Ultra Clean Water

Praj Industries

PRAJINDNSESmall Cap

Live₹403.15syncing…

Process engineering with bioenergy and process water systems; semicon exposure indirect via process systems.

Market Cap

₹7.4k cr

Price

403

1Y 4%

Direct exposure

25/100

0–100 directness

Hold

Fundamental

46/ 100

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

63/ 100

Trend, momentum, volume and relative strength composite

Valuation

58/ 100

Higher = cheaper vs peers and own history

Final composite

54/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

Praj Industries · PRAJIND

₹403.15+36.49% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

46/ 100C

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 54

Red flags -8

Growth quality/ 20

0.7

Rev 1Y -8.3% · 3Y CAGR 10.4%

Margin & profitability/ 15

7.2

EBITDA 14.4% · PAT 9.4%

Return on capital/ 20

14.8

ROCE 27% · ROE 21%

Cash flow quality/ 15

6.9

OCF/EBITDA 44% · FCF yield 2.0%

Leverage discipline/ 10

10.0

Net Debt/EBITDA -1.20x

Reinvestment runway/ 8

6.1

ROCE × retention proxy

Accounting quality/ 7

3.8

OCF conversion proxy

Governance/ 5

4.2

Pledge 0.0% · Risk 16/100

Red flags (2)

− Weak cash conversionOCF/EBITDA 44% < 50%-4
− Declining revenueRev 1Y -8.3%-4

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

63/ 100B

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 71

Red flags -8

Trend structure/ 20

18.0

Above 200DMA · -25% from 52W high

Momentum velocity/ 15

9.8

RSI(14) 48 · 1M -1.0%

Volume dynamics/ 15

8.3

Bucket: Small Cap

Relative strength/ 15

5.5

RS vs Nifty -8%

MA cluster/ 10

10.0

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

7.7

RSI(14) 48; ideal 50-60

Volatility profile/ 8

4.8

Bucket: Small Cap

Pattern integrity/ 7

7.0

Trend continuation proxy

Red flags (1)

− Deep drawdown-25% from 52W high-8

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: Ultra Clean Water · 25/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 16/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Process engineering quality compounder; semicon angle is incremental, core thesis is bioenergy and chemicals.

Bull case

+Net cash
+Bioenergy tailwind
+Process water optionality

Bear case

−Order book lumpiness
−Indirect semicon exposure
−Bioenergy policy uncertainty

Key monitorables

Bioenergy order bookMargin trajectoryUPW project wins

Semiconductor exposure

How direct, how visible

Primary segment

Ultra Clean Water

All segments

Ultra Clean Water

Exposure type

Ancillary

Policy beneficiary

Possible

Import substitution

Medium / Low

Governance risk score

16/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

-8.3%

Rev CAGR (3Y)

10.4%

EBITDA margin

14.4%

PAT margin

9.4%

ROCE

27%

ROE

21%

OCF / EBITDA

44%

Net Debt / EBITDA

-1.2x

Promoter holding

32.8%

Promoter pledge

0.0%

Valuation

P/E (TTM)

141.9

Forward P/E

26.0

EV/EBITDA

18.3

EV/Sales

2.6

P/B

5.9

FCF Yield

2.0%

Dividend Yield

0.60%

Hist. percentile

50%

Peer percentile

40%

Technicals

RSI(14)

1M return

-1.0%

1Y return

From 52W high

-25%

RS vs Nifty

-8%

>200 DMA

Yes

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹2.6k cr	₹2.8k cr	₹3.1k cr	₹3.2k cr	₹2.1k cr	₹1.1k cr	₹976 cr
↳ YoY growth	-5.6%	-8.3%	-4.5%	+53.6%	+87.6%	+14.0%	—
EBITDA	₹371 cr	₹405 cr	₹340 cr	₹206 cr	₹118 cr	₹109 cr	₹102 cr
↳ EBITDA margin	14.0%	14.4%	11.1%	6.4%	5.7%	9.8%	10.4%
PAT	₹137 cr	₹264 cr	₹280 cr	₹238 cr	₹164 cr	₹71 cr	₹65 cr
↳ PAT margin	5.2%	9.4%	9.2%	7.4%	7.9%	6.4%	6.6%
OCF	₹75 cr	₹178 cr	₹131 cr	₹153 cr	₹210 cr	₹14 cr	₹4 cr
↳ OCF / EBITDA	20.1%	43.9%	38.5%	74.4%	177.8%	12.5%	4.2%
FCF (= OCF − capex)	₹75 cr	₹148 cr	₹65 cr	₹47 cr	₹55 cr	₹14 cr	₹1 cr
Total Equity	₹1.4k cr	₹1.3k cr	₹1.1k cr	₹907 cr	₹777 cr	₹704 cr	₹736 cr
Total Assets	₹2.8k cr	₹2.5k cr	₹2.4k cr	₹2.1k cr	₹1.5k cr	₹1.1k cr	₹1.2k cr
↳ ROE	9.7%	21.0%	26.3%	26.2%	21.2%	10.1%	8.8%
↳ ROA	4.9%	10.4%	11.5%	11.5%	11.2%	6.7%	5.5%

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%

Promoter

32.8%

Mutual Funds

12.3%

FII

17.7%

Public

36.8%

Promoter holding trend

32.8

Mar

32.8

Jun

32.8

Sep

32.8

Dec

32.8

Mar

32.8

Jun

32.8

Sep

32.8

Dec

32.8

Mar

Δ:+0.0% over 9 quarters

Commentary

·Promoter stable at 32.8%
·No pledge
·Diversified institutional holding

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sustained high return on capital indicates disciplined reinvestment.

ROCE 27%, div yield 0.6%

Promoter holding

Moderate promoter holding.

32.8%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Net cash balance sheet.

Net Debt/EBITDA -1.20x

Cash conversion

Weak cash conversion — investigate working capital and quality of earnings.

OCF/EBITDA 44%

Governance composite

Clean governance signals across pledging, RPTs, auditor, KMP pay.

16/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Steady but unspectacular execution. Multiples reflect mid-pack expectations.

What we think it's missing

Consensus appears reasonable. Look for thesis-changing catalysts (margin inflection, new customer wins, segment mix shift) rather than narrative re-rating alone.

Thesis killers

×Working capital blowout disclosed in next quarterly result

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation