Praj Industries Ltd. (NSE: PRAJIND), a leader in industrial biotechnology and bioenergy solutions, released its unaudited consolidated financial results for the third quarter and nine months ended December 31, 2025. Despite steady revenue, the company faced profitability challenges due to a tough external environment. However, robust order inflows and a substantial backlog signal future potential.
Q3 FY26 Financial Snapshot
Income from operations held firm at Rs. 8,414.8 million, nearly flat from Rs. 8,416.3 million in Q2 FY26 and slightly below Rs. 8,530.3 million in Q3 FY25. Profit before tax (PBT) before exceptional items dropped to Rs. 216.1 million, down from Rs. 296.1 million in the prior quarter and Rs. 588.2 million a year ago. This led to a net loss after tax (PAT) of Rs. 123.9 million, contrasting with profits of Rs. 192.8 million in Q2 FY26 and Rs. 411.0 million in Q3 FY25.
Order intake remained resilient at Rs. 9,140 million, surpassing Q2 FY26’s Rs. 8,130 million but trailing Q3 FY25’s Rs. 10,530 million. These figures reflect Praj’s operational steadiness in a challenging market.
Nine-Month Performance Overview
For the first nine months of FY26, income from operations reached Rs. 23,233.2 million, marginally lower than Rs. 23,683.6 million in 9M FY25. PBT stood at Rs. 608.3 million, a sharp decline from Rs. 2,121.4 million last year, while PAT was Rs. 122.4 million versus Rs. 1,791.2 million in 9M FY25. Order intake totaled Rs. 25,215 million, compared to Rs. 28,620 million previously.
The consolidated order backlog as of December 31, 2025, hit Rs. 44.9 billion, with 66% domestic and 34% international orders. This strong pipeline underscores sustained demand for Praj’s bioenergy and wastewater solutions.
Strategic Wins and Market Tailwinds
Key developments bolster optimism. Praj secured a breakthrough GenX order for CCUS skids from a global oil major, a significant contract from a leading metal firm for effluent treatment and zero liquid discharge (ZLD) systems, a greenfield project for India’s largest brewery, and its first National BioE3 policy contract for precision fermentation from Embio Ltd.
External factors align favorably: new trade agreements with the USA, Europe, and the UK, plus Union Budget 2026 initiatives targeting biogas, pharma, CCUS, data centers, semiconductors, and SEZ-to-DTA sales. These echo biofuels’ role in India’s Viksit Bharat and Net Zero goals, as noted in a recent NITI Aayog report.
Leadership Perspective
Mr. Ashish Gaikwad, Managing Director, commented: “Though the external environment remained challenging, our operational focus enabled us to deliver a steady performance. We are excited about new trade agreements with the USA, Europe, and the UK, various announcements in the Union Budget, and acknowledgement of Biofuels’ role in our nation’s journey towards Viksit Bharat and Net Zero depicted in the recent NITI Aayog report. We are well-poised to take full advantage of these developments in the time to come.”
Praj, with over four decades in environment, energy, and agri-process industries, serves 1000+ customers across 100+ countries. Its BioMobility® and Bio-Prism® platforms drive sustainable fuels and chemicals, backed by the Praj Matrix R&D facility. Listed on BSE and NSE, the company eyes growth in bioeconomy amid global decarbonization trends.