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Last Updated: April 2, 2026, 3:31 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 522205 | NSE: PRAJIND

Praj Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹660.41Undervalued by 102.58%vs CMP ₹326.00

P/E (81.2) × ROE (14.1%) × BV (₹70.80) × DY (1.84%)

₹192.01Overvalued by 41.10%vs CMP ₹326.00
MoS: -69.8% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹534.4823%Under (+64%)
Graham NumberEarnings₹67.2616%Over (-79.4%)
Earnings PowerEarnings₹98.9811%Over (-69.6%)
DCFCash Flow₹16.4614%Over (-95%)
Net Asset ValueAssets₹70.737%Over (-78.3%)
EV/EBITDAEnterprise₹250.219%Over (-23.2%)
Earnings YieldEarnings₹28.407%Over (-91.3%)
ROCE CapitalReturns₹95.647%Over (-70.7%)
Revenue MultipleRevenue₹175.515%Over (-46.2%)
Consensus (9 models)₹192.01100%Overvalued
Key Drivers: EPS CAGR -19.1% drags value — could be higher if earnings stabilize. | Wide model spread (₹16–₹534) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -19.1%

*Investments are subject to market risks

Investment Snapshot

51
Praj Industries Ltd scores 51/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health76/100 · Strong
ROCE 17.9% GoodROE 14.1% GoodD/E 0.42 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.16% (6mo) Slight increaseDII holding down 5.87% MF sellingPromoter holding at 32.8% Stable
Earnings Quality50/100 · Moderate
OPM stable around 11% Steady
Quarterly Momentum25/100 · Weak
Revenue (4Q): -6% YoY DecliningProfit (4Q): -81% YoY Declining
Industry Rank40/100 · Moderate
P/E 81.2 vs industry 37.1 Premium to peersROCE 17.9% vs industry 15.8% Average3Y sales CAGR: 11% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:31 am

Market Cap 5,996 Cr.
Current Price 326
Intrinsic Value₹192.01
High / Low 540/273
Stock P/E81.2
Book Value 70.8
Dividend Yield1.84 %
ROCE17.9 %
ROE14.1 %
Face Value 2.00
PEG Ratio-4.26

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Praj Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Praj Industries Ltd 5,996 Cr. 326 540/27381.2 70.81.84 %17.9 %14.1 % 2.00
GMM Pfaudler Ltd 3,793 Cr. 844 1,418/78433.9 2620.24 %13.1 %6.64 % 2.00
Texmaco Rail & Engineering Ltd 3,597 Cr. 88.4 189/78.021.6 69.40.85 %11.2 %6.39 % 1.00
The Anup Engineering Ltd 3,463 Cr. 1,729 3,468/1,41029.7 3180.98 %%18.9 % 10.0
Elecon Engineering Company Ltd 8,557 Cr. 381 717/34820.7 1000.52 %28.5 %23.0 % 1.00
Industry Average9,009.11 Cr1,209.8537.05295.050.38%15.76%13.09%8.88

All Competitor Stocks of Praj Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 9111,0047378828291,019699816853860640842841
Expenses 825896661798731888607730780786609786794
Operating Profit 8610875849813192867374315647
OPM % 9%11%10%10%12%13%13%11%9%9%5%7%6%
Other Income 81612119114014141295-29
Interest 1211445545555
Depreciation 7999111520212322252727
Profit before tax 861137885921231077459581030-13
Tax % 27%22%24%26%23%25%21%28%30%32%44%35%-4%
Net Profit 62885962709284544140519-12
EPS in Rs 3.394.803.193.393.835.004.582.932.242.170.291.05-0.67

Last Updated: March 3, 2026, 3:20 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 11:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 9861,0121,0249159171,1411,1021,3052,3333,5283,4663,2283,183
Expenses 9079199108468651,0621,0241,1922,1403,2203,0942,9132,974
Operating Profit 799311469527978112194308372315209
OPM % 8%9%11%8%6%7%7%9%8%9%11%10%7%
Other Income 233418222732302636455989-3
Interest 1221113335101920
Depreciation 243825222423222223304486101
Profit before tax 77861056853888311320531937729985
Tax % 27%9%22%34%26%22%15%28%27%25%25%27%
Net Profit 577882453968708115024028321952
EPS in Rs 3.084.304.632.492.183.733.854.428.1813.0515.4211.912.84
Dividend Payout % 72%38%35%65%74%57%70%49%51%34%39%50%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)36.84%5.13%-45.12%-13.33%74.36%2.94%15.71%85.19%60.00%17.92%-22.61%
Change in YoY Net Profit Growth (%)0.00%-31.71%-50.25%31.79%87.69%-71.42%12.77%69.47%-25.19%-42.08%-40.53%

