Praj Industries Ltd(PRAJIND)

NSE: PRAJINDBSE: 522205

₹ 251-2.60%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,614 crNext results: 29 Oct 2026Website: www.praj.netUpdated: 24 Oct 2026

About

Praj Industries is an Indian engineering and technology company that designs and supplies process plants, equipment, and solutions primarily for bioenergy (ethanol, CBG, SAF), high-purity systems (pharma, semiconductors), and general engineering (brewery, ZLD). It reported consolidated revenue of Rs 31,679 Mn in FY26 and draws on an installed base of over 1,000 plants worldwide. Its order backlog stood at INR 45,890 Mn as of Q1 FY27.^[1][2]

Business segments

Bioenergy accounted for 66% of consolidated revenue in Q1 FY27, covering 1G/2G ethanol, CBG, and SAF process plants and technology licensing.^[2]
Engineering segment (brewery, ZLD, water treatment) and Praj HiPurity Systems (pharma fermenters, ultra-pure water) make up the balance of revenue alongside Lifecycle Services.^[3][4]
Praj GenX, the precision fabrication and modular systems subsidiary based in Mangaluru, targets oil & gas, CCUS, LNG, and data-centre infrastructure segments.^[1][2]

Order book and order inflow

Order backlog reached INR 45,890 Mn in Q1 FY27, up from Rs 43,050 Mn at end of Q4 FY26.^[2][1]
Order intake in Q1 FY27 was INR 10,000 Mn, with 43% from export markets.^[2]
Q4 FY26 order intake was Rs 6,580 Mn, the lowest in at least five quarters; management deferred finalisation of Rs 300+ crore of inquiries due to raw-material price uncertainty.^[1]
Q3 FY26 order intake was INR 9,140 Mn (68% domestic, 32% export); backlog at that date was INR 44,910 Mn.^[4]

Operations and installed base

Praj's technology powers over 1,000 plants worldwide, forming the base for its Lifecycle Services business through performance-enhancer solutions and biogenic CO2 capture offerings.^[1]
Praj GenX operates a precision fabrication facility in Mangaluru; the subsidiary carries a fixed overhead run rate of approximately Rs 10 cr/month as of FY26.^[1]
R&D spend for FY26 was approximately Rs 65 - 66 cr; Praj Matrix hosts an alcohol-to-jet demo plant that is operational and has produced SAF from ethanol.^[1][3]

Key operating metrics

Consolidated EBITDA margin was 4.19% in Q1 FY27, down 71 bps YoY, and 4.79% for full-year FY26, down 495 bps from 9.74% in FY25.^[2][1]
Export revenue share was 25% in Q1 FY27, compared with 36% for full-year FY26 and 46% in Q2 FY26.^[2][1][3]
Cash and cash equivalents (including investments) stood at INR 6.16 Bn in Q1 FY27.^[2]
ROCE was 7% in FY26.^[1]

Products and technology portfolio

Domestic 1G ethanol: greenfield inquiries are limited to ethanol-deficit states (Tamil Nadu, Assam) following completion of EBP20 blending capacity; brownfield efficiency upgrades and distillers corn oil co-product modules are seeing stronger demand.^[2][1]
2G ethanol: Indian Oil Corporation's plant is under execution; BPCL and HPCL projects were to follow, per Q2 FY26 guidance.^[3]
CBG: Praj has commissioned plants on pressmud, Napier grass, and rice straw feedstocks; the BPCL JV for CBG is in project-shortlisting stage.^[4]
SAF: Praj's alcohol-to-jet demo plant at Praj Matrix is operational; detailed engineering order for an ethanol-to-SAF plant from an international customer was received in Q1 FY27.^[3][2]
Bio-IBA (isobutanol): technology declared ready for commercialisation; India's first commercial-scale demo plant order received in Q1 FY27, with construction targeted for completion by December 2026.^[2][1]
Praj HiPurity Systems serves pharma (fermenters, complex injectables, blood plasma) and emerging segments including semiconductors, EVs, solar cells, and storage batteries via ultra-pure water solutions.^[3][2]

Customers and distribution

International customer engagement is active across Indonesia, Vietnam, Kenya, Panama, Argentina, Guatemala, Costa Rica, and Bolivia as biofuel mandates expand in those markets.^[2]
In Q1 FY27, African market orders executed carried lower margins than Europe/Americas orders, contributing to YoY margin compression.^[2]
Praj is executing its first low-carbon ethanol project in the USA targeting IRA 45Z tax credits, which is expected to serve as a commercial demonstration for US market follow-on inquiries.^[3]
A large greenfield corn-to-ethanol plant order (~800 KLPD) was received in Brazil in Q1 FY27, marking Praj's first major corn-to-ethanol reference in Latin America.^[2]

Expansion and new verticals

Praj GenX signed an exclusive framework agreement with a global EPC for supply of modular infrastructure for hyperscale data centres, guaranteeing minimum business of USD 50 million (~INR 500 crore) over 2.5 years.^[2]
Praj GenX secured its first CCUS skids order from a global oil major under a framework agreement in Q3 FY26; GenX held 12 - 13 client approvals at end of Q4 FY26.^[4][1]
Praj HiPurity received its first combined ultra-pure water and ZLD contract from a semiconductor company in India in Q1 FY27, opening the batteries, semiconductors, and solar segment.^[2]
Praj GenX EBITDA breakeven is targeted by end of FY27 based on improved order buildup including short-cycle data centre deliveries.^[2]

Recent developments

Union Cabinet approved the GOBARdhan National Circular Bioenergy Scheme in Q1 FY27 with an outlay of INR 23,731 crore for FY27 - FY36, targeting a nearly tenfold scale-up of domestic CBG production.^[2]
Bureau of Indian Standards notified fuel specifications for E22, E25, E27, E30, E85, and E100; government planned 150 E85/E100 retail outlets initially, scaling to 5,000 nationwide within 24 months from Q4 FY26.^[1]
Praj HiPurity received its first contract under the National BioE3 Policy for precision fermentation from Embio Limited, Dahej, in Q3 FY26.^[4]
Engineering segment secured a greenfield brewery contract and a ZLD order from a large metal major, each individually valued over Rs 100 crore, in Q3 FY26.^[4]

Market Cap

₹4,614 Cr

High / Low

₹428 / 246

Stock P/E

108.7

Price / Book

3.5

Book Value

₹71

EPS

₹1.3

No. of Shares

18.38 Cr

ROCE

6.5%

ROE

1.8%

OPM

3.0%

Debt / Equity

0.00

Sales

₹3,168 Cr

Net Profit

₹24 Cr

Promoter holding

32.8%

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