New Delhi, June 3 -- As biogas emerges as India's next big energy hedge, Praj Industries-a rare listed play on ethanol and compressed biogas (CBG) technologies-is quietly defying the market downturn.

While the stock is still waiting for its breakout moment on the biogas theme, it has already outperformed the broader market, gaining 5% this year against a steep 10.5% drop in the Nifty 50 and a 1.2% return for the Nifty Smallcap 250.

Beyond ethanol, Praj is steadily building its presence across CBG, sustainable aviation fuel (SAF), bio-isobutanol (Bio-IBA) and other renewable chemicals, and lifecycle services. Market participants see these businesses as potential growth engines that could diversify revenue streams and reduce the company's...