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TruAlt Bioenergy Results: Latest Quarterly Results & Analysis

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TruAlt Bioenergy Ltd. 22 May 2026 17:49 PM
Result PDF

Q4FY26 & FY26 Result Announced for TruAlt Bioenergy Ltd.

Sugar company TruAlt Bioenergy announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations: The consolidated revenue from operations for Q4FY26 stood at Rs 59,551.97 lakh, registering a decline of 16.50% QoQ compared to Rs 71,323.75 lakh in Q3FY26, and a drop of 34.34% YoY against Rs 90,698.87 lakh in Q4FY25. For the full year FY26, revenue stood at Rs 1,72,750.66 lakh, down by 9.45% YoY from Rs 1,90,772.40 lakh in FY25.
  • Total Income: Total income for Q4FY26 was Rs 62,690.67 lakh, down by 14.22% QoQ (vs Rs 73,085.95 lakh in Q3FY26) and 31.91% YoY (vs Rs 92,067.83 lakh in Q4FY25). For FY26, total income was Rs 1,81,395.91 lakh, marking a 7.85% YoY decrease from Rs 1,96,852.78 lakh in FY25.
  • Profit Before Tax (PBT): PBT for Q4FY26 came in at Rs 8,370.25 lakh, representing a decline of 6.67% QoQ (vs Rs 8,968.26 lakh in Q3FY26) and 24.52% YoY (vs Rs 11,089.78 lakh in Q4FY25). For FY26, PBT stood at Rs 12,995.47 lakh, down by 18.50% YoY compared to Rs 15,944.28 lakh in FY25.
  • Profit After Tax (PAT): The net profit for Q4FY26 stood at Rs 6,094.97 lakh, falling 11.91% QoQ (vs Rs 6,918.95 lakh in Q3FY26) and 45.43% YoY (vs Rs 11,169.36 lakh in Q4FY25). For the full year FY26, PAT was Rs 9,686.98 lakh, a decline of 33.94% YoY against Rs 14,663.85 lakh in FY25.
  • Total Comprehensive Income: The company posted a total comprehensive income of Rs 6,104.80 lakh in Q4FY26 (vs Rs 6,923.78 lakh in Q3FY26 and Rs 11,164.66 lakh in Q4FY25). For FY26, it stood at Rs 9,710.18 lakh, compared to Rs 14,664.25 lakh in FY25.

Standalone Financial Highlights:

  • Revenue from Operations: Standalone revenue for Q4FY26 was Rs 60,322.11 lakh, indicating a QoQ decrease of 14.19% (vs Rs 70,302.26 lakh in Q3FY26) and a YoY drop of 32.92% (vs Rs 89,927.45 lakh in Q4FY25). For FY26, revenue was Rs 1,70,465.34 lakh, down by 9.33% YoY from Rs 1,88,011.66 lakh in FY25.
  • Total Income: Standalone total income in Q4FY26 came in at Rs 61,661.67 lakh, falling 14.45% QoQ (vs Rs 72,072.44 lakh in Q3FY26) and 32.46% YoY (vs Rs 91,292.32 lakh in Q4FY25). For FY26, total income was Rs 1,77,293.69 lakh, down by 8.64% YoY from Rs 1,94,070.60 lakh in FY25.
  • Profit Before Tax (PBT): The standalone PBT was Rs 7,900.27 lakh in Q4FY26, dropping 7.94% QoQ (vs Rs 8,581.54 lakh in Q3FY26) and 27.61% YoY (vs Rs 10,913.60 lakh in Q4FY25). For FY26, PBT was Rs 10,947.48 lakh, down by 28.05% YoY from Rs 15,215.11 lakh in FY25.
  • Profit After Tax (PAT): Standalone net profit for Q4FY26 was Rs 5,673.15 lakh, declining 14.07% QoQ (vs Rs 6,601.90 lakh in Q3FY26) and 48.53% YoY (vs Rs 11,022.81 lakh in Q4FY25). For FY26, PAT stood at Rs 8,083.00 lakh, representing a 42.52% YoY drop compared to Rs 14,061.53 lakh in FY25.
  • Total Comprehensive Income: Standalone total comprehensive income for Q4FY26 was Rs 5,683.26 lakh. For FY26, it stood at Rs 8,026.20 lakh.

