Financial Result 30.09.2025
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True Green Bio Energy Ltd (formerly CIL Nova Petrochemicals) reported standalone unaudited results for Q2 FY26. Revenue from operations fell sharply to Rs. 220.23 lakhs versus Rs. 1,510.40 lakhs in Q2 FY25, mainly because the company has wound down its yarn/textile segment and is now focused on ethanol. The newly commissioned 300 KLPD grain-based ethanol plant in Ahmedabad is now operational, with the ethanol segment generating Rs. 921.97 lakhs of revenue and Rs. 395.13 lakhs of EBITDA in H1 FY26. Profit after tax swung to Rs. 85.57 lakhs in Q2 FY26 from Rs. 38.18 lakhs a year earlier, and H1 FY26 PAT rose to Rs. 46.84 lakhs versus Rs. 8.44 lakhs in H1 FY25. The company also raised Rs. 21.25 crore via a preferential equity issue in June 2025. However, operating cash flow stayed deeply negative at Rs. (1,204.59) lakhs for H1 FY26, reflecting heavy working capital and capex outflows for the new ethanol plant.
Short-term revenue looks weak due to the yarn exit, but the ethanol ramp-up is driving a meaningful turnaround in profitability. Shareholders should watch ethanol capacity utilisation, working capital strain, and how quickly the negative operating cash flow narrows as the new plant scales up.