Archive · 16 Dec 2025
JM Financial Cuts PI Industries Target
JM Financial, a financial services company, has lowered its target price for PI Industries, a chemical company, by 3.5%.
This is because their partner, Kumiai Chemical from Japan, expects lower sales of a important chemical called pyroxasulfone.
PI Industries and Kumiai have a joint venture in India.
The lower sales forecast is a concern because pyroxasulfone has been a significant part of their business.
Additionally, PI Industries has some undelivered shipments worth Rs 850 crore, which might limit new orders.
As a result, the stock price of PI Industries has been falling.
JM Financial suggests that PI Industries needs to find new growth opportunities beyond pyroxasulfone.
JM Financial cut PI Industries' target price by 3.5% to Rs 3,465 from Rs 3,590, maintaining a 'Reduce' rating.
EPS estimates for FY27-28 were reduced by 4% due to concerns over pyroxasulfone sales.
Kumiai Chemical, PI Industries' Japanese partner, guided a significant decline in pyroxasulfone sales for FY26.
PI Industries has undelivered shipments worth Rs 850 crore, which may limit incremental orders for FY26.
The stock price of PI Industries has fallen by 4% in the last five trading sessions and 22% over the last six months.
- Who
- JM Financial, PI Industries, Kumiai Chemical
- What
- JM Financial cut the target price for PI Industries by 3.5% due to concerns over pyroxasulfone sales
- When
- Recent, with specific guidance for FY26 (November 2025 to October 2026)
- Where
- India, with implications for PI Industries' global operations
- Why
- Kumiai Chemical guided a significant decline in pyroxasulfone sales, impacting PI Industries' revenue and growth prospects
- Company
- PI Industries
- Brokerage
- JM Financial
- Target Price Cut
- 3.5%
- New Target Price
- Rs 3,465
- Previous Target Price
- Rs 3,590
- EPS Estimate Cut
- 4% for FY27-28
- Key Product
- Pyroxasulfone
- Stock Performance (5 days)
- -4%
- Stock Performance (1 month)
- -8.5%
- Stock Performance (6 months)
- -22%
- Stock Performance (1 year)
- -18%
