PI Industries Ltd is a major player in the agrochemicals industry, with a significant presence in both the domestic and international markets. The shares of the company closed at ₹2576 on Friday. In the past five sessions, the shares have come down by 3.95%. They are also down 15.59% on a year-to-date basis
The shares achieved their all-time high of ₹3533.30 on 14th September 2021 and are currently trading at a discount of 26.90% from their all-time high. It is currently moving below the 20 days, 50 days, 100 days and 200 days EMA on the daily chart.
Angel One has given a target of ₹3440 for the shares on a long-term horizon, which is an upside of 33% from its current market price.
In FY22, the CSM business accounted for more than 70% of the company’s revenues, and it is expected to continue to be the company’s primary growth driver in the future.
Due to its strong relationship with global agrochemical players, the company has witnessed an increase in its share of high-margin CSM business. It is leveraging its chemistry expertise and looking to expand its CSM portfolio to include electronic chemicals, pharmaceutical APIs, and fluoro chemicals, among other things.
Angel One expects PI Industries to post revenues & PAT at a CAGR of 17% & 24% between the FY22-FY24, driven by 20% growth in the CSM business over 2-3 years. In addition, the company’s expansion into new segments such as electronic chemicals and APIs will help drive growth over the next 3-4 years.
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