Engineers ethanol, biogas and high-purity water plants for bioenergy and biotech clients worldwide.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 716 | +11.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 4.2 | −0.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 12.0 | +140.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 3.86 | −10.4 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 4.96 | +5.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 2.37 | +5.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
2 of 3 judged targets kept · 7 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| First Bio-IBA Order | Expecting our first order in the current quarter of FY '27. | Q4 FY26 | Achieved. Company announced it received an order to set up India's first commercial-scale demo plant for Bio-Isobutanol in Q1 FY27. | Achieved |
| Profitability Improvement | From quarter 3, from H2 onwards, we are not expecting this situation [margin compression] to continue. | Q1 FY26 | The period for this promise has passed. The final verdict remains 'missed'. | Missed |
| EBITDA Margin | Reach on a sustainable basis to a double-digit EBITDA margin. | Q4 FY25 | Q1 FY27 PBT showed strong YoY recovery (up 119%), supporting the 'worst is over' narrative. However, management did not reaffirm any specific margin target, instead focusing on GenX EBITDA breakeven. The original promise remains unaddressed. | At Risk |
1 of Praj Industries Limited's 10 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 7 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹341.7 on 24 Oct 2025 → ₹249.25. High ₹415.5 (5 May 2026), low ₹249.25 (26 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Praj Industries is a Pune-based technology, engineering and manufacturing company that designs, builds and commissions plants for 1G/2G ethanol, compressed bio-gas and emerging future fuels (SAF, marine biofuel, bio-hydrogen), earning revenue through EPC/turnkey project execution, equipment supply and lifecycle (operations & maintenance) services. Alongside its core bioenergy business it manufactures critical process equipment, high-purity water and modular process systems for pharmaceutical, brewery and industrial customers, and runs a zero-liquid-discharge wastewater treatment business. Its Praj GenX unit builds modular cooling and process-equipment solutions, including an emerging data-centre cooling offering. An in-house R&D arm (Praj Matrix) develops proprietary process technologies and the BioPrism® renewable-chemicals platform, which it licenses and embeds into its plant designs.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
2 of 3 judged targets kept · 7 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| First Bio-IBA Order | Expecting our first order in the current quarter of FY '27. | Q4 FY26 | Achieved. Company announced it received an order to set up India's first commercial-scale demo plant for Bio-Isobutanol in Q1 FY27. | Achieved |
| Profitability Improvement | From quarter 3, from H2 onwards, we are not expecting this situation [margin compression] to continue. | Q1 FY26 | The period for this promise has passed. The final verdict remains 'missed'. | Missed |
| EBITDA Margin | Reach on a sustainable basis to a double-digit EBITDA margin. | Q4 FY25 | Q1 FY27 PBT showed strong YoY recovery (up 119%), supporting the 'worst is over' narrative. However, management did not reaffirm any specific margin target, instead focusing on GenX EBITDA breakeven. The original promise remains unaddressed. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 10 tracked commitments, with each call’s wording and source.
Call summaries
Praj Industries Limited Q1 FY27
Praj Industries reported a strong Q1 FY27 with significant growth in revenue and profitability, driven by robust order intake and a diversified business mix. While the domestic ethanol business faced slowdowns, new opportunities in bio-isobutanol, SAF, CBG, and Praj GenX (hyperscale data centers) are expected to drive future growth. The company is actively managing execution challenges and material cost pressures.
Read the full callPraj Industries Q4 FY26
Praj Industries reported a challenging Q4 and FY26 with significant declines in profitability, primarily due to external headwinds, extended project execution cycles, and investments in new businesses like Praj GenX. Despite these challenges, the company maintains a robust order backlog of ₹43,050 million and sees strong tailwinds from India's accelerating biofuels ecosystem and new opportunities in data center solutions. Management expressed confidence that the worst of the margin pressures are behind them and anticipates improved performance in FY27.
