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Dossier · TRUE GREEN BIO ENERGY LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Operates two businesses: a 300 kilolitres-per-day (KLPD) grain-based ethanol plant in Ahmedabad that commenced commercial operations during FY26, and a yarn manufacturing business that had been the historical mainstay. Q3 FY26 revenue from operations jumped to ₹84.32 crore from ₹1.84 crore in the year-ago quarter, with the ramp-up driven by the new ethanol plant. Yarn sales were ₹5.91 crore in Q1 FY26 and ₹0.73 crore in Q2 FY26, becoming a much smaller contributor as ethanol scaled up. For the full FY26, total revenue stood at ₹283.70 crore with an EBITDA margin of 21.51%. Materials accounted for 63.7% of revenue, the dominant cost line consistent with grain feedstock for ethanol production. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ethanol, Yarn. Two-segment manufacturer: newly scaled grain-based ethanol plus a residual yarn business
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · standalone
FY22
FY23
FY24
FY25
FY26
Revenue
296
0
0
23
284
EBITDA (ex other income)
14
(0)
(2)
0
61
margin %
4.7
—
—
1.2
21.4
Owners' profit
8
(6)
1
(2)
31
EPS, as reported (₹)
2.89
(2.19)
(2.19)
(0.74)
9.58
ROE % · ROCE %
8.4 · 11.5
(6.7) · (1.7)
0.9 · (3.7)
(1.9) · (0.4)
19.7 · 14.0
Debt / equity (x)
0.29
0.00
0.20
1.50
2.14
Cash from operations
3
(24)
3
(31)
(47)
Capex
(3)
(4)
(41)
(157)
(95)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · TRUE GREEN BIO ENERGY LIMITED · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
15
2
3
7
2
84
190
228
Profit before tax
0
0
(2)
1
1
1
39
27
Net profit
0
(0)
(2)
(0)
1
2
29
22
EPS (₹)
0.14
(0.22)
1.23
0.03
0.07
0.17
8.77
6.63
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Revenue from Operations
84
89.3
Ethanol
3
3.7
Yarn
7
7.0
Total, before eliminations
94
100.0
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
KPR MILL LTD.
37,325
40.9
6.55
27.0
15.2
19.3
13.5
21.2
WELSPUN LIVING LIMITED
20,367
74.1
4.09
26.1
4.3
4.0
5.1
12.7
VARDHMAN TEXTILES LIMITED
14,669
17.0
1.39
11.3
7.1
7.4
10.0
20.4
TRIDENT LIMITED
10,870
27.4
2.28
13.4
7.9
8.6
8.1
17.7
INDO COUNT INDUSTRIES LTD
8,471
56.1
3.60
20.4
5.4
5.4
10.5
13.3
GARWARE TECH FIBRES LTD
7,310
35.3
5.40
22.9
14.7
18.7
8.1
20.5
FILATEX INDIA LTD
4,207
22.0
2.80
11.5
12.2
13.8
—
7.6
SANATHAN TEXTILES LIMITED
4,178
68.8
2.23
18.6
4.1
3.5
—
8.4
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
12.2
16.8
71 of 179
61%
P/B
4.0
1.1
162 of 185
13%
ROCE
10.8
4.3
52 of 215
76%
ROE
19.7
4.7
15 of 188
93%
Debt / Equity
2.1
0.4
175 of 188
7%
EBITDA margin
16.3
9.8
49 of 198
76%
Revenue growth
3143.0
6.9
4 of 192
98%
Profit growth
5742.1
20.0
3 of 203
99%
Market cap
629
61
36 of 223
84%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · TRUE GREEN BIO ENERGY LIMITED · 29 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
26 Oct 2026 · Board to approve September 2026 quarter and half-year results
results
low
—
—
7 Oct 2026 · Routine compliance filing: dematerialisation certificate for Q2 FY27
compliance
minimal
—
—
30 Sept 2026 · 22nd AGM results: all 4 resolutions passed at True Green Bio Energy
8 Sept 2026 · 22nd AGM notice and FY26 annual report intimation - True Green Bio Energy
board shareholder meetings
low
—
—
7 Sept 2026 · Newspaper notice for 22nd AGM and remote e-voting details
compliance
minimal
—
—
7 Sept 2026 · Record date fixed for 22nd AGM e-voting on 22 September 2026
board shareholder meetings
low
—
—
7 Sept 2026 · Annual Report and AGM Notice for FY 2025-26 filed with BSE
results
high
—
—
7 Sept 2026 · 22nd AGM on Sept 29 via video conferencing; RPT and director changes on agenda
board shareholder meetings
low
—
—
17 Aug 2026 · Newspaper publication of Q1 FY27 standalone results submitted to BSE
compliance
minimal
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
