Interim report
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aa PI Industries Ltd. Corporate Off.: Vipul Square, 5th Floor, B-Block, Sushant Lok, Phase I, Gurgaon – 122009, Haryana, India. Tel.: +91-124-679000 Regd. Off.: Post Box No.20, Udaisagar Road, Udaipur – 313001, Rajasthan, India. Tel.: +91-294-2491451-5, 6651100, Fax: +91-294-2491946 Email: info@piind.com, www.piindustries.com, CIN: L24211RJ1946PLC000469 PI External PIIL/SEC/BSE:NSE/ 57:2025-26 November 11, 2025 BSE Limited Corporate Relationship Dept. PJ Towers, 25th Floor, Dalal Street, Mumbai – 400 001 Code No.523642 National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, G-Block Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Code No. PIIND Dear Sir/Madam, Sub: Outcome of Board Meeting Pursuant to Regulation 30 read with Part A of Schedule Ill and Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors (‘the Board’) of the Company at its meeting held today i.e., November 11, 2025, has inter alia, considered and approved the Unaudited Standalone & Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2025. A copy of the same along with limited review report s by the Statutory Auditor s are enclosed herewith. The meeting of the Board commenced at 11:45 A.M. (IST) and concluded at 03:15 P.M. (IST). We request you to kindly take the above on record. Thanking you, Yours faithfully, For PI Industries Limited Shruti Joshi Company Secretary & Compliance Officer Encl.: As Above Inspired by Science
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Pl Industries Ltd. STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2025 (In f Million) Quarter ended Half year ended Year ended S.No Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited ' Revenue fro m operatron~ 17,526 17,691 21,312 35,217 41,432 75,712 II Other Income 803 800 905 1,603 1,596 3,006 ~ ~ Ill 1,to'f~ f lnc9 rne (ltll ) 18,329 18,491 22,217 36,820 43,028 78,718 ~ ~ IV Exp·enses Cost of materials consumed 8,390 7,066 9,178 15,456 17,346 32,190 Purchases of stock -in- trade 519 284 379 803 634 1,105 Changes in inventories of finished goods, work in progress (1,418) 168 833 (1,250) 2,081 2,644 and stock in trade Employee benefit expense 1,500 1,647 1,502 3,147 3,130 5,951 Finance cost 9 16 14 25 32 68 Depreciation and amortisation expense 718 706 659 1,424 1,308 2,626 Net impairment losses on financial assets 49 81 22 130 24 141 Other expense 2,416 2,708 2,550 5,124 5,057 10,036 Total Expenses 12,183 12,676 15,137 24,859 29,612 54,761 V Profit before tax (Ill-IV) 6,146 5,815 7,080 11,961 13,416 23,957 VI Income tax expense Current tax 1,091 1,020 1,313 2,111 2,340 4,183 Deferred tax 149 273 182 422 507 1,281 Income tax of earlier years (5) (121) - (126) - (172) Total Tax Expense 1,235 1,172 1,495 2,407 2,847 5,292 ,_ ,~ VII Profit for the period/year (V-VI) 4,911 4,643 5,585 9,554 10,569 18,665 ,~ VIII Other Comprehensive lncome/(Loss) after tax (OCI) A Items that will not be reclassified to profit or loss Remeasurements gain/(loss) on defined benefits plans 8 8 (24) 16 (47) 32 Income tax relating to the above item (3) (3) 8 (6) 16 (11) B Items that will be reclassified to profit or loss Effective portion of gain/(loss) on cash flow hedges (930) 80 (336) (850) (231) (353) Income tax relating to above items 325 (28) 118 297 81 123 -·~ Total Other Comprehensive lncome/(Loss) for the (600) 57 (234) (543) (181) (209) period/year -• ~ - - IX Total Comprehensive Income for the period/year 4,311 4,700 5,351 9,011 10,388 18,456 (Vll+VIII) X Paid-up equity share capital (Face value oft 1/- each (Previous Year t 1/- each)) 152 152 152 152 152 152 XI Other Equity excluding Revaluation Reserves as per Balance 1,02,875 sheet XII Earning per Share• (in ii') (a) Basic 32.36 30.61 36.82 62.97 69.67 123.02 (b) Diluted 32.36 30.60 36.82 62.96 69.67 123.02 See accompanying notes to the financial results • Actuals for the Quarter and half year, not annualised
