Order Intake
₹914 crore
+12.4% QoQ
Order intake grew 12.4% quarter-over-quarter to ₹914 crore, driven by engineering and PHS segments.
PRAJ
Other
10 Feb 2026
Praj Industries Ltd — Q3 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Order Backlog
₹4,491 crore
flat QoQ
Order backlog stood at ₹4,491 crore as of Dec 2025, with 66% domestic orders.
Export Revenue Share
34%
-1pp QoQ
Export revenue share declined to 34% in Q3 from 35% in Q2, impacting margins due to Africa mix.
GenX Audits/Agreements
12 audits, 4 framework agreements
+6 audits QoQ
GenX facility achieved 12 customer audits and 4 framework agreements, with first CCUS order from a global oil major.
Management Guidance
GenX order booking target of ₹500 crore+ in FY27
Management targets at least ₹500 crore in order bookings from the Mangalore GenX facility in FY27, with focus on first two quarters.
Management guidance growthMangalore facility breakeven in FY27
The Mangalore facility is expected to achieve breakeven in FY27, supported by the recent CCUS order and pipeline.
Management guidance marginsSAF detailed engineering completion by Q4 FY26
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.
Management guidance growthCBG plants commissioning progress
Two CBG plants using mixed feed (rice straw and napier grass) have been commissioned and are ramping up capacity; rated performance expected soon.
Management guidance growthKey Risks
Slow conversion of JVs with IOCL and BPCL
The IOCL JV (announced 2022) has seen no progress, and the BPCL JV is still in project shortlisting stage, raising concerns about execution.
high · analyst_questionDelayed policy clarity on SAF blending
While the draft SAF blending policy is expected, no timeline has been provided, delaying potential large-scale orders.
medium · management_commentaryContinued slowdown in 1G ethanol greenfield projects
Greenfield ethanol projects remain subdued due to supply-demand imbalance, impacting bioenergy order intake.
medium · management_commentaryMargin pressure from Africa project mix
Higher share of low-margin Africa construction projects in exports compressed overall margins; recovery depends on mix shift.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Praj Industries's revenue in Q3 FY26?
Praj Industries reported revenue of ₹841 Cr in Q3 FY26, representing a — change compared to the same quarter last year.
What guidance did Praj Industries management give for FY27?
GenX order booking target of ₹500 crore+ in FY27: Management targets at least ₹500 crore in order bookings from the Mangalore GenX facility in FY27, with focus on first two quarters. Mangalore facility breakeven in FY27: The Mangalore facility is expected to achieve breakeven in FY27, supported by the recent CCUS order and pipeline. SAF detailed engineering completion by Q4 FY26: 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. CBG plants commissioning progress: Two CBG plants using mixed feed (rice straw and napier grass) have been commissioned and are ramping up capacity; rated performance expected soon.
What are the key risks for Praj Industries in FY27?
Key risks include Slow conversion of JVs with IOCL and BPCL — The IOCL JV (announced 2022) has seen no progress, and the BPCL JV is still in project shortlisting stage, raising concerns about execution.; Delayed policy clarity on SAF blending — While the draft SAF blending policy is expected, no timeline has been provided, delaying potential large-scale orders.; Continued slowdown in 1G ethanol greenfield projects — Greenfield ethanol projects remain subdued due to supply-demand imbalance, impacting bioenergy order intake.; Margin pressure from Africa project mix — Higher share of low-margin Africa construction projects in exports compressed overall margins; recovery depends on mix shift..
Did Praj Industries meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Praj Industries Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.