Guidance ledger · Q4 FY26

PI Industries Limited PIIND

3 revisions on record · 1 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed FY26 EBITDA margin Q1 FY26 → Q4 FY26

~~around 25%~~ → 25% full year delivered

“at EBITDA level, we delivered what we committed at the start of the year a resilient margin of 25% for full year.”

↔ widened FY26 CAPEX Q1 FY26 → Q4 FY26

~~Rs. 700 crore to Rs. 800 crore~~ → INR 1,100 crore actual FY26

“The INR 1,100 crore capex that we incurred for FY26”

↓ lowered CSM order book Q1 FY26 → Q4 FY26

~~$1.3 billion plus~~ → $1-1.2 billion

“I think somewhere around $ 1-1.2 billion which is already the order book position which continues to hold on.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.