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Pl Industries Ltd. STATEMENT OF STANDALONE UNAUDITED ASSETS AND LIABILITIES AS AT 30 SEPTEMBER 2025 .No ASSETS Non Current Assets Property, Plant & Equipment Capital work-in-progress Goodwill Other Intangible assets Intangible asset under development Financial Assets (i) Investments (ii) Other financial assets Non- Current tax assets Other non-current assets Total non-current assets 2 Current Assets Inventories Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets Contract assets Other current assets Total current assets Total Assets II EQUITY & LIABILITIES Equity Equity Share Capital Other Equity Total equity 2 Liabilities Non Current Liabilities Financial Liabilities (i) Lease liabilities (ii) Other financial liabilities Provisions Deferred tax liabilities (Net) Total Non current liabilities Current Liabilities Financial Liabilities (i) Lease liabilities (ii) Trade payables Particulars a) total outstanding dues of micro enterprises and small enterprises b) total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other financial liabilities Provisions Current Tax Liabilities Other current liabilities Total current liabilities Total Liabilities Total Equity and Liabilities As at 30.09.2025 Unaudited 28,687 4,796 671 233 1,920 20,292 1,204 45 208 58,056 10,407 12,987 13,905 2,746 19,867 71 57 8,554 2,632 71,226 1,29,282 152 1,10,369 1,10,521 335 725 86 660 1,806 195 847 11,280 2,823 329 586 895 16,955 18,761 1,29,282 (In f Million) 31.03.2025 Audited 28,603 2,822 671 221 1,620 20,090 2,186 78 190 56,481 8,372 12,598 11,949 4,573 18,321 30 201 4,043 2,626 62,713 1,19,194 152 1,02,875 1,03,027 346 279 55 649 1,329 176 485 10,528 2,312 258 236 843 14,838 16,167 1,19,194
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Inspired b)' Sele-nee Pl Industries Ltd. 1 STATEMENT OF STANDALONE UNAUDITED CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 PARTICULARS A. CASH FLOW FROM OPERATING ACTIVITIES Profit before Tax Adjustments for :- Depreciation and amortisation expense Finance costs Net Impairment losses on financial assets Provision for advances Interest Income on Financial Assets at amortised cost Unwinding of discount on Security Deposits Expense on Employee Stock Option Scheme Loss on Sale/Retirement of property, plant & equipment (Net) Net gain on financial assets measured at fair value through profit or loss Provision no longer required written back Unrealised Gain on foreign currency transactions (Net) Operating Profit before Working Capital changes (Increase) I Decrease in Trade Receivables (Increase) I Decrease in Current Financial Assets - Loans (Increase) I Decrease in Contract Assets (Increase) I Decrease in Other current financial assets (Increase) I Decrease in Other non-current financial assets (Increase) I Decrease in Other current assets (Increase) I Decrease in Other non-current assets (Increase)/ Decrease in Inventories Increase I (Decrease) in Current Provisions and Trade Payables Increase I (Decrease) in Non-current Provisions Increase I (Decrease) in Other current financial liabilities Increase I (Decrease) in Other non-current financial liabilities Increase I (Decrease) in Other current liabilities Cash generated from Operations Income Taxes paid Net cash inflow from Operating Activities (A) B. CASH FLOW FROM INVESTING ACTIVITIES Payments for purchase of property, plant & equipment including Capital Work in Progress, Intangible Assets and Capital Advances Proceeds from sale of property, plant & equipment Investment into Subsidiaries Purchase of Investments Proceeds from sale of Investments Investment in deposits with bank Maturity of deposits with bank Interest Received Net cash used in Investing Activities (B) Half Year ended September 30, 2025 11,961 1,424 25 130 2 (1,032) (2) 2 (317) (248) 11,945 (1,697) (41) (4,512) (43) (8) 4 (2,035) 1,124 47 309 10 52 5,155 (1,722) 3,433 (3,947) 13 (2,314) (9,857) 11,897 (10,416) 9,964 1,042 (3,618) (In r Million) Half Year ended September 30, 2024 13,416 1,308 32 24 (1,040) (1) 20 18 (295) (129) (192) 13,161 (6,611) (5) (1,286) (105) 22 6 (2) 1,724 1,675 89 743 24 16 9,451 (1,735) 7,716 (3,077) 89 (4,948) (1,854) 3,217 (1,154) 1,029 (6,698)
