Praj Industries (PRAJIND) Q3 25/26 earnings summary

Executive summary

• Delivered steady quarter-over-quarter performance despite challenging external environment, with positive signs for future growth.

• Operating income for Q3 FY26 (consolidated) was INR 8,415 Mn, down 1.3% YoY; 9M FY26 income was INR 23,233 Mn, down 1.9% YoY.

• Net profit for Q3 FY26 (consolidated) fell 130.2% YoY to a loss of INR 124 Mn; 9M FY26 net profit dropped 93.2% YoY to INR 122 Mn.

• Exceptional items included a one-time INR 344 Mn impact from new labor codes, affecting profitability.

• Financial results for Q3 and 9M FY26 were reviewed and approved by the Board, with no material misstatements identified.

Financial highlights

• Q3 FY26 consolidated income from operations at INR 8.41 billion, flat sequentially from Q2; 9M FY26 income at INR 23.23 billion, slightly down YoY.

• Q3 FY26 consolidated EBITDA was INR 473 Mn, down 34.9% YoY; 9M FY26 EBITDA was INR 1,346 Mn, down 46.3% YoY.

• Profit before tax (PBT) before exceptional items at INR 216 million in Q3, down from INR 296 million in Q2.

• Profit after tax (PAT) at INR -124 million in Q3, compared to INR 193 million in Q2; nine-month net profit at INR 122 million.

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

Outlook and guidance

• Expect continued subdued greenfield BioEnergy orders due to demand-supply imbalance, with focus shifting to brownfield and efficiency projects.

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

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

• Positive policy developments in international markets and new industrial segments (data centers, battery, solar, semiconductors) are expected to support future growth.