NSE: TRUALT · BSE: 544545
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ethanol, Compressed Biogas (CBG), Sustainable Aviation Fuel (SAF), Fuel retail. Asset-heavy, capex-intensive biofuels platform with high reliance on government policy for ethanol allocation and blending targets
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,728 |
| EBITDA (ex other income) | 290 |
| margin % | 16.8 |
| Owners' profit | 96 |
| EPS, as reported (₹) | 12.30 |
| ROE % · ROCE % | 6.1 · 10.8 |
| Debt / equity (x) | 1.04 |
| Cash from operations | (289) |
| Capex | (511) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 304 | 115 | 713 | 596 | 627 |
| Profit before tax | 6 | (49) | 90 | 84 | 78 |
| Net profit | 5 | (38) | 69 | 61 | 59 |
| EPS (₹) | 0.67 | (5.37) | 8.07 | 6.99 | 6.67 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 13,579 | 21.2 | 3.00 | 11.6 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,108 | 10.7 | 1.40 | 8.4 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,628 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,503 | 14.2 | 2.00 | 9.4 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED ◆ | 3,301 | 23.5 | 2.09 | 12.9 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,984 | 22.4 | 29.23 | 218.8 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,249 | 21.5 | 2.43 | 13.1 | 11.2 | 14.8 | — | 9.5 |
| GRM OVERSEAS LIMITED | 1,823 | 13.9 | 3.01 | 17.1 | 12.3 | 16.5 | 17.2 | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.5 | 12.3 | 44 of 53 | 17% |
| P/B | 2.1 | 1.6 | 32 of 51 | 36% |
| ROCE | 4.8 | 4.1 | 32 of 67 | 53% |
| ROE | 6.1 | 3.5 | 22 of 51 | 58% |
| Debt / Equity | 1.0 | 0.4 | 41 of 51 | 20% |
| EBITDA margin | 23.5 | 9.7 | 8 of 45 | 84% |
| Revenue growth | 106.3 | 10.3 | 3 of 51 | 96% |
| Profit growth | 1154.4 | 16.6 | 3 of 51 | 96% |
| Market cap | 3301 | 66 | 5 of 69 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Earnings call recording for quarter and half year ended September 30, 2026 | investor communications | low | — | — |
| 24 Oct 2026 · September 2026 quarter and half-year results approved | results | high | — | — |
| 24 Oct 2026 · Unaudited results for September 2026 quarter and half year published | compliance | minimal | — | — |
| 23 Oct 2026 · Investor presentation submitted to NSE | investor communications | medium | — | — |
| 23 Oct 2026 · Strong H1 FY27 growth as revenue jumps 243 percent and profit turns positive | compliance | low | — | — |
| 23 Oct 2026 · Q2 and H1 FY27 results approved with unmodified review | results | high | — | — |
| 17 Oct 2026 · Resignation of Company Secretary Mr Monu Kumar | management changes | high | — | — |
| 16 Oct 2026 · Q2 FY27 earnings call scheduled for October 26 at 11:30 AM | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board meeting on Oct 23 to consider Q2 FY27 results | results | low | — | — |
| 13 Oct 2026 · Postal Ballot Notice Published in Newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.