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lMPlr ■ d by Scfe,nee Pl Industries Ltd. I STATEMENT OF STANDALONE UNAUDITED CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 (In f Million) PARTICULARS Half Year ended Half Year ended September 30, 2025 September 30, 2024 C. CASH FLOW FROM FINANCING ACTIVITIES Principal elements of lease payments (100) (90) Interest paid (25) (32) Dividends paid (1,517) (1,365) Net Cash (outflow) from Financing Activities (C ) (1,642) (1,487) Net increase/(decrease) in Cash & Cash equivalents (A+B+C) (1,827) (469) Opening balance of Cash & Cash equivalents 4,573 7,658 Closing balance of Cash & Cash equivalents 2,746 7,189 Note: Cash and cash equivalents included in the Cash Flow Statement comprise of the following : i) Cash on Hand 0 1 ii) Balance with Banks : -In Current Accounts 756 572 -In EEFC 1,986 2,116 iii) Deposits with original maturity of less than 3 months 4 4,500 Total 2,746 7,189 The above statement of standalone unaudited cash flows has been prepared under the Indirect method as set out in IND AS - 7. 1.Figures in brackets indicate cash outflows. 2.The sign 'O' in these statement of standalone unaudited financial results indicates that the amounts involved are below f five lacs and the sign'-' indicates that the amounts are nil.
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IMplred b)' Sde:noe Pl Industries Ltd. Notes The above financial results were reviewed and recommended by the Audit Committee of the Company and approved by the Board of Directors at their meeting held on November 11, 2025. 2 The Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time. 3 The Company is in the business of manufacturing and distribution of Agro Chemicals and accordingly has one reportable business segment viz. 'Agro Chemicals' . 4 The Company raised , 20,000 Mn during the quarter ended September 30, 2020 through Qualified Institutional Placement (QIP) of equity shares. Out of the funds received of, 19,750 Mn (net of expense of, 250 Mn), the Company invested, 18,419 Mn in its subsidiaries and, 1,331 Mn towards capital expenditure, thereby the entire QIP funds have been utilized as at September 30, 2025. Place: Mumbai For Pl Industries Limited Date: November 11, 2025 Regd. Office: Udaisagar Road, Udaipur- 313001 (Raj) Phone: 0294 2492451-55 Fax: 0294 2491946 CIN: L24211RJ1946PLC000469 AA.~ ;'V-k) rayan K Ses ri hairperso rd of Directors DIN : 00053
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Price Waterhouse Chartered Accountants LLP To The Board of Directors PI Industries Limited Unit No. 3A, 1st Floor Wing A Next to JW Marriot Hotel Sahar Andheri East, Mumbai - 400099 Maharashtra, India Review Report 1. We have reviewed the Standalone Unaudited Financial Results of PI Industries Limited (the "Company") for the quarter ended September 30, 2025 and the year to date results for the period April 1, 2025 to September 30, 2025, which are included in the accompanying 'Statement of Standalone Unaudited Financial Results for the quarter and half year ended 30 September 2025', the Statement of Standalone Unaudited Assets and Liabilities as on that date and the Statement of Standalone Unaudited Cash Flows for the half year ended on that date (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. The Statement is the responsibility of the Company's management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review. 2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 3. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Soug:T:!; /4~ ~~ Partner Membership Number : 057084 UDIN : 25057084BMOAXM6916 Place : Mumbai Date : November 11, 2025 Price Waterhouse Chartered Accountants LLP, Building No. 8, 8th Floor, Tower - B, DLF Cyber City, Gurugram - 122 002 T: +91 (124) 6169910 Registered office and Head office: 11-A, Vishnu Digamber Marg, Sucheta Bhawan, New Delhi - 110002 Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)
