April 3, 2012Apurva Shah (Research Analyst)(022) 6714 1449Milind Karmarkar (Head Research)(022) 6630 8667Nilay Dalal / Sagar Mehta(Equity Sales)(022) 3290 3017

P I Industries Ltd.

1

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

Initiating Coverage @ Dalal & Broacha

Dalal & Broacha Research is available on Bloomberg DBVS<GO>

Investment Case:Net sales and profit is growing at 23.8% and 117.6% CAGR since FY08. We expecttop line growth of 23.2% (FY12-FY14) on the back of strong order book in CustomSynthesis business and established brands in domestic agri input market andPAT growth of 37.5% during FY12-FY14 due to margin expansion of 180 bps andreduction in effective tax rate.

Custom Synthesis manufacturing (CSM) (~40% of FY12E revenue) offers better revenuevisibility and differentiates PI from peers:

The segment has recorded 62.7% CAGR growth in last 4 years. We expect thesegment to grow by 35-40% till FY14 as the R&D pipeline advances and moleculesare accepted in the market.Revenue visibility: CSM segment has order book of USD 340 mn (~Rs. 1600 crs) whichis 4.6x FY12E CSM revenue . The order book is executable over next 3-4 years.Margin Expansion: Operating margin from CSM segment is around 19% vs 15-16% inagri input business, as revenue contribution from CSM increases, we expect overallEBIDTA margin to improve by 180 bps in FY14.Relationship with innovator companies helps in domestic market: PI uses its relationshipwith innovator companies (through CSM space) to launch their potential moleculesin India through in licensing arrangements. Those products are higher marginproducts compared to other branded products.

Strong presence in domestic agri input industry:

PI is one of the leading agrochemical companies in India, at present insecticidescontribute 50% of agri business, herbicide 30% and other agri inputs contributearound 20%.Focus on limited products: PI focuses on products which are affordable to smallfarmers, new molecules with unique application capabilities and in licensing ofproducts. Company has product basket of around 25 products compared to morethan 50 products for other companies.New product introduction: There are 7-8 products in the pipeline and companyplans to launch at least 2 new products every year. The management is confidentof achieving 30% CAGR growth over next 2-3 years.Jambusar plant will be operational in Q2 FY13: The Jambusar plant is expected tocommercialize in Q2 FY13, and may add Rs. 300-350 Crores to the top line.

Outlook and valuation:

PI is a fast growing agrochemical company with ROE and ROCE of 35% and 26%respectively (FY11). Going forward there is a strong possibility of re-rating of thestock looking at revenue visibility, margin expansion and cash flow improvement.

At CMP of Rs. 525 stock is trading at 11.3x FY13E earnings of Rs. 46.6. We recommenda BUY at current level, with a price target of Rs. 683.

a niche agri custom synthesiscompany....

BUYCurrent Price Rs 525Target Price Rs 683Upside 30%52 Week Range Rs 290 / Rs 630

KEY SHARE DATAMarket Cap Rs 13.1 BN/$257.8MNEV / Sales 2.0EV / EBIDTA 12.5Volume (BSE + NSE) 14354No of o/s share mn 25.0Face Value 5Book Value 85.4BSE / NSE 523642 / PIINDReuters PIIL.BOBloomberg PI IN Equity

Shareholding (%)Period Dec‐11 Sep‐11Promoters 63.7 63.7MF / Ba nks / FI 1.6 2.0FI I 7.7 6.3Publ ic & Others 27.1 28.0Total 100.0 100.0

40

60

80

100

120

140

160

180

200

220

240

P I INDS Sensex

2

P I Industries Ltd.

Custom Synthesis manufacturing (CSM) offers better revenue visibility and differentiates PI frompeers:

What does P I Industries do in custom synthesis?PI essentially works with innovators in the area of process research for their newly discoveredmolecules. Most of these molecules are in the early stage of their life cycle and thus companymay capitalize on the complete product life cycle. Such early stage association makes PI theirpartner rather than a supplier which de risks its business.

