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Swing Capital

Praj Industries Ltd

NSE: PRAJIND BSE: 522205Energy

Praj Industries Ltd., founded in 1983 is a leading biotechnology and engineering company globally. It offers sustainable solutions in bioenergy, water purification, process equipment, breweries, and wastewater treatment. Company is focused on the environment , energy and farm-to-fuel technology solution. Company has global offices in Thailand, Philippines, and the USA.[1]

₹367
52W: ₹273 — ₹538
PE 42.8 · Book ₹74.5 · +393% vs book
Market Cap₹6,742 Cr
Stock P/E42.8Price to Earnings
ROCE23.6%Return on Capital
ROE18.2%Return on Equity
Div. Yield1.63%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 28.6% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 38.6%

Weaknesses

  • −Promoter holding is low: 32.8%

Shareholding Pattern

Promoters32.81%
FIIs17.74%
DIIs12.68%
Public36.77%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters32.81%32.81%32.81%32.81%32.81%32.81%32.81%32.81%
FIIs18.55%19.03%▲0.518.63%▼0.417.16%▼1.516.86%▼0.317.53%▲0.717.32%▼0.217.74%▲0.4
DIIs16.65%17.34%▲0.718.19%▲0.919.51%▲1.317.43%▼2.114.83%▼2.613.64%▼1.212.68%▼1.0
Public31.99%30.82%▼1.230.38%▼0.430.52%▲0.132.89%▲2.434.82%▲1.936.23%▲1.436.77%▲0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales783717839601704739701510686697
Expenses704623739515630668623482626642
Operating Profit799410086747278286055
OPM %10%13%12%14%10%10%11%5%9%8%
Net Profit84727692585659204217
EPS ₹4.583.94.1153.153.033.211.092.270.9

AI Insights

Revenue Trend

TTM revenue at ₹2,594Cr, down 5.5% YoY. OPM at 9%.

Debt Position

Borrowings at ₹65Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹8Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.68% (+4.28pp change). FIIs: 17.74% (-0.56pp change). Promoters hold 32.81%.

Margin & Efficiency

ROCE improving from 12% (Mar 2014) to 24% (Mar 2025). Working capital days: 39.

Valuation

PE 42.8x with 23.6% ROCE. Price is 393% above book value of ₹74.5. Dividend yield: 1.63%.

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