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Investing.com - Prabhudas Lilladher initiated coverage on PI Industries Ltd (NS:PIIND) with a Hold rating and a price target of INR3,618.00, according to a research note released Thursday.
The research firm cited concerns about slowing growth in PI Industries’ Custom Synthesis Manufacturing (CSM) segment, projecting 6% CAGR in FY25-28E compared to the 21% CAGR achieved over the past five years. This slowdown is attributed to a 7% decline in sales guidance for pyroxasulfone from innovator Kumiai for the November 2024-October 2025 period.
Prabhudas Lilladher expects PI Industries’ pharmaceutical business to grow approximately 70% in FY26 and reach breakeven by FY28 at around Rs5 billion in revenue. The domestic business is forecast to deliver roughly 6% CAGR, primarily driven by biologicals while core formulations remain subdued.
The research firm estimates consolidated revenue, EBITDA, and PAT to grow at approximately 7%, 8%, and 7% CAGR respectively over FY25-28E, supported by new CSM launches, biologicals, and pharmaceutical scale-up.
At 28x FY27E EPS, Prabhudas Lilladher notes the stock is trading slightly above its sector average, and while R&D spending remains strong at 3% of sales, the firm awaits catalysts that could reignite investor interest in PI Industries.
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