### **Overview** Praj Industries Ltd, founded in 1983 under the leadership of Dr. Pramod Chaudhari, is a globally recognized Indian industrial biotechnology and engineering company specializing in sustainable, climate-forward solutions. The company operates at the intersection of bio-energy, clean technology, high-purity systems, and advanced process engineering. With over four decades of experience, Praj has delivered more than **1,000 projects across 100+ countries** and maintains a strong global presence through offices in Thailand, the Philippines, and Houston, Texas. Praj's mission is to enable a circular, low-carbon bioeconomy through its proprietary **TEMPO framework**—spanning **Technology, Engineering, Manufacturing, Project Management, and Operations & Maintenance (O&M)**. The company’s innovation is anchored in its **Praj Matrix R&D center**, which houses over **90 scientists and 400+ patent filings**, including 24 Indian and 60 international grants. --- ### **Core Technology Platforms** Praj’s strategic vision is driven by two foundational platforms that underpin its leadership in the global bioeconomy: 1. **Bio-Mobility®** Focuses on low-carbon transportation fuels, including: - 1G and 2G bioethanol - Sustainable Aviation Fuel (SAF) - Compressed Biogas (CBG) - Bio-hydrogen and marine biofuels This platform enables carbon-neutral mobility across surface, air, and water transport. 2. **Bio-Prism®** Drives innovation in renewable chemicals and materials, producing: - Polylactic Acid (PLA) and Polyhydroxyalkanoates (PHA) bioplastics - Bio-bitumen for green roads - Biobased specialty chemicals (e.g., lignosulfonates, rice bran wax) This portfolio positions Praj as a key enabler of India’s ban on single-use plastics and global shift to sustainable materials. --- ### **Business Segments** Praj operates through four key business segments: | Segment | Key Offerings | |-------|---------------| | **Bio Energy** | 1G & 2G ethanol plants, CBG, Renewable Natural Gas (RNG), Sustainable Aviation Fuel (SAF), and alcohol-to-jet (ATJ) technology | | **R&D** | Custom research, bioprocess development, and commercialization via Praj Matrix; includes the Bio-Prism® platform | | **High Purity Solutions (PHS)** | HiPurity Systems for pharma-grade water (WFI, COLD WFI under 'Glacier Blue' brand), modular fermentation systems, sterile processing | | **Engineering Businesses** | Critical process equipment, modular skids, brewery plants, ZLD systems, ETCA (Energy Transition & Climate Action) solutions | --- ### **Strategic Developments (2024–2025)** #### **1. Sustainable Aviation Fuel (SAF) Leadership** - Praj is at the forefront of the global SAF revolution. In **July 2025**, it commenced commissioning of the **world’s first integrated ethanol-to-jet SAF facility** at Praj Matrix, with commissioning scheduled for **September 2025**. - The company partnered with **Gevo**, **Axens**, and **IOCL** to commercialize the **Alcohol-to-Jet (ATJ)** pathway. Praj handles fermentation and modular engineering, while Axens provides Jetanol™ catalysts. - It received a major U.S. order for detailed engineering of a commercial-scale SAF plant, advancing its role in low-carbon fuel value chains. - Praj also partnered with **IATA and ISMA** to co-develop a **life cycle assessment (LCA) and carbon certification methodology** for Indian SAF from sugarcane ethanol. #### **2. International Expansion and Market Tailwinds** - Praj is aggressively expanding in the **U.S. and Latin America**. - In **October 2025**, it began a **$30M project with Aemetis** in California, supplying a **Mechanical Vapor Recompression (MVR) system** expected to cut natural gas use by **80%** and generate **$32M annual savings** from energy efficiency. - The **U.S. 45Z tax credit policy** (draft finalized in Q3 2025) has unlocked major opportunities for low-carbon ethanol—Praj is positioned to supply technology and modular systems to over **200 U.S. ethanol plants** seeking to reduce carbon intensity. - Secured projects in **Paraguay** (grain-based ethanol), **Ivory Coast** (greenfield ethanol), and **Tanzania**, solidifying its footprint in Africa and South America. --- #### **3. CBG & Bio-bitumen Integration** - Praj's **RenGas™ technology** enables high-yield CBG production from diverse agricultural feedstocks: pressmud, rice straw, Napier grass. - It has developed a **dual-output model** combining **CBG and Bio-bitumen** production, where lignin from biogas residue is converted into **renewable biobitumen**, reducing India’s $3B bitumen import dependency. - Praj showcased **India’s first national highway** stretch using **bio-bitumen** (Nagpur-Mansar Bypass, NH44) in 2025. - In **May 2025**, Praj signed a **term sheet with BPCL** to jointly develop **10 CBG projects** across India via a joint venture, now awaiting final approvals. --- #### **4. Modularization & Energy Transition (Praj