PI Industries Limited (PIIND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+34.7%

₹2,932.31

vs ₹2,177.50 price

Levered DCF

₹1,022.25

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.23×	31.53×	35.08×	37.38×	50.68×	45.24×	35.37×	34.81×
P/B	3.67×	5.15×	6.76×	6.38×	6.99×	6.25×	6.17×	6.25×
P/S	6.14×	6.62×	7.75×	7.12×	8.07×	7.39×	4.88×	5.12×
EV / EBITDA	18.6×	20.55×	26.1×	26.43×	34.25×	29.49×	21.57×	22.45×
Gross margin	38.2%	51.8%	49.1%	44.3%	44.8%	42.4%	60.7%	61.0%
Operating margin	19.7%	24.2%	22.9%	20.6%	17.7%	18.8%	17.6%	17.4%
Net margin	19.7%	21.0%	22.1%	19.0%	15.9%	16.3%	13.8%	14.7%
Current ratio	4.22×	4.02×	3.9×	4.79×	3.68×	3.57×	1.83×	2.08×
Debt / equity	0.03×	0.02×	0.02×	0.01×	0.05×	0.07×	0.22×	0.02×
Interest coverage	80.83×	33.9×	39.92×	33.87×	47.03×	24.98×	31.18×	68.56×
Dividend yield	0.6%	0.4%	0.3%	0.2%	0.2%	0.2%	0.5%	0.6%
Payout ratio	17.2%	13.7%	10.4%	9.2%	9.0%	8.2%	16.4%	20.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.8%	16.3%	19.3%	17.1%	13.8%	13.8%	17.4%	17.9%
Return on invested capital	8.8%	13.9%	16.9%	15.5%	11.7%	11.5%	13.3%	15.6%
Return on assets	9.8%	13.5%	15.6%	14.5%	10.8%	10.5%	10.8%	13.0%
Free cash flow yield	-1.1%	1.1%	2.4%	2.6%	0.4%	0.9%	0.1%	0.2%
Earnings yield	3.2%	3.2%	2.9%	2.7%	2.0%	2.2%	2.8%	2.9%
Enterprise value	₹394.1B	₹519.4B	₹582.8B	₹451.3B	₹427.2B	₹336.6B	₹165.9B	₹142.7B
Net debt / EBITDA	-0.87×	-0.16×	-0.31×	-0.48×	-0.03×	0.23×	0.58×	-0.02×
Cash conversion cycle (days)	148	63	67	106	147	105	142	110