Praj Industries Sees Early Recovery Signs Amid Ethanol Market Challenges

Praj Industries is witnessing early signs of improvement in its business performance despite a challenging domestic market for ethanol blending, Executive Director Ashish Gaikwad told NDTV Profit. He said India needs stronger ethanol blending mandates as demand and supply dynamics in the biofuels sector remain skewed. Gaikwad highlighted that the company is well-positioned to benefit from the government's GOBARdhan scheme, with assured pricing and offtake guarantees for biogas producers supporting industry growth. He added that Praj's ability to handle multiple feedstocks strengthens its competitive position, while the company is also working to increase its international business mix. The company is seeing a healthy pipeline, with order conversion cycles of 12-18 months and its order book growing about 25% quarter-on-quarter.