Praj Industries completed a significant inter-se share transfer within its promoter group on December 9, 2025. The transaction involved the transfer of shares from Moriyaset Trust to Dr. Pramod Chaudhari, executed as part of the dissolution of Moriyaset Trust, which was previously part of the promoter group.

Transaction Details

The company disclosed the share transfer through its regulatory filing dated December 18, 2025. The key parameters of the transaction are outlined below:

Impact on Shareholding Structure

The inter-se transfer resulted in a redistribution of ownership within the promoter group, with Dr. Pramod Chaudhari's stake increasing significantly:

Following the transaction, Dr. Pramod Chaudhari will hold 4,59,00,000 shares across two Demat accounts. The company emphasized that the aggregate holding of the promoter and promoter group remains unchanged despite this internal restructuring.

Regulatory Compliance and SEBI Filing

Praj Industries confirmed that this inter-se transfer falls within the exemption under Regulation 10(1)(a)(ii) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company made the required disclosure on December 2, 2025, well within the specified timeline.

The transaction complies with multiple SEBI regulations, including Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 3 of SEBI (Prohibition of Insider Trading) Regulations, 2015. The company has submitted all necessary documentation to both BSE and NSE, demonstrating its commitment to regulatory transparency and compliance standards.

SEBI Payment and Documentation

The regulatory filing revealed comprehensive SEBI compliance details:

Dr. Pramod Chaudhari's contact details were provided as part of the SEBI filing, with his address listed as Kinnari, 6, Vee Nimbkar Housing Society, 80/4, Baner Road, Aundh, Pune-411007. The filing confirmed that the report was submitted to SEBI within 21 working days from the date of acquisition and was accompanied by the required fees.

Company Share Capital Structure

The regulatory filing revealed the complete share capital structure of Praj Industries:

The disclosure was filed by Company Secretary and Compliance Officer Anant Bavare, ensuring proper corporate governance protocols were followed throughout the transaction process. The company confirmed that both the acquirer and seller have been named promoters in the shareholding pattern filed under the listing agreement.

Praj Industries , a leading bioenergy solutions provider, reported mixed financial results for the second quarter of fiscal year 2026, reflecting both growth and challenges in its various business segments.

Financial Performance

Praj Industries reported consolidated revenue of Rs. 8.42 billion in Q2 FY26, a slight increase from Rs. 8.16 billion in Q2 FY25. However, the company faced significant pressure on its profitability:

The substantial decline in profitability can be attributed to challenges in the domestic ethanol segment and international business headwinds.

Operational Highlights

• Order intake for Q2 FY26 stood at Rs. 8.1 billion, with 73% coming from the domestic market.
• The order backlog as of September 30, 2025, was Rs. 44.2 billion.
• Segment-wise order intake breakdown:
  • Bioenergy: 71%
  • Engineering: 16%
  • PHS (Praj HiPurity Systems): 13%

Domestic Ethanol Segment Challenges

Praj Industries faces challenges in the domestic ethanol segment due to India achieving its EBP20 (Ethanol Blending Program 20%) target. The current production capacity in the country now meets the EBP20 requirements, necessitating new avenues for further growth.

International Business Impact

The company's international business is impacted by U.S. tariff scenarios, which may affect future order inflows and project executions.

Strategic Initiatives

1. Pivoting GenX facility strategy towards oil and gas markets due to stalled energy transition projects.
2. Successfully commissioned the first alcohol-to-jet Sustainable Aviation Fuel (SAF) demo plant.
3. Executing the first low carbon ethanol project in the USA.

Liquidity Position

Praj Industries maintains a strong liquidity position with cash in hand of Rs. 4.37 billion as of September 30, 2025.

Future Outlook

Despite the current challenges, Praj Industries remains committed to its long-term growth vision. The company is focusing on:

1. Brownfield opportunities for installed base, including plant enhancements and efficiency improvements.
2. Expanding its presence in the Compressed Biogas (CBG) segment.
3. Developing new technologies such as bioplastics and sustainable aviation fuel.
4. Exploring opportunities in the U.S. market for low carbon ethanol projects.

As Praj Industries navigates through the evolving market dynamics, its diversified portfolio and focus on innovation are expected to play crucial roles in maintaining its market position and driving future growth.