Date: October 23, 2026

Financial Performance Summary

H1 FY27 Financial Results (Consolidated)

  • Revenue from operations: ₹1,437.98 crore (243% increase from ₹418.75 crore in H1 FY26)
  • Other Income: ₹27.16 crore (decreased from ₹37.44 crore in H1 FY26)
  • Total Income: ₹1,465.14 crore
  • Cost of goods sold: ₹1,008.08 crore
  • Finance costs: ₹86.50 crore
  • Depreciation and amortization expense: ₹49.05 crore
  • Other expenses: ₹171.86 crore
  • Total Expenses: ₹1,339.61 crore
  • Profit Before Tax: ₹125.53 crore (versus loss of ₹43.43 crore in H1 FY26)
  • Tax Expenses: ₹31.27 crore
  • Profit After Tax: ₹94.27 crore (versus loss of ₹33.27 crore in H1 FY26)
  • EBITDA: ₹233.92 crore (532% increase from ₹36.99 crore in H1 FY26)
  • EBITDA Margin: 16.27% (improved 744 basis points from 8.83% in H1 FY26)

Q2 FY27 Financial Highlights

  • Revenue from operations: ₹811.10 crore (606% year-on-year growth)
  • EBITDA: ₹101.16 crore
  • EBITDA Margin: 12.47%
  • PAT: ₹34.99 crore

Operational Update

Ethanol Platform Capacity

  • Total installed ethanol capacity: 2,000 KLPD across 5 manufacturing units in Karnataka
  • Dual-feed capability: 1,300 KLPD (65% of total installed capacity)
  • Dual-feed integration enables processing of both sugar-based and grain-based feedstocks
  • Provides flexibility to adapt production to seasonal availability and procurement economics
  • Supports longer operating cycles and improved asset utilization

Current Market Challenges

  • Higher maize prices moderated margins during Q2 FY27
  • Dual-feed capabilities provide flexibility to optimize feedstock mix in response to changing market conditions

Strategic Partnerships and Growth Pipeline

Compressed Biogas (CBG) Projects

  • Four CBG plants under construction through partnership with Sumitomo Corporation
  • Six additional CBG projects through joint venture with GAIL (India) Limited
  • Execution priorities: feedstock security, offtake arrangements, and phased commissioning

Sustainable Aviation Fuel (SAF) Facility

  • Proposed 100 million litres per annum SAF facility at Srikakulam, Andhra Pradesh
  • Technology collaboration with Honeywell UOP
  • Secured ₹150 crore grant sanction under PM JI-VAN Yojana
  • Development priorities: engineering, statutory approvals, financing, and commercial arrangements

Co-products and Fuel Retailing

  • DDGS production from grain-based ethanol operations
  • Captured carbon dioxide and other co-products for value generation
  • Fuel retail network: seven operational outlets and four outlets under construction

Industry Outlook

Ethanol Supply-Demand Assessment (ESY 2026-27)

  • India's installed annual ethanol capacity: approximately 2,000 crore litres
  • Projected supply: approximately 1,204 crore litres
  • Estimated demand: 1,200 crore litres
  • Narrow supply cushion highlights importance of reliable production and feedstock access
  • Lower contribution expected from sugar-based ethanol due to weather-related constraints on sugarcane availability
  • Grain-based and dual-feed facilities critical for supporting domestic blending requirements

Management Commentary

Vijay Nirani, Managing Director, commented: "Our H1 results reflect the benefits of our investment in strengthening TruAlt's ethanol platform. Dual-feed integration has enhanced our ability to navigate seasonal feedstock constraints, extend production cycles and improve operating continuity. With this capability now covering 65% of our installed ethanol capacity, we have a stronger foundation to increase utilisation and respond to changing feedstock economics."

He added: "India's ethanol blending programme provides an established demand base and our priority is to translate our manufacturing capabilities into higher capacity utilisation and consistent production. Our feedstock flexibility, supported by disciplined procurement and efficient operations, enables us to adapt to market conditions, including higher maize prices during Q2."

Company Background

TruAlt Bioenergy Limited is India's largest ethanol producer by installed capacity and the country's only dedicated listed biofuels company. The company has played a pioneering role in India's bioenergy transition and was among the early producers of Compressed Biogas (CBG) under the Government of India's SATAT scheme launched in 2018.

TruAlt Bioenergy is the first biofuels company in India to attain Oil Marketing Company (OMC) status. The company produces Fermented Organic Manure (FOM) and Liquid Fermented Organic Manure (LFOM) and captures and utilizes liquefied CO2 for industrial applications.