As most of the business is tied up, company is focused on delivery schedule to the customers.These contracts are structured in a way that most of the risks are passed on to the customers. PIhas built a very strong customer base comprising of leading companies in Europe & Japan.

Significance of model:PI is one of the pioneers in CSM segment in India and started the business 15 years ago. Thecompany's major focus is towards patented products, this business requires good relationshipwith clients and credibility along with R&D capability. CSM business focuses on patentedmolecules, which is a time consuming process and scale up is much slower in the initial stage.High entry barriers and no conflict business model eliminate probability of competition in nearfuture.

PI has a strong R&D base with more than 100 employees. Over the years it has establishedstrong relationships with MNCs which resulted in strong order book pipeline and rapid growthin revenue from CSM segment. Currently they are working on more than 22-24 molecules atdifferent stages of life cycles.

The segment has recorded 62.7% CAGR growth in last 4 years. We expect the segment to grow by35-40% till FY14 as the R&D pipeline advances and molecules are accepted in the market.

In CSM, apart from agrochemicals (12% of total CSM opportunity) PI is also exploringopportunities in other fine chemicals, emerging chemicals, electronic chemical and pharmaearly intermediates (The combine opportunity is 18% of total CSM business). Currentlyagrochemical is the largest contributor to the segment but going forward other industries willalso start contributing. PI-Sony research centre is an example of its focus on other industries.

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

3

Dalal & BroachaStock Broking Pvt. Ltd.

. . . . . .. . . .

PI is one of the leading agrochemical company in India, it manufacturers and marketsagrochemicals, plant nutrients, specialty fertilizers and hybrid seeds. In agrochemicals in-licensingmolecules constitute 40-45% of the agri input business and is expected to rise to 60-65% in next 2-3 years.

At present insecticides contribute 50% of agri business, herbicide 30% and other agri inputscontribute around 20%.

Focus on limited products, in licensing products and brandingPI focuses on products which are affordable to small farmers, new molecules with uniqueapplication capabilities and in licensing of products. Company has product basket of around 25products compared to more than 50 products for other companies.

New product introductionIn FY12 the company has launched 2 new products in agri input segment; one insecticide in tie upwith Bayer and one fungicide in tie up with BASF. Both are high potential products with insecticidecatering to crops like Tea, Chilies etc. and fungicide catering to fruits & vegetables.

There are 7-8 products in the pipeline and company plans to launch at least 2 new products everyyear. For the coming Kharif season it plans to launch broader spectrum insecticide and fungicideeach. The management is confident of achieving 30% CAGR growth over next 2-3 years.

Distribution presence and branding capabilitiesPI has one of the oldest and robust marketing networks in India. For effective marketing thecountry is divided into 7 zones, 26 regions and 140 territories. The distribution channel has ~8000distributors / dealers and more than 35000 retail outlets across the country.

PI had successfully built brands over a period of time, apart from Nominee Gold, Fosmite, Biovita,Rocket, Foratox are leading brands for company. PI's distribution strength and branding capabilitiesprovide global companies a ready network and easy entry to high growth Indian market.

Strong presence in domestic agri input industry

P I Industries Ltd.

Benefit over Peers

Revenue visibilityCSM segment has order book of USD 340 mn (~ Rs. 1600 crs) which is 4.6x CSM revenue for FY12E.The order book is executable over next 3-4 years and we expect continuous addition to the orderbook due to 1) Repeat business from existing molecules and 2) Successful commercialization ofnew molecules.

Most of the Indian companies are focused on off patent products which have lower marginscompared to patented molecules. Indian agrochemical industry has to be dependent on weatherconditions, thus growth is dependent on monsoon and pest occurrence during the season. While incase of PI, CSM (~40% of revenue) offers better revenue visibility.

4

Dalal & BroachaStock Broking Pvt. Ltd.

. . . . . .. . . .

