This article first appeared on GuruFocus .
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Consolidated Income from Operations:INR8.41 billion in Q3 FY26, similar to INR8.42 billion in Q2 FY26.
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PBT Before Exceptional Items:INR216 million in Q3 FY26, down from INR296 million in Q2 FY26.
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Profit After Tax:Negative INR124 million in Q3 FY26, compared to INR193 million in Q2 FY26.
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Income from Operations (Nine Months):INR23.23 billion in FY26, compared to INR23.7 billion in the previous year.
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PBT Before Exceptional Items (Nine Months):INR608 million in FY26, compared to INR2.1 billion in FY25.
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PAT (Nine Months):INR122.4 million in FY26, compared to INR1.8 billion in FY25.
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Export Revenues:Accounted for 34% of Q3 FY26 revenue.
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Order Intake:INR9.14 billion in Q3 FY26, with 68% from the domestic market.
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Order Backlog:INR44.91 billion as of December 2025, with 66% domestic orders.
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Cash in Hand:INR5.9 billion as of December 31, 2025.
Release Date: February 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Praj Industries Ltd ( BOM:522205 ) has secured a significant number of Distillers Corn Oil (DCO) orders, indicating strong traction in their brownfield solutions.
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The company is making progress in technology development for Bio-IBA, which is ready for commercialization and scale-up.
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Praj Industries Ltd ( BOM:522205 ) received its first breakthrough order for CCUS skids from a global oil major, indicating potential for more work.
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The Union Budget 2026 announcements, such as the phased mandatory blending of CBG into CNG and central excise duty exemptions, are expected to enhance the commercial viability of CBG.
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The company has a healthy order booking for performance enhancers and biogenic CO2 capture solutions, leveraging its customer installed base developed over decades.
Negative Points
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Praj Industries Ltd ( BOM:522205 ) experienced a slowdown in 1G domestic business due to supply and demand imbalance, affecting greenfield projects.
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The company's profit after tax stood at negative INR124 million in Q3 FY26, compared to INR193 million in Q2 FY26.
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Margins were impacted by a 1% reduction due to decreased export revenue and increased costs in the African market.
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The execution cycles for existing projects are getting extended due to funding and other challenges in the greenfield project scenario.
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The cash position of the company has weakened year-on-year, with cash in hand decreasing from INR6.4 billion to INR5.9 billion.
Q & A Highlights
Q: Can you explain the impact on margins and employee expenses, and whether these are expected to improve? A: The margin change is due to an 8% increase in material costs, offset by a decrease in other expenses. The margin decreased by 1% due to these factors. Employee expenses have been rationalized, and any increase will depend on performance improvements.
Q: What are the expectations for the CCUS order and its impact on future order intake? A: The CCUS order is part of a framework agreement with potential for more work. While bioenergy orders have decreased, engineering and PHS orders have increased. We expect to sustain higher order intake from non-bioenergy businesses.
Q: Can you provide details on the ethanol blending with diesel and the progress on related technology? A: We are working on Bio-IBA, which is suitable for blending with diesel. The technology is ready for commercialization, and we are awaiting policy developments to proceed.
Q: What is the status of the Mangalore facility and its expected breakeven? A: We are on track for the Mangalore facility to break even in FY27. We have received high-value orders, and the facility's utilization is expected to improve.
Q: How do you plan to achieve the 2030 revenue target of INR10,000 crore, given the slowdown in 1G ethanol demand? A: We are focusing on new opportunities like Bio-IBA, SAF, and CBG. The reduction in tariffs in key international markets and government support for biofuels are encouraging. We are ready with the technology to capitalize on these opportunities.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