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El hupind by Scl•nce Pl Industries Ltd. STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2025 (In f Million) Quarter ended Half Year ended Year ended S.No Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03 .2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Revenue from operations 18,723 19,005 22,210 37,728 42,899 79,778 II Other Income 825 859 1,222 1,684 1,949 3,442 -- -- Ill Total Income (1+11) 19,548 19,864 23,432 39,412 44,848 83,220 - - IV Expenses Cost of materials Consumed 8,920 7,574 9,158 16,494 17,641 33,248 Purchases of stock -in- trade 819 338 811 1,157 1,093 1,779 Changes in inventories of finished goods, work in progress (1,735) 179 745 (1,556) 1,957 2,684 and stock in trade Employee benefit expense 2,205 2,323 1,956 4,528 3,957 7,837 Finance cost 26 39 85 65 168 330 Depreciation and amortisation expense 980 965 798 1,945 1,632 3,525 Net impairment losses on financial assets 73 85 252 158 291 427 Other expense 3,028 3,315 3,006 6,343 5,846 12,013 Total Expenses 14,316 14,818 16,811 29,134 32,585 61,843 ~---~ V Share of Profit of associate and Joint venture 21 28 7 49 28 43 ~~ ,,~ VI Profit before tax (111-IV+V) 5,253 5,074 6,628 10,327 12,291 21,420 ,- VII Income tax expense Current tax 1,140 1,039 1,374 2,179 2,409 4,322 Deferred tax 25 156 172 181 337 694 Income tax of earlier years (5) (121) - (126) (25) (198) ,~ Total Tax Expense 1,160 1,074 1,546 2,234 2,721 4,818 ·-- ,~ ,- VIII Profit for the period/ year (VI • VII) 4,093 4,000 5,082 8,093 9,570 16,602 ,- IX Other Comprehensive lncome/(Loss) after tax (OCI) A Item that will not be reclassified to profit or loss Remeasurements gain/(loss) on defined benefits plans 10 9 (24) 19 (47) 42 Income tax relating to the above item (4) (2) 9 (6) 17 (13) B Item that will be reclassified to profit or loss Effective portion of gain/(loss) on cash flow hedges (929) 77 (353) (852) (223) (369) Income tax relating to above item 325 (27) 121 298 84 128 Exchange difference on translation of foreign operations 288 376 158 664 136 107 ~ Total Other Comprehensive lncome/(Loss) for the (310) 433 (89) 123 (33) (105) period/ year - - - -- X Total Comprehensive Income for the period/ year 3,783 4,433 4,993 8,216 9,537 16,497 (Vlll+IX) -· ~ XI Paid-up equity share capital (Face value of i!' 1/- each (Previous Year i!' 1/- each)) 152 152 152 152 152 152 XII Other Equity excluding Revaluation Reserves as per 1,01,418 Balance sheet XIII Earning per Share• (in i!') (a) Basic 26.98 26.37 33.51 53.35 63.10 109.44 (b) Diluted 26.98 26.36 33.50 53.34 63.09 109.42 See accompanying notes to the financial results • Actuals for the quarter and half year, not annualised