Read the full callPraj Industries Q3 FY26
Praj Industries reported a challenging Q3 FY26 with PAT turning negative due to a significant exceptional item of ₹3,344 million from new labor codes and a 1% margin impact from reduced export revenue. Despite this, the company secured a breakthrough CCUS order, healthy order intake of ₹914 crores, and new projects in brewery and ZLD segments. Management highlighted positive external developments for biofuels and new growth avenues in data centers and biopharma, while acknowledging a subdued outlook for 1G ethanol Greenfield projects.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +140% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 816 | 853 | 860 | 640 | 842 | 841 | 845 | 716 |
| Expenses | 730 | 780 | 784 | 609 | 786 | 800 | 821 | 686 |
| Operating profit | 86 | 73 | 75 | 31 | 56 | 41 | 23 | 30 |
| Operating margin | 11.0% | 9.0% | 9.0% | 4.9% | 7.0% | 4.9% | 2.8% | 4.2% |
| Other income | 14 | 14 | 10 | 9 | 5 | -23 | 33 | 20 |
| Interest | 5 | 4 | 5 | 5 | 5 | 5 | 5 | 4 |
| Depreciation | 21 | 23 | 22 | 25 | 27 | 27 | 27 | 25 |
| Profit before tax | 74 | 59 | 58 | 10 | 30 | -13 | 24 | 21 |
| Tax rate | 28.0% | 30.0% | 32.0% | 44.0% | 35.0% | −4.0% | 51.0% | 45.0% |
| Net profit | 54 | 41 | 40 | 5 | 19 | -12 | 12 | 12 |
| EPS (₹ per share) | 2.93 | 2.24 | 2.17 | 0.29 | 1.05 | -0.67 | 0.63 | 0.63 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 3,528 | 3,467 | 3,228 | 3,168 |
| Expenses | 3,210 | 3,078 | 2,901 | 3,016 |
| Operating profit | 318 | 388 | 326 | 151 |
| Other income | 35 | 43 | 78 | 24 |
| Interest | 5 | 10 | 19 | 20 |
| Depreciation | 29 | 44 | 86 | 106 |
| Profit before tax | 319 | 378 | 298 | 51 |
| Net profit | 239 | 283 | 219 | 24 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 37 | 37 | 37 | 37 | 37 | 37 |
| Reserves | 879 | 1,041 | 1,238 | 1,345 | 1,264 | 1,272 |
| Borrowings | 21 | 42 | 169 | 195 | 210 | 173 |
| Other liabilities | 1,281 | 1,499 | 1,450 | 1,581 | 1,722 | 1,574 |
| Total liabilities | 2,218 | 2,619 | 2,894 | 3,157 | 3,233 | 3,056 |
| Fixed assets | 286 | 317 | 474 | 567 | 585 | 560 |
| Capital work in progress | 2 | 7 | 43 | 18 | 13 | 6 |
| Investments | 463 | 543 | 497 | 428 | 189 | 418 |
| Other assets | 1,467 | 1,752 | 1,880 | 2,144 | 2,446 | 2,072 |
| Total assets | 2,218 | 2,619 | 2,894 | 3,157 | 3,233 | 3,056 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 225 | 188 | 162 | 199 | 43 | 200 |
| Cash from investing | -164 | -137 | -78 | -6 | 75 | 4 |
| Cash from financing | -6 | -44 | -93 | -124 | -161 | -187 |
| Net cash flow | 55 | 6 | -9 | 70 | -42 | 16 |
| Free cash flow | 217 | 169 | 127 | 111 | -1 | 157 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 127 | 80 | 82 | 68 | 63 | 64 |
| Inventory days | 64 | 86 | 55 | 41 | 56 | 60 |
| Days payable | 169 | 106 | 84 | 92 | 106 | 132 |
| Cash conversion cycle | 21 | 60 | 54 | 16 | 12 | -8 |
| Working capital days | 12 | 4 | 8 | 16 | 32 | 16 |
| Return on capital employed | 15.0% | 23.0% | 31.0% | 29.0% | 18.0% | 6.0% |
| Dividend payout | 49.0% | 51.0% | 34.0% | 39.0% | 50.0% | 278.0% |
Ownership
Public hold 34.77% as of Sept 2026; institutions added 0.59 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Praj Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 24.97% | unchanged | |
| 7.83% | unchanged | |
| Mutual fund | 4.57% | unchanged |
| Mutual fund | 3.38% | +0.98 pp |
| Mutual fund | 2.75% | −0.81 pp |
| Mutual fund | 2.18% | +0.51 pp |
| Global fund house | 2.15% | unchanged |
| Endowment | 1.39% | unchanged |
| Global fund house | 1.05% | unchanged |
| FPI fund | — | off the list |
| Global fund house | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 1 sold out — net −8.07 L shares (−8.2%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹155 Cr | held | Oct '21 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹122 Cr | held | Nov '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net −8.07 L shares (−8.2%)
Shares held by these funds +49%
Oct '23 90.52 L shares Sep '26
Your own record
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