TruAlt Bioenergy Limited is a leading player in India’s biofuel sector with a strong focus on ethanol. The company is among the largest ethanol producers in India, with an installed capacity of 2,000 KLPD, translating into a 3.6% market share in Fiscal 2025.
Its operations are diversified across ethanol production and compressed biogas (CBG). As of March 31, 2025, its subsidiary, Leafiniti Bioenergy, operates a CBG plant with a capacity of 10.20 TPD. To expand this vertical, the company has entered into MoUs with a Japanese Gas company and Sumitomo Corporation Asia & Oceania Pte. Ltd.
TruAlt runs five distillery units in Karnataka, four of which operate on molasses and syrup-based feedstocks, ensuring a steady supply chain.
Looking ahead, the company plans to foray into second-generation ethanol, sustainable aviation fuel (SAF), and Mevalonolactone (MVL) & allied biochemicals, aligning with India’s clean energy transition and the global shift toward greener alternatives.
Trualt Bioenergy IPO – Details
| IPO Opening Date | 25 September 2025 |
| IPO Closing Date | 29 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,69,20,968 Shares Worth ₹839.28 Crore Fresh Issue: 1,51,20,968 Shares Worth ₹750.00 Crore Offer For Sale: 18,00,000 Shares Worth ₹89.28 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹472 – ₹496 per share |
| Market Lot | 30 Shares |
| Min Order | 30 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Bigshare Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Trualt Bioenergy IPO – Date Schedule
| IPO Open Date | 25 September 2025 |
| IPO Close Date | 29 September 2025 |
| Basis of Allotment | 30 September 2025 |
| Initiation of Refund | 01 October 2025 |
| Credit of Shares to Demat Account | 01 October 2025 |
| IPO Listing Date | 03 October 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 29, 2025 |
Trualt Bioenergy IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,880 |
| Retail (Max) | 13 | 390 | ₹1,93,440 |
| S-HNI (Min) | 14 | 420 | ₹2,08,320 |
| S-HNI (Max) | 67 | 2,010 | ₹9,96,960 |
| B-HNI (Min) | 68 | 2,040 | ₹10,11,840 |
Competitive Strength
- 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 and Strong Demand Pipeline.
- Skilled and Experienced Promoters and Management Team.
Company Promoters
- Vijaykumar Murugesh Nirani
- Vishal Nirani
- Sushmitha Vijaykumar Nirani
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹1,280.19 Cr | ₹1,235.31 Cr | ₹31.81 Cr | ₹1,684.68 Cr |
| 31 March 2025 | ₹1,968.53 Cr | ₹1,809.10 Cr | ₹146.64 Cr | ₹1,549.68 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 28.27% |
| ROCE | 10.88% |
| Debt/Equity | 2.02 |
| RoNW | 19.07% |
| PAT Margin | 7.69% |
| EBITDA Margin | 16.20% |
| Price to Book Value | 4.56 |
| Pre IPO | Post IPO | |
| EPS (₹) | 20.76 | 17.10 |
| P/E (x) | 23.89 | 29.01 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding capital expenditure towards setting- up multi-feed stock operations to pave- way for utilizing grains as an additional raw material in ethanol plant at TBL Unit 4 of 300 KLPD capacity. | ₹150.68 |
| Funding the working capital requirements. | ₹425.00 |
| General corporate purposes. |
Trualt Bioenergy IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 1 | Balrampur Chini Mills Ltd | 23.89 |
| 2 | 1 | Triveni Engineering & Industries Ltd | 33.07 |
| 3 | 2 | Dalmia Bharat Sugar & Industries Ltd | 7.75 |
✅Strengths
- Largest ethanol producer in India (2,000 KLPD, 3.6% market share).
- Diversified portfolio – ethanol, CBG, ENA, CO₂, SAF.
- First-mover in ethanol-to-SAF refinery.
- Integrated raw material sourcing ensures cost advantage.
- Strong policy support under National Biofuel Policy.
- Growth plans in 2G ethanol, bioplastics, MVL & retail fuel.
⚠️Risks
- Heavy dependence on ethanol revenues.
- Govt.-controlled pricing and policy uncertainty.
- Feedstock volatility due to crop yield & climate.
- High debt levels and pledged assets.
- Execution risk in SAF, 2G ethanol & new verticals.
Trualt Bioenergy IPO Promoter Holding
| Pre Issue Share Holding | 88.20% |
| Post Issue Share Holding | 70.55% |
Trualt Bioenergy IPO Prospectus
Company Contact Information
| Trualt Bioenergy Ltd. Survey No. 166, Kulali Cross, Jamkhandi Mudhol Road, Bagalkot, 587313, Karnataka, India Bagalkot, Karnataka, 587313 Phone: 080 2325 5000 Email: cs@trualtbioenergy.com Website: https://www.trualtbioenergy.com/ |
Trualt Bioenergy IPO Registrar
| Bigshare Services Pvt.Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Trualt Bioenergy IPO Lead Manager(s)
| 1. SBI Capital Markets Limited 2. DAM Capital Advisors Limited |
Trualt Bioenergy IPO FAQs
| What is Trualt Bioenergy IPO? Trualt Bioenergy IPO is a main-board IPO. The issue is priced at ₹472 to ₹496 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Trualt Bioenergy IPO open? The IPO is to open on 25 September 2025 for QIB, NII, and Retail Investors. |
| What is Trualt Bioenergy IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is Trualt Bioenergy IPO Size? Trualt Bioenergy IPO size is ₹839.28 Crore. |
| What is the Trualt Bioenergy IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 30 Shares with ₹14,880, while the maximum bid is 390 Shares with ₹1,93,440. |
| What is the Trualt Bioenergy IPO Allotment Date? Trualt Bioenergy IPO allotment date is 30 September 2025. |
| What is the Trualt Bioenergy IPO Listing Date? Trualt Bioenergy IPO listing date is 03 October 2025. The IPO is to be listed on BSE and NSE. |
