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Praj Industries

PRAJIND NSE
₹255.34 +0.71 (+0.28%)
P/E
155.70
View as Markdown
MCP
Close 4 Nov 2026 ₹255.34 −78.41 −23.5% 1Y
Start ₹333.75

Key Fundamentals

MicrocapIndustrial ManufacturingCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
6.12%
Debt to Equity
0.13
EPS (TTM)
₹1.64
Book Value
₹69.53
Market Cap
—
P/E (TTM)
155.70
P/B
3.67
ROE
1.48%
Dividend Yield
1.41%
EBITDA
₹202 Cr
52W High
₹427.65
52W Low
₹240.10
Day Range
₹248.22 – ₹256.60
Volume
9,06,332

Peer Comparison

Industrials › Capital Goods › Industrial Products

Praj Industries peer comparison
Indo-MIM
₹1,240.10106.91₹59,516 Cr18.470.55%23.40%25.00%₹3,482 Cr₹562 Cr
Aditya Infotech
₹3,999.8098.59₹46,234 Cr14.530.04%25.40%28.60%₹4,883 Cr₹477 Cr
Syrma SGS
₹1,512.6079.19₹28,543 Cr9.590.10%14.00%16.80%₹5,464 Cr₹401 Cr
Honeywell Automation
₹29,810.0047.82₹25,976 Cr5.650.38%12.60%17.00%₹4,703 Cr₹552 Cr
Jyoti CNC Automation
₹1,034.9573.19₹22,990 Cr11.010.00%18.20%21.30%₹2,191 Cr₹323 Cr
Kaynes Technology India
₹3,330.0064.57₹21,957 Cr4.710.00%8.69%12.70%₹3,899 Cr₹345 Cr
LMW
₹17,358.00106.09₹18,108 Cr6.100.21%4.05%5.58%₹3,374 Cr₹176 Cr
Praj Industries (this company)
₹255.34155.70₹4,653 Cr3.671.41%1.48%6.12%₹3,244 Cr₹31 Cr
Median 8 companies₹2,421.3088.89₹24,483 Cr7.850.16%13.30%16.90%₹3,690 Cr₹373 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

46 Average

Data confidence 100/100

Category scores

Quality
69
Strong
Returns, margins, earnings quality 22% weight
Valuation
39
Weak
Cheap vs sector & own history 24% weight
Growth
25
Poor
Sales & profit trajectory 9% weight
Financial Health
46
Average
Solvency, leverage, coverage 9% weight
Momentum
14
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has been maintaining a healthy dividend payout of 122%
  • Company's working capital requirements have reduced from 21.3 days to 15.9 days

Weaknesses

2
  • Promoter holding is low: 32.8%
  • Company has a low return on equity of 11.7% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1063
OscillatorsBullish162
Moving AveragesStrong Bearish901

Key readings

RSI (14)
38.23
Neutral
MACD (12,26,9)
−14.70
Bullish
SMA (50)
303.73
Bearish
SMA (200)
328.76
Bearish

As of

Analyst Rating

Based on 6 analysts
BUY67%

4 of 6 analysts rate Buy, 1 Hold, 1 Sell.

As of

BUY
4
67%
HOLD
1
17%
SELL
1
17%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.96%
5Y+19.41%
3Y−3.52%
1Y−1.86%
TTM+2.37%

Net profit

Net profit growth by window
10Y−11.56%
5Y−21.59%
3Y−53.58%
1Y−89.04%
TTM−77.86%

Operating cash flow

Operating cash flow growth by window
10Y+14.64%
5Y−2.33%
3Y+7.28%
1Y+365.12%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−6.24 pp
5Y−3.69 pp
3Y−3.84 pp
1Y−4.84 pp
TTM−3.74 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹915 Cr
Mar 2018₹917 Cr
Mar 2019₹1,141 Cr
Mar 2020₹1,102 Cr
Mar 2021₹1,305 Cr
Mar 2022₹2,343 Cr
Mar 2023₹3,528 Cr
Mar 2024₹3,466 Cr
Mar 2025₹3,228 Cr
Mar 2026₹3,168 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹45.00 Cr
Mar 2018₹39.00 Cr
Mar 2019₹68.00 Cr
Mar 2020₹70.00 Cr
Mar 2021₹81.00 Cr
Mar 2022₹150 Cr
Mar 2023₹240 Cr
Mar 2024₹283 Cr
Mar 2025₹219 Cr
Mar 2026₹24.00 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹224 Cr +10.9% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Praj Industries trades at a market cap of ₹6,556 Cr with a PE of 272x, reflecting a sharp earnings decline (TTM profit down ~90%) despite a historically strong 5-year sales CAGR of 19%. The company maintains a generous dividend payout of 122% but faces deteriorating profitability and rising working capital requirements.