Higher contribution to total revenue along with higher margin in CSM business will lead to marginexpansion by 180 bps over FY12-14.CSM segment enjoys higher margins compared to other agri input business. We expect it tocontinue due to its non-compete and IP driven business model. 95% of CSM revenue comes frompatented molecules and PI either is the only or one of the only two suppliers. Operating marginfrom CSM segment is around 19% vs 15-16% in agri input business, as revenue contribution fromCSM will increase we expect overall EBIDTA margin to improve by 180 bps by FY14.

P I Industries Ltd.

Relationship with innovator companies help in domestic marketAs a part of their business model PI drives its agri input business through CSM space. If PI findsany molecule that has good potential in India, it enters into an in licensing arrangement with theinnovator. Currently in licensing products contributes around 45-45% of their agri input business(~60% of total revenue). These products are higher margin products compared to other brandedproducts in the category. We expect in licensing product contribution to reach to 60-65% of agriinput segment in the near future.

"Nominee Gold", a flagship brand of PI is an evidence of such association. It is a rice herbicideand launched in India with in licensing arrangement from Japan's Kumiai Chemical, within 2years of its launch, it is close to becoming largest selling herbicide in India.

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

5

PI sold their polymer compounding business to France based Rhodia in December 2010 toconcentrate on agri inputs and custom synthesis business. The division has contributed ~10% tothe FY11 top line and 6.5% at EBIT level. EBIT from polymer business was significantly lowercompared to their other businesses (avg. EBIT margin in polymer business was 8-10% vs. 14% inchemical business), which might result in 50-70 bps margin improvement.

Hived off polymer business to focus on core business

Jambusar plant will be operational in Q2 FY13

Company's Jambusar plant is expected to commercialize in Q2 FY13, the plant will be located ina SEZ and will be eligible for 10 years tax holiday. The planned capex is Rs. 125 Crores spreadover 2 years. This facility may add Rs. 300-350 crores to the top line which will be used forcustom synthesis. Once the plant is operational, effective tax rate will come down; we expect taxrate to come down to 28% from FY14 onwards.

P I Industries Ltd.

Strong financials

PI's focus on agri input has helped the company to improve margin significantly. OPM and NPMimproved significantly to 15.7% and 8.2% respectively in FY11 from 7.8% and 1.5% respectively inFY08. The return ratios also improved considerably which is visible in following charts.

We expect 180 bps margin improvement by FY14 due to higher contribution from CSM segmentand inlicensing products, the NPM will increase much higher due to reduction in effective taxrate.

Post Jambusar plant no significant capex is lined up for the company, we expect Rs. 80 Crores asnormal capex. We expect D/E to come down from 1.2x in FY11 to 0.4x in FY14. We believe that cashflow will also improve due to margin improvement, reduction in effective tax rate and nosignificant capex requirement in near term.

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

6

Company Background

PI-Sony R&D partnership

In January 2011, PI Industries opened PI-Sony research center at Udaipur. Both will jointlyundertake research in the area of synthetic organic chemicals for applications in the electronicindustry. This is part of PI's R&D facilities at Udaipur and first of its kind where Sony Corporationwill jointly conduct research in partnership with PI.

PI will be a joint patent holder along with Sony for any product developed at the centre.

P I Industries, an Udaipur based company was founded in 1947. It is a leading company indomestic agrochemical industry with presence in insecticides, fungicides, herbicides, plantnutrients and specialty products. In nineties it diversified into polymer compounding and customsynthesis businesses. Recently company sold off their polymer division to Rhodia, a Frenchmultinational to concentrate on agrochemicals and custom synthesis business.

It operates three formulation and two manufacturing facilities at Gujarat & Jammu. PI has R&Dfacility in Udaipur, Rajasthan and offers end-to-end solutions in the fine and specialty chemicalsspace to multinationals. PI exports its products to Americas, Asia Pacific, Europe, Africa andJapan etc. PI's Jambusar plant is expected to start in Q2 FY13 which will be used for customsynthesis.

