NSE: PRAJIND · BSE: 522205 · ISIN INE074A01025
Praj Industries Limited stock analysis
Praj Industries Limited ranks #2746 in the TickerSutra evidence-ranked universe with a score of 44/100 and 95% data confidence. The latest captured fundamentals show ROCE of 6.1%, quarterly sales growth of 11.8% and quarterly profit growth of 117.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.13×
- Strong CFO/EBITDA of 1.29×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Operating margin has compressed materially
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,343cr | ₹194cr | ₹150cr | 8.0% |
| 2023 | ₹3,528cr | ₹308cr | ₹240cr | 9.0% |
| 2024 | ₹3,466cr | ₹372cr | ₹283cr | 11.0% |
| 2025 | ₹3,228cr | ₹314cr | ₹219cr | 10.0% |
| 2026 | ₹3,168cr | ₹155cr | ₹24cr | 4.9% |
| TTM | ₹3,244cr | ₹150cr | ₹30cr | 4.6% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
I would like to explain it to you in little bit detail so that everyone will get benefited. This quarter, we have seen 3% margin improvement only on the material cost. But at the same time, if you look at my other expenses have gone up by 4%.
These co-products find applications in sectors such as animal nutrition, food ingredients, and industrial applications, thereby improving overall plant profitability. By enabling integrated processing and maximizing output from the same input, co-product valorization plays a critical role in margin enhancement and risk diversification, particularly in a dynamic pricing environment for biofuels. During the year, Praj
We believe that this situation will continue till the time we see policies around higher blending mandates. While greenfield projects are moving slowly, we see increasing demand for our Brownfield solutions, where customers are prioritizing operational efficiency improvements and value -added co -products, such as the Distillers corn oil or DCO. There is a strong demand for greenfield ENA plants, where Praj has a cle
The journey to 2030 will demand agility, innovation, and collaboration. With a strong foundation, talented people, differentiated technologies, and the trust of our stakeholders, we are confident of achieving our aspirations while creating lasting value for society and our shareholders. I thank our customers, employees, partners, investors, and Board members for their unwavering support.
Just a 2% blending mandate for Bio -IBA in diesel has a potential to create over INR 3,000 crore project opportunity. In the international market, we have received an order for setting up a greenfield grain -to- ethanol plant in Brazil. This project will be a marquee reference for Praj in the region.
Praj remains focused on innovation, integrated execution, and long-term customer partnerships to capitalize on these opportunities. Water and wastewater treatment continues to play an increasingly important role in Praj’s engineering portfolio, driven by growing emphasis on sustainability, resource efficiency, and regulatory compliance across industries. During the year, the Company strengthened its capabilities acro
Incremental costs of obtaining a contract, if any, and costs incurred to fulfil a contract are amortised over the period of execution of the contract in proportion to the progress measured in terms of a proportion of actual cost incurred to-date, to the total estimated cost attributable to the performance obligation. Contract modification, when approved by both the parties to the contract, are considered as modificat
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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