Interim report
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Registered Office: Pl Industries Limited Udaisagar Road, Udaipur - 313001, Rajasthan, India. Tel.: 0294 6651100, 2492451 – 55 I CIN: L24211RJ1946PLC000469 info@piind.com www.piindustries.com PIIL:SEC: NSE/BSE:57/2026-27 November 4, 2026 BSE Limited Corporate Relationship Department. PJ Towers, 25th Floor, Dalal Street, Mumbai – 400 001 C ode No. 523642 National Stock Exchange of India Ltd. Exchange Plaza, Plot No. C/1, G-Block Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 C ode No. PIIND D ear Sir/Madam, S ub: Outcome of Board Meeting I n compliance with Regulation 30 read with Part A of Schedule Ill of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ( “SEBI Listing Regulations ”), we hereby inform you that the Board o f D irectors ( “the Board ”) of the Company at its meeting held to day i.e., November 4 , 2026, has inter -alia, considered and approved the unaudited standalone & consolidated financial results of the Company for the quarter and half year ended September 30, 2026 pursuant to Regulation 33 of the SEBI Listing Regulations. A c opy of the same along with the statement of assets and liabilities, cash flow statements, and limited review report by the Statutory Auditors are enclosed herewith as Annexure A. T he meeting of the Board commenced at 02:00 p.m. (IST) and concluded at 07:00 p.m. (IST). W e request you to kindly take the above on record. T hanking you, Yo urs faithfully, For PI Industries Limited S hruti Joshi Company Secretary & Compliance Officer E ncl.: As above
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Pl Industries Ltd. STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30TH SEPTEMBER 2026 (In, Million) Quarter ended Half-Yearonded Yt ar t nded S.No Particulars 30.09 .2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03 .2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited I Revenue from operations 15,335 15,989 17,526 31,324 35,217 61,827 II Other income 625 608 803 1,233 1,603 3,077 Ill Total Income (1+11) 15,960 16,597 18,329 32,557 36,820 64,904 IV Expenses Cost of materials consumed 7,597 6,285 8,390 13,882 15.456 27,888 Purchases of stock -in- trad e 375 295 519 670 803 1,044 Changes In Inventories of finished goads, work In progress and stock-in-trade (120) 440 (1,418} 320 (1,250} (2,830} Employee benefit expense 1,695 1,754 1,500 3.449 3,147 6,238 Finance cost 19 23 9 42 25 74 Depreciation and amortisation expense 822 803 718 1,625 1.424 3,046 Net impairment losses on financial assets 34 36 49 70 130 246 Other expense 2,786 2,591 2.416 5,377 5,124 9,886 Total expenses 13,208 12,227 12,183 25,435 24,859 45,592 V Profit before exceptional Item and tax (Ill-IV) 2,752 4,370 6,146 7,122 11,961 19,312 VI Exceptional item gain/(loss) (Refer note 4) - - - - - (1,323} VII Profit after exceptional but before tax (V+VI) 2,752 4,370 6,146 7,122 11,961 17,989 VIII Income tax expense Current tax 452 719 1,091 1,171 2,lll 3,383 Deferred tax 229 236 149 465 422 367 Income tax of earlier years - - (5) - (126) (109) Total tax expense 681 955 1,235 1,636 2,407 3,641 IX Profit for the period/year (VII -Vlfl) 2,07'1 3,415 4,911 5,486 9,554 14,348 X Other comprehensive Income after tax (OCf) A Items that will not be reclassified to profit or loss Remeasurements gain/(loss) on defined benefits plans 15 14 8 29 16 56 Income tax relating to the above item (5) (5) (3) (10) (6) (20) B Items that will be reclassified to profit or loss Effective portion of gain/(loss) on cash flow hedges 67 572 (930) 639 (850) (2,228} Income tax relating to above items (23) (200) 325 (223) 297 779 Total other comprehensive lncame/(loss) for the period/year 54 381 (600) 435 (543) (1,413) XI Total comprehensive Income for the period/year (IX+X) 2,125 3,796 4,311 5,921 9,011 12,935 XII Paid-up equity share capital (Face value of, 1/- each (Previous Year, 1/- each)) 152 152 152 152 152 152 XIII Other equity excluding revaluation reserves as per bola nee 113,539 sheet XIV Earning per share• (In,) (a) Basic 13.66 22.50 32.36 36.16 62.97 94.57 (b) Diluted 13.66 22.50 32.36 36.16 62.96 94 .56 See accompanying notes to the financial results t Actuals for the quarter and half-year. not onnuohsed Annexure A
