PRAJIND
Praj Industries share price & financials
- Price
- ₹346.95
- Market cap
- ₹6.2k Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Praj Industries Limited Q1 FY27
What went well
- Consolidated income from operations increased to ₹716 crores, up 11.88% YoY from ₹640 crores in Q1 FY26.
- PBT before exceptional items grew significantly to ₹21.05 crores, up 119.07% YoY from ₹9.609 crores in Q1 FY26.
- Profit after tax (PAT) more than doubled to ₹11.61 crores, up 117.42% YoY from ₹5.34 crores in Q1 FY26.
What to watch
- Domestic first-generation ethanol greenfield projects experienced a slowdown due to policy uncertainty and funding-related issues, impacting execution cycles.
- Supply-demand imbalance in the ethanol market has slowed down backlog conversions to revenues.
What Praj Industries Limited does
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
- Bio Energy
- Engineering Businesses
- High Purity (HiPurity) Solutions
- R&D
- Employees
- 1,800+
- Manufacturing facilities
- 5 facilities located in Maharashtra, Gujarat and Karnataka
- Country presence
- 100+ countries across all six continents
- Installed references
- 1,000++ plant references worldwide, including 400+ overseas references
- Research scientists
- 90+ research scientists
- Patent filings
- 400+ patents filed (24 Indian and 60 international patents granted)
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 2 delivered 1 missed 7 open- First Bio-IBA Order delivered said Q4 FY26 Promised: Expecting our first order in the current quarter of FY '27. Q1 FY27: Achieved. Company announced it received an order to set up India's first commercial-scale demo plant for Bio-Isobutanol in Q1 FY27.
- Profitability Improvement missed said Q1 FY26 Promised: From quarter 3, from H2 onwards, we are not expecting this situation [margin compression] to continue. Q1 FY27: The period for this promise has passed. The final verdict remains 'missed'.
- EBITDA Margin at risk said Q4 FY25 Promised: Reach on a sustainable basis to a double-digit EBITDA margin. Q1 FY27: 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.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 11.9%, net profit up 140.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 816 | 853 | 860 | 640 | 842 +3% | 841 −1% | 845 −2% | 716 +12% |
| EBITDA | 86 | 73 | 75 | 31 | 56 −35% | 41 −44% | 23 −69% | 30 −3% |
| Net profit | 54 | 41 | 40 | 5 | 19 −65% | -12 −129% | 12 −70% | 12 +140% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −18.1% 1Y
1Y: ₹393.25 on 10 Sept 2025 → ₹322.15. High ₹415.5 (5 May 2026), low ₹276.15 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- +4.3%
- 14 Aug
- Q4 FY26
- −8.2%
- 29 May
- Q3 FY26
- −6.7%
- 13 Feb
- Q2 FY26
- −0.6%
- 10 Nov
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.
Financials, as filed
Revenue fell 3.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.5k Cr | ₹3.5k Cr | ₹3.2k Cr | ₹3.2k Cr |
| Operating profit | ₹318 Cr | ₹388 Cr | ₹326 Cr | ₹151 Cr |
| Operating margin | 9.0% | 11.2% | 10.1% | 4.8% |
| Interest | ₹5 Cr | ₹10 Cr | ₹19 Cr | ₹20 Cr |
| Depreciation | ₹29 Cr | ₹44 Cr | ₹86 Cr | ₹106 Cr |
| Net profit | ₹239 Cr | ₹283 Cr | ₹219 Cr | ₹24 Cr |
| Net margin | 6.8% | 8.2% | 6.8% | 0.8% |
| Cash from operations | ₹162 Cr | ₹199 Cr | ₹43 Cr | ₹200 Cr |
| Free cash flow | ₹127 Cr | ₹111 Cr | ₹-1 Cr | ₹157 Cr |
| ROCE | 31.0% | 29.0% | 18.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹37 Cr | ₹37 Cr | ₹37 Cr | ₹37 Cr | ₹37 Cr | ₹37 Cr |
| Reserves | ₹765 Cr | ₹879 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Borrowings | ₹0 Cr | ₹21 Cr | ₹42 Cr | ₹169 Cr | ₹210 Cr | ₹173 Cr |
| Other liabilities | ₹792 Cr | ₹1.3k Cr | ₹1.5k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹1.6k Cr |
| Total liabilities | ₹1.6k Cr | ₹2.2k Cr | ₹2.6k Cr | ₹2.9k Cr | ₹3.2k Cr | ₹3.1k Cr |
| Fixed assets | ₹284 Cr | ₹286 Cr | ₹317 Cr | ₹474 Cr | ₹585 Cr | ₹560 Cr |
| Capital work in progress | ₹1 Cr | ₹2 Cr | ₹7 Cr | ₹43 Cr | ₹13 Cr | ₹6 Cr |
| Investments | ₹335 Cr | ₹463 Cr | ₹543 Cr | ₹497 Cr | ₹189 Cr | ₹418 Cr |
| Other assets | ₹975 Cr | ₹1.5k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.4k Cr | ₹2.1k Cr |
| Total assets | ₹1.6k Cr | ₹2.2k Cr | ₹2.6k Cr | ₹2.9k Cr | ₹3.2k Cr | ₹3.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −3.34 pp while the public added +2.45 pp.
