TruAlt Bioenergy Ltd(TRUALT)

NSE: TRUALTBSE: 544545

₹ 409-1.77%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,507 crWebsite: www.trualtbioenergy.comUpdated: 24 Oct 2026

About

TruAlt Bioenergy is India's only dedicated listed bioenergy enterprise and one of the country's largest integrated biofuels companies, operating five ethanol distilleries with a combined 2,000 KLPD installed capacity across Karnataka. The company also produces Compressed Biogas (CBG) and holds Oil Marketing Company status - the first biofuels company in India to do so. In FY26, it reported revenue of ₹1,727.51 crore.^[1][2]

Business segments

Ethanol distilling is the dominant segment: 1G ethanol accounted for 78.72% of FY26 turnover, sold primarily to Oil Marketing Companies under government blending mandates.^[1]
CBG (Compressed Biogas) is operated through subsidiary Leafiniti Bioenergy, generating ₹42.86 crore revenue in FY26, up 50.80% YoY, with EBITDA margin of 58.38%.^[3]
Retail fuel retailing, as India's first biofuels-sector OMC, generated ₹103.51 crore in FY26, up 78.83% YoY, at approximately 5% EBITDA margin.^[3]

Ethanol plants and capacity

Five distillery units in Karnataka with 2,000 KLPD combined installed capacity: Unit 1 Mudhol 700 KLPD, Unit 2 Jamkhandi 500 KLPD, Unit 3 Khanapur 400 KLPD, Unit 4 Kerakalmatti 200 KLPD, Unit 5 Badami 200 KLPD.^[1]
1,300 KLPD of the 2,000 KLPD total (Units 1, 2 and 4) have been converted to dual-feed, enabling operations on both sugar-based and grain-based feedstocks across up to 300 - 330 days a year.^[4][3]
Three dual-feed expansions completed under turnkey contracts in November 2025, January 2026 and February 2026; no further ethanol capacity addition is planned.^[1][5]
Unit 5 received its Consent to Operate on 17 December 2025, making all five plants fully operational.^[5]

Key operating numbers - ethanol

Ethanol sales volume: ~24 crore litres in FY26 (capacity utilisation below 35% in Q4 FY26 due to OMC allocation constraints); 8.5 crore litres in Q1 FY27 at 60.57% utilisation.^[3][6]
Volume mix in Q1 FY27: 4.37 crore litres sugar-based and 3.92 crore litres grain-based (~50:50); grain-based yield is 450 vs 317 for sugar-based, generating approximately 6% higher profitability.^[6]
Weighted-average ethanol realisation: ~₹67/litre in FY26.^[3]
DDGS co-product contributed ₹47.34 crore in Q1 FY27; solid FOM prices have risen from ₹500/tonne to ₹2,500 - 2,800/tonne as of Q1 FY27.^[6]
Maize feedstock procured at ₹18,000 - 21,000/tonne (October - February); spot price as of Q1 FY27 was ₹25,500/tonne.^[6]

CBG operations

The existing 10.2-TPD CBG plant ran at 78% capacity utilisation in Q1 FY27, generating revenue of ₹11.31 crore (up 10.96% QoQ) with EBITDA margin of 55.64%.^[6]
TruAlt was one of the first CBG producers under the Government of India's SATAT scheme introduced in 2018.^[1]
Two CBG joint ventures: TruAlt Gas Private Limited (51% TruAlt / 49% Sumitomo Corporation, Japan) and Leafiniti Bioenergy Private Limited (CBG JV with GAIL India Limited, which holds 49%).^[1]

Customers and distribution

Ethanol sold predominantly to public-sector Oil Marketing Companies; FY27 order book stands at 44 crore litres from OMCs (26 crore public OMC + 8 crore private OMC + 6 crore ENA), with a stretch target of 55 crore litres if a 15-crore-litre Karnataka High Court allocation is implemented.^[3]
Karnataka High Court on 4 February 2026 ordered OMCs to lift 15.62 crore litres (valued at ~₹1,062 crore); OMCs had not complied as of Q4 FY26, citing a parallel Supreme Court matter.^[3]
Retail fuel network: 7 outlets operational and 4 under construction as of FY26 annual report; approximately 76 prospective locations shortlisted. All outlets operate on a franchisee model with zero capex from TruAlt.^[1][3]
Expansion of 76 shortlisted retail outlets has been deliberately paused as of Q1 FY27 due to Middle East crisis and crude price volatility.^[6]

Expansion and capex

Three Sumitomo JV CBG plants (20 TPD each) nearing commissioning: Mudhol targeted August 2026, Kedarnath September 2026, Badami December 2026; a fourth at Bhima Patas, Maharashtra targeted Q4 FY27.^[6]
GAIL JV (Leafiniti): 6 CBG plant locations identified across Karnataka and Maharashtra (72 TPD total); construction to begin August 2026 onwards with revenues expected from Q1 FY28.^[6]
SAF plant at Srikakulam, Andhra Pradesh: 310 KLPD / 100 million litres per annum capacity; capex approximately ₹2,000 crore; commissioning targeted end-FY29; EPC contracts to be awarded within 2 - 3 months of Q1 FY27.^[6]
SAF site at Srikakulam is proximate to Visakhapatnam Port, the upcoming Mulapeta Port and HPCL's Visakh Refinery, providing logistics and export connectivity.^[1]

Recent developments

Government of India sanctioned ₹150 crore Viability Gap Funding under PM JI-VAN Yojana for the Srikakulam SAF project; payment is due on commissioning as one-time other income.^[6][3]
Sumitomo Corporation completed equity infusion and now holds 49% of TruAlt Gas Private Limited as of April 2026; GAIL infused equity and holds 49% of Leafiniti Bioenergy as of March 2026.^[3]
TruAlt listed on BSE and NSE on 3 October 2025; no non-compliances or penalties reported since listing.^[1]
SAF FEED work with Honeywell UOP is in progress as of Q1 FY27; technology transfer agreement was signed and engineering design is underway.^[6][5]
Promoter share pledge with SBI and IREDA was expected to be released within Q2 FY27 (by September 2026); management also indicated a balance-sheet deleveraging plan to be announced by October 2026.^[6]
Ethanol export discussions ongoing via Japan-India Joint Credit Mechanism (JCM); an export application has been filed with the ministry as of Q1 FY27.^[6]

Market Cap

₹3,507 Cr

High / Low

₹542 / 311

Stock P/E

23.6

Price / Book

2.3

Book Value

₹177

EPS

₹11.2

No. of Shares

8.58 Cr

ROCE

9.0%

ROE

6.3%

OPM

16.0%

Debt / Equity

1.08

Sales

₹1,728 Cr

Net Profit

₹97 Cr

Promoter holding

71.4%

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