TruAlt Bioenergy Limited is an integrated Indian biofuels company producing first‑generation ethanol, compressed biogas (CBG), extra neutral alcohol, CO2, DDGS and liquid fermented organic manure, while operating a growing biofuel retail network; it is one of India’s largest ethanol producers by installed capacity and holds Oil Marketing Company status enabling downstream retail participation and offtake capture.

For nine months ended December 31, 2025 consolidated total income rose 13.3% to ₹1,187.05 crore and consolidated EBITDA increased ~10% to ₹170.99 crore, while consolidated PBT edged down slightly due to higher finance costs and depreciation tied to recent capex; standalone PAT declined reflecting increased interest and amortisation from the expanded asset base.

The company is actively diversifying beyond ethanol with a staged CBG expansion via JVs with Sumitomo and GAIL, an advanced SAF project anchored by a Honeywell UOP licensing agreement and proposed ₹2,250 crore capex, and a rapid retail rollout that targets tens to hundreds of dispensaries for downstream integration and stable cash flows.

CBG already demonstrates exceptional unit economics: 9M FY26 CBG EBITDA margin expanded to ~63% and PAT margin to ~43%, validating the scalable green‑gas model; co‑product monetisation (DDGS, CO2, LFOM) and dual‑feed ethanol integration are expected to materially uplift blended margins and reduce seasonality.

Key near‑term risks include timing and quantum of policy support for SAF and CBG incentives, dependence on OMC offtake scheduling, and leverage pressure from recent capex with a debt/EBITDA ratio ~4.6 and debt/equity ~0.65, which could constrain free cash flow until projects ramp to steady state.