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- Q2 FY27 results
TRUALT BIOENERGY Q2 FY27 results: net profit ₹34.99 crore vs ₹37.94 crore loss
TruAlt Bioenergy Limited reported consolidated revenue of ₹811.10 crore in Q2 FY27, up 606.2% from ₹114.86 crore a year earlier, as the company moved from a net loss of ₹37.94 crore to a net profit of ₹34.99 crore. Against Q1 FY27, revenue rose 29.4% but profit fell 41.0% and the EBITDA margin narrowed to 12.5% from 21.2%.
Key points
- Consolidated revenue was ₹811.10 crore in Q2 FY27, against ₹114.86 crore in Q2 FY26 and ₹626.88 crore in Q1 FY27.
- EBITDA was ₹101.16 crore at a margin of 12.5%, up from a loss of ₹4.55 crore and a margin of -4.0% a year earlier.
- Net profit was ₹34.99 crore and basic EPS was ₹4.04, against a net loss of ₹37.94 crore and EPS of -5.37 in Q2 FY26.
- Cost of materials fell 31.5% from Q1 FY27 to ₹228.59 crore, while total expenses rose 38.0% to ₹776.65 crore.
- In H1 FY27, revenue was ₹1,437.98 crore and net profit was ₹94.27 crore, against ₹418.75 crore and a net loss of ₹33.27 crore in H1 FY26.
How did TRUALT BIOENERGY perform in Q2 FY27?
TruAlt Bioenergy reported consolidated revenue of ₹811.10 crore for Q2 FY27, the July–September 2026 quarter, against ₹114.86 crore in Q2 FY26 and ₹626.88 crore in Q1 FY27. The year-on-year increase was 606.2%, while the sequential rise was 29.4%. Total income stood at ₹823.74 crore, up 535.6% from ₹129.61 crore a year earlier and 28.4% from ₹641.41 crore in the previous quarter.
Consolidated EBITDA was ₹101.16 crore in the quarter, against a loss of ₹4.55 crore in Q2 FY26 and ₹132.76 crore in Q1 FY27. The EBITDA margin was 12.5%, compared with -4.0% a year earlier and 21.2% in the previous quarter. Profit before tax was ₹47.09 crore, against a loss of ₹49.18 crore in Q2 FY26 and ₹78.45 crore in Q1 FY27.
The company reported a net profit of ₹34.99 crore for the quarter, including ₹34.68 crore attributable to owners, against a net loss of ₹37.94 crore in the year-ago quarter and ₹37.86 crore for owners. Basic EPS was ₹4.04, against -5.37 in Q2 FY26 and ₹6.67 in Q1 FY27. On a standalone basis, revenue was ₹802.61 crore and net profit was ₹34.42 crore, against a standalone net loss of ₹42.75 crore a year earlier.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 811.10 | 626.88 | 114.86 | +606.2% | +29.4% |
| Other income | 12.64 | 14.52 | 14.76 | −14.4% | −12.9% |
| Total expenses | 776.65 | 562.96 | 178.79 | +334.4% | +38.0% |
| EBITDA | 101.16 | 132.76 | −4.55 | turned to profit | −23.8% |
| EBITDA margin | 12.5% | 21.2% | -4.0% | +16.5 pp | −8.7 pp |
| Profit before tax | 47.09 | 78.45 | −49.18 | turned to profit | −40.0% |
| Tax | 12.09 | 19.17 | −11.24 | −36.9% | |
| Net profit | 34.99 | 59.27 | −37.94 | turned to profit | −41.0% |
| EPS (₹) | 4.04 | 6.67 | −5.37 | turned to profit | −39.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in TRUALT BIOENERGY's costs and profit?
Total expenses rose to ₹776.65 crore in Q2 FY27 from ₹178.79 crore in Q2 FY26, an increase of 334.4%. Cost of materials was ₹228.59 crore, up ₹139.27 crore or 155.9%; employee cost was ₹12.07 crore, up ₹1.41 crore or 13.2%; finance costs were ₹42.47 crore, up ₹3.87 crore or 10.0%; depreciation was ₹24.24 crore, up ₹3.46 crore or 16.7%; and other expenses were ₹81.59 crore, up ₹65.05 crore or 393.3%.
Other income was ₹12.64 crore, down ₹2.12 crore or 14.4% from ₹14.76 crore a year earlier, while tax was ₹12.09 crore against ₹11.24 crore in Q2 FY26. There was no exceptional item in either period. The company said in its investor presentation that Q2 FY27 profitability was affected by an increase in maize prices from ₹18 to ₹25 per kg, which raised feedstock costs and put pressure on margins.
