce water consumption, which in turn, boost its Green Initiatives.

Marketing & Distribution

PI has a rich legacy and track record in building strong brands and delivering on its customer promise by leveraging the strong marketing and distribution set up. The Company’s marketing teams adopt a three-pronged approach in building powerful brands and creating strong recall value for its products. Pre-launch efforts include mapping the target users & markets, on-field training, generating testimonials, brand awareness and teaser campaigns. The product launch campaigns include theme, location and venue finalization, stakeholder involvement and press & media coverage. Whilst, the post launch efforts include exhaustive branding & promotional activities, channel handholding, demand generation activities, geographical & crop label expansion and product stewardship.

Some of PI’s major brands like NOMINEE GOLD, OSHEEN, BIOVITA, COSKO, ROKET, KEEFUN, ELITE, HUMESOL have built a strong association with farmers and a strong recall value in the minds of the consumers. During the year under review, the Company has launched two new products namely AWKIRA & COSKO SC which received positive feedback from farmers & channels alike. Inculcation of digital strategy to reach customer base efficiently and in time has added an edge to the marketing strength and the Company is ever poised to tackle the needs of changing markets.

Financial Highlights

Revenue from Operations stood at Rs 33,068 million for FY 2019-20 as compared to Rs 28,409 million for the previous year, registering a growth of 16.4% on YoY basis. The Operating Profit for FY 2019-20 increased by 21.7 % to reach Rs 6,977 million as compared to Rs 5,731 million in the previous year. The Net Profit for the year grew by 8.4 % to reach Rs 4423 million as compared to Rs 4077 million in the previous year. Earnings per Share (EPS) for the year stood at Rs 32.04 per share as compared to Rs 29.56 per share for the previous year. Debt equity ratio was at 0.2 as compared to 0.02 in the previous year.

PI Industries Consolidated March 2021

May 20, 2021; Reported Consolidated quarterly numbers for PI Industries are:2

Net Sales at Rs 1,197.10 crore in March 2021 up 39.98% from Rs. 855.20 crore in March 2020.

Quarterly Net Profit at Rs. 179.80 crore in March 2021 up 62.42% from Rs. 110.70 crore in March 2020.

EBITDA stands at Rs. 271.60 crore in March 2021 up 40.65% from Rs. 193.10 crore in March 2020.

PI Industries EPS has increased to Rs. 11.96 in March 2021 from Rs. 8.03 in March 2020.

PI Industries Q1 FY22

July 31, 2021; PI Industries' consolidated net profit rose 28.7% to Rs 187.20 crore on a 12.6% increase in net sales to Rs 1,193.80 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21). 3

Consolidated profit before tax rose 19.9% to Rs 227.70 crore in Q1 FY22 as against Rs 189.90 crore in Q1 FY21. The Q1 earnings was declared post trading hours yesterday, 30 July 2021.

Meanwhile, PI Industries has intimated regarding its execution of a business transfer agreement with Ind Swift Laboratories (ISLL) and certain identified promoters of ISLL for the acquisition (either itself or through its affiliate) of its API business division by way of a slump sale on a going concern basis. ISLL is engaged in the business of manufacturing Active Pharmaceutical Ingredients (API) and intermediates.

PI Industries expects to create significant value by leveraging combined capabilities and unlock synergies. The API business of ISLL has diversified portfolio of 20+ products with a strong position in several of them along with a good R&D product pipeline.

The parties have agreed that the enterprise value of the API business division on a debt free and cash free basis shall be Rs 1,530 crore (to be paid in cash). However, the agreed enterprise value shall be subject to adjustments on account of working capital, dues of lenders and unfunded employee liabilities. The deal will be executed within three months from the date of execution of the agreement, as per the company's press statement.


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Created by Asif Farooqui on 2021/08/09 11:41

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