Pi is an innovator contract manufacturer with Indian genetics business. Whereas UPL is a distributor and generic agchem company. Pi, Deccan chemicals and Srf are perhaps one of a kind company in the Indian context. Given all 3 have built an agchem crams business with topline of more than 2k+ crores.
UPL is a giant in its own space. However, corporate structure is too complicated to understand given the number of acquisitions they have done in the past.
Pi’s business will be more non volatile to an extent vs the likes of UPL.
Problem for Pi remains their inability to diversify into pharma. As agchem innovator synthesis has a limited tam of 5-6 billion. Srf is already guiding to take Pharma to 30-35% of spechem division.
Sorry for butting in and answering this 
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