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Pl Industries Ltd STATEMENT OF STANDALONE UNAUDITED ASSETS AND LIABILITIES AS AT30TH SEPTEMBER 2026 (ln't'Mllllon) Asal .No Particulars 30.09.2026 31.03.2026 Unaudited Audited ASSETS Non-current assets Property , pion! ond equipment 32,029 31,332 Capitol work-in-progress 8,423 6,135 Goodwill 671 671 Other lntongible assets 451 279 Intangible asset under development 2,837 2,618 Financial ossets (i) Investment s 23,257 19,290 (ii) Otherfinonciolossets 62 1,562 Current lox ossets 45 45 Other non-current assets 922 268 Total non-current assets 68,697 62,200 2 Current assets Inventor ies 10,357 10,502 Finonciol ossets (i) Investments 19,282 13,271 (ii) T rode receivables 12,481 13,558 (Iii) Cosh and cosh equivalents 2,523 2,158 (iv) Bonk balances other than (iii) above 13,096 17,730 (v) Loons 13 14 (vi) Other finonciol assets 190 352 Contract assets 7,037 6,983 Other current assets 2,881 2,918 Total current assets 67,860 67,486 Total assets 136,557 129,686 II EQUITY & LIABILITIES Equity Equity shore capitol 152 152 Other equity 117,941 113,539 Total equity 118,093 113,691 2 Liabilities Non-current liabilities Finonciol Liabilities (i) Lease liabilities 371 435 (ii) Other finonciol liobilitie s 926 1,363 Provisions 107 138 Deferred tax liabiliti es (Net) 838 140 Total non-current liabilities 2,242 2,076 Current liablllties Financial liabilities (i) Lease liabilities 204 214 (ii) T rode poyobles o) totol outstonding dues of micro enterp rises ond small enterp rises 705 697 b) totol outstanding dues othe r than (ii) (a) abov e 9,404 7,798 (iii) Other finonciol liobilities 4,372 4,147 Provisions 354 314 Current tox liobiliti es 370 49 Other current liobilities 813 700 Total current liabilities 16,222 13,919 Total liabilities 18,464 15,995 Total equity and liabilities
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Plln ustries Ltd. Pi STATEMENT OF STANDALONE UNAUDITED CASH FLOWS FOR THE HALF-YEAR ENDED 30TH SEPTEMBER 2026 (In" Million) PARTICULARS Half-Year ended Half-Year ended September 30, 2026 September 30, 2025 A. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 7,122 11,961 Adjustments for:- Depreciation ond amortisation expense 1,625 1,424 Finance cost 42 25 Net Impairment losses on financial assets 70 130 Provision for advances 36 2 Interest Income on financial assets ot amortised cost (762) (1,032) Unwinding of discount on security deposits (1) (2) Expense on employee stock option scheme - 2 Loss on sole/retirement of property , plant & equipment (net) 9 - Net gain on financial assets measured ot fair value through profit or loss (365) (317) Unrealised (goin)/loss on foreign currency transactions (net) 164 (248) Operating profit before working capital changes 7,940 11,945 (Increase)/ Decrease in trade receivables 752 {1,697) (Increase)/ Decrease in loons 20 (41) (Increase)/ Decrease in contract assets {54) {4,512) (Increase)/ Decrease in other current financial assets 193 (43) (Increase)/ Decrease in other non-current financial assets (2) - (Increase)/ Decrease in other current assets {l) (8) (Increase)/ Decrease in other non-current assets {54) 4 (Increase)/ Decrease in inventories 145 {2,035) Increase/ (Decrease) in current provisions ond trade payables 1,511 1,124 Increase/ (Decrease) in non-current provisions (3) 47 Increase/ (Decrease) in other current finonciol liobilities 600 309 Increase/ (Decrease) in other non -current finonciol liobilities 15 10 Increase/ (Decrease) in other current liabilities 113 52 Cash generated from operations 11,175 5,155 ' Income taxes poid (Net of refunds) (846) {1,722) Net cash Inflow from operating activities (A} 10,329 3,433 B. CASH FLOW FROM INVESTING ACTIVITIES Payments for property, plant & equipment including capitol work-in-progress, intangible assets ond capitol advances {5,870) {3,947) Proceeds from sole of property, plant & equipment 47 13 Payment for purchase of investment into subsidiary {3,355) (2,314) Payment for purchase of investments {15,706) {9,857) Proceeds from sole of investments 9,403 11,897 Investment in deposits with bank {5,650) {10,416) Maturity of deposits with bank 12,122 9,964 Interest received 762 1,042 Net cash used In Investing activities (B} (8,247} (3,618}