Praj Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:24%
3 Years:11%
TTM:-8%
Compounded Profit Growth
10 Years:11%
5 Years:23%
3 Years:9%
TTM:-51%
Stock Price CAGR
10 Years:17%
5 Years:42%
3 Years:-2%
1 Year:-47%
Return on Equity
10 Years:14%
5 Years:18%
3 Years:20%
Last Year:14%

Last Updated: September 5, 2025, 12:35 pm

Balance Sheet

Last Updated: December 4, 2025, 1:49 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 35353636363737373737373737
Reserves 5475876206746907086837658791,0411,2381,3451,264
Borrowings 2117164600182142169195210
Other Liabilities 6705044854734015024427741,2761,4991,4501,5811,722
Total Liabilities 1,2741,1441,1571,1871,1331,2471,1621,5942,2132,6192,8943,1573,233
Fixed Assets 323302272270297290294284286317474567585
CWIP 21131422127431813
Investments 91158145134201211164335463543497428189
Other Assets 8596827387526317447029751,4611,7521,8802,1442,446
Total Assets 1,2741,1441,1571,1871,1331,2471,1621,5942,2132,6192,8943,1573,233

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -31505120101331522517516219943
Cash from Investing Activity + 19-772-8-69-366-164-124-78-675
Cash from Financing Activity + -40-40-68-4-25-43-98-6-44-93-124-161
Net Cash Flow -2433-1598-14-18556-970-42
Free Cash Flow -4215439-1685198217156127111-1
CFO/OP 31%151%76%59%221%68%42%213%113%73%82%46%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow58.0076.0098.0065.0046.0079.0078.0094.00173.00266.00203.00120.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1191011311181059810912780826863
Inventory Days 17016479826376736486554156
Days Payable 1531281621671371401241691068492106
Cash Conversion Cycle 13613748333033592160541612
Working Capital Days 4726466651396512481632
ROCE %11%12%16%10%6%11%11%15%23%31%29%18%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 32.82%32.82%32.82%32.81%32.81%32.81%32.81%32.81%32.81%32.81%32.81%32.81%
FIIs 17.83%18.30%17.93%17.37%18.87%18.55%19.03%18.63%17.16%16.86%17.53%17.32%
DIIs 7.83%8.40%10.20%13.09%13.69%16.65%17.34%18.19%19.51%17.43%14.83%13.64%
Public 41.50%40.48%39.04%36.74%34.64%31.99%30.82%30.38%30.52%32.89%34.82%36.23%
No. of Shareholders 2,83,4592,77,2242,96,9313,14,4753,24,8493,27,6893,49,9243,53,0993,51,4323,86,4684,03,1104,06,848

