ICICI Direct has given Buy recommendation for PI Industries with a target price of Rs. 3155 in its research report issued on May 19, 2022

ICICI Direct’s research report on PI Industries

Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciences. • The company maintains a strong research presence through its R&D facility in Udaipur, where it has a dedicated team of over 300 scientists • The revenues of the company can be subdivided into custom synthesis manufacturing (CSM) and domestic formulation business with the former contributing ~73% to overall revenue in FY21 and the rest coming from the domestic formulations business.


We retain BUY on the back of better growth outlook of the CSM business. We value PI Industries at 40x P/E FY24E EPS to arrive at a revised target price of Rs 3155/share (earlier Rs 3375/share).

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