Buy Praj Industries; target of Rs 93: Kotak Securities

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26 Aug, 2025 12:21

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Kotak Securities' report on Praj Industries

"Praj is one of the established names in the ethanol and brewery business with strong credentials in India and abroad. The company has extended its expertise in chemistry and processes into new areas like waste water treatment, high purity water, critical process equipments and bioproducts. Praj's name is getting accepted in these emerging segments and the plan is to scale up further domestically and internationally. The company is optimistic and is receiving good level of enquiries. We initiate coverage on Praj with 'BUY' and target price of Rs 75, based on DCF. Zero debt and substantial cash are other comfort factors."

"The company has suffered few years of stagnation as its ethanol plant business faced headwinds and emerging business was still nascent. With improving industrial outlook, we expect the company to post reasonable growth in the medium term. Strong balance sheet, cash surplus, high dividend payout are pluses apart from valuation which is at a discount to peers. We recommend "BUY" with a target price of 93", says Kotak Securities research report.

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