Against Q1 FY27, the mix shifted. Cost of materials fell 31.5% to ₹228.59 crore and other expenses fell 9.6% to ₹81.59 crore, but total expenses rose 38.0% to ₹776.65 crore. Other income fell 12.9% to ₹12.64 crore and tax fell 36.9% to ₹12.09 crore. Management said the quarter's margin was reduced as raw material prices rose and described Q2 as the seasonal trough.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 228.59 | 89.32 | +139.27 | +155.9% |
| Employee cost | 12.07 | 10.66 | +1.41 | +13.2% |
| Finance costs | 42.47 | 38.60 | +3.87 | +10.0% |
| Depreciation | 24.24 | 20.78 | +3.46 | +16.7% |
| Other expenses | 81.59 | 16.54 | +65.05 | +393.3% |
| Total expenses | 776.65 | 178.79 | +597.86 | +334.4% |
| Other income | 12.64 | 14.76 | −2.12 | −14.4% |
| Tax | 12.09 | −11.24 | +23.33 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹1,437.98 crore, against ₹418.75 crore in H1 FY26, an increase of ₹1,019.23 crore or 243.4%. Total income was ₹1,465.14 crore, up ₹1,008.95 crore or 221.2% from ₹456.19 crore a year earlier.
Profit before tax for H1 FY27 was ₹125.53 crore, against a loss of ₹43.43 crore in H1 FY26, a change of ₹168.96 crore. Net profit was ₹94.27 crore against a net loss of ₹33.27 crore, a change of ₹127.54 crore, and basic EPS was ₹10.71 against -4.7 in the year-ago period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,438 | 418.75 | +243.4% |
| Profit before tax | 125.53 | −43.43 | turned to profit |
| Net profit | 94.27 | −33.27 | turned to profit |
| EPS (₹) | 10.71 | −4.70 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹3,620.41 crore, down from ₹3,778.34 crore at 31 March 2026, and total equity was ₹1,687.45 crore, up from ₹1,578.34 crore. Borrowings stood at ₹1,652.76 crore against ₹1,645.75 crore, while cash fell to ₹27.28 crore from ₹88.26 crore. Inventories were ₹206.48 crore against ₹528.43 crore, trade receivables ₹367.32 crore against ₹406.11 crore, and trade payables ₹51.82 crore against ₹272.11 crore.
Cash flow for H1 FY27 showed operating cash inflow of ₹191.69 crore, against ₹70.66 crore in H1 FY26. Investing cash flow was an outflow of ₹179.42 crore against an outflow of ₹95.93 crore, and financing cash flow was an outflow of ₹73.25 crore against an inflow of ₹165.21 crore. Capital expenditure was ₹182.53 crore, compared with ₹104.06 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,620 | 3,778 |
| Total equity | 1,687 | 1,578 |
| Borrowings | 1,653 | 1,646 |
| Cash and equivalents | 27.28 | 88.26 |
| Inventories | 206.48 | 528.43 |
| Trade receivables | 367.32 | 406.11 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 191.69 | 70.66 |
| Cash from investing | −179.42 | −95.93 |
| Cash from financing | −73.25 | 165.21 |
| Capital expenditure | 182.53 | 104.06 |
Source: Company's results filing (XBRL).
How has TRUALT BIOENERGY done over the last 6 quarters?
Revenue has risen year on year in each of the last two quarters. Over the six quarters to September 2026, revenue was lowest at ₹114.86 crore in Q2 FY26 and highest at ₹811.10 crore in Q2 FY27, with the current quarter extending the rise from ₹713.24 crore in Q3 FY26 and ₹595.52 crore in Q4 FY26.
Profit followed a similar path, moving from a net loss of ₹37.94 crore in Q2 FY26 to a net profit of ₹69.19 crore in Q3 FY26, easing to ₹60.95 crore in Q4 FY26 and ₹59.27 crore in Q1 FY27 before falling to ₹34.99 crore in Q2 FY27. The EBITDA margin bottomed at -4.0% in Q2 FY26 and peaked at 21.2% in Q1 FY27, before narrowing to 12.5% in the latest quarter.
Which businesses drove the quarter?
The Ethanol and other products segment reported revenue of ₹802.45 crore and EBIT of ₹45.15 crore in Q2 FY27, with an EBIT margin of 5.6%. The company did not provide year-ago segment revenue or EBIT figures, so a segment-wise growth rate could not be compared.
Compressed Biogas reported revenue of ₹8.65 crore and EBIT of ₹1.94 crore for the quarter, with an EBIT margin of 22.4%. No year-ago comparison was given for this segment.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Ethanol and other products | 802.45 | 45.15 | 5.6% | |
| Compressed Biogas | 8.65 | 1.94 | 22.4% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 23 October 2026, along with the limited review report of M/s N. M. Raiji & Co. The company filed an investor presentation on the same day covering both standalone and consolidated results, which it also made available on its website.