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'I Industries Ltd. Pi STATEMENT OF STANDALONE UNAUDITED CASH FLOWS FOR THE HALF-YEAR ENDED30TH SEPTEMBER 2026 (In, Million) PARTICULARS Half-Year ended Half-Year ended September 30, 2026 September 30, 2025 C. CASH FLOW FROM FINANCING ACTIVITIES Payments of lease liabilitie s (principal) (109) (100) Interest paid (42) (25) Dividends paid (1,517) (1,517) Net cash outflow from financing activities (C) (1,668} (1,642) Net lncrease/(decrease) from operating, Investing & financing activities (A+B+C) 414 (1,827) Effect of exchange difference s on tran slation of foreign currency cash & cash equivalents {49) - Net lncrease/(decrease) In cash & cash equivalents (A+B+C) 365 (1,827) Opening balance of cash & cash equivalents 2,158 4,573 Closing balance of cash & cash equivalents 2,523 2,746 Note: Cash ond cash equivalents included in the statement of cash flows comprise of the following :- I} Cash on hand 0 0 II) Balance with banks: -In Current account s 501 756 -In EEFC account s 2,022 1,986 -Deposits with original maturity of less than 3 month s - 4 Total 2,523 2,746 The above statement of standalone unaudited cash flows has been prepared under the Indirect method as set aut In IND AS - 7. l.Flgures In brackets Indicate cash outflows. 2.The sign '0' In these stat_ement af standalone unaudited financial results Indicates thatthe amounts Involved are below , five lacs and the sign•-• Indicates that the amounts are nil.
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Pl Industries Ltd. Notes The obove standalone unaudited 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 04, 2026. 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 a) The carrying value of the Company's equity Investment In Pl Health Sciences Limited (PIHS) had been reassessed as at March 31, 2026 . There Is no change In the underlying business strategy, however In view of the business losses and based on a valuation carried out by an Independent valuer, the Company had recognised a provision of , 1,100 million In the year ended March 31, 2026 . This was disclosed as an "Exceptional Item" In the financial results. The management remains confident about the long-term business prospects of PIHS. b) Pursuant to the notification of the 'New Labour Codes' as Issued In November 2025. The Company reassessed Its employee benefit obligations In accordance with the revised definition of Wages and accord ingly, an Incremental liability of, 223 million was recogn ised as an "Exceptional Item" during the year ended March 31, 2026. Place: Mumbai Date: November 04, 2026 Regd. Office: Udalsagar Raad, Udalpur- 313001 {Raj) Phone: 0294 2492451-55 Fax: 0294 2491946 CIN: L24211RJ1946PLC000469 For Pl Industries Limited Mayank Slnghal Vice Chairperson & Managing Director DIN: 00006651 ~o\) ST II;"'"'..- - -I - 0 0- . *
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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, 2026 and the year to date results for the period April 1, 2026 to September 30, 2026, which are included in the accompanying 'Statement of Standalone Unaudited Financial Results for the quarter and half-year ended 30th September 2026' and 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 (Collectively referred to as 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 . Waterhouse Chartered Accountants LLP • tration~umber : 012754N/N500016 it Agrawal Partner Membership Number: 099903 UDIN: 26099903CIQDBZ6185 Place: Mumbai Date: November 4, 2026 Price Waterhouse Chartered Accountant s 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 Deihl - 110002 Price Waterhouse (a Partner ship Firm) convert ed into Price Waterhous e Chartered Account ants LLP (a Limit ed Liabilit y Partner ship with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhou se Chartered Account ants LLP, its ICAI registration number is 012754N /N500016 (ICAI registration number before conversion was 012754N)
