Praj Industries (PRAJIND) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated revenue was INR 32,280 million, down 6.9% YoY, with net profit at INR 2,189 million, a 22.8% decline; Q4 FY25 revenue was INR 8,597 million, down 15.6% YoY, and net profit INR 398 million, down 56.7% YoY.

• India achieved 20% ethanol blending ahead of schedule, with significant contributions from CBG, services, and international business segments.

• Strategic partnerships formed for PLA (bioplastic) production and CBG projects, including with Thyssenkrupp Uhde and BPCL.

• Praj Genex Mangalore facility commenced operations, with scale-up costs impacting FY25 results; expected to contribute positively from FY26.

• Board proposed a final dividend of INR 6 per share (300% of face value), subject to shareholder approval.

Financial highlights

• FY25 consolidated income: INR 32,280 million (down from INR 34,662.78 million YoY); PBT: INR 2,703 million (down from INR 3,774 million YoY); PAT: INR 2,189 million (down from INR 2,850 million YoY).

• FY25 consolidated EBITDA was INR 3,248 million, down 16.3% YoY, with EBITDA margin at 10.06% (down 113 bps YoY).

• Export revenue share increased to 24% in FY25 from 18% in FY24.

• Order intake for Q4 FY25 was INR 10,320 million; order backlog as of March 2025: INR 42,930 million.

• Exceptional gain of INR 281.57 million from sale of land at Nasarapur included in results.

Outlook and guidance

• Strong international order inflow, especially from Americas and South America, driven by new mandates and the US 45Z notification.

• Domestic ethanol demand expected to grow via new applications (flex-fuel vehicles, diesel blending, SAF) and co-product development.

• CBG segment poised for growth with large projects and new biobitumin technology enhancing project viability.

• Praj GenX Mangalore facility and new Tanzania subsidiary expected to contribute to revenue and profit from FY26.