TRUALT BIOENERGY Q2 FY26 results: net loss of ₹37.94 crore

How did TRUALT BIOENERGY perform in Q2 FY26?

TRUALT BIOENERGY reported consolidated revenue of ₹114.86 crore for Q2 FY26, compared with ₹303.89 crore in Q1 FY26, a decline of 62.2%. Other income was ₹14.76 crore and total expenses were ₹178.79 crore. EBITDA was a loss of ₹4.55 crore, compared with ₹41.54 crore in the previous quarter, while the EBITDA margin was -4.0% against 13.7% in Q1 FY26.

The consolidated result included a loss before tax of ₹49.18 crore and a net loss of ₹37.94 crore, compared with ₹5.80 crore of profit before tax and ₹4.73 crore of net profit in Q1 FY26. Basic EPS was ₹5.37, compared with ₹0.67 in the previous quarter. No exceptional item was reported. On a standalone basis, revenue was ₹104.47 crore and net profit was a loss of ₹42.75 crore.

What do the balance sheet and cash flow show?

At 30 September 2025, the consolidated balance sheet showed total assets of ₹3377.26 crore, total equity of ₹1401.52 crore, borrowings of ₹1539.49 crore and cash of ₹289.72 crore. Inventories were ₹47.04 crore, trade receivables were ₹63.05 crore and trade payables were ₹70.89 crore. A previous balance-sheet date comparison was not provided in the facts.

For H1 FY26, operating cash flow was ₹70.66 crore, investing cash flow was a negative ₹95.93 crore, financing cash flow was ₹165.21 crore and capital expenditure was ₹104.06 crore. A year-earlier cash-flow comparison was not provided.

What else did the company announce?

On 11 November 2025, the board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025. The board also approved entering into a joint venture agreement and executing a share purchase agreement with Japan-based Sumitomo Corporation. The initial phase includes four CBG production facilities, with scope for additional plants under the agreement.

The company also filed that it would acquire 51% of the paid-up share capital of Trualt Gas Private Limited from Nirani Holdings Private Limited for cash consideration of ₹8.42 crore. The filing said the acquisition was intended to expand its presence in the compressed biogas sector and support the proposed Sumitomo joint venture. Completion was indicated for on or before 30 November 2025. No dividend or fund-raise decision was stated in the available filings.

What did TRUALT BIOENERGY's management say?

Management said the FY26 ethanol volume target was revised to 36–37 cr litres from 41 cr litres, while 47 cr litres of allocation had been secured for the November 2025–October 2026 supply year, including 8 cr litres of ENA. Management also said Q3–Q4 FY26 capacity utilisation was expected at 80–85%, with H2 FY26 expected to deliver 26–28 cr litres. The company said CBG EBITDA margin at scale was 60–65%, with a PAT margin of 30–35% and IRR of 21–22%.

On the earnings call, the Managing Director described the subdued Q1 and Q2 results as “a deliberate and necessary cost of transformation”. Management identified ethanol allocation policy and sector oversupply as risks, with the company citing close to 1,800 cr litres of supply against close to 1,250 cr litres of demand. It also said finance costs for H1 FY26 rose to ₹76.4 crore from ₹68.6 crore, and that 14 cr litres of pending FY25 ethanol supply extension remained work in progress.

How did TRUALT BIOENERGY shares react?

After the filing, the stock fell 1.7% within 5 minutes, 1.8% within 15 minutes and 3.7% within 30 minutes. The reaction-day move was a fall of 3.3% from the previous close. By the next day's close, the stock was up 0.7% from the pre-results close, while the five-session move was down 6.6%.

The Other Agricultural Products industry recorded a median move of 0.0% on the reaction day, 1.6% by the next day's close and 1.2% by the five-session close. TRUALT BIOENERGY therefore underperformed the industry median by 3.3 percentage points on the reaction day, 0.9 percentage points by the next day's close and 7.8 percentage points by the five-session close. The Nifty Microcap 250 moved 1.0%, 2.0% and 1.9% over the same closes. No earlier results-day moves were provided.

How did other Other Agricultural Products companies do?

The comparison covered 50 other Other Agricultural Products companies. Their median revenue growth was 16.4%, and 30 of the 50 companies reported higher profit. The available peer data did not provide separate counts for companies growing faster or slower than TRUALT BIOENERGY, so no such counts are stated.