Unaudited Financial Results for the quarter ended on 31st December, 2025
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True Green Bio Energy Ltd (formerly CIL Nova Petrochemicals) reported Q3 FY26 standalone revenue from operations of ₹8,420.21 lakhs, a massive jump from ₹184.15 lakhs in Q3 FY25, driven by the commencement of commercial operations at its new 300 KLPD grain-based ethanol plant in Ahmedabad. Total income for Q3 stood at ₹8,431.65 lakhs versus ₹244.24 lakhs a year ago. Profit after tax for Q3 FY26 rose to ₹218.82 lakhs (from ₹129.07 lakhs), while 9M FY26 PAT surged to ₹265.66 lakhs from just ₹13.56 lakhs in 9M FY25. However, profitability margins were under pressure — finance costs jumped to ₹645.51 lakhs and depreciation to ₹810.71 lakhs in Q3 due to the new plant, compressing PBT margins sharply. Auditor J.T. Shah & Co. issued an unqualified limited review report with no qualifications or emphasis of matter.
The new ethanol plant has clearly transformed the company's revenue scale, which is a strong structural positive. However, the heavy interest and depreciation burden from the new facility is eating into margins, so shareholders should track how quickly the plant ramps up utilization to drive margin recovery. Near-term earnings may stay lumpy until scale efficiencies kick in.