Trualt Bioenergy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Trualt Bioenergy Ltd filed with BSE on 28 May 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 FY26 standalone revenue of Rs 1,704 crore, down from Rs 1,880 crore a year earlier, with management attributing the decline to a changed ethanol tender allocation methodology by oil marketing companies that reduced the volumes allotted to the company. EBITDA margin improved to 19.81% from 18.98%, but PBT fell to Rs 109.47 crore from Rs 152.15 crore and PAT fell to Rs 80.26 crore from Rs 140 crore, due to higher depreciation and finance costs following capitalisation of the dual-feed ethanol plant conversions. Management also described progress on CBG joint ventures with Sumitomo and GAIL, a proposed Sustainable Aviation Fuel plant in Andhra Pradesh, and expansion of franchisee-model fuel retail outlets.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Standalone revenue: Rs 1,704 crores (FY26)
p. 8
“the company top line as of 31st March 2025 was INR1,880 crores, which is now at INR1,704 crores as on 31.03.2026”
AnandKishore, page 8 of the filed PDF · View the filing
Total income: Rs 1,772 crore (FY26)
p. 8
“The total income of the company was INR1,940 crores, which has come down to INR1772 crores during the FY 2025-26”
AnandKishore, page 8 of the filed PDF · View the filing
EBITDA margin: 19.81% (FY26)
p. 8
“the EBITDA margin of the company, which was in the previous year, 18.98%, has improved to 19.81%”
AnandKishore, page 8 of the filed PDF · View the filing
PBT: Rs 109.47 crore (FY26)
p. 8
“the PBT of the company was INR152.15 crores on the previous 31st March 2025 5, which is now standing at INR109.47 crores”
AnandKishore, page 8 of the filed PDF · View the filing
PAT: Rs 80.26 crore (FY26)
p. 9
“the PAT which was booked at INR140 crores during the previous year of 31st March 2025 has now established at INR80.26 crores and during 31st March 2026”
AnandKishore, page 9 of the filed PDF · View the filing
Depreciation: Rs 84 crore (FY26)
p. 8
“The depreciation, which was INR64.59 crores earlier, has touched INR84 crores”
AnandKishore, page 8 of the filed PDF · View the filing
Finance cost: Rs 157.85 crore (FY26)
p. 8
“The finance cost of the company was INR141 crores, which has now, as of 31st March 2006, looked at INR157.85 crores, thereby increase in the finance cost by 11.92%”
AnandKishore, page 8 of the filed PDF · View the filing
Consolidated revenue: Rs 1,813 crore (FY26)
p. 9
“The top line is again on the console basis was INR1,965 crores on the previous 21st March '25, which is now at INR1,813 crores, with a slight dip of 7%”
AnandKishore, page 9 of the filed PDF · View the filing
Consolidated PAT: Rs 96.86 crore (FY26)
p. 10
“The PAT of the company on the console basis was INR146.63 crores on the previous year, has now touched to INR96.86 crores”
AnandKishore, page 10 of the filed PDF · View the filing
Debt-equity ratio: 0.61 (FY26 standalone)
p. 9
“The company debtequity ratio was standing at 0.61, showing the robust solvency position of the company”
AnandKishore, page 9 of the filed PDF · View the filing
Ethanol volume sold: 24 crore litres (FY26)
p. 10
“we have already done that close to 24 crore litres of volume we have already subbed”
Vijaykumar Nirani, page 10 of the filed PDF · View the filing
Average ethanol realisation: Rs 67 per litre (FY26)
p. 12
“we will be looking at INR67 per litre as average sales concentration”
Vijaykumar Nirani, page 12 of the filed PDF · View the filing
ENA average sale price: Rs 62 per litre (FY26)
p. 15
“It was INR62, average.”
Vijaykumar Nirani, page 15 of the filed PDF · View the filing
DDGS revenue: Rs 28 crore (FY26)
p. 16
“Sorry, INR28 crores. Sorry, INR28 crores, INR28 crores, my correction.”