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Pi ustries Ltd. STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED 30TH SEPTEMBER 2026 (In, Million) Quarter ended Half-Year ended Year ended S.No Particulars 30.09.2026 30.06.2026 30.09.202S 30.09.2026 30.09 .2025 31.03.2026 Unaudited Unaudited Unaudit ed Unaudited Unaudit ed Audited I Revenue from operation s 17,018 17,023 18,723 34,041 37,728 67,137 II Other income 611 641 825 1,252 1,684 3,107 Ill Total lncame (1+11) 17,629 17,664 19,548 35,293 39,412 70,244 IV Expenses Cost of mat erials con sumed 7,897 6,819 8,920 14,716 16.494 29,900 Purchases of stock-in-trad e 749 423 819 1,172 1,157 1,680 Changes in inventorie s of finished good s, work in (46) 123 progress and stock-in-trade 0,735) 77 0,556) (3,247) Employee benefit expense 2,565 2,608 2,205 5,173 4,528 9,077 Finance cost 84 79 26 163 65 164 Depreciation and amortisation expense 1,049 1,037 980 2,086 1,945 4,066 Net impairm ent losses on financial ossets 64 52 73 116 158 326 Other expense 3.462 3,324 3,028 6,786 6,343 12.405 Total expenses 15,824 14,465 14,316 30,289 29,134 54,371 V Share of profit of associate and joint venture 35 19 21 54 49 57 VI Profit before exceptional Items and tax (I11-IV+V) 1,840 3,218 5,253 5,058 10,327 15,930 VII Exceptional items gain/(l oss) (refer note 4) - - - - - 1,031 VIII Profit after exceptional but before tax (Vl+VII) 1,840 3,218 5,253 5,058 10,327 16,961 IX Income tax expense Current tax 454 730 1,140 1,184 2,179 3,459 Deferred tax 164 46 25 210 181 401 Income tax of earlier years - - (5) - 026) 007) Total tax expense 618 776 1,160 1,394 2,234 3,753 X Profit far the period/ year {VIII - IX) 1,222 2,442 4,093 3,664 8,093 13,208 XI Other comprehensive lncome/(loss) after tax (OCI) A Item that will not be reclassified to profit or loss Remeasurements gain/(l oss) on defined benefits plans 20 9 10 29 19 67 Income tax relating to th e above item (5) (5) (4) 00) {6) (22) B Item that will be reclassified to profit or loss Effective portion of gain/(l oss) on cash flow hedges 69 571 (929) 640 (852) (2,229) Income tax relating to above item (23) {200) 325 (223) 298 780 Exchange difference on translat ion of foreign operations 106 (55) 288 51 664 1,200 Total other comprehensive lncome/{loss) far the 167 320 (310} 487 123 (204) period/ year XII Total comprehensive income for the period/ year 1,389 2,762 3,783 4,151 8,216 13,004 (X+XI) XIII Paid-up equity share capital (Face value of ~ 1/- each (Previous Year ~ 1/- each)) 152 152 152 152 152 152 XIV Other equity excluding revaluat ion reserves as per balance sheet 112,153 xv Earning per share• (in \') (a) Basic 8.05 16.10 26.98 24.15 53.35 87.06 (b) Diluted 8.05 16.10 26.98 24.15 53.34 87.06 See acco mpany ing notes to the financial results • Actuals far the quart er and half- year, not annuali sed I
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ustries Ltd. STATEMENT OF CONSOLIDATED UNAUDITED ASSETS AND LIABILITIES AS AT30TH SEPTEMBER 2026 S.No Portlculors I ASSETS 1 Non-current ossets Property , plant and equipment Capitol 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) 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) Bonk balances other than (iii) above (v) Loons (vi) Other financial assets Contract assets Other current assets Total current assets Total assets ll EQUITY & LIABILITIES 1 Equity Equity shore capitol Other equity Total equity 2 Liabilities 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 (iii) (a) above (iv) Other financial liabilities Provisions Current tax liabilities Other current liabilities Total current liabilities Total liabilities Total equity and liabilities - en tiered ,1 ~,e. <"C'o ~o ~:;.\ j ) C-50o 1 ~~ ~ ~\,, ...... ~ ~ \ " i :'-ll \ ~<§>.~ :- •'J, "'01215•~•""' ~" ' "cl - • * Curugtall' {In , Million) Asat 30.09.2026 31.03.2026 Unaudited Audited 37,565 36,783 9,987 7,550 6,067 6,028 3,756 3,386 2,770 2,749 369 315 632 17 234 1,714 293 552 157 119 941 277 62,771 59,490 12,235 12,167 20,268 13,271 14,381 16,108 3,294 2,833 13,916 18,990 9 12 220 324 7,382 7,091 4,182 4,151 75,887 74,947 138,658 134,437 152 152 114,422 112,153 114,574 112,305 1,379 1,490 690 722 1,005 1,437 323 332 956 384 4,353 4,365 696 893 231 318 737 725 10,613 9,013 5,597 5,388 424 397 372 51 1,061 982 19,731 17,767 24,084 22,132 138 658 134,437 \)STR 1 ~<::)Gu' = ,,e-- Ci) 0- . c:::, I ..
