TruAlt Bioenergy IPO

About TruAlt Bioenergy IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1,51,20,967 shares (aggregating up to ₹750.00 crores). The offer for sale portion includes 18,00,000 shares of ₹10 (aggregating up to ₹89.28 crore). The total number of shares is 1,69,20,967 and the aggregate amount is ₹839.28 crores.

The TruAlt Bioenergy Limited IPO opens on Sep 25, 2025 and closes on Sep 29, 2025. The tentative allotment date is Sep 30, 2025. The tentative listing date is Oct 3, 2025. The credit of shares to the demat account will take place on Oct 1, 2025. The initiation of refunds will take place on Oct 1, 2025.

Trualt Bioeneregy is one of India’s largest biofuel producers. They hold the distinction of being the largest ethanol producer in India with an aggregate installed capacity of 2000 kilo litres per day and an operational capacity of 1800 KLPD as of March 31, 2025. Their market share is among the largest in terms of ethanol production capacity in fiscal 2025.

The company acquired the distillery business of the Seller Companies pursuant to the BTAs, with effect from 1 October 2022. The Seller Companies, prior to the execution of the BTAs, were collectively managed and operated by members of the Promoter Group and were each engaged in sugar production and distillery operations. The BTAs executed by the company with the Seller Companies were executed concurrently with similar terms and form part of a single business acquisition.

Objectives of TruAlt Bioenergy IPO

• Funding capital expenditure towards setting up multi-feed stock operations to pave-way for utilizing grains as an additional raw material in ethanol plants at TBL Unit 4 of 300 KLPD capacity.
  
• Funding their working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

As India has grown, the usage of fuels such as motor spirit (MS) or petrol, diesel, ATF, and natural gas has grown with it. MS consumption stood at 17,128 thousand Metric Tonnes (TMT) in 2013-14 and has grown to approximately 40,000 TMT in fiscal 2025, representing a growth of approximately 8% CAGR. The consumption of diesel (HSD) grew at approximately 3% CAGR in the same period and reached approximately 91,400 TMT in 2024-25, while that for ATF grew at approximately 4% CAGR and stood at approximately 9,000 TMT in 2024-25. Natural gas, being a part of India’s energy transition agenda, has been receiving attention from the Indian government as it is seen as a bridging fuel between more polluting conventional fuels and greener renewable fuels. CBG finds its niche there as the government aims to use it to reduce LNG imports and increase the sustainability factor. This is the universe that is available to biofuels like ethanol, biodiesel, SAF, and CBG for conversion; it represents a massive opportunity which appears to be ripe for investment as the green investment and sustainability agenda become mainstream. With the Indian Government’s increased support for alternative energy sources, India’s biofuel industry is growing at a tremendous pace and is exploring forms of renewable bio-energy sources such as SAF, CBG, 2G ethanol, and green hydrogen, along with promoting the manufacturing and consumption of fermented organic manure (FOM).

Ethanol demand in India is expected to grow at a CAGR of 17.7%, from 828 crore litres in financial year 2023 to 1,350 crore litres by 2026. For CBG, only 97 plants have been commissioned in India as of June 2024, out of the 5,000 plants planned to be operational by the end of 2024-2025 under the Sustainable Alternative Towards Affordable Transportation scheme (Source: CRISIL Report).

TruAlt Bioenergy Company Information

TruAlt Bioenergy Limited is one of India’s largest biofuels producers, having strategically positioned themselves as a prominent and diversified player in the biofuels industry, particularly in the ethanol sector. They hold the distinction of being the largest ethanol producer in India based on installed capacity, with an aggregate installed capacity of 2,000 kilo litres per day (“KLPD”) and an operational capacity of 1,800 KLPD, as of 31 March 2025. Their market share is amongst the largest in terms of ethanol production capacity in fiscal 2025, at 3.6% (Source: CRISIL Report).

They have established five distillery units in Karnataka. As of 31 March 2025, they operated four ethanol production distilleries on molasses and syrup-based feedstocks. By March 2026, out of the 2,000 KLPD installed capacity, they intend to convert 1,300 KLPD of their current mono feed (sugarcane juice / sugar syrup / molasses) capacity to dual-feed, capable of producing ethanol from grain-based feedstocks or grains unfit for human consumption. Progressively, they also intend to increase their operational capacity from 1,800 KLPD as of 31 March 2025 to 2,000 KLPD. As part of their ethanol production, they also produce extra neutral alcohol (“ENA”), the primary raw material in the production of alcoholic beverages. Their product portfolio also includes dry ice and liquid carbon dioxide ("CO2"), by-products in the ethanol production process.

The company was originally incorporated as “TruAlt Bioenergy Limited” as a public limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated 31 March 2021, issued by the Registrar of Companies, Karnataka at Bangalore (“RoC”). The name of the company was subsequently changed to “TruAlt Bioenergy Limited”, pursuant to a special resolution passed in the extraordinary general meeting of the shareholders held on 1 June 2022, pursuant to which a fresh certificate of incorporation consequent upon change of name was issued by the RoC on 1 July 2022.

Strengths of TruAlt Bioenergy IPO

• Largest installed capacity for production of ethanol in India.
  
• Integrated resource management, creating scalable operations.
  
• Strategically located production infrastructure, with a focus on technological innovation and sustainability.
  
• Well-positioned to capture favourable industry tailwinds.
  
• Entrenched customer relationships, creating a strong demand pipeline.
  
• Skilled and experienced promoters and management team, with a committed employee base.
  

Risks of TruAlt Bioenergy IPO

• Any reduction in the sale of ethanol, or their ability to produce and sell ethanol, or in the price at which they are able to sell ethanol.
  
• Any change in GoI policies.
  