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IIISPlrtd by SolMc. Pl Industries Ltd. STATEMENT OF CONSOLIDATED UNAUDITED ASSETS AND LIABILITIES AS AT 30 SEPTEMBER 2025 S.No Particulars ASSETS Non Current Assets Property, Plant & Equipment Capital work-in-progress Goodwill Other Intangible assets Intangible asset under development Investments accounted for using the equity method Financial Assets (i) Investments (ii) Other financial assets Deferred tax assets (net) Non-Current Tax Assets Other non-current assets Total non-current assets 2 Current Assets Inventories Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets Contract assets Other current assets Total current assets Total Assets II EQUITY & LIABILITIES Equity Equity Share Capital Other Equity Total equity 2 Liabllities Non Current Liabilities Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Other financial liabilities Provisions Deferred tax liabilities (net) Total Non current liabilities Current Liabilities Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Trade payables a) total outstanding dues of micro enterprises and small enterprises b) total outstanding dues of creditors other than micro enterprises and small enterprises (iv) Other financial liabilities Provisions Current Tax Liabilities Other current liabilities Total current liabilities Total Liabilities Total Equity and Liabilities Inf Million As at 30.09.2025 Unaudited 33,341 6,096 5,764 3,280 2,049 307 227 1,373 464 91 215 53,207 12,125 12,987 16,054 4,908 21,219 66 63 8,808 3,572 79,802 1,33,009 152 1,08,117 1,08,269 1,400 419 2,369 327 529 5,044 355 248 873 12,401 3,799 365 601 1,054 19,696 24,740 1,33,009 31.03.2025 Audited 33,183 3,841 5,539 3,365 1,661 378 2,338 2,363 273 107 197 53,245 9,839 12,598 14,058 5,923 19,073 23 179 4,268 3,561 69,522 1,22,767 152 1,01,418 1,01,570 780 457 1,866 266 551 3,920 337 267 522 11,580 3,012 286 255 1,018 17,277 21,197 1,22,767
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ln$plred by Science Pl Industries Ltd. STATEMENT OF CONSOLIDATED UNAUDITED CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 (Inf Million) PARTICULARS Half year ended Half year ended September 30,2025 September 30,2024 A. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 10,327 12,291 Adjustments for :- Depreciation and amortisation expense 1,945 1,632 Finance costs 65 168 Net impairment losses on financial assets 158 291 Provision for Advances 2 - Interest Income on financial assets at amortised cost (1,089) {1 ,083) Unwinding of discount on security deposits (2) (1) Expense on Employee Stock Option Scheme 2 20 Loss on sale/retirement of property, plant & equipment (Net) 31 18 Net gain on financial assets measured at fair value through profit or loss (317) (302) Share of (profit) of associate and joint venture (49) (28) Provision no longer required written back - (389) Unrealised (Gain) on foreign currency transactions (Net) (237) (186) Operating Profit before Working Capital changes 10,836 12,431 (Increase) I Decrease in trade receivables (1,750) (5,849) (Increase)/ Decrease in current Financial Assets - Loans (43) (11) (Increase) I Decrease in contract assets (4,540) (977) (Increase)/ Decrease in other current financial assets (61) (87) (Increase) I Decrease in other non-current financial assets (2) 22 (Increase)/ Decrease in other current assets (13) (10) (Increase) I Decrease in other non-current assets 4 (1) (lncrease)/Decrease in inventories (2,286) 1,600 Increase I (Decrease) in Current Provisions and Trade Payables 1,179 1,654 Increase/ (Decrease) in non-current provisions 80 113 Increase/ (Decrease) in other current financial liabilities 778 748 Increase/ (Decrease) in other non-current financial liabilities 67 130 Increase I (Decrease) in other current liabilities 38 54 Cash generated from Operations 4,287 9,817 Income Taxes paid (Net of Refund) (1,811) (1,811) Net cash inflow from Operating Activities (A) 2,476 8,006 8. CASH FLOW FROM INVESTING ACTIVITIES Payments for purchase of property, plant & equipment including capital (4,475) {3,840) work in progress, intangible assets and capital advances Proceeds from sale of property, plant & equipment 107 89 Consideration paid for acquisition of subsidiary, net of cash acquired - (3,565) Purchase of Investments (9,857) (1,803) Proceeds from Sale of investments 11,897 3,217 Investment in deposits in bank (11,010) (2,056) Maturity of deposits with bank 9,961 - Interest Received 1,089 1,083 Net cash used in Investing Activities (8) (2,288) (6,875)
