Trualt Bioenergy IPO will open for subscription on Sep 25, 2025 and closes on Sep 29, 2025. Incorporated in 2021, Trualt Bioenergy Limited is India’s largest biofuels-producing company, with an ethanol installed capacity of 2,000 kilo litres per day (KLPD). In FY25, it holds the market share of 3.6% in the ethanol production capacity in India.
In this blog, we’ll discuss in detail about the Trualt Bioenergy IPO, including its issue proceeds usage, business overview, financials, peers, and key risk factors.
Trualt Bioenergy IPO Date
The key pointers for the Trualt Bioenergy IPO dates are:
- Bidding Opening Date: September 25, 2025
- Bidding Closing Date: September 29, 2025
- Allotment Date: September 30, 2025
- Initiation of Refunds (in case of less or no allotment): October 1, 2025
- Shares Credited to Your Demat Account: October 1, 2025
- IPO Listing Date: October 3, 2025
- Listing on Exchange: BSE and NSE
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Trualt Bioenergy IPO Issue Size
Trualt Bioenergy IPO valuation, as denoted by the market capitalisation, stood at ₹4,253.33 crores. Here are the essential details:
- Trualt Bioenergy IPO Price Band: ₹472 to ₹496 per share
- Lot Size: 30 Shares
- Issue Size and Amount: 1.69 crore shares (aggregating up to ₹839.28 crores)
- Fresh Issue and Amount: 1.51 crore shares (aggregating up to ₹750 crores)
- Offer for Sale and Amount: 18 lakh shares of ₹10 (aggregating up to ₹89.28 crores)
Trualt Bioenergy IPO Proceeds Usage
The net proceeds from the Trualt Bioenergy IPO are proposed to be utilised for the following purposes:
- To fund capital expenditure for setting up multi-feedstock operations, enabling the use of grains as an additional raw material in the ethanol plant at TBL Unit 4 (capacity of 300 KLPD).
- To meet the company’s working capital requirements.
- To cover general corporate purposes.
Trualt Bioenergy IPO Reservations
Trualt Bioenergy IPO reservations to different investors are:
- For QIBs: Not more than 50% of the Offer
- For NIIs: Not less than 15% of the Offer
- For Retail Investors: Not less than 35% of the Offer
Trualt Bioenergy IPO Lot Size
Trualt Bioenergy IPO lot size is 30 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,880 |
| S-HNI (Min) | 14 | 420 | ₹2,08,320 |
| B-HNI (Min) | 68 | 2,040 | ₹10,11,840 |
Trualt Bioenergy IPO Details: Promoter Holding
Vijaykumar Murugesh Nirani, Vishal Nirani, and Sushmitha Vijaykumar Nirani are the company promoters.
Trualt Bioenergy Limited: Company Overview
TruAlt Bioenergy Limited, established in 2021, is a leading player in India’s biofuel industry with a strong emphasis on ethanol production. The company ranks among the largest ethanol producers in the country, supported by an installed capacity of 2,000 kilo litres per day (KLPD), accounting for a 3.6% share of the national ethanol production capacity in Fiscal 2025.
Its operations extend beyond ethanol into compressed biogas (CBG) production, where its subsidiary, Leafinity, manages a CBG plant with a capacity of 10.20 tonnes per day as of March 31, 2025. To further strengthen this segment, the company has entered into strategic MoUs with a Japanese gas company and Sumitomo Corporation Asia & Oceania Pte. Ltd.
Currently, TruAlt Bioenergy operates five distillery units in Karnataka, four of which are based on molasses and syrup feedstocks. Looking ahead, the company plans to diversify into new growth areas, including second-generation ethanol, sustainable aviation fuel, and advanced biochemical products such as Mevalonolactone (MVL) and allied biochemicals.
Key Strengths
TruAlt Bioenergy’s competitive advantages lie in its position as the largest ethanol producer in India, an integrated approach to resource management, and a scalable operational model. Its strategically located production infrastructure is designed with an emphasis on technology and sustainability, ensuring efficiency and resilience.
The company benefits from strong customer relationships, a robust demand pipeline, and favourable industry dynamics. Backed by an experienced promoter group and management team, TruAlt Bioenergy is well-positioned to capture emerging opportunities in the renewable energy and biofuels sector.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Trualt Bioenergy Limited: Financial Performance
Trualt Bioenergy Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Crore) | 31 Mar 2025 | 31 Mar 2024 | YoY Change |
|---|---|---|---|
| Total Income | 1,968.53 | 1,280.19 | 54% |
| Profit After Tax (PAT) | 146.64 | 31.81 | 361% |
| EBITDA | 309.14 | 188.09 | 64% |
| Net Worth | 769.00 | 264.61 | 191% |
| Assets | 3,029.73 | 2,419.08 | 25% |
| Total Borrowing | 1,549.68 | 1,684.68 | -8% |
- Revenue Growth: Total income increased by 54%, from ₹1,280.19 crore in FY24 to ₹1,968.53 crore in FY25, supported by robust ethanol and biofuel demand.