GenX)** - **Praj GenX**, a wholly-owned subsidiary, specializes in modular engineered solutions for **energy transition and climate action (ETCA)**. - The **Mangaluru facility**, launched in 2024, is a **state-of-the-art Industry 5.0 manufacturing hub** featuring automation, green practices, and modular design platforms: - **PraModule5.0™**, **ModuLess5.0™**, **ModulFlex™** - This facility has been audited and approved by **8 global EPC firms**, and is now fully booked for FY26. - GenX is supplying modular skids for: - **Green and blue hydrogen projects** (Europe and U.S.) - **Carbon capture and utilization (CCU)** - **Waste-to-energy and biomass torrefaction** - Praj GenX signed **long-term framework agreements with three global customers** in 2025, signaling strong order visibility. --- #### **5. High Purity & Pharmaceutical Systems (HiPurity Systems)** - **HiPurity Systems Limited**, a wholly-owned subsidiary, is a global leader in **ultra-pure water and modular fermentation systems**. - It serves **450+ installations** in pharma, biotech, nutraceuticals, cosmetics, and EV batteries. - Its **'Glacier Blue' Cold WFI** system reduces energy use by **90%** vs. traditional thermal WFI, with growing adoption in India and the U.S. - In 2025, it delivered: - A **dedicated fermentation complex** for a leading Indian pharma firm - **300% YoY growth in fermenter volume**, including a **U.S.-based Cold WFI deal** for biologics - **Lithium-ion battery plant water systems**, signaling expansion into **semiconductors and EV battery manufacturing** --- #### **6. Zero Liquid Discharge (ZLD) & Water Innovation** - Praj delivers **modular, plug-and-play ZLD systems** that reduce civil work and deployment time from 6 months to under a week. - These are gaining traction due to regulatory mandates and water scarcity. - ZLD solutions serve **pharma, chemicals, food & beverage, and distilleries**. - Praj’s proprietary **SHIFT technology** reduces water and energy consumption in ethanol and CBG plants, achieving **zero liquid discharge** with lower CAPEX/OPEX. --- #### **7. R&D and Bioplastics Commercialization** - Praj commissioned its **first commercial demonstration facility for biopolymers** in **Jejuri (2024–2025)**, capable of producing **lactic acid, lactide, and PLA**. - It is the **first Indian company to indigenously develop PLA technology**. - In **2025**, Praj began firm commercial offers for its **PLA technology**, supported by the **Parimal and Pramod Chaudhari Centre of Excellence and Innovation for Biopolymers** at ICT Mumbai. - Collaboration with **Uhde (ThyssenKrupp)** enables end-to-end **PLA plant solutions**—Praj handles fermentation, Uhde handles polymerization. --- ### **Strategic Partnerships** - **GEVO, Inc. (USA):** Co-developing **isobutanol-based SAF**; Praj provides EPC and process integration. - **Axens (France):** Joint deployment of **ATJ-converted SAF** using Jetanol™ tech. - **IOCL, BPCL, HPCL:** Technology partner for **2G ethanol, CBG, and SAF** projects. - **Uhde Inventa-Fischer:** Integrated **PLA technology solution** for bioplastics. - **Sekab (Sweden):** Commercializing **Celluniti™ technology** for forest-based ethanol in Europe. --- ### **Key Order Book and Revenue Drivers** - **Domestic Growth:** India’s **E20 ethanol blending milestone achieved in 2025**, with Praj as a key tech enabler. Now targeting **E30, flex-fuel vehicles, and diesel blending**. - **International Momentum:** 42% of orders from global markets (2024), including: - U.S. low-carbon ethanol - African and South American grain-based plants - European green hydrogen and ZLD projects - **Services Growth:** O&M, biogenic CO₂ capture, fermentation management—order book **doubled YoY in FY25**. - **Modularization:** High demand for skid-based solutions across **SAF, hydrogen, CCUS, and ZLD**. --- ### **Sustainability & ESG Commitment** - Praj is a **thought leader in decarbonization**: - Enabled **India’s first commercial SAF flight** in 2023 (with AirAsia and IOCL) - Ranked **#1 Global Hottest Company in Advanced Bioeconomy (2024)** by *Biofuels Digest* - Contributing to **CORSIA, Global Biofuels Alliance, COP29 participation** - Water and energy efficiency: Technologies like **SHIFT, EcoCOOL, and PIB** reduce footprint by 30–50%. - Circular economy: Valorization of distillery/cane pressmud into **bio-bitumen, biomanure, DCO, rice protein**. --- ### **Financial & Operational Highlights (Recent Indicators)** - **Mangaluru (GenX) facility** operational and gaining customer approvals; revenue impact expected in **FY26**. - **Kandla plant fully booked** for 18 months; all new orders redirected to Mangaluru. - Extended project cycles (~12–16 months) due to **funding constraints and policy delays**, particularly in India. - Strong capex discipline: Over **₹200 crores invested** in GenX, bioplastics demo plant, and Praj Matrix catalysis lab. ---