Equirus _PI Industries Update Note_
# Old molecules like Pyroxasulfone seemed to have revived for PI Industries (PI); moreover, new molecules such as Zorvec continue to do well for the company.
# *A tie-up with FMC for Rynaxypyr* and the *R&D pipeline of innovators can present new opportunities to PI in the CSM space*.
# *Isagro acquisition for Rs 3.5bn (to be closed in 3QFY20) would be EPS accretive from the second year*.
# *We maintain that PI’s exports will at least double from its FY19 base in the next 2.5 years*.
# We finetune our numbers to adjust for the domestic business slowdown while tweaking margins to account for a higher CSM business share.
# *Maintain LONG with a Dec’20 TP of Rs 2,036* (Sep’20 TP of Rs 1,890 earlier).