Praj Industries (PRAJIND) Q3 25/26 earnings summary

Executive summary

• Delivered steady quarter-over-quarter performance despite a challenging environment, with positive policy and trade developments expected to benefit future growth.

• Government initiatives in biofuels, CBG blending, and carbon capture are creating new opportunities across business segments.

• Technology advancements in Bio-IBA and SAF position the company for emerging biofuel markets.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board on 12 February 2026.

• Both standalone and consolidated results have been reviewed by statutory auditors with no material misstatements identified.

Financial highlights

• Q3 FY26 consolidated income from operations was INR 8.41 billion, flat sequentially and down 1.3% YoY; nine-month FY26 income was INR 23.23 billion, down 1.9% YoY.

• Q3 FY26 PBT before exceptionals at INR 216 million, down from INR 296 million in Q2; PAT at INR -124 million versus INR 193 million in Q2; nine-month FY26 PAT at INR 122.4 million, down 93.2% YoY.

• Q3 FY26 consolidated EBITDA was INR 473 million, down 34.9% YoY; EBITDA margin contracted to 5.62% in Q3 FY26.

• Export revenues comprised 34% of Q3 revenue; BioEnergy contributed 71%, Engineering 18%, and HiPurity 11% of total revenue.

• Standalone revenue for Q3 FY26 was INR 6,969.48 million; standalone net profit was INR 166.28 million.

Outlook and guidance

• Expect continued subdued greenfield BioEnergy (ethanol) orders due to demand-supply imbalance; focus shifting to brownfield and efficiency projects.

• Anticipate margin improvement as fixed cost absorption at new facilities increases and order mix shifts.

• Targeting at least INR 500 crore in GenX order bookings for FY27, with breakeven expected at INR 400–500 crore turnover.

• Data centers and new industrial segments (battery, solar, semiconductors) are emerging as growth opportunities.

• Management is monitoring the impact of new labour codes and expects no material future impact.