- Promoters
- 32.8%
- FIIs
- 17.8%
- DIIs
- 14.1%
- Public
- 35.3%
Since Jun 2025
- DIIs −3.34 pp
- Public +2.45 pp
- FIIs +0.89 pp
How it drifted, 12 quarters
Over this window DIIs went from 10.2% to 14.1% — +3.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 32.8%, FIIs 17.9%, DIIs 10.2%, Public 39.0%.Dec '23: Promoters 32.8%, FIIs 17.4%, DIIs 13.1%, Public 36.7%.Mar '24: Promoters 32.8%, FIIs 18.9%, DIIs 13.7%, Public 34.6%.Jun '24: Promoters 32.8%, FIIs 18.6%, DIIs 16.6%, Public 32.0%.Sep '24: Promoters 32.8%, FIIs 19.0%, DIIs 17.3%, Public 30.8%.Dec '24: Promoters 32.8%, FIIs 18.6%, DIIs 18.2%, Public 30.4%.Mar '25: Promoters 32.8%, FIIs 17.2%, DIIs 19.5%, Public 30.5%.Jun '25: Promoters 32.8%, FIIs 16.9%, DIIs 17.4%, Public 32.9%.Sep '25: Promoters 32.8%, FIIs 17.5%, DIIs 14.8%, Public 34.8%.Dec '25: Promoters 32.8%, FIIs 17.3%, DIIs 13.6%, Public 36.2%.Mar '26: Promoters 32.8%, FIIs 17.7%, DIIs 12.7%, Public 36.8%.Jun '26: Promoters 32.8%, FIIs 17.8%, DIIs 14.1%, Public 35.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- UTI Small Cap Fund Mutual fund newly disclosed 2.40% held
- HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund +0.45 pp 1.67% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Praj Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Pramod Madhukar Chaudhari | 24.97% | unchanged |
| Parimal Pramod Chaudhari | 7.83% | unchanged |
| Canara Robeco Mutual Fund A/C Canara Robeco Large And Mid Cap Fund Mutual fund | 4.57% | −0.16 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 3.56% | unchanged |
| UTI Small Cap Fund Mutual fund | 2.40% | newly disclosed |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house | 2.15% | unchanged |
| HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund | 1.67% | +0.45 pp |
| Atyant Capital India Fund - I FPI fund | 1.56% | −0.43 pp |
| Gothic Corporation Endowment | 1.39% | unchanged |
| Jpmorgan Emerging Markets Growth And Income Global fund house | 1.15% | unchanged |
| Ishares Core Msci Emerging Markets ETF Global fund house | 1.03% | unchanged |
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.
Mutual funds in PRAJIND
Filings to Aug 2026
1 new, 1 added, 0 trimmed, 1 sold out — net +2.29 L shares (+2.4%).
- Held by funds
- ₹324 Cr
- 3 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹174 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹174 Cr | held | Oct '21 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹125 Cr | +9.22 L | Nov '25 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹25 Cr | new | Jul '26 |
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 Aug 2026
1 added, 0 trimmed — net +2.29 L shares (+2.4%)
- Funds are sitting on
- -4%
- vs est. average cost
- Held by funds
- ₹324 Cr
- 3 schemes · ≈ 5.5% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹174 Cr · 0.2% of that fund
Shares held by these funds +87%
Aug '23 1.14 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Praj Industries Limited
Guides on how to read this kind of business and the numbers that matter.