An earlier filing dated 14 October 2026 informed the exchanges that the board meeting would consider and approve the unaudited financial results, and that the trading window for the company's securities would remain closed for all designated persons and their immediate relatives until 48 hours after the results were submitted. No dividend, fund raise or appointment was disclosed in the same-day filings.
What did TRUALT BIOENERGY's management say?
On the earnings call held on 26 October 2026, management said at least 40–42 crore litres of ethanol allocation was expected for ESY 2026-27, subject to the allocation and bidding outcome, against 24.5 crore litres initially. Management also said 8.5 crore litres had already been ordered for October–November, with another 6–7 crore litres expected in November–December and further volume dependent on allocation.
Management said average ethanol capacity utilisation was expected to increase to at least about 75–80% from the recent 65–70%, and that ethanol EBITDA margins should improve from Q3 and Q4 as seasonally available feedstock increases, with Q2 described as the seasonal trough. After new tenders are allocated, management saw the average FY27 margin potentially about 1–2% below the historical average.
On compressed biogas, management said installed capacity should reach about 72 TPD by quarter-end across four operating plants, with four to five add-on plants implying about ₹300 crore of capex and ₹70–100 crore of debt. Management said a subsidy of ₹25–30 crore was expected by December or January. For sustainable aviation fuel, management said capex would begin once the government roadmap is out, and that about ₹150 crore had been received as a viability gap fund under the PM JI-VAN Yojana.
Management identified El Niño as a risk, expecting it to cut maize availability by 35% and rice and sugarcane availability by 10–12%, and said raw-material inflation compressed Q2 ethanol margins despite higher sales volumes. The new ethanol tender cut maize-ethanol realisation by about ₹3 per litre. Management also said fuel-retail rollout was being slowed because of crude-price volatility.
How did TRUALT BIOENERGY shares react?
The filing appeared after market hours. From the price when it appeared, the stock fell 9.4% after 5 minutes, 10.3% after 15 minutes and 8.8% after 30 minutes. On the reaction day, it closed 5.1% below the previous close of ₹413.0, against a 0.3% fall for the median move of the Other Agricultural Products industry.
From the same pre-results close, the stock was down 6.8% by the next day's close and down 10.9% by the close five sessions later. Over those sessions, the industry median rose 0.8% and 0.5%, so the stock underperformed by 7.6 percentage points on the next day and 11.4 percentage points over five sessions. The Nifty Microcap 250 rose 2.1% and 1.8% over the same closes.
Earlier results-day moves were mixed: the stock rose 2.8% on 28 July 2026, then fell 2.7% on 22 May 2026, 5.4% on 3 February 2026 and 3.3% on 19 October 2025.
| After the filing | Stock | Other Agricultural Products median |
|---|---|---|
| 5 minutes | −9.4% | |
| 15 minutes | −10.3% | |
| 30 minutes | −8.8% | |
| Reaction day | −5.1% | −0.3% |
| Next day | −6.8% | +0.8% |
| 5 days | −10.9% | +0.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 28 July 2026 | +2.8% |
| 22 May 2026 | −2.7% |
| 3 February 2026 | −5.4% |
| 19 October 2025 | −3.3% |
Source: MarketPing price-reaction measurement.
How did other Other Agricultural Products companies do?
Sixteen Other Agricultural Products companies were compared with TruAlt Bioenergy for this quarter, with a median revenue growth of 12.9%. Fifteen of these peers grew slower than TruAlt Bioenergy and one grew faster than the company.
Of the 15 peers for which profit was compared, eight reported higher profit.
| TRUALT BIOENERGY revenue growth (YoY) | +606.2% |
|---|---|
| Median of 16 other Other Agricultural Products companies | +12.9% |
| Companies with slower revenue growth than TRUALT BIOENERGY | 15 of 16 |
| Companies with faster revenue growth than TRUALT BIOENERGY | 1 of 16 |
| Companies whose net profit rose | 8 of 15 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was TRUALT BIOENERGY's revenue in Q2 FY27?
Revenue from operations was ₹811.10 crore, up 606.2% from ₹114.86 crore in Q2 FY26 (consolidated).
Did TRUALT BIOENERGY make a profit in Q2 FY27?
Yes. Net profit was ₹34.99 crore, against a net loss of ₹37.94 crore in Q2 FY26.
What was TRUALT BIOENERGY's EPS in Q2 FY27?
Basic earnings per share were ₹4.04, against a loss of ₹5.37 in Q2 FY26.
How did TRUALT BIOENERGY shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.1% from the previous close; the median Other Agricultural Products stock moved −0.3%.
When did TRUALT BIOENERGY announce its Q2 FY27 results?
On 23 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026. (BSE, 14 October 2026) · PDF
- Outcome of Board Meeting (NSE, 23 October 2026) · PDF
- Results-Financial Results Of The Company For The Quarter And Half Year Ended On September 30, 2026. (BSE, 24 October 2026) · PDF
- The earnings call (29 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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