Vijaykumar Nirani, page 16 of the filed PDF · View the filing
CBG plant capacity utilisation: 85% plus (FY26)
p. 5
“We have seen steady capacity utilization of 85% plus and a greater and under revenue and an EBITDA which is improved”
Vijaykumar Nirani, page 5 of the filed PDF · View the filing
Retail outlet revenue: Rs 100-plus crore (FY26)
p. 7
“These seven retail outlets are giving us revenue of almost about INR100-plus crores and an EBITDA of about 5%”
Vijaykumar Nirani, page 7 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.
Ethanol sales volume — minimum 40 crore litres, bonus 55 crore litres · FY27
stated as an aspiration by Vijaykumar Nirani
p. 23
“we will leave no stone unturned to achieving that number of at least minimum 40 crore litres. And a bonus, if we achieve, it will be 55 crore litres.”
Vijaykumar Nirani, page 23 of the filed PDF · View the filing
CBG production capacity — 162 tons per day · Q4 FY27
stated firmly by Vijaykumar Nirani
p. 6
“We target to commission the six plants by Q4 of FY27, wherein by the end of the current financial year, we target to operate seven CBG in total of three plus six and the current one in total of 10 CBG plants, taking our gross production capacity from 10 tons per day to 162 tons per day.”
Vijaykumar Nirani, page 6 of the filed PDF · View the filing
15 crore litre allocation implementation — implementation by OMCs · September or H1 FY27
stated as an aspiration by Vijaykumar Nirani
p. 12
“our expectation is that within September or H1 of this current financial year, we should get that implemented”
Vijaykumar Nirani, page 12 of the filed PDF · View the filing
Fuel retail outlets — 87 outlets
stated conditionally by Vijaykumar Nirani
p. 7
“We have also short listed 76 additional locations, and we are taking that construction slow due to the impact of the Middle Eastern crisis on the crude price.”
Vijaykumar Nirani, page 7 of the filed PDF · View the filing
PMG1 subsidy receipt — Rs 150 crore · FY29
stated conditionally by Vijaykumar Nirani
p. 29
“Let's say 24 to 30 months is the target we hold to commission the plant. That's FY29.”
Vijaykumar Nirani, page 29 of the filed PDF · View the filing
SAF plant investment decision
stated conditionally by Vijaykumar Nirani
p. 7
“As soon as we achieve a long-term offtake agreement along with the price, we make our final investment decision and start the ground mobilization.”
Vijaykumar Nirani, page 7 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 actual volume was 24 crore litres against an expected 30 crore litre allocation, with the shortfall tied to the pending court-ordered 15 crore litre allocation not yet implemented.
Answered by Vijaykumar Nirani
Asked by Deepak Poddar: What was the total ethanol volume achieved in FY26 versus the earlier guidance of 37 crore litres?
p. 10
“So FY26, we had ESY 25-26, the total amount of tender location given was 30 crore litres was given to us, of which we have already done that close to 24 crore litres of volume we have already subbed.”
Vijaykumar Nirani, page 10 of the filed PDF · View the filing
Management said margins are expected to remain around the same level absent unusual government action.
Answered by Vijaykumar Nirani
Asked by Deepak Poddar: What is the current CBG margin profile and will it be sustained?
p. 13
“We foresee to be the same unless, you know, the government is acting very strange at all times. So, we expect it to be the same.”
Vijaykumar Nirani, page 13 of the filed PDF · View the filing
Management expressed confidence citing available working capital, though cautioned that further disregard of contractual obligations by OMCs remains a risk.
Answered by Vijaykumar Nirani
Asked by Vinit Thakur: How confident is management in achieving the FY27 volume target given the current allocation issues?
p. 15
“Now, minus any hanky-panky that the oil marketing companies could end up doing, we are very confident to achieve that number.”