Bull Case 7
  • Strong long-term revenue track record with 5-year compounded sales CAGR of 19% and 10-year CAGR of 12%, demonstrating sustained business growth capability
  • Healthy dividend payout ratio of 122%, indicating management's commitment to returning capital to shareholders even during earnings downturns
  • Dividend yield of 1.7% provides income support in an industrials stock, above average for the sector
  • 10-year stock CAGR of 14% shows the company has created long-term shareholder value through business cycles
  • 5-year average ROE of 15% suggests the business has historically generated respectable returns on equity capital deployed
  • Price-to-book ratio of 4.97x is moderate for an industrials company with established bioethanol and engineering capabilities, suggesting the market still values the franchise
  • Company operates in the bioenergy and sustainability space which has structural tailwinds from India's ethanol blending programme targeting 20% blending by 2025-26
Bear Case 8
  • TTM profit has declined approximately 90%, signalling a severe earnings collapse that has pushed PE to 272x — an extreme valuation multiple
  • 3-year compounded profit CAGR of -57% shows the earnings decline is not a one-quarter blip but a sustained multi-year deterioration
  • Last year ROE collapsed to just 1%, down from a 3-year average of 12% and 5-year average of 15%, indicating very poor capital efficiency currently
  • Working capital days have increased from 37 days to 62.8 days, a 70% deterioration suggesting slower collections or project execution challenges
  • Promoter holding at 32.8% is relatively low, which may limit alignment between promoter interests and minority shareholders
  • Stock has declined 29% over the past 1 year and delivered negative 4% CAGR over 3 years, underperforming broader indices significantly
  • TTM sales growth is -2% and 3-year sales CAGR is -4%, indicating the topline momentum from the 5-year growth phase has reversed
  • 5-year compounded profit CAGR of -25% and 10-year profit CAGR of -13% show chronic inability to translate revenue growth into sustained earnings growth

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Praj Industries faces a severe earnings headwind with FY26 PAT collapsing 89% year-on-year despite operational income of INR 31.7 Bn, signaling major margin compression. On the positive side, leadership continuity is reinforced with a new JMD & CFO appointment backed by near-unanimous shareholder support. The trend is clearly deteriorating on profitability, and investors will need clarity on whether margin pressures are transient or structural before confidence can recover.

Headwinds 1
  • FY26 PAT plunges 89% Jun 22

    Praj Industries reported FY26 profit after tax of INR 238 Mn, down 89% from INR 2,189 Mn in FY25. Operational income stood at INR 31,679 Mn for the year ended March 31, 2026.

Positives 1
  • New JMD & CFO appointed Jun 18

    Sachin Raole appointed as Joint Managing Director & CFO for a five-year term, with shareholder resolutions receiving over 98% approval in postal ballot.

Quarterly Results

₹ Cr
PRAJIND quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
737
882
829
1,019
699
816
853
860
640
842
841
845
716
849
Expenses
661
798
731
888
607
730
780
784
609
786
800
821
686
797
Operating Profit
75
84
98
131
92
86
73
75
31
56
41
23
30
52
OPM %
10%
10%
12%
13%
13%
11%
9%
9%
4.9%
7%
4.9%
2.8%
4.2%
6%
Other Income
12
11
9
11
40
14
14
11.57
9
5
−23
33
20
12
Interest
1
1
4
4
5
5
4
5
5
5
5
5
4
3
Depreciation
9
9
11
15
20
21
23
22
25
27
27
27
25
25
PBT
78
85
92
123
107
74
59
58
10
30
−13
24
21
36
Tax %
24%
26%
23%
25%
21%
28%
30%
32%
44%
35%
−4%
51%
45%
36%
Net Profit
59
62
70
92
84
54
41
40
5
19
−12
12
12
23
EPS (₹)
3.19
3.39
3.83
5
4.58
2.93
2.24
2.17
0.29
1.05
−0.67
0.63
0.63
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
PRAJIND profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,012
1,024
915
917
1,141
1,102
1,305
2,343
3,528
3,466
3,228
3,168
3,244
Expenses
919
910
846
865
1,062
1,024
1,192
2,149
3,220
3,094
2,914
3,013
3,093
Operating Profit
93
114
69
52
79
78
112
194
308
372
314
155
150
OPM %
9%
11%
8%
6%
7%
7%
9%
8%
9%
11%
10%
4.9%
4.6%
Other Income
34
18
22
27
32
30
26
36
45
59
89
21
35
Interest
2
2
1
1
1
3
3
3
5
10
18.83
20
19
Depreciation
38
25
22
24
23
22
22
23
30
44
86
106
106
PBT
86
105
68
53
88
83
113
205
319
377
299
50
61
Tax %
9%
22%
34%
26%
22%
15%
28%
27%
25%
25%
27%
52%
—
Net Profit
78
82
45
39
68
70
81
150
240
283
219
24
30
EPS (₹)
4.3
4.63
2.49
2.18
3.73
3.85
4.42
8.18
13.05
15.42
11.91
1.3
1.64
Div. Payout %
38%
35%
65%
74%
57%
70%
49%
51%
34%
39%
50%
278%
—