PI has collaboration with many leading chemical companies in Japan like Sony Corporation,Mitsui Chemicals, Kumiai Chemical Industry, Nihon Nohyaku; Bayer & BASF in Europe etc.,

Concerns. Weather effect: Apart from monsoon Agrochemical business is also dependent on pest

occurrences and other environmental factors thus demand dynamics is dependent onweather.

. Execution Risks: The main risks are on proper execution of expansion projects. Any delay insetting up enhanced capacities may impact projected growth from custom synthesis businesssegment.

P I Industries Ltd.

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

7

Financials:

9M FY12 performance review

Valuation:

Excluding polymer division, chemical business has grown by 22.3% CAGR in last 3 years (FY09-FY11). The agri input business grew by 12.4% CAGR during FY08-FY11 and custom synthesis grewby 68.7% CAGR on a low base during the same time. The EBIT margin also improved significantlyfrom ~11.5% in FY08 to 14.9% in FY11 due to increasing contribution from CSM business andhigher margin products in agri input segment.

We expect 22.7% CAGR growth (FY12-FY14) in agri input business on account of establishedbrands and higher contribution from in-licensing products. The CSM business is expected togrow at 37.3% CAGR over FY12-FY14 due to strong order book of USD 340 mn and commercializationof Jambusar plant. We expect top line growth of 23.2% CAGR and PAT growth of 37.5% CAGR overFY12-FY14. The higher bottom line growth is due to ~180 bps increase in EBIDTA margin andreduction in effective tax rate post Jambusar plant is commercialization.

We expect re-rating of the stock due to higher revenue visibility in CSM business, marginimprovement and significant higher growth rate compared to other industry players.

Net sales grew by 41% to Rs. 6.4 bn vs. 4.5 bn in 9M FY11 (excluding polymer revenue). EBIT hasgrown by 58.8% to Rs. 985 mn. In Q1 FY12 company has reported Rs. 303 mn from its polymerdivision sell off. Including the extraordinary income company has reported EPS of Rs. 31.5 for 9MFY12, the EPS from continuing activity stands at Rs. 21.8.

Going forward there is a strong possibility of rerating of the stock looking at revenue visibility,margin expansion, business focus and management's capabilities.

At CMP of Rs. 525 stock trades at 11.3x FY13E earnings of Rs. 46.6. We recommend BUY on thestock at current level with a price target of Rs. 683.

P I Industries Ltd.

8

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

Valuation:Weighted average target priceMethodologies

793.2 40.0% 317.3 Based on DCF for 9 years & 4% terminal growth rate612.1 30.0% 183.6 Bsaed on 8.5x EV/EBIDTA FY13E606.4 30.0% 181.9 Bsaed on 13x P/E FY13E

683.0525.030.1%

Comments

Target price using DCF approachTarget price using EV/EBITDA approachTarget price using P/E approachWeighted average target priceCurrent priceUpside/(downside) from current levels

Target price

Weight assigned

Weighted Avg price

EV/EBIDTA methodFigures (Rs mn)Company Price Sales EBIDTA OPM PAT PAT % FY12E FY13EBayer Cropscience 802.5 20,386.8 2,404.4 11.8 1,330.1 6.5 11.4 10.7Ral l is India 121.6 10,657.0 1,713.4 16.1 1,260.4 11.8 10.5 8.3Divis Laboratory 766.7 13,071.1 5,279.8 40.4 4,292.7 32.8 14.8 11.7Hikal 271.7 5,023.0 895.0 17.8 370.2 7.4 8.7 7.2P I Industries 525.0 7,918.0 1,241.2 15.7 651.1 8.2 10.3 7.7Average EV/EBIDTA 11.1 9.1

Valuation metricsTarget EV/EBITDA multiple 8.52013E EBITDA 2,079.02013E EV 17,671.12013E Debt 2,478.02013E Cash 132.82013E Market Cap. 15,325.9No. of shares 25.0Target Price 612.1

