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PI Industries Limited PIIND.NS

IN · National Stock Exchange of India · XNSE · stock · Basic Materials · website

PI Industries Limited statistics & valuation

Market cap₹377.8B
P / E28.6×
P / S5.7×
P / B3.4×
Net margin19.8%
FCF margin-9.7%
Net debt₹590.0M
Enterprise value USD$4.0B
Earnings yield EBIT/EV3.6%
Return on capital11.7%
Graham number -51.6%₹1,204.20

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (₹1,204.20); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
19.00% 22.10% 21.00% 19.80% 2023202420252026
Gross margin (%)
44.30% 49.10% 51.80% 57.00% 2023202420252026
Operating margin (%)
20.60% 22.90% 24.50% 20.40% 2023202420252026
Return on equity (%)
17.10% 19.30% 16.30% 11.80% 2023202420252026
Shares outstanding
151.7M 151.7M 151.7M 151.7M 2023202420252026
Net debt (₹)
-₹8.26B -₹6.96B -₹4.08B ₹590.0M 2023202420252026
Share buybacks (₹)
2023202420252026
Return on assets (%)
14.50% 15.60% 13.50% 9.80% 2023202420252026
Free cash flow margin (%)
18.20% 18.60% 7.10% -9.70% 2023202420252026
Debt / equity (×)
0.01× 0.02× 0.02× 0.03× 2023202420252026
EPS (₹)
₹81.04 ₹110.83 ₹109.42 ₹87.06 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

PI Industries Limited trades at about 28.6× earnings — below its 10-year norm (10-year range 33×–41.8×, median 35.1×).

28.6× 41.8×

Shaded band = 10-year range (33×–41.8×); dot = today's 28.6×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Gross margin57.0%51.8%49.1%44.3%
Operating margin20.4%24.5%22.9%20.6%
Net margin19.8%21.0%22.1%19.0%
FCF margin-9.7%7.1%18.6%18.2%
Return on assets9.8%13.5%15.6%14.5%
Return on equity11.8%16.3%19.3%17.1%
Debt / equity0.01×0.01×0.01×0.00×
Current ratio4.224.023.904.79

Computed from company filings · IN · as of 2026-03-31. Figures in INR. Facts plus Stocktoria's own computed scores — not investment advice.