Praj Industries Limited (PRAJIND)

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Praj Industries Limited (PRAJIND) · mywealthgrid

About

Praj Industries is a mid-cap industrial manufacturing company, ₹6,161.9 Cr market cap, focused on industrial products. Debt-free but faces headwinds: 4.79% operating margin and −25.96% 1-year returns reflect recent operational and market challenges.

Face value: ₹2

Market cap

₹5,574 Cr

P/E

185.1×

P/B

4.3×

Dividend yield

1.2%

ROE

1.8%

ROCE

6.5%

Debt / equity

OPM

4.8%

EPS (TTM)

₹1.6

Book value

₹71.2

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

High PE of 258.47 signals fragile earnings or extreme valuation — verify if recent losses are temporary or structural.
Margins thin at 4.79% average with 2.76–8.77% quarterly range; minimal buffer against cost or demand shocks.
Recent losses (Dec 2025: −₹12.39 Cr) amid broad earnings swings — verify pipeline and sector cycle position.
25.96% 1-year decline despite zero debt and dividends flags investor concern — confirm if company-specific or sector-wide.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E 0) enables growth investment without refinancing risk.
Operating margins reached 8.77% (Sep 2025); recovery possible if sector strengthens — verify cycle position.
Dividends despite losses signal cash generation; growth follows if earnings stabilize — verify pipeline and trend.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹303.3-1.5%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 19.4% over the last 5 years
+Almost debt-free (debt/equity 0)

Cons

−Thin operating margin of 4.8%
−Profit declined 21.7% a year over the last 5 years
−Expensive at 185.1× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

36/100

Business quality: 26
Growth: 64
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Aditya Infotech LimitedCPPLUSCPPLUS	₹44,797 Cr	₹44,910 Cr	₹4,883 Cr	₹709 Cr	13.4%	₹477 Cr	8.7%	33.8%	25.5%	61
Syrma Sgs Technology LimitedSYRMASYRMA	₹33,121 Cr	₹33,474 Cr	₹5,464 Cr	₹610 Cr	11.3%	₹402 Cr	7.2%	18.7%	15%	48
Honeywell Automation India LimitedHONAUTHONAUT	₹29,454 Cr	₹29,454 Cr	₹4,703 Cr	₹637 Cr	12.9%	₹551 Cr	11.2%	16.7%	12.4%	-12
Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	923	1,102	1,305	2,333	3,528	3,466	3,228	3,168
COGS	469	552	736	1,454	2,201	1,962	1,655	1,620
Gross profit	454	550	569	880	1,327	1,504	1,573	1,548
	393	468	449	674	1,009	1,116	1,249	1,396
	61	82	119	206	318	388	325	152
OPM %	6.6%	7.4%	9.1%	8.8%	9%	11.2%	10.1%	4.8%
Depreciation	24	22	22	23	30	44	86	106
Interest	1	3	3	3	5	10	19	20
	17	26	19	24	36	44	79	24
Profit before tax	53	83	113	205	319	377	299	50
Tax	14	13	32	55	79	94	80	26
Tax %	25.5%	15.3%	28.3%	26.7%	24.8%	24.9%	26.7%	52.2%
	39	70	81	150	240	283	219	24
PAT margin %	4.3%	6.4%	6.2%	6.4%	6.8%	8.2%	6.8%	0.8%
EPS (₹)	2.2	3.9	4.4	8.2	13.1	15.4	11.9	1.3
EPS adjusted (₹)	—	—	4.4	8.2	0	15.4	11.8	1.3
	74%	70.1%	48.8%	51.3%	34.5%	38.9%	50.4%	276.9%
Annual report	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	37	37	37	37	37	37
Reserves	765	879	1,041	1,238	1,345	1,272
Minority interest	1	1	0	0	0	0
	0	0	0	0	0	0
	791	1,296	1,541	1,621	1,778	1,747
Total equity & liabilities	1,594	2,213	2,619	2,895	3,160	3,056
	270	272	303	474	567	560
CWIP	0	1	7	3	17	6
Investments	349	477	557	497	428	418
	975	1,462	1,752	1,921	2,148	2,072
Total assets	1,594	2,213	2,619	2,895	3,160	3,056

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	49.2%	49.9%	43.6%	37.7%	37.6%	43.4%	48.7%	48.9%
EBITDA margin %	6.6%	7.4%	9.1%	8.8%	9%	11.2%	10.1%	4.8%
EBIT margin %	4%	5.5%	7.4%	7.9%	8.2%	9.9%	7.4%	1.5%
PAT margin %	4.3%	6.4%	6.2%	6.4%	6.8%	8.2%	6.8%	0.8%
Working capital
Receivable days	—	—	127	80	82	88	63	64
Inventory days	—	—	64	87	55	41	56	60
Payable days	—	—	169	107	84	92	106	132
NWC days	—	—	21	60	54	37	12	-8
Leverage
Current ratio	—	—	1.62	1.46	1.45	1.51	1.51	1.46
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	47.5	27.8	40.5	82.6	69.8	39.6	15.4	4.8
Asset turnover	—	—	0.82	1.05	1.35	1.2	1.02	1.04
Return ratios
Return on assets %	—	—	5.1%	6.8%	9.2%	9.8%	6.9%	0.8%
Return on capital employed %	—	—	14%	23.3%	31.3%	30.3%	19.3%	6.5%
Return on equity %	—	—	10.1%	16.4%	22.2%	22.2%	15.8%	1.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	32.82%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%	32.81%
	17.93%	17.37%	18.87%	18.55%	19.03%	18.63%	18.63%	16.86%	17.52%	17.32%	17.74%	17.75%
	10.21%	13.1%	13.69%	16.66%	17.34%	18.2%	18.2%	17.44%	14.84%	13.64%	12.69%	14.1%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	39.04%	36.72%	34.63%	31.98%	30.82%	30.36%	30.36%	32.89%	34.83%	36.23%	36.76%	35.34%
No. of shareholders	—	—	—	—	—	—	—	—	4,03,110	4,06,848	4,00,397	3,83,086