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Pl Industries Ltd. STATEMENT OF CONSOLIDATED UNAUDITED CASH FLOWS FOR THE HALF-YEAR ENDED 30TH SEPTEMBER, 2026 {Int MIiiion) PARTICULARS Half-Year ended Half-Year ended September 30, 2026 September 30, 2025 A. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 5,058 10,327 Adjustments for :- Depreciation and amortisation expense 2,086 1,945 Finance Cost 163 65 Net Impairment losses on financial assets 116 158 Provision for advances 36 2 Interest Income on financial assets at amortised cost (818) (1,089) Unwinding of discount on security deposits m (2) Expense on employee stock option scheme - 2 (Goin) I Loss on sole/retirement of property, plant & equipment (Net) 7 31 Net gain on financial assets measured at fair value through profit or loss (378) (317) Shore of (profit) of associate and joint venture (54) (49) Unrealised Loss/ (Goin) on foreign currency transactions (Net) 164 (237) Operating profit before working capital changes 6,379 10,836 (Increase)/ Decrease in trade receivables 1,387 (1,750) (Increase)/ Decrease _in loons 22 (43) (Increase)/ Decrease in contract assets (291) (4,540) (Increase)/ Decrease in other current financial assets 173 (61) (Increase)/ Decrease in other non-current financial assets (6) (2) (Increase)/ Decrease in other current assets (65) 03) (Increase)/ Decrease in other non-current assets (57) 4 (lncreose)/Decreose in inventories (41) (2,286) Increase/ (Decrease) in current provisions and trade payables 1,495 1,179 Increase/ (Decrease) in non-current provisions 19 80 Increase/ (Decrease) in other current financial liabilities 683 778 Increase/ (Decrease) in other non-current financial liabilities 20 67 Increase/ (Decrease) in other current liabilities 79 38 Cash generated from operations 9,797 4,287 Income taxes paid (net of refund) (898) 8,811) Net cash inflow from operating Activities {A) 8,899 2,476 B. CASH FLOW FROM INVESTING ACTIVITIES Payments for purchase of property, plant & equipment including capitol work in progress, intangible assets and capitol advances (6,552) (4,475) Proceeds from sole of property, plant & equipment 29 107 Payment for purchase of Investments 06,681) (9,857) Proceeds from sole of investments 9,403 11,897 Investment in deposits with bank (5,650) (11,010) Maturity of deposits with bank 12,545 9,961 Interest received 818 1,089 Net cash used In Investing activities (B) (6,088) (2,288)
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Pl Industries Ltd. STATEMENT OF CONSOLIDATED UNAUDITED CASH FLOWS FOR THE HALF-YEAR ENDED 30TH SEPTEMBER, 2026 (In'!' MIiiion) PARTICULARS Half-Year ended Half-Year ended September 30, 2026 September 30, 2025 C. CASH FLOW FROM FINANCING ACTIVITIES Repayment of borrowings (992) (16) Proceeds from borrowings 542 487 Payments of lease liabilities (principal) (175) (176) Interest paid (163) (65) Dividends paid (1,517) (1,517) Net cosh outflow from financing activities (C) (2,305) (1,287) Net cash Inflow (outflow) from operating, Investing & financing activities (A+B+C) 506 (1,099) Effect of exchange differences on translation of foreign currency cash & cash equivalents (45) 84 Net Increase (decrease) In cash & cash equivalents 461 (1,015) Opening balance of cash & cash equivalents 2,833 5,923 Closing balance of cash & cash equivalents 3,294 4,908 Note: Cash and cash equivalents included in the statement of cash flows comprise of the following: I) Cash on hand 1 1 II) Balance with banks : -In Current accounts 1,288 2,270 -In EEFC accounts 2,003 2,004 -In deposit with original maturity of less than 3 months 2 633 Total 3,294 4,908 The above statement of consolidated 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 '0' In these statement of consolidated unaudited financial results Indicates that the amounts Involved are below '!' five lacs and the sign'-' Indicates that the amounts are nil.
