Praj Industries Ltd

PRAJIND

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Market Cap

₹ 6,342 Cr

P/E

60.10

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Praj Industries Limited is a biotechnology and engineering company specializing in bioenergy solutions, high purity water systems, and critical process equipment across 100+ countries.

The company holds a 40% repeat business rate, indicating strong customer loyalty and satisfaction with their solutions.

Incorporating over 400 overseas references, Praj is a significant player in the global ethanol and biofuel industries, boasting a ~10% share in global ethanol production.

Praj’s strategic focus includes bio-mobility and renewable chemicals, partnering with companies like Gevo and Axens to advance sustainable aviation fuel technologies.

The financial performance is highlighted by a 3-year CAGR of 11% in revenue, alongside a solid 13% PAT growth, illustrating robust business fundamentals.

Sector

Capital Goods-Non Electrical Equipment

Industry

Engineering - Heavy - General - Large

Market Cap

6,342 Cr

Volatility

High Risk

P/E Ratio

60.1

Industry P/E

34.7

PEG Ratio

1.6

P/B Ratio

4.9

52W High

874.30

52W Low

293.70

Sales CAGR

-6.87%

10.00%

23.85%

10Y

13.79%

Profit CAGR

-22.75%

17.17%

32.52%

10Y

16.79%

ROE

TTM

8.11%

19.87%

17.85%

10Y

14.03%

ROCE

TTM

11.62%

25.01%

22.95%

10Y

18.23%

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

No. of Analysts

14

1Y Price Target

409.02 ▲ 21.10%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TITAGARH	785.40	10,635 Cr	54.01	4.19	0.13	7.74	11.31	5.13
MTARTECH	2379.25	7,318 Cr	163.52	9.84	0.00	6.01	9.08	3.81
AJAXENGG	601.00	6,890 Cr	27.45	5.50	0.00	20.04	26.78	17.20
PRAJIND	345.00	6,342 Cr	60.10	4.87	1.74	8.11	11.62	3.26
TEXRAIL	127.50	5,185 Cr	24.56	1.75	0.58	7.37	11.59	4.11
SKIPPER	439.45	4,951 Cr	28.46	3.87	0.02	12.99	19.01	4.14
UNIPARTS	499.60	2,255 Cr	19.47	2.46	2.85	12.61	15.10	9.29

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	737	882	829	1,019	699	816	853	860	640	842
Expenses	661	798	731	888	607	730	780	786	609	786
Operating Profit	75	84	98	131	92	86	73	74	31	56
OPM %	10.25	9.52	11.77	12.84	13.15	10.56	8.52	8.60	4.91	6.63
Other Income	12	11	9.06	11	40	14	14	12	8.59	5.44
Interest	1.10	1.03	3.84	3.82	4.92	4.72	4.38	4.81	5.20	4.97
Depreciation	8.81	9.07	11	15	20	21	23	22	25	27
Profit Before Tax	78	85	92	123	107	74	59	58	9.61	30
Tax %	24.49	26.46	23.40	25.27	21.36	27.69	30.13	31.66	44.43	34.89
Net Profit	59	62	70	92	84	54	41	40	5.34	19
EPS in Rs	3.19	3.40	3.83	5.00	4.58	2.93	2.23	2.17	0.29	1.05

