Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 16 Sep - Praj signs Bio-IBA development/commercialization pact with Gevo; first India demo plant for an OMC underway.
Source: Bse
Praj Industries Limited (PRAJIND)
Micro CapIndustrials stocks · Micro cap · NSE
Praj Industries is a global process engineering and solutions provider focused on bioenergy, high-purity systems, and engineering solutions. It offers end-to-end solutions for biofuels, CBG, and sustainable aviation fuel, alongside modular infrastructure for data centers and ultrapure water/ZLD solutions for emerging industries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result13 Aug, 04:36 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -10.3% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PRAJINDD candles · FIT view-32.9%TODAY · PROVISIONALLatest price ₹265.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-3.6%
RSI
22
MACD hist
-2.21
52W pos
1%
2026-10-21O ₹275.00H ₹275.55L ₹263.25C ₹265.00Vol 7.7L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PRAJINDNifty India ManufacturingNifty 500
- PRAJIND
- -18.5%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -12.9 pp
Chart stats
19 Oct 2026- From 52W high
- -35.6%
- 52W range position
- 2%
- ATR (14)
- 3.4%
- Volume vs 20D
- 1.39x
- Avg traded value
- ₹13.2 Cr
- 20D price channel
- ₹272 - ₹324.8
₹427.7
₹272 - ₹427.7
₹9.3
Latest completed session
20-session average
30.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +11.9% · PAT +140.0% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-7860.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence63
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 57/100Rev +12% YoY · PAT +140% YoY · operating leverage · margin compression
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹716 Cr | +11.9% | -15.3% |
| EBITDA | ₹30 Cr | -3.2% | +30.4% |
| Operating margin | 4.2% | -70 bps | +140 bps |
| PAT | ₹12 Cr | +140.0% | +0.0% |
| PAT margin | 1.7% | +90 bps | +26 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 104.00
- P/B
- 4.03
- EV/EBITDA
- 21.25
- Market Cap
- 5268.00Cr
Profitability
- ROE
- 1.48%
- ROCE
- 6.12%
- ROA
- 0.98%
- Dividend Y
- 1.26%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- -24.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- -56.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- 7.89×
- Altman Z
- 3.77
- Book Value
- 71.20
Cash Flow
- FCF Yield
- 3.87%
- FCF Positive Y
- 12/5
- OCF
- 200.00 Cr
- EPS TTM
- 1.64
Shareholding
- Promoter Hold
- 32.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,168-1.9% vs prev
Net Profit
₹ CrLatest: 24.0-89.0% vs prev
Return on Equity
%Latest: 1.8-88.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 22.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.8% over last month) — short-term momentum negative.
- RSI(14) at 22 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
28
RS percentile
Stage 1 Base / Transition
1M return
-12.9%
3M return
-18.5%
6M return
-28.1%
1Y return
-17.9%
RS 1D
-5
RS 20D
-14
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 19.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 83.18-3.13%
RS vs Nifty 50083
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth5/25
Quality0/20
Balance Sheet8/15
Cash Flow8/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 3.9%.
- Cash flow contributes 8/10 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -7860.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
104.0
PB
4.0
EV/EBITDA
21.3
ROE
1.5%
ROCE
6.1%
FCF Yield
3.9%
Debt/Equity
0.1
MoS
-7860.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-7860.1%
Previous: -8169.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
24
24
24
24
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹51.26
-417.0% MoS
Growth-justified P/E
2.0
Growth-justified Value
₹3.33
-7860.1% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LXCHEM
Micro
Laxmi Organic Industries Limited
Retail
match 95
25
38.9
4.1%
-833%
OVERVALUED
TRIVENI
Micro
Triveni Engineering & Industries Limited
Retail
match 95
31
21.5
8.7%
-188%
OVERVALUED
RENUKA
Micro
Shree Renuka Sugars Limited
Retail
match 94
14
—
—
—
OVERVALUED
VIPIND
Micro
VIP Industries Limited
Retail
match 93
16
—
-92.4%
—
OVERVALUED
PICCADIL
Micro
Piccadily Agro Industries Limited
Retail
match 93
54
41.4
17.4%
+10%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T16:44:00.087Z
Management commentary snapshot
Q1 FY27 consolidated income from operations grew YoY, PBT and PAT significantly improved, driven by strong order intake of INR 10 billion, leading to an order backlog of INR 45.9 billion.
Praj's Q1 FY27 results show strong order intake and improved profitability YoY, though execution challenges persist in domestic 1G ethanol due to funding and supply-demand imbalances. Diversification into new bioenergy products and engineering segments like data centers and semiconductors is creating new opportunities and is crucial for future growth and margin improvement.
Current business mix
Q1 FY27 Revenue by Business Segment
Latest issuer-disclosed distribution across 3 reported categories.
Bioenergy66.0%
Engineering22.0%
Praj HiPurity Systems12.0%
Growth engines
Bio-Isobutanol (Bio-IBA)
Order received for country's first commercial-scale demo plant; 2% blending mandate in diesel could create INR 3,000 crore project opportunity.
