External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Bio-energy Segment Waiting For The Next Push: Praj’s performance remained subdued, impacted by cautious sentiment in the domestic ethanol market.</li><li>With the company having achieved the 20% ethanol blending target, further growth now hinges on the development of new avenues.</li><li>The management continues to focus on diversifying into alternative opportunities and remains optimistic about regaining growth momentum once clarity emerges on future blending targets, including those related to diesel.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bio-energy Segment Waiting For The Next Push: Praj’s performance remained subdued, impacted by cautious sentiment in the domestic ethanol market.With the company having achieved the 20% ethanol blending target, further growth now hinges on the development of new avenues.The management continues to focus on diversifying into alternative opportunities and remains optimistic about regaining growth momentum once clarity emerges on future blending targets, including those related to diesel.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Praj Industries Ltd - Worst Factored In; Recovery Awaited

<ul><li>Lacklustre Demand in Bio-energy Segment: Praj Industries posted a subdued Q1FY26 performance, weighed down by cautious sentiment in the domestic ethanol market following the achievement of the 20% EBP target and the absence of new blending mandates.</li><li>The prevailing geopolitical environment and uncertainty surrounding US tariff policies further delayed capital expenditure decisions.</li><li>Fixed Costs Building Up: Revenue decline, coupled with increasing fixed costs, resulted in a 685 bps YoY decline in EBITDA margins during the quarter.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lacklustre Demand in Bio-energy Segment: Praj Industries posted a subdued Q1FY26 performance, weighed down by cautious sentiment in the domestic ethanol market following the achievement of the 20% EBP target and the absence of new blending mandates.The prevailing geopolitical environment and uncertainty surrounding US tariff policies further delayed capital expenditure decisions.Fixed Costs Building Up: Revenue decline, coupled with increasing fixed costs, resulted in a 685 bps YoY decline in EBITDA margins during the quarter.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Praj Industries Ltd - Lack of Momentum in Bio-Energy Impacts Business; Downgrade to SELL

Thematic (Sector/Industry)

<ul><li>The Finance Minister of India will present the Union Budget FY25-26 on 1 st Feb’25.</li><li>The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the reforms outside the purview of the Budget.</li><li>H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown, especially in the urban area, extended monsoon, and inflation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Finance Minister of India will present the Union Budget FY25-26 on 1 st Feb’25.The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the reforms outside the purview of the Budget.H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown, especially in the urban area, extended monsoon, and inflation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Healthy bioenergy order inflow: The company’s order inflow increased during the quarter after declining for four consecutive quarters.</li><li>The Bio-energy segment witnessed healthy order inflow during the quarter, resulting in a 76% QoQ growth in the segment's order book.</li><li>This comes on the back of weaker performance in the bio-energy segment over the last couple of quarters.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy bioenergy order inflow: The company’s order inflow increased during the quarter after declining for four consecutive quarters.The Bio-energy segment witnessed healthy order inflow during the quarter, resulting in a 76% QoQ growth in the segment's order book.This comes on the back of weaker performance in the bio-energy segment over the last couple of quarters.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Praj Industries Ltd - Bioenergy Regaining Momentum; Maintain HOLD

<ul><li>Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.</li><li>Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.</li><li>Growth prospects remain uncertain as a clear upward trend has yet to emerge.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.Growth prospects remain uncertain as a clear upward trend has yet to emerge.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

India

Praj Industries Limited is an engineering firm that provides solutions for distillery and brewery wastewater treatment and utilization. The Company's fermentation systems include technology packages for multiple feedstock including cane molasses, cane juice and filtrate, starch based raw material like corn, sorghum, wheat, tapioca and tropical sugarbeet.

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Praj Industries (PRJ IN)

Praj Industries Ltd - Worst Factored In; Recovery Awaited

Bio-energy Segment Waiting For The Next Push: Praj’s performance remained subdued, impacted by cautious sentiment in the domestic ethanol market.

Axis Direct

Praj Industries Ltd - Lack of Momentum in Bio-Energy Impacts Business; Downgrade to SELL

The prevailing geopolitical environment and uncertainty surrounding US tariff policies further delayed capital expenditure decisions.

Axis Direct

Pre-Budget Expectations 2025-26

The impact of the Union Budget on the equity market has reduced notably over the past few years, with the government undertaking most of the...

Axis Direct

Praj Industries Ltd - Bioenergy Regaining Momentum; Maintain HOLD

Healthy bioenergy order inflow: The company’s order inflow increased during the quarter after declining for four consecutive quarters.

Axis Direct

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

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