Shareholding Pattern Chart

No. of Shareholders

Praj Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 5,051,724 0.22 146.585,381,6272025-12-08 07:42:13-6.13%
HDFC Multi Cap Fund 1,781,159 0.27 51.681,601,7712026-01-25 00:37:4111.2%
Nippon India Power & Infra Fund 1,500,000 0.64 43.521,500,0002025-04-22 05:23:310%
Sundaram Flexicap Fund 397,000 0.56 11.52N/AN/AN/A
Sundaram Value Fund 294,000 0.61 8.53N/AN/AN/A
Sundaram ELSS Tax Saver Fund 261,000 0.56 7.57N/AN/AN/A
Sundaram Infrastructure Advantage Fund 65,000 0.21 1.89N/AN/AN/A
Bandhan Balanced Advantage Fund 39,825 0.05 1.16N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 11.9115.4213.058.184.43
Diluted EPS (Rs.) 11.9115.4213.058.184.43
Cash EPS (Rs.) 16.6117.8114.709.415.63
Book Value[Excl.RevalReserv]/Share (Rs.) 75.1769.3458.6849.8943.80
Book Value[Incl.RevalReserv]/Share (Rs.) 75.1769.3458.6849.8943.80
Revenue From Operations / Share (Rs.) 175.61188.57192.04127.0471.20
PBDIT / Share (Rs.) 20.4423.4619.2512.527.54
PBIT / Share (Rs.) 15.7321.0717.6011.296.33
PBT / Share (Rs.) 16.2420.5317.3511.156.17
Net Profit / Share (Rs.) 11.9115.4213.058.184.42
NP After MI And SOA / Share (Rs.) 11.9115.4213.058.184.42
PBDIT Margin (%) 11.6312.4410.029.8510.58
PBIT Margin (%) 8.9511.179.168.888.88
PBT Margin (%) 9.2410.889.038.788.66
Net Profit Margin (%) 6.788.176.796.436.21
NP After MI And SOA Margin (%) 6.788.176.796.436.21
Return on Networth / Equity (%) 15.8422.2322.2416.4010.10
Return on Capital Employeed (%) 18.5926.9628.9121.8713.97
Return On Assets (%) 6.929.789.156.785.08
Total Debt / Equity (X) 0.000.000.000.000.42
Asset Turnover Ratio (%) 1.071.261.361.120.82
Current Ratio (X) 1.511.521.451.461.62
Quick Ratio (X) 1.361.371.231.181.45
Inventory Turnover Ratio (X) 13.626.906.516.266.23
Dividend Payout Ratio (NP) (%) 50.3829.2132.1226.390.00
Dividend Payout Ratio (CP) (%) 36.1125.2828.5222.940.00
Earning Retention Ratio (%) 49.6270.7967.8873.610.00
Cash Earning Retention Ratio (%) 63.8974.7271.4877.060.00
Interest Coverage Ratio (X) 19.9544.0676.3991.8148.33
Interest Coverage Ratio (Post Tax) (X) 11.1329.9552.8160.9829.37
Enterprise Value (Cr.) 10012.419579.226119.017160.463776.42
EV / Net Operating Revenue (X) 3.102.761.733.072.89
EV / EBITDA (X) 26.6522.2117.3031.1427.35
MarketCap / Net Operating Revenue (X) 3.162.821.783.132.73
Retention Ratios (%) 49.6170.7867.8773.600.00
Price / BV (X) 7.387.685.817.994.45
Price / Net Operating Revenue (X) 3.162.821.783.132.73
EarningsYield 0.020.020.030.020.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Praj Industries Ltd. is a Public Limited Listed company incorporated on 08/11/1985 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L27101PN1985PLC038031 and registration number is 038031. Currently Company is involved in the business activities of Manufacture of other special-purpose machinery. Company's Total Operating Revenue is Rs. 2744.66 Cr. and Equity Capital is Rs. 36.76 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Engineering - HeavyPraj Tower, S.No. 274 & 275/2, Pune Maharashtra 411057Contact not found
Management
NamePosition Held
Dr. Pramod ChaudhariChairman
Mr. Shishir JoshipuraManaging Director & CEO
Mr. Ashish GaikwadManaging Director
Mr. Sachin RaoleDirector & CFO
Ms. Parimal ChaudhariNon Executive Director
Dr. Shridhar ShuklaIndependent Director
Mr. Utkarsh PalnitkarIndependent Director
Mr. Vinayak DeshpandeIndependent Director
Mr. Rujuta JagtapIndependent Director
Mr. Ajay DeshpandeIndependent Director

FAQ

What is the intrinsic value of Praj Industries Ltd and is it undervalued?

As of 09 April 2026, Praj Industries Ltd's intrinsic value is ₹192.01, which is 41.10% lower than the current market price of ₹326.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (14.1 %), book value (₹70.8), dividend yield (1.84 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Praj Industries Ltd?

Praj Industries Ltd is trading at ₹326.00 as of 09 April 2026, with a FY2026-2027 high of ₹540 and low of ₹273. The stock is currently near its 52-week low. Market cap stands at ₹5,996 Cr..

How does Praj Industries Ltd's P/E ratio compare to its industry?

Praj Industries Ltd has a P/E ratio of 81.2, which is above the industry average of 37.05. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Praj Industries Ltd financially healthy?

Key indicators for Praj Industries Ltd: ROCE of 17.9 % indicates efficient capital utilization. Dividend yield is 1.84 %.

Is Praj Industries Ltd profitable and how is the profit trend?

Praj Industries Ltd reported a net profit of ₹219 Cr in Mar 2025 on revenue of ₹3,228 Cr. Compared to ₹150 Cr in Mar 2022, the net profit shows an improving trend.

Does Praj Industries Ltd pay dividends?

Praj Industries Ltd has a dividend yield of 1.84 % at the current price of ₹326.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Praj Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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