Trualt Bioenergy Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Trualt Bioenergy Ltd filed with BSE on 04 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
TruAlt Bioenergy reported Q1 FY27 ethanol segment revenue of INR626.90 crores with EBITDA of INR147.3 crores and PAT of INR59.3 crores, driven by higher plant utilization following the conversion of three of five units to dual-feed operation. The company operated at about 60% capacity utilization in the ethanol business and reported CBG segment revenue of about INR11 crores with a PAT margin of roughly 40-45%. Management also described progress on new CBG joint ventures with Sumitomo and GAIL, a sustainable aviation fuel project, and its fuel retail network expansion.
Numbers mentioned
Ethanol segment revenue: INR626.90 crores (Q1 FY27)
p. 5
“During the Q1 FY27, we booked the top line of INR626.90 crores in the ethanol segment with a growth against the previous quarter for 106.3%.”
Anand Kishore, page 5 of the filed PDF · View the filing
EBITDA: INR147.3 crores (Q1 FY27)
p. 5
“The EBITDA stood at INR147.3 crores with a growth of 129% as against the previous quarter.”
Anand Kishore, page 5 of the filed PDF · View the filing
Profit before tax: INR78.4 crores (Q1 FY27)
p. 5
“The profit before tax stood up at INR78.4 crores with a growth rate of 1,253% on yearly basis.”
Anand Kishore, page 5 of the filed PDF · View the filing
PAT: INR59.3 crores (Q1 FY27)
p. 5
“And the PAT ended up with INR59.3 crores as against the INR4.7 crores of previous quarter by showing a jump of more than 1,000%.”
Anand Kishore, page 5 of the filed PDF · View the filing
EBITDA margin: 23.5% (Q1 FY27)
p. 5
“On basis of a margin analysis, the EBITDA margin stood at 23.5%, the PBT margin stood at 12.5%, the PAT margin was at 9.5%.”
Anand Kishore, page 5 of the filed PDF · View the filing
Ethanol production and sales volume: close to 8.5 crore litres (Q1 FY27)
p. 3
“During this quarter, we were successful in operating three out of five plants to the maximum of its capacity and were able to produce close to 8.5 crore litres of ethanol and achieve sales of close to 8.5 crore litres that gave us a revenue of close to INR630-odd crores.”
Vijay Nirani, page 3 of the filed PDF · View the filing
CBG segment revenue: INR11.2 crores (Q1 FY27)
p. 5
“On the segmental front, the ethanol contributed INR615.7 crores in the revenue and CBG consists of INR11.2 crores.”
Anand Kishore, page 5 of the filed PDF · View the filing
Debt-equity ratio: 0.59 (Q1 FY27)
p. 5
“The debt-equity ratio on the solvency level was at fairly well within control of 0.59, the DSCR stood at 1.36, the TOL/TNW got 1.28.”
Anand Kishore, page 5 of the filed PDF · View the filing
Ethanol volume by feedstock: sugar-based 4.37 crore litres, grain-based 3.92 crore litres (Q1 FY27)
p. 8
“So total sugar-based content was 4.37 crores litre volume-wise and value-wise it consists around INR277 crores. The grain-based volume was used at 3.92 crores litre and in terms of value it's INR314 crores.”
Anand Kishore, page 8 of the filed PDF · View the filing
CBG plant utilization: 78% (current)
p. 10
“We are at about 78% capacity used there, sir.”
Vijay Nirani, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capacity utilization — 90% to 95% · balance of 2 quarters
stated conditionally by Vijay Nirani
p. 3
“With that, our capacity utilization could go as high as 90% to 95% for the balance of the 2 quarters.”
Vijay Nirani, page 3 of the filed PDF · View the filing
Q2 sales volume — 11 to 12 crore litres · Q2 FY27
stated firmly by Vijay Nirani
p. 3
“That said, Q2 of this financial year should also see healthy numbers because we have close to about 11 to 12 crore litres of sales planned and that should give us a fairly good growth in performance in the quarter to come also.”
Vijay Nirani, page 3 of the filed PDF · View the filing
CBG plants commissioning (Sumitomo JV) — three of four plants · Q3 FY27
stated conditionally by Vijay Nirani
p. 3
“Happy to report that three out of the four plants are near commissioning and would be put to use hopefully by the quarter 3 of this financial year.”