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Pl ustries Ltd. Notes: The above consolidated unaudited financial results were reviewed and recommended by the Audit Committee of the Company and approved by the Board of Directors atthelr meeting held an November 04, 2026. 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 entitles 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} Archlmlca S.p.A Italy (e} Pl AgSciences Limited (Formerly known as Plant Health Care limited} (f} Pl AgSclences, Inc. (Formerly known as Plant Health Care, Inc, Nevada} (g) Pl AgSclencles, S. de R.L. de C.V. (Formerly known as Plant Health Care de Mexico S. de R.L. de C.V.) (h} Pl AgSclences (UK} Limited (Formerly known as Plant Health Care (UK} Limited} (I} Pl AgSclences Spain, S.A (Formerly known as Plant Health Care Espana} 0) Pl AgSclences Brasil Ltda (Formerly know as Plant Health Care lnsumos Agrlcolas L TDA} (k} Jlvagro Limited (I} Pl Life Science Research Limited (m} Pl Flowtech B.V. (n} Pl Industries Management Consultancies LLC Dubai (o} Pl lnnoventures Limited (Formerly known as PILL Finance and Investments Limited} (p} Pl Japan Co. Limited (q} Pl Bloferma Private Limited {r} Pl Fermachem Private Limited ; Controlled trust - PII ESOP Trust; Joint Venture - Pl Kumlal Private Limited (Including Its subsidiary - Kumlal Chemical Industry (India} Private Limited (w.e.f July 03, 2026)); Associate - Sollnnos Agro Sciences Private Limited. 4 a} In April 2023, Pl Health Sciences Limited (PIHS}, a wholly owned subsidiary of the Company acquired 100% equity of Soils Pharmachem Private Limited and Therachem Research Medilab (India} Private Limited and specific assets of Therachem Research Medilab LLC, USA. The purchase consideration for the above Included contingent consideration to be paid over a period of 6 years subject to achievement of specified business performance and to support for business development activities. Considering the performance of the acquired business since the acquisition, and the successful establishment of an experienced In-house global business development team, no longer requiring external business development support, the Company renegotiated a mutually beneficial one-time settlement payment with erstwhile owners. This settlement resulted In a write-back of the contingent consideration of 'I' 1,260 million, which was presented under "Exceptional Items" during the year ended March 31, 2026. b} Pursuant to the notification of the 'New Labour Codes' as Issued In November 2025, the Group reassessed Its employee benefit obligations In accordance with the revised definition of wages and accordingly, an Incremental liability oh 229 million had been disclosed as an "Exceptional Item" during the year ended March 31, 2026. 5 Segment Information as per Ind AS lOB "Operating Segments" Is as per Annexure I. Place: Mumbai Date: November 04, 2026 Regd. Office: Udalsagar Road, Udalpur- 313001 (Raj) Phone: 0294 2492451-55 Fax: 0294 2491946 CIN: L24211RJ1946PLC000469 For Pl Industries Llmite Mayank Singha! Vice Chairperson & Managing Director DIN: 00006651 O ~STR 1«' ~ v' - r-- - -I o- D *
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Pl Industries Ltd. Annexure I Statement of Unaudited Consolidated Segment-Wise Revenue, Results , Assets, Liabilities and Capital Employed for the Quarter and Half -Vear ended 30th September 2026 (In, Million) Quarter Ended Half-Vear ended Vear ended S,NCI Particulars 30.09.2026 30.06.2026 30.09 .2025 30.09.2026 30.09.2025 31.03.2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited l Segment revenue a. Agro chemicals 76,280 76,488 78,092 32,768 36,379 64,768 b. Pharma 759 542 634 7,307 7,357 3,005 Total 17,039 17,030 18,726 34,069 37,736 67,173 Less : Inter segment revenue 27 7 3 28 8 36 Segment revenue 17,018 17,023 18,723 34,041 37,728 67,137 2 Segment results Proflt/(Loss) before tax a. Agro chemicals 2,473 3,835 5,907 6,308 77,563 77,975 b. Pharma (607) (876) (879) (1,477) (1,579) (2,744) Add: Inter segment adjustment (32) 199 165 167 343 699 Profit before exceptional Items and tax 1,840 3,218 5,253 5,058 10,327 15,930 Exceptional items gain/(loss) - - - - - 1,037 Profit before tax 1,840 3,218 5,253 5,058 10,327 16,961 3 Segment assets a. Agro chemicals 724,244 124,549 118,638 124,244 118,638 719,736 b. Pharma 14,414 14,561 14,371 14,414 14,371 14,707 Segment assets 138,658 139,110 133,009 138,658 133,009 134,437 4 Segment liabilities a. Agro chemicals 20,648 20,696 19,921 20,648 19,921 78,175 b. Pharma 3,436 3,731 4,819 3,436 4,879 4,077 Segment liabilities 24,084 24,427 24,740 24,084 24,740 22,132 5 Capital employed (Segment assets-Segment liabilities) a. Agro chemicals 103,596 703,853 98,717 103,596 98,717 107,621 b. Pharma 10,978 10,830 9,552 10,978 9,552 10,684 Capital employed 114,574 114,683 108,269 114,574 108,269 112,305 Notes: The business of the Group is divided into two segments os below: a) Agro chemicals Agro chemicals includes Agchem exports (CSM), Dom estic Agri Brands and Biologicals.
