NSE: PRAJIND · BSE: 522205
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bioenergy / Ethanol process plants and technology (74%), Other segments (modularisation, SAF, international projects). Project-based, order-book driven industrial engineering exposed to bioenergy and ethanol sector cycles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,333 | 3,528 | 3,466 | 3,228 | 3,168 |
| EBITDA (ex other income) | 206 | 318 | 388 | 353 | 125 |
| margin % | 8.8 | 9.0 | 11.2 | 10.9 | 4.0 |
| Owners' profit | 150 | 0 | 283 | 217 | 24 |
| EPS, as reported (₹) | 8.18 | 13.05 | 15.42 | 11.91 | 1.30 |
| ROE % · ROCE % | 16.4 · 21.9 | 22.2 · 28.9 | 22.2 · 27.0 | 15.8 · 20.4 | 1.8 · 4.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 175 | 162 | 199 | 43 | 200 |
| Capex | (19) | (35) | (89) | (87) | (44) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 816 | 853 | 860 | 640 | 842 | 841 | 845 | 716 |
| Profit before tax | 74 | 59 | 58 | 10 | 30 | (13) | 24 | 21 |
| Net profit | 54 | 41 | 40 | 5 | 19 | (12) | 12 | 12 |
| EPS (₹) | 2.93 | 2.23 | 2.17 | 0.29 | 1.05 | (0.67) | 0.63 | 0.63 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 154.6 | 26.7 | 120 of 130 | 8% |
| P/B | 3.6 | 3.1 | 61 of 112 | 46% |
| ROCE | 3.5 | 11.3 | 112 of 142 | 21% |
| ROE | 1.8 | 9.8 | 98 of 113 | 13% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| EBITDA margin | 7.0 | 12.4 | 85 of 110 | 23% |
| Revenue growth | 11.8 | 20.6 | 71 of 114 | 38% |
| Profit growth | 117.3 | 17.1 | 22 of 109 | 81% |
| Market cap | 4660 | 273 | 17 of 141 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Praj Industries schedules October 30 call on quarterly and half-year results | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Praj Industries to approve Q2 and half-year results on 29 October 2026 | results | low | — | — |
| 9 Oct 2026 · RTA certifies processing of demat securities for quarter ended 30 Sept 2026 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · Praj and Gevo sign Bio-IBA commercialization agreement for India | compliance | low | — | — |
| 24 Aug 2026 · Praj Industries to attend Elara Capital investor conference on Sep 2 | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Praj Industries Q1 FY27 earnings call transcript, new orders, margin pressure flagged | investor communications | medium | — | — |
| 14 Aug 2026 · Audio recording of analyst call for Q1 FY27 results uploaded | investor communications | low | — | — |
| 14 Aug 2026 · Praj Industries: Independent Director Re-appointed at AGM | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Praj Industries 40th AGM: All 6 resolutions approved, Rs 3.60 dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.