TruAlt Bioenergy Ltd

- For the INR 2,200-2,250 crore MOU project with Andhra Pradesh government, TruAlt Bioenergy plans a 30:70 debt-to-equity funding mix. - The company intends to bring in large strategic partners for this investment. - The 30:70 debt-to-equity ratio is preliminary and subject to change; innovative financing models might be considered. - The company has availed term loans from banks (financial liabilities increased from INR 996.23 crores to INR 1075.36 crores as of Sept 2025). - Recent equity infusion occurred through IPO, anchor investors, and QIP retail, increasing equity from INR 582 crores to INR 1401.52 crores by Sept 2025. - No explicit mention of fresh fundraising plans beyond these points in the provided transcript.

- TruAlt Bioenergy has an MOU signed with Andhra Pradesh government for a project estimated at INR 2,250 crores. - Planned funding mix is approximately 30% equity and 70% debt, with potential for strategic partners and innovative financing models. - The project IRR is expected around 19% with a payback period of 3.5 to 4 years, assuming 85%-90% capacity utilization. - Expansion includes setting up 16-17 additional CBG plants within 9-12 months, boosting EBITDA margins to 60%-65%. - A Sustainable Aviation Fuel (SAF) plant is under technology transfer with Honeywell UOP, targeting commissioning around August-September 2027, with revenue beginning FY 2028. - Recent capital investments include a multi-feed plant addition and conversion to bagasse-based power systems to reduce costs. Overall, there is strong ongoing and planned capital investment focused on scaling ethanol, CBG, and SAF capacities.

- FY26 ethanol volume target revised to 36-37 crore liters (previously 41 crore liters). - H1 FY26 ethanol volume was 5.7 crore liters; expecting 31-32 crore liters in H2 FY26. - Q3 and Q4 FY26 expected to contribute around 26-28 crore liters of ethanol production. - Ethanol expected to remain primary revenue driver in next financial year, contributing ~85% of gross revenue; CBG (Compressed Biogas) to account for ~15%. - Multiple feedstock integration (syrup, maize, rice, damaged food grains) enables year-round ethanol production beyond sugarcane season. - CBG vertical expanding with 16-17 plants planned over next 9-12 months; current EBITDA margins 60-65%. - SAF (Sustainable Aviation Fuel) plant commercial production expects commissioning by Aug-Sep 2027; revenue from FY28. - Retail fuel franchise network rapidly expanding with 73 locations identified, supporting flex-fuel vehicle rollout. - Overall, company anticipates strong volume ramp-up and revenue growth with portfolio diversification and improved capacity utilization.

- TruAlt Bioenergy expects a strong growth trajectory aligned with past performance trends, driven by diversified verticals: ethanol, CBG, retail fuel, and upcoming SAF segment. - CBG segment shows robust growth with EBITDA margins around 60-68%, contributing significantly to profitability; PAT margin improved to nearly 50% in Q2 FY26. - Ethanol volumes targeted at 36-37 crores liters for FY26, with an expected ramp-up in second half; EBITDA margins estimated at 15-16%. - New SAF plant commissioning planned for FY28, expected to add to revenue and profitability thereafter. - IRR for upcoming projects expected around 19-22%, with PAT margins growing to 30%+ as scale increases. - Strategic plant expansions and multi-feed integrations will improve capacity utilization and operational efficiencies. - Overall, the company anticipates multi-vertical growth leading to consistent value creation and improved EPS over time.

- TruAlt Bioenergy has a targeted ethanol supply order book of approximately 47 crore liters for the ethanol supply year Nov 2025–Oct 2026. - Out of this, about 34 crore liters are allocated from government OMCs, and around 5.8 crore liters from private OMCs (Jio and Nayara combined). - For FY25, the company supplied about 26.57 crore liters of ethanol. - There is a pending/disputed allocation of 14 crore liters from the last ethanol year. - The volume target for FY26 has been revised to 36–37 crore liters (down from an earlier 41 crore liters). - Quarterly volumes in H1 FY26 were around 5.7 crore liters, with an expected ramp-up to 26–28 crore liters in Q3 and Q4 combined.