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Revenue
₹8.07 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Praj Industries reported Q3 FY26 revenue of ₹841 crore, flat sequentially, with a net loss of ₹12.4 crore due to a one-time ₹34.4 crore impact from revised labor laws. Excluding this, PAT was ~₹22 crore. The bioenergy segment saw subdued greenfield ethanol orders, but brownfield solutions and DCO orders provided support. Engineering and PHS segments drove order intake of ₹914 crore, with a breakthrough CCUS order from a global oil major and large brewery/ZLD orders. Management guided for GenX order bookings of ₹500 crore+ in FY27 and expects Mangalore facility breakeven in FY27. Risks include delayed policy clarity on SAF and CBG, and slow conversion of JVs with IOCL/BPCL into tangible orders.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets at least ₹500 crore in order bookings from the Mangalore GenX facility in FY27, with focus on first two quarters.
- The Mangalore facility is expected to achieve breakeven in FY27, supported by the recent CCUS order and pipeline.
- The basic engineering order for an ethanol-to-jet SAF plant for a US customer will be completed by end of FY26, with customer investment decision expected in Q1 FY27.
- Two CBG plants using mixed feed (rice straw and napier grass) have been commissioned and are ramping up capacity; rated performance expected soon.
Risks flagged
- The IOCL JV (announced 2022) has seen no progress, and the BPCL JV is still in project shortlisting stage, raising concerns about execution.
- While the draft SAF blending policy is expected, no timeline has been provided, delaying potential large-scale orders.
- Greenfield ethanol projects remain subdued due to supply-demand imbalance, impacting bioenergy order intake.
- Higher share of low-margin Africa construction projects in exports compressed overall margins; recovery depends on mix shift.
Key quotes
- Our target is at least we should be hitting a number on order booking of not less than 500 crores.
- We are ready with our technology and our intent to engage in these markets.
- I guess four years is good enough time to finalize all those things.
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