TruAlt Bioenergy Limited has convened its 5th Annual General Meeting for Monday, August 31, 2026, at 11:30 a.m. IST, to be held through Video Conferencing (VC)/Other Audio-Visual Means (OAVM). The AGM Notice, approved by the Board of Directors at its meeting held on July 28, 2026, has been dispatched electronically to members and is also available on the company's website at www.trualtbioenergy.com . The cut-off date for e-voting eligibility is Tuesday, August 25, 2026, with remote e-voting open from Thursday, August 27, 2026 at 9:00 a.m. to Sunday, August 30, 2026 at 5:00 p.m.

AGM Agenda at a Glance

The 5th AGM will transact both ordinary and special business. The following table summarises the key agenda items:

FY 2025-26 Financial Performance

FY 2025-26 marked the company's first full year as a listed entity following its IPO in October 2025. The year was characterised by planned operational transitions, including the conversion of three distilleries from mono-feed to dual-feed configurations, which temporarily moderated revenue and profitability.

Standalone Financial Highlights

The following table presents key standalone financial metrics for FY 2025-26 compared to FY 2024-25 (amounts in ₹ lakhs):

Standalone revenue from operations declined by approximately 9.33% over FY 2024-25, primarily attributable to a sharp reduction in lifting by Oil Marketing Companies (OMCs) despite operational readiness and available production capacity. The Profit After Tax decreased by approximately 43.09% over FY 2024-25, driven by higher finance costs from additional working capital facilities and increased depreciation following the capitalisation of grain-based plants totalling 1,300 KLPD.

Consolidated Financial Highlights

The following table presents key consolidated financial metrics (amounts in ₹ lakhs):

Consolidated revenue from operations declined by approximately 9.45% over FY 2024-25. Net Working Capital on a consolidated basis stood at ₹61,629.89 lakhs in FY 2025-26, as against ₹16,780.42 lakhs in FY 2024-25, primarily on account of an increase in inventories of ₹31,821.96 lakhs and an increase in trade receivables of ₹6,684.18 lakhs, partly offset by a reduction in trade payables of ₹21,359.46 lakhs.

Key Strategic Developments During FY 2025-26

The year witnessed several significant milestones across the company's diversified bioenergy platform:

• IPO Completion: The company successfully listed on NSE and BSE on October 3, 2025, with the IPO oversubscribed approximately 75.02 times. The fresh issue raised ₹75,000 lakhs, with utilisation of ₹72,021 lakhs as on March 31, 2026.
• Dual-Feed Capacity Commissioning: Approximately 1,300 KLPD of grain-based dual-feed capacity was commissioned across Units 1, 2, and 4, converting nearly 65% of installed ethanol capacity into a flexible dual-feed platform.
• CBG Joint Ventures: Strategic joint ventures were entered into with GAIL (India) Limited (through Leafiniti Bioenergy Private Limited) and Sumitomo Corporation (through TruAlt Gas Private Limited) for the development of Compressed Biogas plants. Construction is underway for 4 CBG plants under TruAlt Gas, with 6 additional plants under Leafiniti Bioenergy progressing towards construction.
• SAF Project Progress: The proposed 310 KLPD Sustainable Aviation Fuel facility at Srikakulam, Andhra Pradesh, received a ₹150 crore grant under the PM JI-VAN Yojana. The project is progressing towards the Front-End Engineering Design (FEED) stage with Honeywell UOP.
• Retail Fuel Network: The company operated 7 retail fuel outlets during the year, with 4 additional outlets under construction and approximately 76 locations shortlisted for future expansion.
• Credit Rating: CRISIL Ratings reaffirmed its credit rating of "CRISIL A-/Stable" on the company's long-term bank facilities on October 28, 2025. Subsequently, India Ratings assigned "IND A-/Stable/IND A2+" to bank loan facilities of INR17,660 million on April 27, 2026.

