TRUALT BIOENERGY LIMITED

Produces ethanol from grain and sugar feedstock across five plants with a combined capacity of 2,000 KLPD, of which 1,300 KLPD is dual-feed. In Q1 FY27 the company produced and sold ~8.5 crore litres of ethanol at ~Rs 640 crore revenue, supplied mainly to oil marketing companies (OMCs) under India's ethanol blending programme. Compressed biogas (CBG) is being built out via two joint ventures — three plants (~60 TPD) with Sumitomo and six plants (72 TPD) with GAIL — scaling capacity from 10 TPD to a targeted 162 TPD by FY27 end. A sustainable aviation fuel (SAF) project of 100 million litre capacity is in development using Honeywell UOP technology, backed by a Rs 150 crore grant under PM JI-VAN Yojana. Fuel retail had 7 outlets operational at the time of the Q1 FY27 call with a target of ~100 outlets. Materials — feedstock such as grain and sugar — account for 61.2% of revenue, the dominant cost line, while capex runs at 29.6% of revenue as new plants come up.