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PI Industries reported Q1 FY26 revenue of Rs 1,900.5 Cr, down 8% YoY, aligning with its H2-weighted plan. Gross margins were strong at 57.4%, with EBITDA margin at 27.5%. Domestic business grew 6%, though biological sales faced temporary regulatory hurdles. Pharma revenue surged 186%. The company filed for registration of its first discovery molecule, PIOXANILIPROLE, in India. Net cash stands at Rs 4,155.4 Cr. Management expects single-digit revenue growth for FY26 driven by H2 acceleration, committing Rs 700-800 Cr in CAPEX to transition into a life-sciences company.