Meeting Details

  • Event: 5th Annual General Meeting (AGM)
  • Date: Monday, August 31, 2026
  • Time: 11:30 A.M. (IST)
  • Mode: Conducted through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
  • Deemed Venue: Registered Office at Survey No. 166, Kulali Cross, Jamkhandi Mudhol Road, Bagalkot, Karnataka 587313

Attendance

Directors and Key Managerial Personnel Present:

  • Mr. M B Dyaberi (Chairman & Independent Director, Chairperson of NRC Committee)
  • Mr. Chandrasekhar Kanekal (Independent Director, Chairperson of Stakeholders Relationship Committee and Audit Committee)
  • Mr. Vijaykumar Murugesh Nirani (Managing Director, Chairperson of Risk Management Committee)
  • Mrs. Sushmitha V Nirani (Non-Executive Director, Chairperson of the CSR Committee)
  • Mr. Vishal Nirani (Executive Director)
  • Mr. Anand Murugan (Executive Director)
  • Mr. Anand Kishore (Chief Financial Officer)
  • Mr. Monu Kumar (Company Secretary & Compliance Officer)

Other Attendees:

  • Mr. Vinay Balse (Partner, N.M. Raiji & Co., Statutory Auditors)
  • Mr. Abuali Darukhanawala and Mr. Michael Viegas (Internal Auditors)
  • Mr. Sudheendra Ghali (FCS: 7037, COP No. 7537, Secretarial Auditor for FY26)
  • Mr. Deepak Sadhu (Scrutinizer for remote e-voting and e-voting)

Voting Process

  • Remote e-voting was provided through National Securities Depository Limited (NSDL).
  • Remote e-voting period: Thursday, August 27, 2026, at 9:00 a.m. (IST) to Sunday, August 30, 2026, at 5:00 p.m. (IST).
  • Members could also cast votes electronically during the AGM and for a further 15 minutes after its conclusion.
  • Voting results and the Scrutinizer's Report were to be declared within statutory timelines, displayed at the Registered Office, placed on the company website, and intimated to NSDL and the Stock Exchanges.

Chairman's Address Highlights

Mr. M B Dyaberi, Chairman, highlighted:

  • This was the company's first AGM as a listed entity.
  • India's opportunity to position climate action as a development enabler.
  • The company strengthened its ethanol business while expanding into compressed biogas (CBG), sustainable aviation fuel (SAF), and other clean-energy opportunities.
  • Reaffirmed commitment to ethical conduct, strong oversight, risk management, and disciplined capital allocation.
  • Acknowledged the supportive policy environment from Central and State Governments.

Executive Director's Business Update (Mr. Vishal Nirani)

  • FY 2025-26: Described as a year of building capability and new businesses.
  • Ethanol: ~1,300 KLPD (approximately 65% of the 2,000 KLPD installed capacity) converted to dual-feed capability. Focus on raising utilization towards 85% and beyond.
  • CBG: Noted a ~22% increase in administered CBG price (from ₹85 to ₹104/kg). Three CBG plants of 20 TPD each (60 TPD total) are under construction.
  • SAF: A 100 MLPA project in Andhra Pradesh is progressing, supported by a ₹150 crore grant under the PM JI-VAN Yojana.
  • Fuel Retail: Seven outlets are currently operational, with a Phase I target of 100 fuel stations.

Managing Director's Address (Mr. Vijaykumar Nirani)

  • Positioned TruAlt as one of India's largest dedicated biofuels enterprises.
  • National Ethanol Context: India's ethanol-blending programme achieved the E20 target in 2025-26 (five years ahead of schedule), saving over ₹1.90 lakh crore in forex, substituting 310+ lakh MT of crude oil, and generating ₹1.60 lakh crore in additional farmer earnings since 2014-15.
  • Company Ethanol Operations: Dual-feed capability has enabled greater flexibility, improved utilization, and better returns. Associated with ~3.5 lakh farmers and supports ~1,800–1,900 jobs.
  • CBG: Partnership with GAIL and Sumitomo. Three plants (60 TPD) nearing commissioning, with six further projects with GAIL and additional capacity planned over the next 24 months.
  • SAF: ₹150 crore PM JI-VAN grant sanctioned for the Srikakulam, Andhra Pradesh project, which offers strategic logistics advantages and an expected ~70% lifecycle carbon-intensity reduction versus conventional aviation fuel.

Business Transacted

The following items of business were transacted through remote e-voting and e-voting during the AGM:

Ordinary Business

1. Adoption of Audited Standalone Financial Statements together with the reports of the board of directors and auditors thereon and Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026.

2. Re-appointment of Mr. Vishal Nirani as a director (in the executive category), liable to retire by rotation.

Special Business

3. Ratification of remuneration payable to the Cost Auditors for the financial year ending March 31, 2027.

4. Fixation of commission payable to Mr. Vishal Nirani, Executive Director of the Company.

5. Appointment of Secretarial Auditors of the Company for a period of 5 years.

Auditor Reports

  • The Statutory Auditors' Report does not contain any qualification, observation, comment, or other remark having an adverse effect on the functioning of the Company.
  • The Secretarial Auditor's Report contains one observation, which has been addressed by the Management in the Directors' Report for FY26.

Other Proceedings

  • A Question-and-Answer session was conducted where registered speaker shareholders raised questions, which were responded to by the Managing Director and CFO.
  • Mrs. Sushmitha Nirani delivered the Vote of Thanks, acknowledging various stakeholders including shareholders, the founder Dr. Murugesh Nirani, the Board, management, government authorities, lenders, customers, business partners, farmers, and employees.
  • The Meeting concluded at 12:45 p.m. (IST).

Document Reference

  • The summary of proceedings is available on the Company's website at www.trualtbioenergy.com.
  • The notice and annual report for FY26 had been circulated to members prior to the meeting.