For investors, it can be quite challenging to decide if the TruAlt Bioenergy IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the TruAlt Bioenergy IPO. This will help you analyze the strengths, risks, and financial details of the TruAlt Bioenergy IPO, making your investment decision better.
About Company
One of the growing companies, TruAlt Bioenergy, is one of India’s largest biofuels producers, strongly positioned in the ethanol sector. As of March 31, 2025, they are India’s largest ethanol producer by installed capacity, with 2,000 KLPD capacity and 1,800 KLPD operational capacity. Furthermore, they also have an aim to expand Ethanol production by 600 KLPD at three locations. Furthermore, to increase their production capacity, the company has spent ₹14,278.41 lakhs.
In fact, they also have a loan approval of up to ₹1,93,197.00 lakhs from the Central Government under the Ethanol Interest Subvention Schemes to support this expansion. Apart from Ethanol, they also produce Extra Neutral Alcohol (ENA), which is mainly used to make alcoholic drinks. Moreover, they also have dry ice and liquid carbon dioxide (CO2) as by-products of the Ethanol production process.
Strengths
- The company has the largest installed capacity for ethanol production in India.
- Its production facility is strategically located with a focus on technology, innovation, and sustainability.
- Strong customer relationships help them generate a steady demand for the products.
- The company consists of skilled and experienced promoters and a management team that has over 9 years of experience in industrial holding and diverse leadership positions.
Weaknesses
- The business is solely dependent on the sale of Ethanol. Any drop in sales, production, or prices could negatively affect our revenue, profits, and cash flow.
- Its business is solely dependent on the policies of the Government of India (“GoI”). If any changes arise in the GOI policies, they can badly impact the business, cash flow, and overall revenue.
- TruAlt Bioenergy should meet strict quality control, failing to do so can negatively impact the business and financial performance.
- The company depends on third-party transport for raw materials, any delays in delivering raw materials can adversely affect the finances and business.
TruAlt Bioenergy IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Capital Market | Neutral |
| Canara Bank | |
| DRChoksey FinServ | |
| Emkay Global | |
| Hem Securities | |
| IDBI Capital | |
| Marwadi Shares | |
| Nirmal Bang | |
| SBICAP Securities | |
| Sharekhan | |
| SMC Global | |
| Sushil Finance | |
| Swastika Investmart | |
| Ventura Securities | |
| Geojit | |
| Reliance Securities | |
| BP Wealth | |
| ICICIdirect | |
| Choice Broking |
TruAlt Bioenergy IPO Details
| IPO Open Date: | September 25, 2025 |
| IPO Close Date: | September 29, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹472 to ₹496 Per Share |
| Issue Size: | ₹839.28 Crores |
| Fresh Issue | ₹750 Crores |
| Issue Type | Book Built Issue |
| Offer for Sale | Approx 18,00,000 Equity Shares |
| Registrar | Bigshare Services Pvt.Ltd |
| IPO Lead Managers | Dam Capital Advisors Ltd. SBI Capital Markets Ltd. |
| Basis of Allotment | September 30, 2025 |
| IPO Listing Date: | October 3, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 31 Mar 2025 | 31 Mar 2024 |
| Total Income | ₹1,968.53 crores | ₹1,280.19 crores |
| EBITDA | ₹309.14 crores | ₹188.09 crores |
| EBITDA Margin (%) | 16.20% | 15.37% |
| Profit after Tax (PAT) | ₹146.64 crores | ₹31.81 crores |
| Net Worth | ₹769 crores | ₹264.61 crores |
| Total Borrowings | ₹1,549.68 Crores | ₹1,684.68 Crores |
Peer Comparison with the Company
| Name of the Company | Face Value per Equity Share (₹) | P/E | EPS (Basic) (₹) | RoNW (%) | NAV(₹) |
| TruAlt Bioenergy Limited | ₹10 | [●] | ₹20.94 | 19.07% | ₹108.87 |
| Balrampur Chini Mills Ltd | ₹1 | 23.89x | ₹21.65 | 11.51% | ₹187.99 |
| Triveni Engineering & Industries Ltd | ₹1 | 33.07x | ₹10.88 | 7.66% | ₹144.34 |
| Dalmia Bharat Sugar & Industries Ltd | ₹2 | 7.75x | ₹47.78 | 11.96% | ₹399.62 |
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 |
Promoters & Track Records, if any
- Vijaykumar Murugesh Nirani, aged 32 years, is one of the Promoters and is currently the Managing Director of the Company. He holds 1,53,36,841 shares, representing 21.71% of the Equity Shares in the company.
- Vishal Nirani, aged 27 years, is one of the Promoters and is currently the Executive Director of the Company. He holds 1,53,25,071 shares, representing 21.70% of the Equity shares in the company.
- Sushmita Vijaykumar Nirani, aged 30 years, is one of the Promoters and currently a Non-Executive Director of the Company. She holds 1,45,74,868 shares, representing 20.64% of the Equity shares in the company.
Information on Industry’s P/E Ratio
The company TruAlt Bioenergy’s IPO did not show the P/E ratio in the RHP. However, let’s check out the biofuels/bioenergy industry’s P/E ratio to understand it more.
The industry P/E ratio ranges from 7.75 (lowest) to 33.07 (highest), while the industry composite is 21.54.
Object of the IPO
- The proceeds raised from the fresh issue will be utilized towards the working capital requirements of the Company.
- Some funds will be utilized to set up multi-feedstock operations at TBL Unit 4 (300 KLPD), allowing the use of grains as an additional raw material for ethanol production.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
TruAlt Bioenergy IPO – Should You Apply or Not?
TruAlt Bioenergy comes from the high-growth biofuels sector, backed by the government’s focus on ethanol blending and clean energy. Large production capacity, diversified business model, and plans for capacity expansion lead them towards future growth. Sole dependence on Ethanol Sales, Raw Material Supply Risk, regulatory uncertainties, and pricing volatility are some of the risks the company is involved in.
Short-term investors may apply for the IPO after reviewing the potential in the Ethanol sector. Long-term investors must first evaluate the risks, strengths, and the company’s financials before investing their money in it.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