Balance Sheet

₹ Cr
PRAJIND balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
35
36
36
36
37
37
37
37
37
37
37
37
Reserves
587
620
674
690
708
683
765
879
1,041
1,238
1,345
1,272
Borrowings
17
16
4
6
0
0
0
21
42
169
195
173
Other Liabilities
504
485
473
401
502
442
792
1,281
1,499
1,450
1,581
1,574
Total Liabilities
1,144
1,157
1,187
1,133
1,247
1,162
1,594
2,218
2,619
2,894
3,157
3,056
Fixed Assets
302
272
270
297
290
294
284
286
317
474
567
560
CWIP
1
1
31
4
2
2
1
2
7
43
18
6
Investments
158
145
134
201
211
164
335
463
543
497
428
418
Other Assets
682
738
752
631
744
702
975
1,467
1,752
1,880
2,144
2,072
Total Assets
1,144
1,157
1,187
1,133
1,247
1,162
1,594
2,218
2,619
2,894
3,157
3,056

Cash Flow

₹ Cr
PRAJIND cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
150
51
20
101
33
15
225
188
162
199
43
200
Investing
−77
2
−8
−69
−3
66
−164
−137
−78
−6
75
4
Financing
−40
−68
−4
−25
−43
−98
−6
−44
−93
−124
−161
−187
Net Cash Flow
33
−15
9
8
−14
−18
55
6
−9
70
−42
16
Free Cash Flow
154
39
−16
85
19
8
217
169
127
111
−1
157
CFO/EBITDA
151
76
59
221
68
42
213
120
73
82
46
175

Ratios

PRAJIND financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
101
131
118
105
98
109
127
80
82
68
63
64
Inventory Days
164
79
82
63
76
73
64
86
55
41
56
60
Days Payable
128
162
167
137
140
124
169
106
84
92
106
132
Cash Conversion Cycle
137
48
33
30
33
59
21
60
54
16
12
−8
Working Capital Days
26
46
66
51
39
65
12
4
8
16
32
16
ROCE %
12%
16%
10%
6%
11%
11%
15%
23%
31%
29%
18%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Praj Industries insights

63 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 32.81%
  • Public 30.54%
  • FIIs 16.75%
  • DIIs 15.68%
  • Others 4.22%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Praj Industries

What does Praj Industries Ltd do?
Praj Industries Ltd., founded in 1983 is a leading biotechnology and engineering company globally. It offers sustainable solutions in bioenergy, water purification, process equipment, breweries, and wastewater treatment.
Where is Praj Industries Ltd (PRAJIND) listed?
Praj Industries Ltd trades as PRAJIND on the NSE and under code 522205 on the BSE.
Which sector does Praj Industries Ltd belong to?
Praj Industries Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the PE ratio of Praj Industries Ltd?
Praj Industries Ltd trades at a PE ratio of 155.70 as of 4 Nov 2026, on earnings per share of ₹1.64, against a book value of ₹69.53 per share.
What is the 52-week high and low of Praj Industries Ltd?
Over the last 52 weeks Praj Industries Ltd has traded between ₹240.1 and ₹427.65 as of 4 Nov 2026.
Does Praj Industries Ltd pay dividends?
Praj Industries Ltd has a dividend yield of 1.41%.
What is the Return on Equity (ROE) of Praj Industries Ltd?
Praj Industries Ltd reported a return on equity of 1.48%. Its debt-to-equity ratio is 0.13.

Company Information

Praj Industries Ltd., founded in 1983 is a leading biotechnology and engineering company globally. It offers sustainable solutions in bioenergy, water purification, process equipment, breweries, and wastewater treatment. Company is focused on the environment, energy and farm-to-fuel technology solution. Company has global offices in Thailand, Philippines, and the USA.

Website praj.net
CEO Mr. Ashish Madhukar Gaikwad
Employees 1,844
Listed 11 Oct 1995
Face Value ₹2

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