Trualt Bioenergy IPO - Listing Performance & Details

TruAlt Bioenergy Limited was originally incorporated as TruAlt Energy Limited on March 31, 2021, and was renamed TruAlt Bioenergy Limited on July 1, 2022. It is headquartered in Bagalkot, Karnataka, and works in the biofuel sector, with a primary focus on ethanol production.

The company operates five distillery units in the Bagalkot district of Karnataka, four of which run on molasses and syrup-based feedstocks, with an installed ethanol production capacity of 2,000 kilo litres per day as of March 31, 2025, the largest in India by that measure. It also produces compressed biogas (CBG) through its wholly owned subsidiary, Leafiniti Bioenergy, as part of the Government of India's SATAT initiative. In FY25, 72% of its revenue came from Oil Marketing Companies, and its top 10 customers accounted for 99.78% of total revenue. The company is promoted by Vijaykumar Murugesh Nirani, who serves as Managing Director, along with Sushmitha Vijaykumar Nirani and Vishal Nirani.

Consolidated revenue from operations rose to Rs 1,907.72 crore in FY25 from about Rs 1,273 crore in FY24, while profit after tax rose to about Rs 147 crore in FY25 from about Rs 32 crore in FY24. This was a mainboard IPO, listed on the NSE and BSE, comprising a fresh issue of up to 1,51,20,967 equity shares of face value Rs 10 each aggregating up to Rs 750 crore, along with an offer for sale of up to 18,00,000 equity shares by promoter group sellers Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani, at an issue price of Rs 496 per share, taking the total issue size to about Rs 839.28 crore. Of the net proceeds, Rs 425 crore was earmarked for funding working capital requirements, with the balance for general corporate purposes.