Praj Industries (PRJ IN) – Q4FY26 Result Update – Dismal Q4; Near term headwinds persists – ACCUMUALTE
Published on 01 Jun 2026
Management also highlighted that raw-material price volatility, supply-chain disruptions and geopolitical uncertainties led to deferment of ~Rs3bn worth of enquiries during the quarter, impacting order conversion. While policy developments around higher ethanol blending, SAF and CBG remain encouraging, visibility on meaningful order inflows and execution recovery remains contingent on timely policy implementation and customer capex decisions. Nevertheless, management expects gradual improvement in FY27 supported by brownfield opportunities, lifecycle services growth, data-centre-related GenX opportunities and potential revival in the bioenergy investment cycle. The stock is currently trading at a P/E of 33.5x/23.6x on FY27/28E. We roll forward to Mar’28E and maintain our ‘Accumulate’ rating valuing the stock at a PE of 26x Mar’28E (26x Sep’27E earlier) arriving at a revised TP of Rs389 (Rs340 earlier).
