TruAlt Bioenergy Limited (NSE: TRUALT), a leading Indian biofuels producer, showcased improved profitability and operational milestones in its Q3 FY26 results for the quarter ended December 31, 2025.
Total income surged 69.75% quarter-on-quarter to ₹730.86 crore, fueled by enhanced ethanol plant utilization and completed capital expenditures. EBITDA climbed 7.54% sequentially to ₹134 crore, while PAT reached ₹69.19 crore amid transitional factors.
Ethanol Segment Achieves Scale
The quarter marked a pivotal consolidation phase for TruAlt’s ethanol operations. Grain-based integration capex was fully commissioned, enabling a stabilized platform for 5.5-6 crore liters of monthly production. Karnataka’s sugar crushing season started mid-November, yielding about 58 effective operating days, during which four of five ethanol plants ran at over 95% capacity utilization.
Unit 5 secured its Consent to Operate on December 17, 2025, bringing all plants online for near year-round operations. Gross-quarter utilization hit 60%, but exceeded 95% on operating days. With no further capacity expansions planned, the company now prioritizes efficiency on this multi-feed platform, restoring performance at scale.
CBG Business Delivers Robust Margins
TruAlt’s Compressed Biogas (CBG) segment outperformed industry norms with operating efficiencies. For the nine months ended December 31, 2025, it generated ₹30.97 crore in total income, a 63% EBITDA margin, and 43% PAT margin. Beyond the initial execution phase, focus has shifted to disciplined growth.
Plans include 24 greenfield CBG units over the next 2-3 years via joint ventures with Sumitomo Corporation and GAIL. Supportive policies from Union Budget 2026-27, such as excise duty exemptions, pipeline infrastructure, CBG-CNG alignment, and incentives, enhance project economics and visibility.
SAF and Biofuel Retail Expansion
In Sustainable Aviation Fuel (SAF), TruAlt advanced a 100 million liters per annum facility in Andhra Pradesh through a Honeywell UOP technology licensing agreement, with engineering design in progress. Talks with Sumitomo for equity participation continue, alongside expectations for ₹150 crore viability gap funding under the PM JI-VAN scheme.
Biofuel retail gained traction with an oil marketing company license secured, leading to seven outlets commissioned in six months. Four more are underway, targeting 75 outlets from FY27, aligning with India’s flex-fuel adoption and bolstering B2C presence.
Integrated Model and Leadership Outlook
Exploration of Distillers Dried Grains with Solubles (DDGS) and green CO2 opportunities reinforces TruAlt’s resource-efficient, resilient model. Managing Director Vijay Nirani stated: “The third quarter reflects meaningful progress in strengthening TruAlt Bioenergy’s operating foundation and enhancing the quality of earnings. Margin expansion during the period underscores the benefits of scale, dual-feed integration and disciplined execution across the platform.”
He added: “The transition towards near year-round operations marks a structural shift for the business, improving operating predictability, efficiency and earnings visibility. As the Company continues to build on its integrated bioenergy platform, the focus remains on consistent execution, prudent capital allocation and long-term value creation.”
TruAlt’s momentum positions it to support India’s energy security and transition goals through biofuels innovation.
About TruAlt
TruAlt Bioenergy stands as one of India’s largest biofuels producers and the country’s top ethanol producer, operating as a diversified, integrated player across the biofuels value chain. The company has been an early adopter in the Compressed Biogas (CBG) segment under the Government of India’s SATAT initiative, developing scalable capabilities in clean, domestically produced fuels.
Through its subsidiary, Leafiniti Bioenergy Private Limited, TruAlt runs CBG plants that produce solid and liquid fermented organic manure (FOM) as by-products, promoting circular agriculture, waste-to-energy integration, and rural value creation. It holds the distinction of being the first biofuels company in India to achieve Oil Marketing Company (OMC) status, allowing direct involvement in fuel retailing and downstream distribution.
TruAlt is also pioneering Sustainable Aviation Fuel (SAF), with ambitions to build one of India’s largest SAF facilities. Backed by its integrated platform, strategic infrastructure, and focus on sustainability, the company is driving India’s green energy transition.