PI Industries shares slip 3% after Kumiai cuts FY26 guidance

• PI Industries shares slipped over 3% after its largest client, Kumiai Chemicals, lowered its FY26 revenue and profit guidance.
• Kumiai now expects a 5% drop in revenue and a 32% decline in operating profit for FY26, citing pricing pressure and weaker herbicide demand.
• PI Industries supplies pyroxasulfone (AXEEV) to Kumiai, which analysts estimate contributes roughly 40% to PI's total sales.
• The revised outlook could impact PI's FY27 pyroxasulfone-linked revenue and realisations, leading to a soft short-to-medium term outlook.
• 360 ONE Capital maintained a 'Buy' rating on PI Industries with a target price of ₹4,217, despite potential headwinds.

Why It Matters: Key client's reduced guidance signals potential revenue and profit pressure for PI Industries.