Vijay Nirani, page 3 of the filed PDF · View the filing
CBG plants construction (GAIL JV) — six locations · starting August
stated conditionally by Vijay Nirani
p. 4
“We are in advanced action to procure the land and to begin construction hopefully in the month of August onwards.”
Vijay Nirani, page 4 of the filed PDF · View the filing
SAF plant revenues — FY29
stated as an aspiration by Vijay Nirani
p. 7
“Hopefully by end of 2028, that's in FY29, we'll see revenues from the SAF business also.”
Vijay Nirani, page 7 of the filed PDF · View the filing
Ethanol volume FY27 — 44 crores litres · FY27
stated firmly by Vijay Nirani
p. 8
“But if you go by the orders in hand, we have 44 crores litres of orders on hand.”
Vijay Nirani, page 8 of the filed PDF · View the filing
Ethanol volume next supply year — at least 44 crores litres · next ethanol supply year
stated as an aspiration by Vijay Nirani
p. 9
“But even at that conservative side also we are hopeful that we should be able to do at least 44 crores litres in the year to come.”
Vijay Nirani, page 9 of the filed PDF · View the filing
SAF selling price — INR180 to INR200 a litre
stated as an aspiration by Vijay Nirani
p. 15
“So, our expectation of SAF price is at about 1.8x or about give or take about INR180 a litre to INR200 a litre.”
Vijay Nirani, page 15 of the filed PDF · View the filing
SAF margin profile — 24% to 25%
stated as an aspiration by Vijay Nirani
p. 19
“And with that our margin profile that we expect should be at around 24% to 25%.”
Vijay Nirani, page 19 of the filed PDF · View the filing
Ethanol plant full utilization — 55 crore litres annual sale · next ethanol supply year
stated as an aspiration by Vijay Nirani
p. 21
“Our effort will be to reach that number hopefully in the next ethanol supply year.”
Vijay Nirani, page 21 of the filed PDF · View the filing
Pledged share release — this quarter
stated conditionally by Vijay Nirani
p. 15
“Hopefully in this quarter we expect this, the charge to be released.”
Vijay Nirani, page 15 of the filed PDF · View the filing
CBG revenue run rate — INR10 crores to INR12-odd crores · FY27, quarter on quarter
stated as an aspiration by Vijay Nirani
p. 20
“It should be in a similar range itself. So that's the expectation we carry.”
Vijay Nirani, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said grain-based feedstock delivers better margins and yield than sugar-based feedstock.
Answered by Anand Kishore
Asked by Shubhi Gupta: How is the dual feed model impacting COGS, costing and margins, and what is the target feed mix?
p. 6
“Our income has gone up and we have gained the profit on account of two reason, first is DDGS added income and second is margin in profitability on grain based feedstock where profit margin is 6% better compared to sugar based feedstocks.”
Anand Kishore, page 6 of the filed PDF · View the filing
Management said no further ethanol capex is planned, while CBG and SAF capex are already underway or committed.
Answered by Vijay Nirani
Asked by Shilpa: What are the capex plans for 2028 and the estimated gross block?
p. 7
“So, in the ethanol space, we don't have any further capex planned. It's a fully commissioned and now just to be utilized.”
Vijay Nirani, page 7 of the filed PDF · View the filing
Management said current maize prices have pushed margins down from earlier levels achieved on cheaper stock.
Answered by Vijay Nirani
Asked by Sanjay Manyal: What is the outlook on maize prices and margin per litre across feedstocks?
p. 8
“And as on date it is at around INR25.50. So, at INR25.50, the margins come down drastically. It comes down to almost INR6 to INR7 a litre.”
Vijay Nirani, page 8 of the filed PDF · View the filing
Management said the 44 crore litre figure excludes the spillover and no firm timeline could be given.
Answered by Vijay Nirani
Asked by Tanmay Jhaveri: Does the 44 crore litre guidance include the 15 crore litre spillover from the court case, and what is the timeline?
p. 9
“So, the INR44 crores doesn't include the INR15 crores spillover, sir.”
Vijay Nirani, page 9 of the filed PDF · View the filing
Management attributed the decline to higher finance, transportation and employee costs.
