PI Industries has been given a "BUY" rating by KR Choksey, with a target price of INR 4,922, which is lower than the previous target of INR 5,184.

The company's recent revenue figures were below expectations, mainly due to a decline in the domestic segment. EBITDA also fell short of estimates due to increased employee and other expenses, but the adjusted PAT was in line with projections.

KR Choksey has revised its FY26E EPS estimates to INR 140.6 from INR 148.0, citing reduced guidance for FY25E, fluctuations in global demand, and an expected normalization of inventory levels in the next two to three quarters.

Despite these challenges, KR Choksey maintains a PE multiple of 35.0x, as they anticipate that new product launches, especially in biological solutions, will boost domestic revenue. Additionally, they expect growth in CSM exports to benefit from strong demand for newly commercialized products.