TruAlt Bioenergy Q1 FY27 Results (NSE: TRUALT)
Signal: Margin expansion
The read
This quarter marks a sharp YoY recovery in revenue and profitability driven by ethanol segment volume and margin expansion, though sequential trends are mixed (revenue up 5% QoQ but PAT down due to higher tax and other income volatility). Dilution from equity issuance tempers EPS growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹626.88 Cr | 106.3% | -63.7% |
| EBIT | ₹122.48 Cr | 181.0% | |
| Net profit | ₹57.15 Cr | 1108.2% | |
| EPS | ₹6.67 | 895.5% | |
| EBIT margin | 19.5% |
P&L walk
Revenue doubled YoY on low base, driven by ethanol segment; EBITDA margin expanded to 23.5% from ~14% YoY, with operating leverage evident as fixed costs (employee, depreciation) grew slower than revenue; PAT rose 11x but EPS diluted 21% due to equity issuance.
Segments
Ethanol segment is the primary driver with revenue of ₹615.68 Cr (98.3% of total) and segment result of ₹225.84 Cr (96.1% of total), growing strongly from a low base. Compressed biogas segment is small but profitable with ₹9.24 Cr result.
Key positives
- Revenue doubled YoY to ₹626.88 Cr, with ethanol segment leading.
- EBITDA margin expanded to 23.5% from ~14% a year ago, driven by operating leverage and input cost tailwind.
- PAT attributable to parent surged 11x YoY to ₹57.15 Cr.
Key concerns
- EPS growth (895%) lags PAT growth (1109%) due to ~21% share dilution from equity issuance.
- Sequential PAT declined 15.8% QoQ from Q4FY26 despite revenue growth, partly due to lower other income.
- Auditor's emphasis of matter on incomplete componentization of Unit 4 fixed assets, though no qualification.
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