Vijaykumar Nirani, page 15 of the filed PDF · View the filing
Management confirmed private OMCs issued purchase orders at Rs 60-plus but then requested a price revision after an oversupply situation emerged.
Answered by Vijaykumar Nirani
Asked by Nitin Awasti: Why did private OMCs seek to revise already-contracted ethanol prices downward?
p. 26
“They have opened a letter of intent, issued us the purchase orders also, issued us indents up until January, we have supplied out of 8 crore litres about 1.6-odd crore litres we have supplied already.”
Vijaykumar Nirani, page 26 of the filed PDF · View the filing
Management said the shortfall was due to the 15 crore litre court-ordered allocation not being implemented as expected, leaving inventory unsold.
Answered by Vijaykumar Nirani
Asked by Vedant Sarda: Why did quarterly revenue run rate fall short of the Rs 350-400 crore per month level guided in a prior call?
p. 26
“So in November, they came around and decreased the allocation. We were expecting that 15 crore litres of quantity to be implemented. That implementation has taken time.”
Vijaykumar Nirani, page 26 of the filed PDF · View the filing
Management said the proposal has cleared two of four approval committees and the final committee meeting has been delayed due to the Middle Eastern crisis.
Answered by Vijaykumar Nirani
Asked by Bhavesh: What is the status of the Rs 150 crore PMG1 scheme subsidy?
p. 28
“Our proposal is already approved by two committees. We have already received emails from two committees. And final committee is with the Secretary.”
Vijaykumar Nirani, page 28 of the filed PDF · View the filing
Risks flagged
Unfair or changed ethanol tender allocation methodology by OMCs reduced volumes awarded to the company
p. 4
“This tender even disregarded the contractual obligation of assured offtake from the long-term offtake agreement holders and instead created a waterfall mechanism for allocation”
Vijaykumar Nirani, page 4 of the filed PDF · View the filing
Private sector OMCs sought to revise already-agreed ethanol prices downward after oversupply emerged
p. 4
“the private sector OMCs went back on the already executed purchase orders at a price that TruAlt had gotten for INR60 and requested TruAlt to revise the price and give a lower bid for the allotted quantities”
Vijaykumar Nirani, page 4 of the filed PDF · View the filing
Court-ordered allocation of 15 crore litres remains unimplemented due to a parallel pending court case
p. 11
“Though our matter has no impact on that other case, the ministry is taking a stand that unless we fully dispose of that case, we are not able to extend the allocation and implement the court order that has been ruled in favour of us.”
Vijaykumar Nirani, page 11 of the filed PDF · View the filing
Fall in ENA prices due to excess ethanol production capacity in the market
p. 4
“the price of ENA, which was estimated to stay at around INR62 to INR63 a litre, has now fallen down to INR55 to INR56 a litre, thereby reducing our obligation or our opportunity to manufacture and sell ENA”
Vijaykumar Nirani, page 4 of the filed PDF · View the filing
Higher depreciation and finance costs from capitalisation of dual-feed plant conversions reduced profit before tax despite EBITDA improvement
p. 8
“the depreciation cost has increased by INR20 crores and the finance cost has also increased by close to INR11 crores, thereby total increase of Rs. 39 crore”
AnandKishore, page 8 of the filed PDF · View the filing
Delay in expanding fuel retail outlets due to Middle Eastern crisis impact on crude prices
p. 7
“we are taking that construction slow due to the impact of the Middle Eastern crisis on the crude price”
Vijaykumar Nirani, page 7 of the filed PDF · View the filing
Legal complication with a land seller delaying one of the planned CBG plants with Sumitomo
p. 12
“it has become three, because one of the lands, there is some legal complication from the seller side”
Vijaykumar Nirani, page 12 of the filed PDF · View the filing
Delay in the final committee approval meeting for the PMG1 subsidy due to the Middle Eastern crisis
p. 28
“that meeting was supposed to happen in the month of April. But because of the Middle Eastern crisis, that meeting is continuously being postponed”
Vijaykumar Nirani, page 28 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.