CMP 525.0Upside/(Downside) 16.6

P/E methodFigures (Rs mn)Company Price FY11 FY12E FY13E FY12E FY13EBayer Cropscience 802.5 40.8 46.8 57.3 17.1 14.0Ral l is India 121.6 6.4 7.5 9.6 16.4 12.9Divis Laboratory 766.7 32.4 36.9 46.3 19.5 15.7Hikal 271.7 21.6 27.0 32.4 10.1 8.4P I Industries 525.0 29.1 40.3 46.6 13.0 11.3Average P/E 15.2 12.5

Valuation metricsTarget P/E multiple 13.02013E EPS 46.6Target Price 606.4CMP 525.0Upside/(Downside) 15.5

FY11 EV/EBIDTA

EPS P/E

P I Industries Ltd.

9

DCF Valuation:

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

Year FY 10 FY 11 FY 12E FY 13E FY 14E FY15E FY16E FY17E FY18E FY19E FY20E FY21EEBIT 743.6 1,087.8 1,359.2 1,859.8 2,540.8 3175.9 3969.9 4763.9 5716.7 6860.1 7889.1 9072.4Effective Tax Rate (33.5) (33.5) (33.5) (28.0) (28.0) (28.0) (26.0) (26.0) (26.0) (26.0) (26.0) (26.0)EBIT*(1-Tax Rate) 494.5 723.4 903.9 1,339.1 1,829.3 2,286.7 2,937.8 3,525.3 4,230.4 5,076.4 5,837.9 6,713.6Depreciation / Amortization 128.5 153.4 185.5 219.1 252.7 315.9 394.9 473.8 568.6 682.3 784.7 902.4Change in Working Capital 129.5 (810.0) (230.0) (613.5) (804.0) (1,005.0) (1,256.3) (1,507.5) (1,809.0) (2,170.8) (2,496.4) (2,870.9)Capex (334.0) (693.1) (800.0) (800.0) (800.0) (1,000.0) (1,250.0) (1,500.0) (1,800.0) (2,160.0) (2,484.0) (2,856.6)

FCFF 418.5 (626.3) 59.4 144.7 478.0 597.6 826.4 991.6 1,189.9 1,427.9 1,642.1 1,888.4FCF Growth -249.7% -109.5% 143.5% 230.4% 25.0% 38.3% 20.0% 20.0% 20.0% 15.0% 15.0%Cost of Capital 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1% 9.1%Weight Assigned 0 0 1 2 3 4 5 6 7 8 9Present Value 59.4 132.6 401.7 460.2 583.3 641.6 705.8 776.3 818.3 862.6

Sum of PV of FCFF 5,382.4Terminal Value calculationTerminal Growth rate 4%Terminal year Free Cash Flow 1,964.0Terminal Value 19,349.6 Terminal (g) 12.2% 13.2% 14.2% 15.2% 16.2%PV of Terminal Value 5,880.2 2% 883.8 785.5 706.7 642.6 590.0

3% 951.2 836.5 746.0 673.5 614.6Enterprise Value 11,262.5 4% 1035.0 898.7 793.2 709.9 643.1Less: Debt (2,478.0) 5% 1142.4 976.1 850.6 753.5 676.8Add: Cash & Investment 89.1 6% 1284.6 1075.2 922.2 806.6 717.1Market Capitalization 8,873.7No. of Shares 11.2Value per Share 793.2

Calculation of WACC

WACC for explicit forecast WACC for terminal growthExpected Market Return (Rm) 15.0% Expected Market Return (Rm) 15.0%Risk Free Rate (Rf) 8.5% Risk Free Rate (Rf) 8.5%Country Premium (Rm-Rf ) 6.5% Country Premium (Rm-Rf ) 6.5%Beta 0.53 Beta 1.00Cost of Equity 11.9% Cost of Equity 15.0%Cost of Debt 10.0% Cost of Debt 10.0%Tax rate 33.6% Tax rate 35.0%Post Tax Cost of Debt 6.6% Post Tax Cost of Debt 6.5%WACC 9.1% Long term debt to capital ratio 10.0%

WACC 14.2%Debt 2478.0Equity 2137.3 Terminal Growth Rate 4.0%Total 4615.3 Terminal Year Free Cash Flow 1237.5

Terminal Enterprise Value 12192.6Weight Assigned 6.0Terminal Value 5511.1

WACC

P I Industries Ltd.

