PRAJ INDUSTRIES LTD

Designs, engineers and supplies process technology, plants and equipment for the bioenergy industry, with a focus on ethanol production. The Bioenergy segment accounted for 74% of Q4 FY26 revenues, building distilleries, ethanol plants and related process systems for fuel ethanol producers in India and overseas markets including Brazil and Central America. Other work spans modularisation projects and emerging areas such as Sustainable Aviation Fuel (SAF). Revenue flows from project execution against an order backlog of Rs 43,050 million as of 31 March 2026, with Q4 FY26 order intake of Rs 6,580 million. Exports contributed 37% of consolidated turnover in FY26. The largest cost line is materials at 46.6% of revenue, followed by other operating expenses at 33.2% and employee cost at 10.9%. FY26 EBITDA margin compressed to 5.55% as India's 1G ethanol sector faced overcapacity, which management cited as weighing on project execution and margins.