TruAlt Bioenergy Reports Q2 Loss Amid Transition to Year-Round Operations
TruAlt Bioenergy, India's largest ethanol producer, reported a consolidated net loss of ₹3,793.98 crore for Q2 2025, compared to a ₹1,865.65 crore loss in the same period last year. Revenue declined to ₹11,485.77 crore from ₹38,822.20 crore year-over-year. The company is transitioning from a seasonal to a near-continuous operations model, with 1,300 KLPD of dual-feed capacity integrated. Only Unit 3 was operational during the quarter, while Units 1, 2, and 4 were being converted to dual-feed plants. TruAlt entered a joint venture with Sumitomo Corporation for Compressed Biogas plants and plans to set up an ethanol to Sustainable Aviation Fuel plant. The company's IPO was oversubscribed 75.02 times.
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TruAlt Bioenergy Limited, India's largest ethanol producer by installed capacity, reported a consolidated net loss of ₹3,793.98 crore for the quarter ended September 30, 2025, compared to a loss of ₹1,865.65 crore in the same period last year. The company's revenue from operations declined to ₹11,485.77 crore from ₹38,822.20 crore year-over-year.
Transition to Year-Round Operations
The subdued financial performance reflects TruAlt's strategic shift from a seasonal business model to a near-continuous operations enterprise. The company has integrated 1,300 KLPD of dual-feed capacity out of its 2,000 KLPD installed capacity, marking a fundamental change in its operating approach.
Vijaykumar Murugesh Nirani, Managing Director of TruAlt Bioenergy, stated, "While this quarter's results may appear muted, they reflect deliberate choices to reshape our business model for long-term growth and all-year resilience."
Operational Highlights
- Only Unit 3 was operational during the quarter, as Units 1, 2, and 4 were undergoing conversion to dual-feed plants.
- Units 1, 2, and 4 have become fully operational from October 2025 and are expected to operate at full capacity going forward.
- Unit 5 remains non-operational pending receipt of Consent to Operate (CTO).
Joint Venture with Sumitomo Corporation
TruAlt Bioenergy has entered into a Joint Venture Agreement with Sumitomo Corporation of Japan for the development of Compressed Biogas (CBG) plants. Under the agreement:
- TruAlt will hold a 51% stake in Trualt Gas Private Limited (TGPL), while Sumitomo will hold 49%.
- The JV will initially set up four CBG plants, with construction already commenced for three plants.
- The plants are expected to be commissioned by Q2 of 2027.
Other Strategic Developments
Sustainable Aviation Fuel (SAF) Project: TruAlt is in the process of entering into an MOU with the Andhra Pradesh Economic Development Board for setting up an ethanol to SAF plant with an investment of ₹2,250 crore.
Retail Fuel Network Expansion: Seven retail fuel outlets are operational, with six more ready to commence shortly, taking the network to 13 dispensing stations across Karnataka.
IPO Success: The company's IPO was oversubscribed by 75.02 times, with shares listed on NSE and BSE on October 3, 2025.
Financial Position
As of September 30, 2025:
| Item | Amount (in crore) |
|---|---|
| Cash and Cash Equivalents | ₹28,972.14 |
| Total Assets | ₹3,37,725.67 |
| Total Equity | ₹1,40,152.10 |
Future Outlook
Despite the current challenges, TruAlt Bioenergy remains optimistic about its future prospects. The company anticipates a sustained growth trajectory aligned with past performance trends, supported by its diversified portfolio across ethanol, CBG, retail fuel, and the upcoming SAF vertical.
Mr. Nirani concluded, "This temporary moderation marks the final phase of recalibration before TruAlt shifts into steady utilization, consistent revenues, and stronger margins."
Investors and stakeholders are advised to consider the ongoing transition phase while assessing the company's short-term performance, as the full benefits of the operational changes are expected to materialize in the coming quarters.
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