TruAlt Bioenergy Limited — Q3 FY26 earnings call

Ethanol Production

• Monthly Revenue Run Rate Ethanol Production · Ongoing · High confidence INR350-400 crores

  all ethanol plants are now fully operational with a monthly revenue run rate of approximately INR350 crores to INR400 crores in the ethanol segment.

  — Vijay Nirani, Managing Director

• Monthly Gross Production Ethanol Production · Ongoing · High confidence 5.5-6 crore liters

  That is a gross production of around 5.5 crores to 6 crores liters per month.

  — Vijay Nirani, Managing Director

• FY26 Production Ethanol Production · FY26 · Medium confidence 36-37 crore liters

  Previously 41-odd crores → 36-37 crore liters

  we are projecting a revised production of about 36 to 37 crore liters for the year.

  — Vijay Nirani, Managing Director

• FY27 Production Target Ethanol Production · FY27 · High confidence 55 crore liters

  Our performance litmus test to all our investors is to ensure 55 crores liters of production in my ethanol which is today at 35-36 or let's say 37 for this year.

  — Vijay Nirani, Managing Director

Profitability

• Q4 FY26 EBITDA Margin Profitability · Q4 FY26 · Medium confidence 20-22%

  It is looking somewhere in the range of 20% to 22%. This is the projected EBITDA of about 20% to 22% that is what we are trying to achieve.

  — Vijay Nirani, Managing Director

Capacity Utilization

• Q4 FY26 Ethanol Capacity Utilization Capacity Utilization · Q4 FY26 · High confidence 90-95%

  For Q4, we project at least about 90% to 95% between that number for capacity use.

  — Vijay Nirani, Managing Director

• Q1 FY27 Ethanol Capacity Utilization Capacity Utilization · Q1 FY27 · Medium confidence 80%

  We are projecting a 80% capacity use for Q1 because all the capacity is in play.

  — Vijay Nirani, Managing Director

CBG Expansion

• New Greenfield CBG Units CBG Expansion · next 2-3 years · High confidence 24 units

  our focus is now on disciplined scaling with plans to develop 24 Greenfield CBG units over the next two to three years through joint ventures with Sumitomo Corporation and Maharatna PSU Gas Authority of India Limited

  — Vijay Nirani, Managing Director

• Sumitomo JV Plants Commissioning (Phase 1) CBG Expansion · by June 2026 · High confidence 4 plants (80 TPD gross capacity)

  Sumitomo, we expect it in year two, that is the next financial year, starting in say June or October construction between that periods. That is the next four plants. And Phase 3 will be in the next financial year that is starting in June of FY'28.

  — Vijay Nirani, Managing Director

• GAIL JV Plants Commissioning (Phase 1) CBG Expansion · Jan-Feb 2027 · Medium confidence 5 plants (12 TPD each)

  So by Jan-Feb '27 it will be come up and running.

  — Vijay Nirani, Managing Director

CBG Capex

• GAIL JV Capex CBG Capex · Ongoing · High confidence INR650 crores

  So with the GAIL plant sir, the 12 TPDs will cost us INR60 crores to INR65 crores each. So that should be about INR650 odd crores.

  — Vijay Nirani, Managing Director

• Sumitomo JV Capex CBG Capex · Ongoing · High confidence INR1000 crores

  So gross it will be about around INR940 crores to INR980 crores. Give or take close to INR 1000 crores for the Sumitomo JV

  — Vijay Nirani, Managing Director

SAF Project

• Facility Completion SAF Project · by 2027 · High confidence July-October 2027

  our target to complete this project will be by July to October of 2027.

  — Vijay Nirani, Managing Director

• Revenue Start SAF Project · FY28 · High confidence FY28

  So FY '28 we should start seeing revenues coming in.

  — Vijay Nirani, Managing Director

• Capex SAF Project · Ongoing · High confidence INR2,000+ crores

  We have projected a capex of about INR2,000 -- upwards of INR2,000 crores to set up the plant.

  — Vijay Nirani, Managing Director

• Expected Sale Price SAF Project · Future · Medium confidence INR180-200 per liter

  Our estimates on sale price is around INR200 a liter. INR180 to INR200 a liter.

  — Vijay Nirani, Managing Director

• EBITDA Target SAF Project · Future · Medium confidence 20-25%

  when we speak of aviation fuel, we are looking at an EBITDA of somewhere between 20% to 25%.

  — Vijay Nirani, Managing Director

• Viability Gap Funding (VGF) SAF Project · Ongoing · High confidence INR150 crores

  We are also at an advanced stage of approvals and are positive about receiving INR150 crores of Viability Gap Funding under the PM JI-VAN scheme

  — Vijay Nirani, Managing Director

• Andhra Pradesh Capital Subsidy SAF Project · Ongoing · Medium confidence INR1.5 crores per KL (negotiating for more)

  in the state of Andhra Pradesh there is the Integrated Clean Energy Policy which almost gives INR1.5 crores per KL of capital subsidy. Which we are negotiating with the Andhra government to increase it to a certain level.

  — Vijay Nirani, Managing Director

Retail Network

• Number of Outlets Retail Network · calendar year FY26 · High confidence ~75 outlets

  visibility to scale approximately 75 outlets in the calendar year FY 2026

  — Vijay Nirani, Managing Director

• Number of Outlets (Peak) Retail Network · by 2029 · Medium confidence 250 outlets

  we are setting up 250 retail outlets at peak which will be done by 2029.

  — Vijay Nirani, Managing Director

• Peak Retail Sales Retail Network · by 2029 · Medium confidence ~30 crore liters

  And we'll end up making close to about 30 crores liters of sales, gross fuel sales.

  — Vijay Nirani, Managing Director

DDGS Revenue

• Q4 FY26 Revenue DDGS Revenue · Q4 FY26 · Medium confidence INR70-80 crores

  for the quarter to come we expect a revenue of somewhere about -- considering the production plan, should be upwards of about INR70 crores to INR80 crores for DDGS.

  — Vijay Nirani, Managing Director