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Pl Industries Ltd. STATEMENT OF CONSOLIDATED UNAUDITED CASH FLOWS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 (In f Mill ion) PARTICULARS Half year ended Half year ended September 30,2025 September 30,2024 C. CASH FLOW FROM FINANCING ACTIVITIES Repayment of Borrowings (16) (236) Proceeds from Borrowings 487 - Principal elements of lease payments (176) (107) Interest paid (65) (168) Dividends paid (1,517) (1,365) Net Cash inflow (outflow) from Financing Activities (C ) (1,287) (1,876) Net Cash inflow (outflow) from Operating, Investing & Financing Activities (A+B+C) (1,099) (745) Effect of exchange differences on translation of foreign currency Cash & Cash equivalents 84 16 Net increase (decrease) in Cash & Cash equivalents (1,015) (729) Opening balance of Cash & Cash equivalents 5,923 8,865 Closing balance of Cash & Cash equivalents 4,908 8,136 Note: Cash and cash equivalents included in the Statement of Cash Flow comprise of the following : i) Cash on Hand 1 1 ii) Balance with Banks : -In Current Accounts 2,270 1,113 -In EEFC 2,004 2,171 iii) Deposits with original maturity of less than 3 months 633 4,851 Total 4,908 8,136 The above statement of consolidated unaudited cash flow has been prepared under the Indirect method as set out in IND AS - 7. 1. Figures in brackets indicate cash outflows. 2.The sign '0' in these statement of consolidated unaudited financial results indicates that the amounts involved are below f five lacs and the sign '-' indicates that the amounts are nil.
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fJ Pl Industries Ltd. Notes: 1 The above Consolidated financial results were reviewed and recommended by the Audit Committee of the Company and approved by the Board of .__Directors at their meeting held on November 11, 2025. 2 The Consolidated Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time. 3 The Consolidated financial results include the results of the following entities namely, Parent Company - Pl Industries Limited; Subsidiaries (including step down subsidiaries): (a) Pl Health Sciences Limited (b) Pl Health Sciences USA, LLC (c) Pl Health Sciences Netherlands BV (d) Archimica S.p.A Italy (e) Plant Health Care limited (f) Pl AgSciences, Inc. (Formerly known as Plant Health Care, Inc, Nevada) (g) Plant Health Care de Mexico S. de R.L. de C.V. (h) Plant Health Care (UK) Limited (i) Pl AgSciences Spain, S.A (Formerly known as Plant Health Care Espana) U) Pl AgSciences Brasil Ltda (Formerly know as Plant Health Care lnsumos Agricolas L TDA) (k) Jivagro Limited (I) Pl Life Science Research Limited (m) Pl Flowtech B.V. (n) Pl Industries Management Consultancies LLC Dubai (o) PILL Finance and Investments Limited (p) Pl Japan Co. Limited (q) Pl Bioferma Private Limited (r) Pl Fermachem Private Limited ;Controlled trust - Pl ESOP Trust; Joint Venture - Pl Kumiai Private Limited ; Associate - Solinnos Agro Sciences Private Limited. 4 The Company raised f 20,000 Mn during the quarter ended September 30, 2020 through Qualified Institutional Placement (QIP) of equity shares. Out of the funds received off 19,750 Mn (net of expense off 250 Mn), the Company invested f 18,419 Mn in its subsidiaries and f 1,331 Mn towards capital expenditure, thereby the entire QIP funds have been utilized as at September 30, 2025. 5 Segment information as per Ind AS 108 "Operating Segments" is as per Annexure I. Place: Mumbai Date: November 11, 2025 For Pl Industries Limited ,, ~IJ Regd. Office: Udaisagar Road, Udaipur - 313001 (Raj) rayan WS shadri Phone: 0294 2492451-55 Fax: 0294 2491946 rp , Board of Directors CIN: L24211RJ1946PLC000469 DIN : 0 3563