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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, 2026 and the year to date results for the period April 1, 2026 to September 30, 2026, which are included in the accompanying 'Statement of Consolidated Unaudited Financial Results for the quarter and half-year ended 30th September 2026' and 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 (Collectively referred to as 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 conduct ed 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 oflndia. 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 Accountant s 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 Waterhou se (a Partner ship Firm) converted into Price Waterhouse Chartered Acco untants LLP (a Limit ed Liability Partnership with LLP identity no: LLPIN AAC-5001) with effect from July 25, 2014. Post its conversion to Price Waterhouse Chart ered Account ants LLP, its ICAI registration numb er is 01 2754N/NS00016 (tCAI registration number before conversion was 01 2754N)
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4. The Statement includes the results of the following entities: namely, Holding 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) PI AgSciences Limited (Formerly known as Plant Health Care Limited) (g) PI AgSciences, Inc. (Formerly known as Plant Health Care, Inc Nevada) (h) PI AgSciences, S. de R.L. de C.V. (Formerly known as Plant Health Care de Mexico S. de R.L. de C.V.) (i) PI AgSciences (UK) Limited (Formerly known as Plant Health Care (UK) Limited) (i) PI AgSciences Spain, S.A (Formerly known as Plant Health Care Espana) (k) PI AgSciences Brasil LTDA (Formerly known as Plant Health Care InsumosAgricolas LTDA) 0) Jivagro Limited (m) PI Life Science Research Limited (n) PI Flowtech B.V. (o) PI Innoventures Limited (Formerly known as 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 (including its subsidiary - Kumiai Chemical Industry (India) Private Limited (w.e.f July 3, 2026)); 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, one joint venture (including its subsidiary)) and one step down subsidiary (including further five step down subsidiaries) reflect total assets of Rs. 18,505 Mn and net assets of Rs. 13,637 Mn as at September 30, 2026 and total revenues of Rs. 1,376 Mn and Rs. 2,248 Mn, total net loss after tax of Rs. 854 Mn and Rs. 4,083 Mn and total comprehensive loss of Rs. 819 Mn and Rs. 4,080 Mn, for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 246 Mn for the period from April 1, 2026 to September 30, 2026, as considered in the 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, 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. 7. The interim financial results of two subsidiaries and one controlled trust reflect total assets of Rs. 3,933 Mn and net assets of Rs. 2,718 Mn as at September 30, 2026 and total revenues of Rs. 770 Mn and Rs. 1,192 Mn, total net profit/Ooss) after tax of Rs. 10 Mn and Rs. (32) Mn and total comprehensive income/Ooss) of Rs. 10 Mn and Rs. (32) Mn, for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (138) Mn for the period from April 1, 2026 to September 30, 2026, 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 and controlled trust, 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. l
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8. The Consolidated Unaudited Financial Results include the interim financial results of four 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. 7,221 Mn and net assets of Rs. 7,154 Mn as at September 30, 2026 and total revenue of Rs. 99 Mn and Rs. 154 Mn, total net profit after tax of Rs. 9 Mn and Rs. 5 Mn and total comprehensive income of Rs. 31 Mn and Rs. 12 Mn for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. (20) Mn for the period from April 1, 2026 to September 30, 2026, 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 ration Num.per: 012754N/N500016 Pr it Agrawal Partner Membership Number: 099903 UDIN: 26099903OAJIXA1013 Place: Mumbai Date: November 4, 2026