Trualt Bioenergy IPO: Price, Analysis, Allotment, And GMP

Trualt Bioenergy IPO - Company Analysis

Trualt Bioenergy IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 839.28 Cr by Trualt Bioenergy Ltd. (JRRL), one of the biggest manufacturers of biofuels in India. It is ideally situated in the ethanol industry. The company holds a 3.6% market share in India's ethanol capacity, with an installed capacity of 2,000 KLPD and an operational capacity of 1,800 KLPD as of March 31, 2025. Its market share in sugar-based ethanol is 7.0%.

In addition to running five distillery facilities in Karnataka, the company has dabbled in cutting-edge energy ventures like Sustainable Aviation Fuel (SAF) and Compressed Biogas (CBG).  Additionally, it extracts CO₂ from fermentation to create liquid CO₂ and dry ice.

 

Trualt Bioenergy IPO Details

The Trualt Bioenergy Ltd IPO open date is from Sep 25 to Sep 29, with IPO allotment on Sep 30, refund initiation on Oct 01, 2025.

The Rs. 839.28 Cr mainline IPO comprises a combination of fresh issue of 1.51 crore shares (Rs. 750 Cr) and an offer for sale (OFS) of 0.18 crore shares (Rs. 89.28 Cr).

The Trualt Bioenergy IPO listing date might be on Friday, 03 October 2025, and it will be listed at the BSE and NSE. The Trualt Bioenergy IPO price band is Rs. 472 to Rs. 496 for each Share. 

Events	Date
IPO Opening Date	September 25, 2025
IPO Closing Date	September 29, 2025
IPO Allotment Date	September 30, 2025 (Tentative)
Refund Initiation	October 1, 2025 (Tentative)
Tentative IPO Listing Date	October 3 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

Company Financial 

(Amount in lac)

Period	31 Mar 2023	31 Mar 2024	31 Mar 2025
Total Assets	1,85,597.93	2,41,908.08	3,02,973.09
Total Revenue	76,238.03	1,28,018.77	1,96,852.78
Profit After Tax (PAT)	3,545.99	3,180.79	14,663.85
EBITDA	10,504.65	18,808.51	30,914.37
Net Worth	24,049.47	26,460.66	76,899.90
Borrowings	1,15,009.93	1,68,468.18	1,54,967.81

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in lac)

Net Cash Flow In Multiple Activities	FY23	FY24	FY25
Net Cash Flow Operating Activities	23,349.32	3,547.71	32,922.94
Net Cash Flow Investing Activities	(1,14,858.17)	(38,366.62)	(24,252.43)
Net Cash Flow Financing Activities	91,980.66	36,676.04	3,972.09

 

Revenue Bifurcation 

Sales-wise Revenue Breakdown

(Source RHP)

 

The Objective of The Issue

• Financing the capital investment to establish multi-feedstock operations in order to create space for the use of grains as an extra raw material in the 300 KLPD ethanol plant at TBL Unit 4. ~ Rs. 150.68 Cr.

• Paying for its working capital needs. ~ Rs. 425 Cr.

• General corporate purposes.

Click to check the IPO application status.

 

Listed Peers of Trualt Bioenergy Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Balrampur Chini Mills Ltd.	1	21.65	23.89
Triveni Engineering & Industries	1	10.88	33.07
Dalmia Bharat Sugar & Industries	2	47.78	7.75

 

Valuation

Metric	Value
ROE	28.27%
ROCE	10.88%
Debt/Equity	2.02
RoNW	19.07%
PAT Margin	7.69%
EBITDA	16.20%
PB Value	4.56

 

 

Evaluation of P/E Ratio

In comparison to industry rivals that trade between 7.75x and 33.07x, the company's FY25 EPS of Rs. 20.94 yields a P/E of 19.07x. This implies that the IPO pricing falls within a fair range of values.

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IPO's Strengths

• India's largest ethanol producer, with an installed capacity of 2,000 KLPD.

• Secure feedstock supply and integrated operations.

• Portfolio of products that is diverse (ethanol, ENA, CBG, SAF, CO₂).

• Strong participation in government biofuel initiatives (Ethanol Blending Policy, SATAT).

 

IPO’s Weaknesses

•  Exposure to the volatility of raw materials (grains, molasses).

•  High reliance on laws and regulations requiring the mixing of ethanol.

•  Competition from big, consolidated sugar firms.

•  There are technological and executional concerns associated with SAF/CBG expansion.

 

Trualt Bioenergy IPO GMP 

Trualt Bioenergy IPO GMP today is Rs. 55 as of 23 Sep 2025, while writing this information. Hence, the Trualt Bioenergy IPO listing price (estimated) might be Rs. 551 (upper price + current GMP or grey market premium).

 

Trualt Bioenergy Limited IPO Summary

IPO Opening & Closing Date	Sep 25, 2025 to Sep 29, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 472 to Rs. 496
Lot Size	30 Shares
Issue Size	1,69,20,967 Shares (Rs. 839.28 Cr)
Offer for Sale	18,00,000 Shares (Rs. 89.28 Cr)
Fresh Issue	1,51,20,967 Shares (Rs. 750 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt. Ltd.

 

 

Trualt Bioenergy IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (30 Shares) amounting to Rs. 14880 and 13 Lots (390 Shares) amounting to Rs. 1,93,440, respectively, while for S-HNI investors, the minimum Lot is 14 (420 Shares) amounting to Rs. 2,08,320.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

 

Trualt Bioenergy IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Trualt Bioenergy IPO Allotment Status

To check the Trualt Bioenergy IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Trualt Bioenergy Ltd.

• Vijaykumar Murugesh Nirani

• Vishal Nirani

• Sushmitha Vijaykumar Nirani.

Pre-Issue Promoter Shareholding	64.05%
Post-Issue Promoter Shareholding	-

 

Trualt Bioenergy IPO Lead Managers

• Dam Capital Advisors Ltd. 

 

Dividend Policy

The company has paid a dividend of Rs. 0.11, Rs. 1.25 and Rs. 0.62 in the FY25, FY24, and FY23, respectively.

Conclusion

With a good synergy with government biofuel objectives, investors get exposed to India's largest ethanol producer through the TruAlt Bioenergy IPO. Although its development potential in CBG and SAF are intriguing, there are still concerns associated with raw materials and execution issues. Investors are keeping a careful eye on this IPO because the valuation seems fair when compared to peers.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.