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	955	923	1,141	1,102	1,305	2,343	3,528	3,466	3,228	3,169
Expenses	846	865	1,062	1,024	1,192	2,149	3,220	3,094	2,913	2,905
Operating Profit	109	58	79	78	112	194	308	372	315	264
OPM %	11.40	6.32	6.95	7.08	8.61	8.27	8.72	10.73	9.75	8.34
Other Income	22	27	32	30	26	36	46	59	89	47
Interest	1.31	1.14	0.76	3.10	2.86	2.51	4.63	9.79	19	19
Depreciation	22	24	23	22	22	23	30	44	86	91
Profit Before Tax	68	53	88	83	113	205	319	377	299	201
Tax %	33.95	25.51	22.43	15.27	28.33	26.67	24.76	24.92	26.67	30.35
Net Profit	45	39	68	70	81	150	240	283	219	140
EPS in Rs	2.43	2.15	3.71	3.83	4.42	8.18	13.04	15.42	11.91	5.74
Dividend Payout %	65.06	74.31	56.68	70.13	48.87	51.34	34.48	38.91	50.38	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	36	36	36	37	37	37	37	37	37	37
Reserves	626	674	690	708	683	765	879	1,041	1,238	1,345
Borrowings	16	4.34	5.98	0.00	0.00	18	21	42	169	195
Other Liabilities	484	473	401	502	442	774	1,281	1,499	1,452	1,584
Total Liabilities	1,162	1,187	1,133	1,247	1,162	1,594	2,218	2,619	2,895	3,160
Fixed Assets	297	256	283	276	280	270	272	303	474	567
CWIP	0.83	31	4.17	2.23	2.08	0.61	2.09	6.95	43	18
Investments	126	148	215	224	177	349	477	557	497	428
Other Assets	738	752	631	744	702	975	1,467	1,752	1,881	2,147
Total Assets	1,162	1,187	1,133	1,247	1,162	1,594	2,218	2,619	2,895	3,160

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	52	20	101	33	15	225	188	162	199	43
Cash from Investing Activity	-1.41	-8.03	-71	-5.91	62	-164	-140	-84	-10	71
Cash from Financing Activity	-68	-3.86	-25	-43	-98	-6.29	-44	-93	-124	-161
Net Cash Flow	-18	8.30	6.01	-16	-21	54	3.61	-16	65	-47

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	32.87%	32.82%	32.82%	32.82%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%
FIIs	17.61%	17.83%	18.30%	17.93%	17.37%	18.87%	18.55%	19.03%	18.63%	18.63%	16.86%	17.52%
DIIs	7.69%	7.84%	8.40%	10.21%	13.10%	13.69%	16.66%	17.34%	18.20%	18.20%	17.44%	14.84%
Public	41.83%	41.51%	40.48%	39.03%	36.73%	34.63%	31.99%	30.83%	30.37%	30.37%	32.89%	34.83%
Total Shareholders	2,79,331	2,83,459	2,77,224	2,96,931	3,14,475	3,24,849	3,27,689	3,49,924	3,53,099	3,53,099	3,86,468	4,03,110

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 16, 2025	Qe securities llp	Bulk	Buy	349.30	32.22 Cr	9,22,451	0.50
Dec 16, 2025	Graviton research capital llp	Bulk	Buy	347.00	35.46 Cr	10,21,783	0.55
Dec 16, 2025	Graviton research capital llp	Bulk	Sell	347.31	35.49 Cr	10,21,789	0.55
Dec 16, 2025	Qe securities llp	Bulk	Sell	348.70	32.40 Cr	9,29,191	0.50
Dec 15, 2025	Graviton research capital llp	Bulk	Buy	330.73	35.01 Cr	10,58,545	0.57
Dec 15, 2025	Graviton research capital llp	Bulk	Sell	331.13	35.05 Cr	10,58,597	0.57
Dec 10, 2025	Moriyaset trust	Insider - Promoter Group	Disposal	—	—	72,00,000	3.92
Dec 10, 2025	Dr pramod chaudhari	Insider - Promoter & Director	Acquisition	—	—	72,00,000	3.91
Nov 25, 2024	Mr. ghansham deshpande revised	Insider - Designated Person	Disposal	756.33	0.23 Cr	3,000	0.002
Sep 27, 2024	Mr. ghansham deshpande	Insider - Designated Person	Disposal	811.35	0.24 Cr	3,000	0.00

Projection

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

6 days ago

Inter-Se Transfer of Shares Among Promoter Group

Disclosure of inter-se transfer of 7.2 million shares (3.917%) among promoter group members as per SEBI regulations.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

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