FINANCIALS

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

10

Profit & Loss (Rs Mn) FY 10 FY 11 FY 12E FY 13E Cash Flow Statement (Rs Mn) FY 10 FY 11 FY 12E FY 13ENet Sales 5,953.0 7,918.0 9,035.3 11,550.9 Net Profit 419.7 651.1 1,008.5 1,168.0

Add: Dep. & Amortization 128.5 153.4 185.5 219.1Raw Materials (3,183.1) (4,204.0) (5,023.6) (6,480.1) Cash Profit 548.2 804.5 1,194.1 1,387.1Employee Cost (445.1) (565.8) (712.9) (874.1)Other Expenses (1,452.6) (1,907.0) (1,754.1) (2,117.8) (Inc) / Dec inCost of Sales (5,080.9) (6,676.8) (7,490.6) (9,472.0) Sundry Debtors (111.5) (731.8) 33.1 (482.4)

Inventories 14.1 (381.7) (199.2) (448.0)Operating Profit 872.1 1,241.2 1,544.7 2,079.0 Loans & Advances (100.8) (156.1) (75.4) (86.8)Depreciation (128.5) (153.4) (185.5) (219.1) Sundry Creditors 159.9 511.5 (62.4) 319.2PBIT 743.6 1,087.8 1,359.2 1,859.8 Others 167.7 (52.0) 74.0 84.5Other Income 11.2 7.3 13.1 14.5 Change in Working Capital 129.5 (810.0) (230.0) (613.5)Interest (182.5) (181.4) (205.7) (205.7) CF from Operating Activities 677.7 (5.6) 964.1 773.6

Profit Before Tax 572.3 913.7 1,166.7 1,668.6 CF from Investing Activities (351.3) (941.1) (665.4) (800.0)Provision for Tax (152.9) (262.9) (396.9) (500.6)PAT 419.4 650.8 769.7 1,168.0 CF from Financing Activities (323.3) 976.5 (135.4) (88.0)

Minority Interest 0.0 0.0 0.0 0.0 Cash Generated (Utilised) 3.0 29.9 163.2 (114.4)Extraordinary Items 0.3 0.3 238.8 0.0 Cash at the start of year 51.1 54.1 84.0 247.2Reported PAT 419.7 651.1 1,008.5 1,168.0 Cash at the end of year 54.1 84.0 247.2 132.8

Balance Sheet (Rs Mn) FY 10 FY 11 FY 12E FY 13E Ratios FY 10 FY 11 FY 12E FY 13EEquity Capital + Pref. Share 276.9 192.9 130.8 130.8 OPM 14.7 15.7 17.1 18.0Reserves 1,269.0 1,944.4 2,879.6 3,959.6 NPM 7.1 8.2 8.5 10.1Net Worth 1,545.8 2,137.3 3,010.4 4,090.4 Tax Rate (26.7) (28.8) (34.0) (30.0)

Def. Tax Lib 270.0 325.8 325.8 325.8 Growth RatioSecured Loan 1,053.2 1,559.8 1,559.8 1,559.8 Net Sales 15.0 33.0 14.1 27.8Unsecured Loan 444.5 918.2 918.2 918.2 Operating Profit 34.7 42.3 24.5 34.6Total Debt 1,497.7 2,478.0 2,478.0 2,478.0 PAT 73.1 55.1 18.2 51.7Capital Employed 3,313.5 4,941.1 5,814.2 6,894.2

