For me if there is one slide that can succinctly make the case for investment in Praj, it is this slide. Thanks to @Worldlywiseinvestors and Mr. Sajal Kapoor 
So many optionalities (Ethanol 1G/2G already a reality) + Favourable policy environment in India and globally + Visionary management and consistent focus on R&D. As Sajal Sir says, nobody is using industrial bio-tech in the 360 degree fashion that Praj is.
Yes valuations are probably fair/on-the-higher-side (Basis cashflows that are immediately visible; If any of the key optionalities like ethanol blending in diesel or large scale CBG plays out then these valuations will be dwarfed soon) and there is significant Government risk (Focus moves away from green energy or Atmanirbhar bharat for some reason - low probability). But I think not having Praj in the portfolio today is a much bigger risk than having it. Downside risks can be managed using portfolio sizing.
For the short term, I think this report/targets by ICICI Securities is quite plausible and the numbers should play out in the next 2-3 years
Praj Industries Ltd - Event Update - 15112021_15-11-2021_12 (1).pdf (961.0 KB)