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Prabhudas Lilladher Report
We remain positive on Praj Industries Ltd. in the long run given-
its leadership in domestic ethanol (50-55% market share),
large domestic CBG pipeline,
healthy export outlook in Engineering driven by ETCA,
focus on new technologies such as 2G ethanol, SAF, bio-manufacturing, and multi-feedstock plants, and
improving margins owing to growing share of exports and services.
The stock is trading at a price/earnings of 37.4 times/29.2 times FY25/26E. We maintain ‘Buy' rating on the stock with a revised target price of Rs 815 (Rs 671 earlier), valuing the stock at a P/E of 34 times F26E (28 times FY26E earlier) factoring in substantial long-term growth opportunities amid a stable policy environment.
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