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Praj Industries
Ethanol/bio-energy EPC leader hit hard by ethanol capex pause — FY26 PAT collapsed to ₹24 Cr. SAF + CBG optionality remains.
Order book · Ethanol ordering pause; SAF pilot pipeline
Sell / Avoid
₹338
Mkt cap ₹6.2K Cr
P/E
321.0x
P/B
4.7x
ROCE
6.3%
ROE
1.4%
Div yield
1.77%
52W high
₹504
52W low
₹273
Promoter
32.8%
Score bridge (derived from real data)
Fundamental
26
Valuation
41
Technical
43
Moat (curated)
55
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹273now ₹338₹504
28/100
Technical rating D
Price · 2 years · SMA 50/200 · as of 2026-07-20
NeutralMACD BearishGolden cross
RSI-14
RSI-14
38
vs SMA-50
-5.7%
vs SMA-200
0.1%
1Y return
-32.5%
Ann. vol
39%
Max DD 1Y
-44%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Energy & Environment
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| Thermax | ₹56.1K Cr | 101.0x | 10% | 13.9% | 10.0% | 16.9% | 0.42x | 54 |
| Praj Industries ◄ | ₹6.2K Cr | 321.0x | 5% | 6.3% | -3.5% | -53.6% | 0.13x | 39 |
Financial statements
Source: Screener.inSales 3Y CAGR
-3.5%
PAT 3Y CAGR
-53.6%
OPM (latest)
5.0%
PAT margin
0.8%
D / E
0.13x
CFO / PAT
8.33x
EV / EBITDA
42.0x
FCF yield
3.1%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 50.6% | -1.8% | -6.9% | -1.9% |
| PAT growth YoY % | — | 60.0% | 17.9% | -22.6% | -89.0% |
| OPM % | 8% | 9% | 11% | 10% | 5% |
| PAT margin % | 6.4% | 6.8% | 8.2% | 6.8% | 0.8% |
| ROE % (PAT / net worth) | 16.4% | 22.3% | 22.2% | 15.8% | 1.8% |
| D / E (x) | 0.02 | 0.04 | 0.13 | 0.14 | 0.13 |
| Asset turnover (x) | 1.06 | 1.35 | 1.20 | 1.02 | 1.04 |
| CFO / PAT (x) | 1.25 | 0.68 | 0.70 | 0.20 | 8.33 |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 2,343 | 3,528 | 3,466 | 3,228 | 3,168 |
| Operating profit | 194 | 308 | 372 | 315 | 152 |
| OPM % | 8% | 9% | 11% | 10% | 5% |
| Net profit | 150 | 240 | 283 | 219 | 24 |
| EPS ₹ | 8.18 | 13.05 | 15.42 | 11.91 | 1.30 |
Quarterly · ₹ Cr
| Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|
| Sales | 842 | 841 | 845 |
| OPM % | 7% | 5% | 3% |
| PAT | 19 | -12 | 12 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 37 | 37 | 37 | 37 | 37 |
| Reserves | 879 | 1,041 | 1,238 | 1,345 | 1,272 |
| Borrowings | 21 | 42 | 169 | 195 | 173 |
| Total assets | 2,218 | 2,619 | 2,894 | 3,157 | 3,056 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 188 | 162 | 199 | 43 | 200 |
| Investing | -137 | -78 | -6 | 75 | -6 |
| Financing | -44 | -93 | -124 | -161 | -187 |
Shareholding
Promoters
32.8%
FII
17.8%
DII
14.1%
Public
35.3%
Mkt cap
₹6.2K Cr
P/E
321.0x
52W range
₹273–504