Per ShareGross Block 2,923.8 3,616.9 4,416.9 5,216.9 Earning Per Share (EPS) 16.8 26.0 30.7 46.6Accumulated Depreciation (922.8) (1,076.4) (1,261.9) (1,481.0) Cash Earnings (CPS) 21.9 32.1 38.1 55.4Net Block 2,001.0 2,540.5 3,155.0 3,735.9 Dividend 0.6 2.0 2.5 3.0Capital WIP 86.4 334.6 200.0 200.0 Book Value 61.7 85.4 120.2 163.4Total Fixed Assets 2,087.4 2,875.1 3,355.0 3,935.9 Free Cash flow 13.0 (37.8) 11.9 (1.1)

Goodwill 0.0 0.0 0.0 0.0 Valuation RatiosInvestments 5.2 5.2 5.2 5.2 P/E (x) 31.3 20.2 17.1 11.3Inventories 1,028.1 1,409.8 1,609.0 2,057.0 P/B (x) 8.5 6.2 4.4 3.2Sundry debtors 1,034.1 1,765.9 1,732.8 2,215.2 EV / Sales 2.6 2.0 1.7 1.3Cash & bank 54.1 84.0 247.2 132.8 EV / EBIDTA 17.8 12.5 10.0 7.5Loans & advances and Other CA 346.9 502.9 578.4 665.1 Div. Yield (%) 0.1 0.4 0.5 0.6Sundry creditors (652.0) (1,163.5) (1,101.1) (1,420.3) FCF Yield (%) 2.5 -7.2 2.3 -0.2Other Liabi. (539.4) (404.1) (464.7) (534.4)Provisions (50.8) (134.2) (147.6) (162.4) Return Ratios (%)Working Capital 1,220.9 2,060.8 2,454.0 2,953.1 ROE 33.8% 35.4% 29.9% 32.9%Deffered Tax 0.0 0.0 0.0 0.0 ROCE 22.8% 26.4% 25.3% 29.3%Misc. Expense 0.0 0.0 0.0 0.0Capital Deployed 3,313.5 4,941.1 5,814.2 6,894.2

P I Industries Ltd - Financials

P I Industries Ltd.

. . . . . .. . . .

Dalal & BroachaStock Broking Pvt. Ltd.

Disclaimer

This document has been prepared and compiled from reliable sources. While utmost care has been taken to ensure that

the facts stated are accurate and opinions given are fair and reasonable, neither the Company nor any of its Directors,

Officers or Employees shall in any way be responsible for the contents. The Company, its Directors, Officers or Employees

may have a position or may otherwise be interested in the investment referred in this document. This is not an offer or

solicitation to buy, sell or dispose off any securities mentioned in this document.

For Further details

Contact Email ID Contact No. Sector

Mr. Milind Karmarkar milind.karmarkar@dalal-broacha.com 022 67141445 Head Research

Mr. Chirag Shah chirag.shah@dalal-broacha.com 022 67141447 Head Equity Sales

Ms. Hiral Sanghvi hiral.sanghvi@dalal-broacha.com 022 67141444 IT, Retail

Mr. Kunal Bhatia kunal.bhatia@dalal-broacha.com 022 67141442 Auto, Auto Ancillary, FMCG

Mr. Lalitabh Shrivastawa lalitabh.s@dalal-broacha.com 022 67141450 Banking & NBFCs

Mr. Ashutosh Garud, CFA ashutosh.garud@dalal-broacha.com 022 67141448 Capital goods

Ms. Purvi Shah purvi.shah@dalal-broacha.com 022 67141446 Pharma

Mr. Apurva Shah apurva.shah@dalal-broacha.com 022 67141449 Agrochemicals, Fertilizers

Address :- 508, Maker Chambers V, 221 Nariman Point, Mumbai 400 021 Tel: 91-22- 2282 2992, 2287 6173, (D) 6630 8667 Fax:

91-22-2287 0092