Praj Industries Limited — Investor Meet, 10-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Praj Industries reported Q2 FY26 consolidated revenue of Rs. 842 Cr (vs. Rs. 816 Cr YoY) with PAT at Rs. 19.28 Cr (down from Rs. 53.8 Cr YoY). Profitability was impacted by sales mix, increased execution activity, and GenX fixed cost under-absorption. Domestic ethanol's greenfield project slowdown and US tariffs are near-term headwinds.

Management is pivoting the GenX strategy to target diverse industries like oil & gas. International bioenergy, particularly US low-carbon ethanol (due to 45Z tax credits) and new blending mandates in Latin America/Africa/Asia, shows growth potential. The first Napier Grass-based CBG project is underway, and the SAF demo plant is operational. Order intake was Rs. 810 Cr, with a backlog of Rs. 4,420 Cr. Management is confident in its diversified portfolio and long-term vision despite current challenges.