Remember when Praj was the “poster child” of India’s ethanol dream? Well, reality just dialed in. With EBP20 achieved, the biofuel party seems to have hit its hangover stage — fewer greenfield projects, more brownfield “fix what we’ve built” work. The management is trying to keep spirits high, literally and figuratively, by talking SAF (Sustainable Aviation Fuel) and bioplastics — because apparently, jet fuel made from alcohol sounds sexier than flat profit lines. But stay tuned — the story pivots from ethanol glory to GenX growing pains, U.S. tariff tantrums, and an R&D-fueled comeback plan. Things get interesting from here.
2. At a Glance
Revenue ₹842 crore – Up a meagre 3%, but CFO swears it’s “execution focus,” not Excel manipulation.
PBT ₹29.6 crore – Down 60%; cost gremlins clearly weren’t on Diwali leave.
PAT ₹19.3 crore – Vanished faster than investor patience.
EBITDA Margin – Squeezed tighter than ethanol supplies in monsoon.
Exports 46% – Apparently foreign markets still like Indian biofuel stories.
Order Book ₹4,420 crore – Big backlog, small comfort.
Cash ₹437 crore – The only “green” thing still abundant.
3. Management’s Key Commentary
“India has achieved EBP20; now the industry needs new avenues.” (Translation: We hit the goalpost — and now there’s no ball left to kick.)
“We’re focusing on lifecycle services and brownfield upgrades.” (Read: New projects dried up, so we’re repainting old ones.)
“The U.S. market remains important despite tariff issues.” (Code: We can’t afford to ignore America, even if it ignores us.)
“Our GenX facility’s peak utilization pushed to FY28.” (Basically: The ‘Next-Gen’ plant needs a few more birthdays before it earns its keep 😏.)
“SAF demo plant successfully produced jet fuel.” (First alcohol-to-jet plant ever — finally something to drink and fly on.)
“CBG pipeline healthy; waiting for gas grid to catch up.” (Translation: Great idea, terrible infrastructure.)
“Vision 2030 stays — only the timeline has taken a coffee break.” (Management optimism clearly renewable, if nothing else.)