Business Highlights:

  • Segment-wise Performance: The Group's businesses are classified into two primary segments:
    • Ethanol and other products: FY26 reported revenue of Rs 1,70,502.73 lakh with a segment result of Rs 59,462.80 lakh, compared to FY25 revenue of Rs 1,88,384.32 lakh and a segment result of Rs 60,978.14 lakh.
    • Compressed Biogas: FY26 reported revenue of Rs 2,247.93 lakh with a segment result of Rs 1,842.20 lakh, compared to FY25 revenue of Rs 2,388.08 lakh and a segment result of Rs 2,023.21 lakh.
  • Successful IPO: The Company's IPO was oversubscribed by 75.02 times. On September 30, 2025, the company allotted 1,51,20,967 equity shares of face value Rs 10 at a premium of Rs 486 per share, aggregating to Rs 734,87,89,962. Shares listed on the NSE and BSE on October 3, 2025.
  • Capacity Enhancement (Dual-feed conversion): The company developed dual-feed capability (incorporating maize and rice alongside sugarcane syrup/molasses) to mitigate raw material dependency. Dual-feed capacities were installed at Unit 1 (November 2025), Unit 2 (February 2026), and Unit 4 (January 2026). Unit 5 remained non-operational pending Consent to Operate (CTO) receipts.
  • Favorable High Court Order: The Karnataka High Court, via an order dated February 4, 2026, allowed a Writ Petition allowing a 90-day timeline extension to fulfill a shortfall of 1,56,292 kilolitres of ethanol to OMCs for ESY 2024–25 (valued at approximately Rs 1,075 crore).
  • Joint Venture for CBG Plants: Following a JV agreement with Sumitomo Corporation on November 11, 2025, Sumitomo acquired a 49% equity interest (1,13,77,743 equity shares) in TruAlt Gas Private Limited on April 16, 2026, at Rs 30.90 per share. The JV plans to establish compressed biogas (CBG) plants at five identified locations.
  • GAIL Stake Acquisition in Subsidiary: On March 18, 2026, GAIL (India) Limited acquired a 49% stake in subsidiary Leafiniti Bioenergy Private Limited via the allotment of 1,35,43,215 equity shares at Rs 10 each (aggregating Rs 13.54 crore). The Holding Company retains the balance 51% stake.
  • Sustainable Aviation Fuel (SAF) Entry: On January 28, 2026, the company entered into an agreement with Honeywell to deploy its Ethanol-to-Jet (ETJ) process technology for an SAF production facility with an envisaged capacity of roughly 80,000 tonnes per annum.
  • Auditor Appointments: The Board appointed M/s ZADN and Associates LLP as Internal Auditors and M/s R. Nanabhoy & Co. as Cost Auditors for FY27.

Vijay Nirani, Managing Director, TruAlt Bioenergy, said: Warm greetings! I would like to thank our shareholders, partners and teams for their continued trust in TruAlt Bioenergy as we present our performance for Q4FY26.

For decades, the world assumed energy would always remain available and secure. That illusion now stands broken. Geopolitical conflicts, volatile crude oil markets and fragile supply chains have exposed a dangerous reality that nations dependent on imported energy remain vulnerable to every global disruption. History has already shown how nations such as Brazil accelerated biofuels to insulate their economies from oil shocks, geopolitical volatility and external energy disruptions. Today, as geopolitical uncertainty continues to reshape the global order, the importance of indigenous biofuels has never been more critical. India has responded with strategic intent through its accelerated push toward higher ethanol blending, expansion of compressed biogas production and broader renewable energy ecosystems, recognising energy security as both an economic necessity and a strategic imperative.

FY 2025–26 began with significant disruption across the ethanol industry. The Ethanol Supply Year 2025-26 (November to October) opened with notable changes in procurement and allocation patterns, with actual offtake remaining materially below both industry expectations and OMC requirements.

Despite adequate raw material availability and fully operational capacities, several producers including us, witnessed sharp cuts in allocations, resulting in severe underutilisation of capacities across the sector. While overall ethanol demand for ESY 2025–26, including private OMCs, was estimated at nearly 1,300 to 1,400 crore litres, actual procurement remained lower by almost 200 crore litres. Historically, Karnataka supplied ethanol to deficit states; however, with surplus capacities now emerging within those regions, interstate supplies also witnessed restrictions. The deferred quantities are eventually expected to be absorbed and higher blending targets could drive incremental ethanol demand of nearly 350 to 400 crore litres in the coming months.

For TruAlt Bioenergy, these broader industry developments coincided with one of the most defining phases in the Company’s journey, a year marked by significant opportunities, industry-wide disruptions and evolving geopolitical realities that increasingly reshaped the global energy landscape and intensified the strategic global spotlight on energy security and biofuels.

The Company completed its first year as a listed entity during a period when India’s bioenergy sector continued to gain increasing national and global relevance amid volatile crude oil markets, supply chain disruptions and growing emphasis on indigenous energy alternatives. Simultaneously, TruAlt Bioenergy integrated approximately 1,300 KLPD of dual-feed infrastructure within its total installed ethanol capacity of 2,000 KLPD, strategically transitioning from a seasonal sugarcane-linked model to a near-continuous, multi-feedstock platform aimed at enhancing long-term feedstock flexibility, operational efficiency and production continuity.

During this planned transition phase, certain contracted quantities could not be supplied and corresponding allocations remained unlifted. To protect its legitimate allocation position, the Company approached the Hon’ble Karnataka High Court and successfully secured judicial backing pertaining to the supply of approximately 15 crore litres. While execution timelines extended beyond the anticipated Q4 period following receipt of the order on 4th February 2026, the pending quantity represents an estimated revenue potential of nearly Rs 1,062 crore and is expected to contribute positively to the Company’s future growth trajectory and operational recovery in the coming periods.

