Praj Industries LimitedQ2 FY27 Results & Financial Update
Praj Industries Limited: Q2 FY27 consolidated results and company financials – revenue ₹848.99 Cr, PAT ₹23.17 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Praj Industries Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Praj Industries reported consolidated revenue from operations of Rs. 848.99 crore for the quarter ended September 30, 2026, representing an increase compared to Rs. 715.82 crore in Q1 FY27 and Rs. 841.63 crore in Q2 FY5 (FY26).
Profit after tax (PAT) for Q2 FY27 stood at Rs. 23.17 crore, showing a significant sequential expansion from Rs. 11.61 crore in the preceding quarter and Rs. 19.28 crore in the corresponding period of the previous year.
Total consolidated income for the quarter reached Rs. 861.17 crore, compared to Rs. 735.80 crore in Q1 FY27 and Rs. 847.04 crore in Q2 FY26, boosted by other income of Rs. 12.17 crore.
Profit before tax (PBT) came in at Rs. 36.12 crore for Q2 FY27, compared with Rs. 21.05 crore in Q1 FY27 and Rs. 29.61 crore in Q2 FY26.
Managing Director Ashish Gaikwad noted that while the overall business environment remains uncertain and subject to geopolitical scenario caution, the company delivered improved sequential performance and is positioned for opportunities in GenX and Compressed Biogas (CBG).
Praj Industries posted income from operations of Rs. 8,490 million for the second quarter ended September 30, 2026, marking an increase compared to Rs. 7,158 million reported in the previous quarter and Rs. 8,416 million in the corresponding period of the previous year.
Profit before tax for Q2 FY27 stood at Rs. 361.2 million, advancing sequentially from Rs. 210.5 million in Q1 FY27 and exceeding the Rs. 296.1 million recorded in Q2 FY26.
01 · Business model
What does Praj Industries do?
Praj Industries Limited is an industrial biotechnology and process engineering company operating across environmental, energy, and agri-process sectors with over four decades of domain experience.
The company's core technological offerings are anchored by BioMobility and Bio-Prism platforms, enabling renewable transportation fuels, decarbonization through circular bioeconomy, and renewable chemicals and materials.
Praj's diverse portfolio spans bio-energy solutions, critical process equipment and modularization, breweries, zero liquid discharge (ZLD) systems, and high purity water systems backed by its R&D facility, Praj Matrix.
The company serves global customers with over a thousand references spanning more than 100 countries across six continents, supported by a network of specialized subsidiaries.
02 · Historical context
What shaped the business before this quarter
Since its founding over four decades ago, Praj has evolved from a grain-based ethanol plant supplier into an industrial biotechnology and circular bioeconomy technology provider operating across six continents.
Previously in March 2025, a fire incident occurred at the holding company's Urwade premises, leading to insurance claims recognized as income of Rs. 8.90 crore in Q1 FY27 upon final approval.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹848.99 Cr | ₹841.63 Cr | ₹715.82 Cr |
| Total income | ₹861.17 Cr | ₹847.04 Cr | ₹735.80 Cr |
| Profit before tax | ₹36.12 Cr | ₹29.61 Cr | ₹21.05 Cr |
| Profit after tax | ₹23.17 Cr | ₹19.28 Cr | ₹11.61 Cr |
| EPS | ₹1.26 | ₹1.05 | ₹0.63 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated revenue from operations reached Rs. 848.99 crore in Q2 FY27, improving sequentially from Rs. 715.82 crore in Q1 FY27 and higher than Rs. 841.63 crore in Q2 FY26.
Geographic revenue breakdown for Q2 FY27 shows domestic revenue within India at Rs. 525.21 crore, while revenue outside India contributed Rs. 323.79 crore.
Income from operations grew to Rs. 8,490 million in Q2 FY27 from Rs. 7,158 million in Q1 FY27, supported by project execution progress.
What drove margins
Cost of materials consumed was Rs. 438.86 crore for Q2 FY27, alongside purchases of stock-in-trade of Rs. 43.61 crore and negative changes in inventories of finished goods and work-in-progress of Rs. 0.88 crore.
Employee benefits expense stood at Rs. 89.17 crore for the quarter.
Other expenses for the quarter were reported at Rs. 225.85 crore.
05 · Demand, customers & order book
Where demand is coming from
Consolidated order intake during Q2 FY27 stood at Rs. 715.00 million (Rs. 71.50 crore), compared to Rs. 1,000.00 million in Q1 FY27 and Rs. 813.00 million in Q2 FY26. For H1 FY27, cumulative order intake reached Rs. 1,715.00 million.
Order intake during Q2 FY27 stood at Rs. 7,150 million, compared to Rs. 10,000 million in Q1 FY27 and Rs. 8,130 million in Q2 FY26.
