i) Largest Ethanol Production Capacity in India: Installed capacity of 2,000 KLPD and operational capacity of 1,800 KLPD across four distilleries in Karnataka.
ii) Integrated Resource Management: Raw materials sourced from Promoter Group sugar facilities ensure consistent supply and scalability.
iii) Strategic Production Infrastructure: Distilleries in Bagalkot, Karnataka leverage local sugarcane availability with efficient and sustainable operations.
vi) Well-Positioned for Industry Growth: Strong presence in ethanol and bio-CNG markets, benefiting from favorable policies and market expansion.
Trualt Bioenergy Limited IPO
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Trualt Bioenergy is one of India’s largest biofuels producers, with a strong focus on Ethanol and Compressed Biogas (CBG). The company holds the distinction of being the largest Ethanol producer in India by installed capacity, with 2,000 KLPD installed and 1,800 KLPD operational as of March 31, 2025. Trualt Bioenergy is a diversified player in bioenergy, aligning its operations with national initiatives for sustainable fuel and renewable energy.
Business Verticals
1. Ethanol Production: Trualt operates four distilleries in Karnataka producing ethanol from molasses and sugar syrup, along with by-products like ENA, dry ice, and CO₂, and plans to expand to dual-feed ethanol with 2,000 KLPD capacity by March 2026.
2. Compressed Biogas (CBG): Through subsidiary Leafiniti, Trualt produces 10.2 TPD of CBG with FOM by-product, expanding capacity via partnerships with GAIL, Japanese companies, and Sumitomo Corporation.
3. Proposed Verticals: Plans include 2G ethanol from bagasse (6 crore litres/year), SAF from ethanol (10 crore litres/year), MVL and allied biochemicals, and biofuel dispensing stations for ethanol, bio-CNG, blended fuels, EV charging, and non-fuel retail.
Strategic Partnerships and Technology
Trualt Bioenergy has partnered with Praj Industries, Sumitomo Corporation, and Visolis Inc. for SAF, 2G ethanol, and MVL production, and collaborates with GAIL to set up multiple CBG units across India. These initiatives focus on technology-driven, sustainable bioenergy solutions aligned with government programs like the National Biofuels Policy 2018, SATAT, Ethanol Blending Program, and Carbon Offsetting for Aviation.
Competitive Strengths
Objects of the Trualt Bioenergy Limited IPO:
Company proposes to utilize the Net Proceeds towards funding the following objects:
1. Capital expenditure towards setting up multi-feed stock operations (₹150.68 cr)
2. Working capital requirements (₹425 cr)
3. General corporate purposes.
Trualt Bioenergy Limited IPO Details:
| Open Date: | Sep 25 2025 |
| Close Date: | Sep 29 2025 |
| Total Shares: | 1,69,20,967 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 839.29 Cr. |
| Lot Size: | 30 Shares |
| Issue Price: | ₹ 472 - 496 Per Equity Share |
| Listing At: | NSE,BSE |
| Listing Date: | Oct 03 2025 |
Promoters And Management:
1. Sagar Arunkumar Chag – Promoter & Managing Director: Aged 48, holds a B.E. in Chemical Engineering from Gujarat University. Director since 2008 and appointed MD in July 2024 for three years. With 20+ years in the agricultural products industry, he oversees daily management, operations, and business growth.
2. Arunkumar Natvarlal Chag – Whole-Time Director: Aged 70, holds a B.Sc. in Chemistry from Saurashtra University. Associated since inception and re-designated Whole-Time Director in July 2024 for three years. With 45+ years in groundnut and agricultural product manufacturing, he manages production, sales, marketing, and procurement of raw materials.
3. Bharatkumar Keshavlal Relia – Non-Executive Director: Aged 73, holds a B.Sc. in Chemistry and a Diploma in Pharmacy. Director since 2014 and regularized in July 2024. With 49 years in pharmaceuticals, marketing, and commercial operations, he provides strategic oversight and governance to support the company’s growth
Financials of Trualt Bioenergy Limited IPO:
| Particulars | FY 2024-25 (Consolidated) | FY 2023-2024 (Consolidated) | FY 2022-2023 (Standalone) |
| Revenue from Operations (Cr) | 1,907.72 | 1,223.40 | 762.38 |
| EBITDA (Cr) | 309.14 | 188.08 | 105.04 |
| EBITDA Margins | 16.20% | 15.37% | 13.78% |
| PAT (Cr) | 146.63 | 31.8 | 35.45 |
| PAT Margins | 7.69% | 2.60% | 4.65% |
| ROCE | 10.88% | 7.42% | 11.38% |
| Debt to Equity Ratio(In Times) | 2.02 | 6.37 | 4.78 |
| Operating Cash Flows (Cr) | 51.59 | 174.56 | -30.96 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| TruAlt Bioenergy Limited | 1,907.72 | 16.20% | 7.69% | 10.88% | 2.02 | 4,253.32 | 29.01 |
| Balrampur Chini Mills Ltd | 5415 | 12% | 7.72% | 10.20% | 0.69 | 10,158 | 24.3 |
| Triveni Engineering & Industries Ltd | 5689 | 7% | 3.67% | 8.65% | 0.64 | 7,634 | 35.3 |
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