• Any unscheduled, unplanned or prolonged disruption of their production units.
  
• Disruptions to their production and sale of extra neutral alcohol ("ENA").
  
• Any shortage of sugarcane, the underlying raw material, which is subject to seasonal vagaries, adverse weather conditions, crop disease and pest attacks, may impact the availability and quality of their key raw materials.
  
• Their inability to accurately forecast demand for their products, manage their working capital balances, or their inability to collect receivables in a timely manner.
  
• Any disruptions in logistics and transportation or significant increase in freight charges.
  
• Inability to successfully develop and commercialise new products in a timely manner.
  
• Competition from existing players and new entrants.
  
• Pricing pressure that may affect their gross margin, profitability and ability to increase their prices.
  

Financial Information for TruAlt Bioenergy

Financial information for Company is derived from the Restated Financial Information for the year ended March 31, 2025. @As of September 17, 2025. ^To be determined upon conclusion of the Book Building Process.

Notes for listed peers:

(a) All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports/annual results as available of the respective company for the year ended March 31, 2025 submitted to stock exchanges.

(b) P/E Ratio has been computed based on the closing market price of equity shares on BSE on September 17, 2025, divided by the Diluted EPS.

(c) Return on net worth (“RoNW”) is computed as total profit/ (loss) for the year attributable to equity shareholders of the parent divided by net worth (excluding non-controlling interest), as at March 31, 2025.

(d) Return on Net Worth (%) = Net Profit for the year divided by Net-Worth (Total Equity) as at March 31, 2025.

(e) NAV per share is computed as the Net-Worth (Total Equity) divided by the outstanding number of equity shares as at March 31, 2025.

(f) All the listed peers are integrated sugar industries whilst our Company is the only biofuel industry

Anchor Investor Bidding Date: Wednesday, 24 September 2025

Registrar: Bigshare Services Private Limited
Book Running Lead Managers:
DAM Capital Advisors Limited
SBI Capital Markets Limited

*The Company may, in consultation with the Book Running Lead Managers, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date.

Business Model

The company earns its revenue through the following sources: Producing and selling biofuels, particularly ethanol, which is derived from raw materials like sugar syrup and molasses. Future plans include manufacturing sustainable aviation fuel from ethanol.

TruAlt Bioenergy Company Growth Trajectory

TruAlt Bioenergy was incorporated in March 2021, cognisant of the headroom for growth in the ethanol industry, aided by GoI schemes and incentives towards non-fossil fuels and renewable energy. To this end, they acquired three distillery units pursuant to the acquisition.

They achieved installed operational capacity for ethanol production of 1,800 KLPD as of 31 March 2025, based on the capacities of TBL Unit 1, TBL Unit 2, and TBL Unit 3, and TBL Unit 4 which commenced operations on Dec 24, 2024. Even in the absence of any working capital limits in these periods, they achieved capacity utilisation of 74.06%, 42.63%, 45.08% for ethanol and ENA in fiscal 2024 and 2025, respectively.

Their total income increased by 53.77% from ₹1,280.19 crores in fiscal 2024 to ₹1,968.53 crores in fiscal 2025, primarily due to increases in revenue from operations and other income in fiscal 2025 from fiscal 2024.

Their revenue from operations increased by 55.94% from ₹1,223.40 crores in fiscal 2024 to ₹1,907.72 crores in fiscal 2025, primarily due to increases in sale of finished goods; sale of traded goods; and performance linked incentive.

Their other income increased by 7.08% from ₹56.78 crores in fiscal 2024 to ₹60.80 crores in fiscal 2025, primarily due to an increase in interest subvention income and net gain on sale of quoted equity investments. This was primarily offset by a decrease in miscellaneous income from ₹6.25 crores in fiscal 2024 to ₹0.77 crores in fiscal 2025 on account of decrease in insurance claim amounts.

Their restated profit after tax for the year was ₹31.81 crores in fiscal 2024, compared to restated profit after tax for the year of ₹146.64 crores in fiscal 2025.

TruAlt Bioenergy Company Market Position

TruAlt Bioenergy stands as one of India's largest biofuels producers, having strategically positioned itself as a prominent and diversified player in the biofuel industry, particularly in the ethanol sector. TruAlt Bioenergy holds the distinction of being the largest ethanol producer in India based on installed capacity, with an aggregate installed capacity of 2,000 kilo litres per day (KLPD) and an operational capacity of 1,800 KLPD as of 31 March 2025. The company is a leading entity in the market and has amongst the largest market share in terms of ethanol production capacity in Fiscal 2025 at 3.6%. This 3.6% market share is based on the combined share in both sugar/molasses-based and grain-based ethanol. Specifically, in sugar-based ethanol, TruAlt Bioenergy holds a market share of 7.0%.

TruAlt Bioenergy invested significantly in expanding their production capacity, allowing them to produce ethanol on a larger scale compared to their competitors. This move enabled them to meet the growing demand for ethanol, especially due to the Indian government's emphasis on ethanol blending. TruAlt Bioenergy has a successful track record of increasing their distillation capacity from 390 KLPD to 2,000 KLPD in around four years to become India’s largest ethanol producer by installed capacity as of 31 December 2024. The company currently operates four ethanol production distilleries on molasses- and syrup-based feedstocks.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹1968.528 crores, ₹146.642 crores, and ₹309.144 crores, respectively.

How to check the allotment status of TruAlt Bioenergy IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for TruAlt Bioenergy Limited IPO, visit the official website of Bigshare Services Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'TruAlt Bioenergy Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search
  

Your TruAlt Bioenergy Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check TruAlt Bioenergy Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your TruAlt Bioenergy Limited IPO bid and allotment details will be displayed.

How to apply for the TruAlt Bioenergy IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.