Result PDF

Result PDF

Sugar company TruAlt Bioenergy announced Q3FY26 results

  • Total Income: Rs 730.86 crore (Q3FY26), change 69.75% (QoQ) Rs 430.54 crore (Q3FY25).
  • EBITDA: Rs 134.00 crore (Q3FY26), change 7.54% (QoQ) Rs 124.60 crore (Q3FY25).
  • PBT: Rs 89.68 crore (Q3FY26), change 3.81% (QoQ) Rs 86.39 crore (Q3FY25).
  • PAT: Rs 69.19 crore (Q3FY26), change -7.98% (QoQ) Rs 75.19 crore (Q3FY25).

Vijay Nirani, Managing Director, TruAlt Bioenergy, said: Warm greetings! - I would like to thank our shareholders, partners and teams for their continued trust in TruAlt Bioenergy as we present our performance for Q3FY26.

Energy today is central to a nation’s economic strength and security. Recent global events have shown that dependence on external energy sources can rapidly translate into economic vulnerability, trade frictions, sanctions and widespread supply-chain disruptions. India’s own experience during periods of global energy volatility reinforces a clear lesson: long-term resilience lies in strengthening domestic energy capabilities. In this context, biofuels are not just a sustainable choice, but a practical and strategic pathway to securing the country’s energy future.

Ethanol: 2025 marked a significant national milestone, with India achieving its E20 target under the Ethanol Blended Petrol Programme, underscoring the scale and maturity of the country’s ethanol ecosystem. As the sector stands at the cusp of mandates beyond 20%, ethanol is increasingly being recognised not only as a blending solution but as a broader platform for value creation. Ongoing policy discussions around higher blending levels such as E27, potential ethanol blending in diesel, and the allocation of volumes for Sustainable Aviation Fuel point to a materially expanding demand landscape, reinforcing the long-term structural strength of the sector.

During the quarter, TruAlt Bioenergy completed a key phase of its operating consolidation, with the planned capital expenditure for grain-based integration now fully commissioned. The sugar crushing season in Karnataka commenced only from mid-November, resulting in approximately 58 effective operating days during Q3, during which four of the Company’s five ethanol plants were operational and achieved capacity utilisation of over 95% on operating days. Unit 5 received its Consent to Operate on December 17, 2025, following which all ethanol plants are now fully operational with a monthly revenue run rate of approximately Rs 350 to 400 crore in the ethanol segment. On a gross-quarter basis, overall utilisation stood at approximately 60%, while utilisation on operating days exceeded 95%. With the completion of the current capex programme, no further expansion or capacity addition is planned across the ethanol business, and the Company is now operating on a fully stabilised platform, positioned to support monthly ethanol production in the range of approximately 5.5 to 6 crore litres.

CBG: In the CBG segment, we have achieved operating efficiencies that meaningfully exceed industry benchmarks, translating into strong and sustained financial performance. For the nine months ended December 31, 2025, the CBG business recorded an EBITDA Margin of 63% and a PAT Margin of 43%, reflecting the depth and robustness of our operating model. Having moved decisively beyond the learning curve, our focus is now on disciplined scaling, with plans to develop 24 greenfield CBG units over the next two to three years through joint ventures with Sumitomo Corporation and Maharatna PSU Gas Authority of India Limited (GAIL), leveraging global expertise and national infrastructure. Policy momentum continues to provide a strong tailwind, with excise duty exemptions announced in the recent Union Budget 2026–27, along with pipeline infrastructure support, CBG–CNG synchronisation, and capital and market-linked incentives, materially improving project economics and long-term visibility. Our four new plants are being constructed an are scheduled to commission by July 2026.

SAF: In the Sustainable Aviation Fuel (SAF) segment, aviation is at a critical inflection point, with growing urgency to reduce carbon emissions. As recognised under the CORSIA framework, SAF represents the only scalable pathway to decarbonise aviation. India is well positioned to capitalise on this opportunity, supported by a strong ethanol infrastructure, feedstock availability and technological readiness. Against this backdrop, we have progressed with a technology licensing agreement with Honeywell UOP, with engineering design underway for a proposed 100 million litres per annum SAF facility in Andhra Pradesh, while also advancing discussions with Sumitomo Corporation for potential equity participation. We are at an advanced stage of approvals and are positive about receiving Rs 150 crore of viability gap funding under the PM JI-VAN scheme, strengthening project viability and positioning us ahead of the emerging SAF market.

RETAIL: In biofuel retail network segment, we received our oil marketing company licence and commissioned seven outlets within six months, with four additional stations underway and visibility to scale approximately 75 outlets in FY27, aligned to be future ready with the expected adoption of flex-fuel in India.

As we move forward, our focus remains clear: to deliver consistent financial performance, to invest with discipline and purpose, and to create enduring value for shareholders while contributing meaningfully to India’s energy security and transition goals.

Result PDF

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