CBG (Compressed Bio-Gas)
GOBARdhan scheme (INR 23,000 crore outlay, FY27-FY36) aims to scale domestic CBG tenfold, addressing execution challenges with assured demand and stable pricing.
Hyperscale Data Centers (Praj GenX)
Secured global supply agreement for modular infrastructure, minimum USD 50 million over 2.5 years, diversifying into high-growth global engineering.
Semiconductors, Batteries, Solar (BSS) segment
Received first combined contract for ultrapure water and ZLD solutions for a semiconductor company in India.
Capacity and execution
Bio-IBA Demo Plant
Order received for country's first commercial-scale demo plant for Bio-IBA; construction to be completed by December 2026.
Brazil Corn-to-Ethanol Plant
Received order for a greenfield grain-to-ethanol plant in Brazil, an 800 KLPD corn-to-ethanol project.
Tailwinds
Government Biofuel Policies
Union cabinet approved GOBARdhan scheme (INR 23,000 crore outlay) for CBG; state governments also supporting CBG capacity creation.
International Biofuel Mandates
USA announced E15 blending; governments in Indonesia, Vietnam, Kenya, Panama, Argentina, Guatemala, Costa Rica, Bolivia increasing biofuel share.
SAF Certification
ICAO approved sugarcane-to-jet pathway for Sustainable Aviation Fuel, validating alcohol-to-jet technology.
Industrial Regulations
Strict implementation of laws for emissions from chemical industry helps ZLD solutions growth.
Headwinds
Domestic 1G Ethanol Slowdown
Greenfield projects experiencing slowdown; inquiries only from ethanol deficit areas due to lack of higher blending mandates.
Project Funding Issues
Funding-related issues persist for project backlog execution, extending cycles.
Ethanol Supply-Demand Imbalance
Impacted project backlog conversions to revenues in domestic market.
Material Cost Pressure
Upward trend in material cost, especially steel, due to current geopolitical scenario.
Risk radar
Project Execution Delays
Funding issues and supply-demand imbalance can extend project execution cycles, impacting revenue conversion and collections.
Material Cost Volatility
Geopolitical scenario causing upward pressure on material costs, requiring advanced procurement and contractual arrangements.
Policy Dependence
Growth in bioenergy (especially 1G ethanol) is materially gated by government policy and blending mandates.
New Segment Execution
Establishing good execution and customer satisfaction in new segments like data centers and semiconductors is crucial for future potential.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company operates in project-based segments (bioenergy, engineering) where project execution cycles can span multiple quarters. Comparing year-over-year provides a more stable view, mitigating short-term sequential fluctuations and seasonality.
Sector KPIs management disclosed
Order Intake
INR 10 billion in Q1 FY27 (57% domestic, 62% bioenergy, 28% engineering, 10% Praj HiPurity Systems).
Order Backlog
INR 45.9 billion as of June 30, 2026 (63% domestic orders).
Revenue (Income from operations)
INR 7.16 billion in Q1 FY27 vs INR 6.4 billion in Q1 FY26.
PBT (before exceptional items)
INR 210.5 million in Q1 FY27 vs INR 96.09 million in Q1 FY26.
Management forward view
Diversification Strategy
Expanding basket of offerings in Praj GenX to hedge against headwinds in specific segments and ensure continuous orders and revenues.
Margin Improvement Focus
Working on improving margins by changing mix (domestic vs. international, projects vs. services, 1G ethanol vs. new biofuels).
New Avenues Maturing
Believe new avenues like Praj GenX, internationalization, and alternative biofuels will start converging and contributing to top line and bottom line in latter part of FY27.
CBG Market Development
GOBARdhan scheme and state policies expected to open up CBG market, improving opportunity size and overall margins.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Praj GenX Breakeven | Working towards breakeven. | EBITDA breakeven by end of FY27, driven by increased volumes from data center orders. |
| Domestic 1G Ethanol Project Flow | Slowdown in greenfield projects. | Policies around higher blending mandates to revive greenfield inquiries and execution. |
| International Order Conversion | International orders are 40-43% of Q1 intake, but revenue share was lower. | Increased international revenue share in coming quarters as orders convert. |
| Bio-IBA Commercialization | Demo plant construction by Dec 2026, government testing underway. | Mandates for bio-isobutanol blending in diesel and further project opportunities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
63Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 35th percentile within Industrials. Main check: results consistency is weak at 27/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
93 docs text-extracted · 29 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
38th percentile
overall median 67 · Industrials: 35th pctile, median 68 · Micro: 21st pctile, median 73
Evidence depth
Financial-only
93 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
27
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.3%.
- ▸12 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 6.1%.
- ▸ROE is low at 1.5%.
- ▸ROCE trend is -11.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Praj Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Aug
Source: Bse
Investor presentation
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Aug - Praj Industries shared Q1-FY27 investor presentation on unaudited results, revenue, EBITDA, PAT and order backlog.
Source: Bse
AnnouncementQ4 2026
Q4 2026 · Intimation Regarding Appointment Of Internal & Cost Auditors. 28 May - Board recommended ₹3.60 final dividend, reappointed Ms. Rujuta Jagtap, and appointed auditors for FY27.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.