Praj Industries (PRAJIND) Q2 26/27 earnings summary

Executive summary

• Consolidated Q2 FY27 revenue was Rs 8,489.929 million and PAT Rs 231.674 million, both higher YoY; EBITDA declined 6.3%.

• H1 consolidated revenue rose to Rs 15,648.140 million and PAT to Rs 347.728 million; order intake was INR 7,150 million and backlog INR 44,550 million.

• Stronger H2 bookings are expected from CBG, international bioenergy and GenX; the FY2030 revenue ambition remains, though some growth inflection points have been delayed.

Financial highlights

• Consolidated Q2 FY27 revenue was Rs 8,489.929 million vs Rs 8,416.336 million YoY; PAT was Rs 231.674 million vs Rs 192.834 million.

• Consolidated H1 revenue was Rs 15,648.140 million vs Rs 14,818.355 million; PBT was Rs 571.728 million and PAT Rs 347.728 million.

• Standalone Q2 revenue was Rs 6,518.694 million vs Rs 6,858.601 million; PAT increased to Rs 454.339 million from Rs 416.630 million.

• Standalone H1 revenue was Rs 11,911.174 million vs Rs 11,961.772 million; PAT was Rs 708.784 million vs Rs 616.236 million.

• Q2 order intake was INR 7,150 million; September 2026 backlog was INR 44,550 million, with 63% domestic.

Outlook and guidance

• Better H2 bookings are expected; international bioenergy opportunities comprise a ~INR 1,000cr pipeline, with GenX opportunities additional.

• GenX FY27 bookings are expected within the previously indicated range, with revenue ramp-up in H2 subject to delivery cycles; PBT breakeven is expected within 12 months.

• FY2030 revenue ambition was reaffirmed, with timing dependent on order realization; data centers, international markets, CBG and Bio-IBA are additional growth drivers.

• First JV CBG plant is expected to reach commercial production in ~15 months; 8–10 plants may be developed over at least three years.

• Strategic priorities include SAF, CBG, biochemicals, renewable chemicals and e-fuels, backed by R&D and pilot/demo facilities.