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Trualt Bioenergy IPO
Trualt Bioenergy
₹14,160 /30 sharesMinimum Investment
Trualt Bioenergy IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 25 Sep ‘25 - 29 Sep ‘25 | ₹14,160 | 30 | ₹472 - ₹496 |
| Issue Size | IPO Doc |
|---|---|
| 839.28Cr | RHP PDF |
Subscription rate
As of 25 Sep'25, 02:01 PM
| Qualified Institutional Buyers | 0.00x |
| Non-Institutional Investor | 0.05x |
| Retail Individual Investor | 0.05x |
| Total | 0.04x |
About Trualt Bioenergy
Founded in
2021
Managing director
Mr. Vijaykumar Murugesh Nirani
Parent organisation
Trualt Bioenergy
Strengths & Financials of Trualt Bioenergy
Strengths
Risks
Trualt Bioenergy claims to be India’s largest ethanol producer by installed capacity, with 2,000 kilolitres per day (KLPD) of total installed capacity and 1,800 KLPD of operational capacity as of FY25. The company states that it holds a 3.6 percent market share in ethanol production for FY25.
The company operates five distillery units in Karnataka, of which four are currently producing ethanol using molasses and syrup-based feedstocks.
The company claims to benefit from secure access to sugar syrup, sugarcane juice, and molasses through sugar manufacturing facilities owned by its promoter group. As of FY25, the promoter group had a sugarcane crushing capacity of 79,000 tonnes per day, ensuring sufficient supply even after capacity expansion. In FY25, the company used 374,676 MT of sugar syrup/juice and 360,825 MT of molasses to support operations.
The company states that its technological expertise is a key differentiator. The company claims to have employed multi-pressure vacuum distillation, molecular sieve dehydration systems, and large fermenters with capacities of 1.8 million litres. It further states that cooling towers enhance operational efficiency.
For CBG, the company claims to use advanced membrane-based compressors and purification systems from Praj Industries Limited. Its CBG unit is a “no effluent discharge” plant. Effluents from ethanol production, or spent wash, are recycled for CBG generation, used as boiler fuel, and converted into methane through digesters, reducing environmental impact.
The company states that all units have zero-discharge systems. Water from the distillation process is fully condensed and reused, and moisture from spent wash is recycled for fermentation, minimising fresh water use.
The company supplies ENA for Indian-made foreign liquor (IMFL), maintaining partnerships with major spirits producers such as John Distilleries, InBrew Beverages Private Limited, Amrut Distilleries, and Elite Vintage Winery India Private Limited.
The company has witnessed a consistent increase in revenue from operations. It increased from Rs 762.38 crore in FY23 (standalone) to Rs 1,223.40 crore in FY24 (consolidated) and Rs 1,907.72 crore in FY25 (consolidated).
The company’s operations rely heavily on the policies of the government of India (GoI). A large share of its ethanol production is sold to oil marketing companies (OMCs) under the government’s Ethanol Blending Programme (EBP), which follows a tender-based process. Because the EBP is controlled by the GoI, any delay or change in its implementation could reduce demand for ethanol. Production volumes and pricing for ethanol also depend on government policies, notifications, and incentives. Any policy changes could adversely affect the company’s revenue, operating results, and financial position.
The company began ethanol production only in September 2022 after acquiring units through business transfer agreements. This short operating history exposes it to risks and potential liabilities from these agreements, and the expected benefits of the acquisitions may not be fully realised.
All production units are located in the Bagalkot district of Karnataka. Any adverse political, social, or economic issues in the location or any disruptions at these facilities could negatively affect the company’s business, financial condition, cash flows, and overall results.
Ethanol production depends on inputs such as sugar syrup, sugarcane juice, and molasses, and may later require grains or biomass. Sugarcane availability is seasonal and influenced by weather, pests, and crop diseases. Any shortage or deterioration in raw material quality could harm the company’s operations, financial results, and overall business.
The company derives a significant portion of its revenue from the sale of ethanol. Ethanol accounted for Rs 1,433.94 crore (79.57 percent) of the company’s total revenue in FY25 (consolidated), Rs 956.36 crore (78.58 percent) in FY24 (consolidated), and Rs 700.81 crore (91.92 percent) in FY23 (standalone). Any sudden reduction in the sale of ethanol due to decreased demand or adverse developments in industries that use ethanol could adversely affect the company’s operations and finances.
The company’s top 5 customers accounted for Rs 1,692.18 crore (92.67 percent) of the company’s total revenue in FY25 (consolidated), Rs 1,044.34 crore (85.36 percent) in FY24 (consolidated), and Rs 754.66 crore (98.95 percent) in FY23 (standalone). The top customer, alone, accounted for Rs 656.07 crore (35.93 percent) of the company’s total revenue in FY25 (consolidated), Rs 334.15 crore (27.31 percent) in FY24 (consolidated), and Rs 315.89 crore (41.42 percent) in FY23 (standalone). Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
The company sources a significant portion of its raw materials from related parties, including MRN Bhima Sugar and Power Private Limited, a promoter group member, and MRN Canepower and Biorefineries Private Limited. The company's top 5 suppliers, including the group, accounted for Rs 1,336.80 crore (71.23 percent) of the company’s total purchases in FY25 (consolidated), Rs 763.54 crore (54.52 percent) in FY24 (consolidated), and Rs 616.29 crore (69.42 percent) in FY23 (standalone). Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company derives some of its revenue from the sale of its extra neutral alcohol (ENA). ENA accounted for Rs 283.67 crore (14.87 percent) of the company’s total revenue in FY25 (consolidated), Rs 215.98 crore (17.65 percent) in FY24 (consolidated), and Rs 52.72 crore (6.91 percent) in FY23 (standalone). Any decline in the sale of ENAs or a fall in demand could negatively impact the company’s operations and finances.
The company witnessed a sharp increase in its trade receivables. It increased from Rs 86.54 crore in FY23 to Rs 296.93 crore in FY24 to Rs 337.80 crore in FY25. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
There was a sudden spike in the company’s trade payables in FY25. It increased from Rs 137.65 crore in FY24 to Rs 468.27 crore in FY25. Any inability to clear these payables or manage them efficiently could adversely affect the company’s financial condition.
There are ongoing legal cases involving the company’s directors and promoters, including criminal and tax-related cases. Any adverse judgments in any of the cases could be detrimental to the company’s business prospects.
As of July 31, 2025, the company reported total indebtedness of Rs 1,563.50 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Trualt Bioenergy Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Trualt Bioenergy IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹472 - 496 | Upto ₹2 Lakh |
| High Networth Individual | ₹472 - 496 | ₹2 - 5 Lakh |
For Trualt Bioenergy IPO, eligible investors can apply as Regular.