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Pl Indus tries Ltd. In.spired by Science Statement of Unaudited Consolidated Segment-Wise Revenue, Results, Assets, Liabilities and Capital Employed for the Quarter and half year ended 30 September 2025 Quarter Ended Half year ended Annexure I (Inf Million) Year Ended S.Nc Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 ,_ - - Unaudited Unaudited Unaudited Unaudited Unaudited 1 Segment Revenue a. Agro chemicals 18,092 18,287 21,799 36,379 42,238 b. Pharma 634 723 411 1,357 664 Total 18,726 19,010 22,210 37,736 42,902 Less : Inter Segment Revenue 3 5 - 8 3 -Segment Revenue 18,723 19,005 22,210 37,728 42,899 - 2 Segment Results Profit/(Loss) before tax a. Agro chemicals 5,907 5,656 7,179 11,563 13,559 b. Pharma (819) (760) (685) (1,579) (1,521) Add: Inter segment adjustment 165 178 134 343 253 Profit before Tax 5,253 5,074 6,628 10,327 12,291 3 Segment Assets a. Agro chemicals 1, 18,638 1, 13,301 1,07,061 1, 18,638 1,07,061 b. Pharma 14,371 14,333 12,890 14,371 12,890 ,_ Segment Assets ,- 1,33,009 1,27,634 1,19,951 1,33,009 1,19,951 4 Segment Liabilities a. Agro chemicals 19,921 17,272 20,593 19,921 20,593 b. Pharma 4,819 4,359 3,904 4,819 3,904 Segment Liabilities ' 24,740 21,631 24,497 24,740 24,497 - 5 Capital Employed (Segment Assets-Segment Liabilities) a. Agro chemicals 98,717 96,029 86,468 98,717 86,468 b. Pharma 9,552 9,974 8,986 9,552 8,986 Capital Employed 1~08,269 1.,06,003 95J454 1,08,269 95,454 Notes: The business of the Group is divided into two segments as below: a) Agro chemicals Agro chemicals includes Agchem exports (CSM), Domestic Agri Brands and Biologicals. b) Pharma Pharma comprises Contract Research & Development, Contract Development and Manufacturing of Active, key starting materials and intermediates used in pharmaceutical industry. Audited 77,650 2,151 79,801 23 79,778 23,914 (3,045) 551 21,420 1,09,442 13,325 1,22,767 17,027 4,170 21,197 92,415 9,155 1,01,570
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Price Waterhouse Chartered Accountants LLP Review Report To The Board of Directors PI Industries Limited Unit No. 3A, 1st Floor Wing A Next to JW Marriot Hotel Sahar Andheri East, Mumbai- 400099 Maharashtra, India 1. We have reviewed the Consolidated Unaudited Financial Results of PI Industries Limited (the "Holding Company"), its subsidiaries (the Holding Company and its subsidiaries hereinafter referred to as the "Group"), controlled trust and its share of the net profit after tax and total comprehensive income of its joint venture and associate company (refer paragraph 4 below) for the quarter ended September 30, 2025 and the year to date results for the period April 1, 2025 to September 30, 2025 which are included in the accompanying Statement of Consolidated Unaudited Financial Results for the quarter and half year ended 30 September 2025, the Statement of Consolidated Unaudited Assets and Liabilities as on that date and the Statement of Consolidated Unaudited Cash Flows for the half year ended on that date (the "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. Price Waterhouse Chartered Accountants LLP, Building No. 8, 8th Floor, Tower - B, DLF Cyber City, Gurugram - 122 002 T: +91 (124) 6169910 Registered office and Head office: 11-A, Vishnu Digamber Marg, Sucheta Bhawan, New Delhi - 110002 Price Waterhouse (a Partnership Firm) converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before conversion was 012754N)