Director Profile: Mr. Vishal Nirani

Mr. Vishal Nirani, proposed for re-appointment at the AGM, holds the following profile:

Secretarial Auditor Appointment

Mr. Deepak Sadhu, Practicing Company Secretary (ACS: 39541, COP: 14992, Peer Review No: 2387/2022), is proposed as Secretarial Auditor for a term of five consecutive years from FY 2026-27 to FY 2030-31. His proposed fees are ₹1,50,000 per year plus applicable taxes and out-of-pocket expenses. Mr. Sadhu has over 11 years of professional experience in corporate laws, governance, secretarial audit and transaction advisory, and has served as advisor to 150+ companies.

Dividend

The Board has not recommended any dividend for FY 2025-26, considering the capital-intensive nature of the business and the company's growth plans.

Members eligible to attend the AGM are those whose names appear in the register of members as on the cut-off date of August 25, 2026. Shareholders may register as speakers by writing to cs@trualtbioenergy.com between Monday, August 24, 2026 (9:00 a.m. IST) and Wednesday, August 26, 2026 (5:00 p.m. IST). The e-voting facility is provided by National Securities Depository Limited (NSDL), and the scrutinizer for the voting process is Mr. Deepak Sadhu.

TruAlt Bioenergy Limited delivered a robust financial performance for the first quarter of FY27, reporting a profit after tax (PAT) of ₹59.3 crore, a surge of over 1,000% year-on-year from ₹4.7 crore. The company’s revenue from operations reached ₹626.90 crore in the ethanol segment, growing 106.3% quarter-on-quarter, supported by higher production volumes and improved capacity utilization following the conversion of three plants to dual-feed operations.

The earnings call transcript, filed with BSE and NSE on August 4, 2026, under Regulation 30(6) of SEBI LODR Regulations, details the operational drivers behind this growth. Managing Director Vijaykumar Murugesh Nirani and CFO Anand Kishore highlighted that the company produced close to 8.5 crore litres of ethanol, achieving sales of a similar volume. The shift to grain-based feedstock, particularly maize procured at lower prices earlier in the season, significantly boosted margins. EBITDA stood at ₹147.3 crore, up 129% quarter-on-quarter, with an EBITDA margin of 23.5%.

Financial Highlights

The cost structure showed efficiency gains, with finance costs reducing to 7% of revenue from 12.4% in the previous quarter. Employee costs also declined to 1.9% from 3.7% year-on-year. Raw materials constituted 53.2% of revenue, while inventory accounted for 7.6%. The balance sheet reflects segmental assets of ₹3,754 crore against liabilities of ₹2,074 crore, maintaining a debt-equity ratio of 0.59 and an asset coverage ratio of 1.81x.

Operational Drivers and Capacity Utilization

The primary driver for the margin expansion was the successful transition to dual-feed operations, allowing the company to utilize cheaper grain-based feedstocks alongside sugar-based ones. CFO Anand Kishore noted that grain-based feedstock offers a 6% better profit margin compared to sugar-based feedstocks, with higher yields of approximately 450 litres per ton versus 317 litres for sugar content. Currently, the company operates at about 60% capacity utilization, with plans to increase this by another 20-25% in coming quarters. A pending court case regarding an additional 15 crore litres of ethanol capacity could further boost utilization to 90-95%.

In the compressed biogas (CBG) vertical, the company reported revenue of ₹11.2 crore and a PAT of ₹4-4.5 crore, maintaining healthy margins of 40-45%. Three out of four planned CBG plants under the joint venture with Sumitomo are near commissioning, expected to contribute to revenues by Q3 FY27. Additionally, six locations have been identified for JV with GAIL, with construction set to begin in August 2026.

What the Numbers Show

The significant leap in profitability is not merely volume-driven but structurally enhanced through feedstock optimization. The ability to procure maize at ₹18-21 per kg during the October-January period, compared to current prices of ₹25.50, provided a substantial margin buffer. This strategic inventory management, combined with the dual-feed flexibility, insulated the company from recent raw material price hikes. Furthermore, the reduction in finance costs as a percentage of revenue indicates improved operational leverage and efficient capital deployment post-IPO. The company’s focus on diversifying into CBG and sustainable aviation fuel (SAF), backed by ₹150 crore in viability gap funding under PM JI-VAN Yojana, positions it for sustained growth beyond traditional ethanol production.