Cumulative order intake for the first half of FY27 reached Rs. 17,150 million compared to Rs. 16,080 million in H1 FY26.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Group operates entirely within a single primary reportable segment, 'Process and Project Engineering', as defined by Ind AS 108.
Geography and market mix
During Q2 FY27, revenue from customers within India stood at Rs. 5,252.06 million (Rs. 525.21 crore), while revenue from outside India stood at Rs. 3,237.87 million (Rs. 323.79 crore).
07 · Strategy & new businesses
How the company is trying to change its growth mix
Management highlighted readiness to execute on emerging business opportunities in the GenX and Compressed Biogas (CBG) segments amid ongoing global decarbonization trends.
08 · Reported developments
What changed operationally
The Government of India has permitted the use of E100 ethanol fuel in vehicles specifically designed to run on flexible fuel following amendments to the Central Motor Vehicles Rules, 1989.
Consolidated PAT expanded sequentially to Rs. 23.17 crore in Q2 FY27 from Rs. 11.61 crore in Q1 FY27, reflecting operational recovery.
09 · Pressure points & risks
What is not going smoothly
Management noted that the overall business environment continues to remain uncertain, requiring caution regarding geopolitical scenarios and macroeconomic headwinds.
10 · Items worth noticing
The line items that can distort a quick read
Other income for the half year includes Rs. 8.90 crore representing an insurance claim for losses from a fire incident at the Urwade premises in March 2025, approved and received during H1 FY27.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash used in operating activities for H1 FY27 stood at an outflow of Rs. 8.27 crore, impacted by direct tax outflows of Rs. 39.54 crore and working capital shifts.
Net cash generated from investing activities in H1 FY27 was Rs. 112.34 crore, while net cash used in financing activities was Rs. 99.66 crore, including dividend payouts of Rs. 66.17 crore.
Capital allocation & funding
Non-current lease liabilities stood at Rs. 81.71 crore as of September 30, 2026, with current lease liabilities at Rs. 56.24 crore.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Structure
As at September 30, 2026, the holding company's subsidiary network includes Praj Engineering and Infra Limited, Praj Hi Purity Systems Limited, Praj GenX Limited, Praj Far East Philippines Limited Inc, Praj Americas Inc., Praj Far East Co. Limited (Thailand), and Praj Projects (Tanzania) Limited.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased from Rs. 715.82 crore in Q1 FY27 to Rs. 848.99 crore in Q2 FY27, while PAT doubled from Rs. 11.61 crore to Rs. 23.17 crore over the same period.
Operating income increased from Rs. 7,158 million in Q1 FY27 to Rs. 8,490 million in Q2 FY27.
PAT rose from Rs. 116.1 million in Q1 FY27 to Rs. 231.6 million in Q2 FY27 alongside an increase in order intake from Rs. 7,150 million following Q1's Rs. 10,000 million bookings.
14 · Key Q&A
The quarter, answered directly
What does Praj Industries do?
Praj Industries Limited is an industrial biotechnology and process engineering company operating across environmental, energy, and agri-process sectors with over four decades of domain experience.
What is the clearest takeaway from Q2 FY27?
Praj Industries reported consolidated revenue from operations of Rs. 848.99 crore for the quarter ended September 30, 2026, representing an increase compared to Rs. 715.82 crore in Q1 FY27 and Rs. 841.63 crore in Q2 FY5 (FY26).
What drove revenue or demand?
Consolidated revenue from operations reached Rs. 848.99 crore in Q2 FY27, improving sequentially from Rs. 715.82 crore in Q1 FY27 and higher than Rs. 841.63 crore in Q2 FY26.
What mattered most for margins or profitability?
Cost of materials consumed was Rs. 438.86 crore for Q2 FY27, alongside purchases of stock-in-trade of Rs. 43.61 crore and negative changes in inventories of finished goods and work-in-progress of Rs. 0.88 crore.
What changed operationally beyond the headline numbers?
Management highlighted readiness to execute on emerging business opportunities in the GenX and Compressed Biogas (CBG) segments amid ongoing global decarbonization trends.
What are the main pressure points disclosed for the quarter?
Management noted that the overall business environment continues to remain uncertain, requiring caution regarding geopolitical scenarios and macroeconomic headwinds.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Policy and Execution Milestones: Monitor the commercial rollout and adoption of E100 flex-fuel vehicles and project execution progress within the GenX and CBG segments.
- 02
Order intake trajectory: Track subsequent quarterly order booking momentum against H1 FY27 total of Rs. 17,150 million.
- 03
Flex-fuel policy adoption: Monitor commercial adoption and manufacturing updates following the E100 fuel regulatory amendments.
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