- Profitability: PAT grew sharply by 361%, rising from ₹31.81 crore in FY24 to ₹146.64 crore in FY25, reflecting operational efficiency and margin expansion.
- EBITDA Performance: EBITDA improved by 64%, moving from ₹188.09 crore in FY24 to ₹309.14 crore in FY25, showing stronger earnings capacity.
- Net Worth: Net worth surged by 191%, increasing from ₹264.61 crore in FY24 to ₹769.00 crore in FY25, strengthening balance sheet fundamentals.
- Asset Base: Assets expanded 25%, from ₹2,419.08 crore in FY24 to ₹3,029.73 crore in FY25, indicating capacity growth and investments.
- Debt Position: Borrowings declined by 8%, from ₹1,684.68 crore in FY24 to ₹1,549.68 crore in FY25, signalling improved leverage management.
Trualt Bioenergy IPO: Peer Comparison
Here is the peer comparison table for Trualt Bioenergy Limited with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| TruAlt Bioenergy | 20.94 | 23.89 | 19.07 |
| Balrampur Chini Mills | 21.65 | 23.89 | 11.51 |
| Triveni Engineering & Industries | 10.88 | 33.07 | 7.66 |
| Dalmia Bharat Sugar & Industries | 47.78 | 7.75 | 11.96 |
- EPS: TruAlt’s EPS of ₹20.94 is slightly lower than Balrampur Chini (₹21.65) and much lower than Dalmia Bharat Sugar (₹47.78), but significantly higher than Triveni Engineering (₹10.88), showing it has strong earnings per share.
- P/E Ratio: Its P/E ratio is 23.89, which is the same as Balrampur Chini’s P/E ratio. It’s lower than Triveni’s, meaning it’s not as highly priced, but higher than Dalmia’s, which looks cheaper by comparison.
- RoNW: TruAlt leads the pack in return on net worth at 19.07%, showing it’s making better use of shareholders’ money than the others.
Trualt Bioenergy IPO Risk Factors
Trualt Bioenergy IPO GMP is ₹71 as of September 24, 2025 (at 16:30). It is expected to list at a 14.31% gain at a price of ₹567. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Trualt Bioenergy IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- Dependence on Ethanol Sales: The company’s revenue is heavily dependent on ethanol. Any drop in sales volume, production ability, or selling price could negatively impact business performance.
- Reliance on Government Policies: Operations are closely tied to government policies. Changes in ethanol-related regulations could affect revenue and profitability.
- Short Operating History: Ethanol production began only in September 2022, making it a relatively new business. Risks may arise from recent acquisitions and limited operational experience.
- Single Location Dependency: All production units are located in the Bagalkot district of Karnataka. Any disruption at this site could significantly affect operations and cash flow.
- Customer Concentration Risk: A large portion of revenue comes from a small number of buyers, mainly oil marketing companies. Loss or reduced demand from key clients poses a major risk.
- Capacity Utilization Issues: If existing or expanded production capacity is not fully utilized, it may limit growth and affect future financial performance.
For all the insights on Trualt Bioenergy IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Trualt Bioenergy IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. What are the TruAlt Bioenergy IPO dates?
TruAlt Bioenergy IPO will open for subscription on September 25, 2025, and will close on September 29, 2025. The allotment is expected to be finalised on September 30, 2025, while listing will take place on October 3, 2025 on the BSE and NSE.
2. What is the price band and lot size for the IPO?
The IPO price band has been fixed between ₹472 and ₹496 per share. The lot size is 30 shares, and retail investors must apply for at least one lot, which requires a minimum investment of ₹14,880 at the upper price band.
3. What is the size of the issue and how is it structured?
The total issue size of the TruAlt Bioenergy IPO is ₹839.28 crores, consisting of 1.69 crore shares. This includes a Fresh Issue of 1.51 crore shares aggregating to ₹750 crores and an Offer for Sale (OFS) of 18 lakh shares aggregating to ₹89.28 crores.
References:
https://www.damcapital.in/files/pdf/638939714387620929_TruAlt_Bioenergy_Limited_-_RHP.pdf
https://www.investorgain.com/gmp/trualt-bioenergy-ipo-gmp/1463/
Author: All Content is verified by SMC Global Securities.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
