PI Industries: Prabhudas Lilladher Maintains 'HOLD' Rating, Sets Target at Rs 3196

• PI Industries reported a 28% YoY and 27% QoQ decline in consolidated revenue to Rs 13.8 billion.
• CSM segment, contributing 77% of revenue, saw a 32% YoY and 25% QoQ degrowth due to lower customer demand, expected to recover from Q4FY26.
• Domestic agrochemical business declined 8% YoY and 35% QoQ, impacted by high channel inventory, adverse weather, and lower crop prices.
• Pharma business, still ramping up, reported Rs 599 million revenue, down 6% YoY and QoQ, despite onboarding new large customers.
• Prabhudas Lilladher maintains a 'HOLD' rating with a target price of Rs 3,196, citing near-term challenges but medium-term growth potential from new CSM products, biologicals, and pharma scale-up.