Promoter holding down 0.01 percentage points since Sep 2023.

52 deals · 17 Sept 2021 – 23 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Apr 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Sell	9,51,802	₹412.49	₹39.26 Cr
23 Apr 2026	JUMP TRADING FINANCIAL INDIA PRIVATE LIMITED	Bulk	NSE	Buy	9,51,802	₹412.09	₹39.22 Cr
17 Feb 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	16,53,795	₹334.51	₹55.32 Cr
17 Feb 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	16,53,795	₹334.34	₹55.29 Cr
17 Feb 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	12,55,282	₹332.72	₹41.77 Cr
17 Feb 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	11,00,570	₹331.83	₹36.52 Cr
10 Feb 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	21,53,832	₹336.88	₹72.56 Cr
10 Feb 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	21,53,832	₹336.72	₹72.52 Cr
10 Feb 2026	QE SECURITIES LLP	Bulk	NSE	Sell	15,26,923	₹332.08	₹50.71 Cr
10 Feb 2026	QE SECURITIES LLP	Bulk	NSE	Buy	15,17,219	₹331.44	₹50.29 Cr

1–10 of 52

1 / 6

Mr. Chaudhari Pramod MadhukarExecutive Director-Chairperson
Mr. Ashish Madhukar GaikwadExecutive Director-MD
Mr. Sachin Vinayak RaoleExecutive Director-MD
Mr. Berjis Minoo DesaiNon-Executive - Non Independent Director
Mr. Parth ChaudhariNon-Executive - Non Independent Director
Mr. Vinayak Kashinath DeshpandeNon-Executive - Independent Director
Mr. Utkarsh PalnitkarNon-Executive - Independent Director
Mr. Shridhar ShuklaNon-Executive - Independent Director
Ms. Rujuta Prakash JagtapNon-Executive - Independent Director
Mr. Ajay Narayan DeshpandeNon-Executive - Independent Director
Mr. Anant BavareCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

3.06%

of the company's equity

All mutual funds

13.52%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 4 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	50.52 L	173.73	0.21%	2.748%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.21 L	11.04	0.44%	0.175%	-7,031
Manufacturing FundNEW	ICICI Prudential Mutual Fund	2.22 L	7.64	0.11%	0.121%	—
Energy Opportunities FundNEW	ICICI Prudential Mutual Fund	23,861	0.82	0.01%	0.013%	—
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	2,198	0.08	0.02%	0.001%	+10
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	365	0.01	0.02%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

91 announcementsExport CSV

16 Sept 2026, 9:35 amCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	49.2%	49.9%	43.6%	37.7%	37.6%	43.4%	48.7%	48.9%
EBITDA margin %	6.6%	7.4%	9.1%	8.8%	9%	11.2%	10.1%	4.8%
EBIT margin %	4%	5.5%	7.4%	7.9%	8.2%	9.9%	7.4%	1.5%
PAT margin %	4.3%	6.4%	6.2%	6.4%	6.8%	8.2%	6.8%	0.8%
Working capital
Receivable days	—	—	127	80	82	88	63	64
Inventory days	—	—	64	87	55	41	56	60
Payable days	—	—	169	107	84	92	106	132
NWC days	—	—	21	60	54	37	12	-8
Leverage
Current ratio	—	—	1.62	1.46	1.45	1.51	1.51	1.46
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	47.5	27.8	40.5	82.6	69.8	39.6	15.4	4.8
Asset turnover	—	—	0.82	1.05	1.35	1.2	1.02	1.04
Return ratios
Return on assets %	—	—	5.1%	6.8%	9.2%	9.8%	6.9%	0.8%
Return on capital employed %	—	—	14%	23.3%	31.3%	30.3%	19.3%	6.5%
Return on equity %	—	—	10.1%	16.4%	22.2%	22.2%	15.8%	1.8%

Date	Category	Subject	Filing
16 Sept 2026, 9:35 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
24 Aug 2026, 3:18 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
18 Aug 2026, 9:12 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
14 Aug 2026, 4:40 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
14 Aug 2026, 4:02 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
14 Aug 2026, 3:44 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
14 Aug 2026, 3:30 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
14 Aug 2026, 8:53 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	225	175	162	199	43	200
	-164	-127	-84	-10	71	-6
	-6	-44	-93	-124	-161	-187
Net cash flow	54	4	-16	65	-47	6
Free cash flow	216	156	127	110	-44	156
CFO / Operating profit %	189%	84.9%	51%	51.4%	13.2%	131.8%

Praj Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

22

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Praj Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Dividends22

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

22

1

1