Answered by Vijay Nirani
Asked by Vinit Thakur: Why did PAT margin in the retail fuel segment fall from Q4 to Q1?
p. 10
“So, on three accounts, that is the transportation cost has gone up, the finance cost has gone up and the cost of human resources has gone up.”
Vijay Nirani, page 10 of the filed PDF · View the filing
Management said CBG has delivered EBITDA above 60% and PAT margin of 40-50%, expected to continue absent policy changes.
Answered by Vijay Nirani
Asked by Vinit Thakur: What is the sustainable margin profile for CBG going forward?
p. 10
“So CBG what we have we've been seeing so far is a EBITDA of greater than 60% and a PAT margin of close to 40% to 50%.”
Vijay Nirani, page 10 of the filed PDF · View the filing
Management pointed to assured offtake as the key need and described efforts to raise realization on fertilizer byproducts independent of subsidies.
Answered by Vijay Nirani
Asked by Suyash Kela: What government assistance is needed for the CBG business, and can byproduct realization be improved independently?
p. 13
“One very important one for the success of this sector for all in general is an assured offtake from the OMCs or from the government side.”
Vijay Nirani, page 13 of the filed PDF · View the filing
Management said gas contributes about 58-60% of CBG revenue with the balance from fertilizer byproducts.
Answered by Vijay Nirani
Asked by Siddharth Bhattacharya: What is the revenue split between gas sales and fertilizer byproducts (FOM/LFOM) in the CBG business?
p. 17
“In the CBG business, if I were to give a revenue split up, we achieve about 58% to 60% of revenue from gas sales and about 40% of revenue coming from FOM and LFOM put together.”
Vijay Nirani, page 17 of the filed PDF · View the filing
Management said the matter remains unresolved due to lack of engagement from OMCs and policymakers.
Answered by Vijay Nirani
Asked by Charchit Maloo: Is there any update on the 15 crore litre court case matter?
p. 21
“No, we're still trying to implement that, sir. So, because the OMCs and the policy makers are in a different fix altogether, we've not been able to get their attention, but we're confident to get that implemented.”
Vijay Nirani, page 21 of the filed PDF · View the filing
Management said plans are being worked on and details would follow in coming days or the next call.
Answered by Vijay Nirani
Asked by Parth Shah: What are the plans to de-lever the balance sheet given the finance cost burden?
p. 22
“Yes sir, we have plans to do that and hopefully in the next call or maybe in the next few days we'll be able to give a plan for it.”
Vijay Nirani, page 22 of the filed PDF · View the filing
Management described total installed capacity versus blending, alcobev and chemical industry demand as roughly balanced at current blending levels.
Answered by Vijay Nirani
Asked by Arijit Malalkar: What is the current demand-supply scenario for ethanol in India?
p. 24
“So, net-net 1,200 crore litres goes for blending, 300 crore litres for chemical industry and 200 crore litres for AlcoBev.”
Vijay Nirani, page 24 of the filed PDF · View the filing
Risks flagged
Middle Eastern crisis and crude price volatility has paused expansion of fuel retail outlets
p. 4
“Though we have identified about 76 additional locations, we have not begun construction or we have not begun the franchise works in the additional 75 fuel retail outlets owing to the Middle Eastern crisis.”
Vijay Nirani, page 4 of the filed PDF · View the filing
Rising maize prices compressing ethanol margins
p. 8
“And as on date it is at around INR25.50. So, at INR25.50, the margins come down drastically. It comes down to almost INR6 to INR7 a litre.”
Vijay Nirani, page 8 of the filed PDF · View the filing
Court case on additional ethanol capacity remains unresolved
p. 3
“That matter still stands open and we are trying to get that implemented.”
Vijay Nirani, page 3 of the filed PDF · View the filing
CBG margin profile subject to policy change risk
p. 10
“But if there is any policy change tomorrow, it could go on a higher side also or it could go on a lower side also.”
Vijay Nirani, page 10 of the filed PDF · View the filing
Higher finance, transportation and employee costs impacting retail fuel margins
p. 10
“So other costs include the distribution, the sales and distribution where the cost of transportation was affected a little and also our cost of employees has gone up.”
Vijay Nirani, page 10 of the filed PDF · View the filing
Uncertainty on whether ethanol prices will be increased by government given inflation pressures
p. 22
“I don't expect any increase in the prices. This is my individual opinion.”
Vijay Nirani, page 22 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.