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4. The Statement includes the results of the following entities: namely, Parent Company - PI Industries Limited; Subsidiaries (including step-down subsidiaries): (a) PI Health Sciences Limited (b) PI Health Sciences USA, LLC (c) PI Health Sciences Netherlands BV (d) Archimica S.p.A Italy (e) PI Industries Management Consultancies L.L.C Dubai (f) Plant Health Care Limited (g) PI AgSciences, Inc. (Formerly known as Plant Health Care, Inc, Nevada) (h) Plant Health Care de Mexico S. de R.L. de C.V (i) Plant Health Care (UK) Limited G) PI AgSciences Spain, S.A (Formerly known as Plant Health Care Espana) (k) PI AgSciences Brasil LTDA (Formerly known as Plant Health Care Insumos Agricolas LTDA) (1) Jivagro Limited (m) PI Life Science Research Limited (n) PI Flowtech B.V. (o) PILL Finance and Investments Limited (p) PI Japan Co. Limited (q) PI Bioferma Private Limited (r) PI Fermachem Private Limited; Controlled trust - PI ESOP Trust; Joint Venture - PI Kumiai Private Limited; Associate - Solinnos Agro Sciences Private Limited. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 and 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The interim consolidated financial results of two subsidiaries (including four step-down subsidiaries, one associate and one joint venture) reflect total assets of Rs. 15,201 Mn and net assets of Rs. 1,645 Mn as at September 30, 2025 and total revenues of Rs. 659 Mn and Rs. 1,399 Mn, total net loss after tax of Rs. 662 Mn and Rs. 1,273 Mn and total comprehensive loss of Rs. 540 Mn and Rs. 856 Mn for the quarter ended September 30, 2025, and for the period from April 1, 2025 to September 30, 2025, respectively, and cash flows (net) of Rs. 539 Mn for the period from April 1, 2025 to September 30, 2025, as considered in these Consolidated Unaudited Financial Results (before considering the impact of consolidation adjustments). These interim financial results have been reviewed by other auditors and their reports vide which they have issued an unmodified conclusion on those financial results have been furnished to us by the management or other auditors, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the reports of other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter. 7. The interim financial results before considering the impact of consolidation adjustments, of two subsidiaries and one controlled trust reflect total assets of Rs. 4,100 Mn and net assets of Rs. 2,783 Mn as at September 30, 2025 and total revenues of Rs. 913 Mn and Rs. 1,336 Mn, total net profit after tax of Rs. 110 Mn and Rs. 137 Mn and total comprehensive income of Rs. 110 Mn and Rs. 137 Mn for the quarter ended September 30, 2025 and for the period from April 1, 2025 to September 30, 2025, respectively, and cash flows (net) of Rs. (463) Mn for the period from April 1, 2025 to September 30, 2025, as considered in the Consolidated Unaudited Financial Results. These interim financial results have been reviewed by other auditors and their reports vide which they have issued an unmodified conclusion, have been furnished to us by the Management or other auditors and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter.
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8. The Consolidated Unaudited Financial Results include the interim financial results of four subsidiaries and one step down subsidiary (including further five step-down subsidiaries) which have not been reviewed by their auditors, whose interim financial results before considering the impact of consolidation adjustments, reflect total assets of Rs. 7,091 Mn and net assets of Rs. 6,657 Mn as at September 30, 2025 and total revenue of Rs. 197 Mn and Rs. 521 Mn, total net loss after tax of Rs. 359 Mn and Rs. 511 Mn and total comprehensive loss of Rs. 312 Mn and Rs. 430 Mn for the quarter ended September 30, 2025 and for the period from April 1, 2025 to September 30, 2025, respectively, and cash flows (net) of Rs. 733 Mn for the period from April 1, 2025 to September 30, 2025, as considered in the Consolidated Unaudited Financial Results. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 /tr:..Lv t- L, Partner Membership Number: 057084 UDIN: 25057084BMOAXN1952 Place: Mumbai Date: November 11, 2025