TRUALTNSE11 November 2025

TruAlt Bioenergy Limited has informed the Exchange about Investor Presentation

TruAlt Bioenergy Limited

Date: November 11, 2025

BSE Limited, Department of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400001

National Stock Exchange of India Limited, The Listing Department, Exchange Plaza, Bandra Kurla Complex, Mumbai-400051

Scrip Code: 544545

ISIN: INE0MWH01014 Symbol: TRUALT

Sub: Investor Presentation on the Unaudited Standalone and Consolidated Financial Results of the Company for quarter and half year ended September 30, 2025.

Dear Sir/Madam,

Please find enclosed the Investor Presentation on the Unaudited Standalone and Consolidated Financial Results of the Company for quarter and half year ended September 30, 2025.

The aforementioned information is also available on the Company’s website: www.trualtbioenergy.com.

We request you to kindly take the above on record.

Thanking you, Yours faithfully, For Trualt Bioenergy Limited

Vijaykumar Murugesh Nirani Managing Director (DIN: 07413777)

INVESTOR PRESENTATION

Q2 & H1 FY 26

SAFE HARBOUR STATEMENT AND LEGAL DISCLAIMER

This investor presentation has been prepared by TruAlt Bioenergy and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute an offer. No representation or warranty, express or implied is made as to and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein.

The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to the general business plans and strategy of TruAlt Bioenergy its future ﬁnancial condition and growth prospects, future developments in its industry and its competitive and regulatory environment, and statements which contain words or phrases such as “will”, “may”, ‘growth’, “strengthen”, etc.,or similar expressions or variations of such expressions. These forward-looking statements involve several risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements.

TruAlt Bioenergy may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner.

CONTENTS

Company Overview

Standalone Financial Perfomance

Management Commentary

Extract of Balance Sheet

Long Term Highlights

Ratio Analysis

Sector Overview

Company’s Future Outlook

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

Key Financial Highlights

Sectoral Events to Watch Out

Segment-wise Financial Highlights

Consolidated Financial Perfomance

COMPANY OVERVIEW

MANUFACTURING FACILITIES AND CAPACITIES

Ethanol

Unit 2

Unit 1

Unit 4

Unit 3

Unit 5

5 units - 2000 KLPD | 1300 KLPD Dual Feed

Installed Capacities

UNIT 1 Mudhol, Karnataka

UNIT 4 Kerakalmatti, Karnataka

700 KLPD Dual Feed Integration - 550 KLPD

200 KLPD Dual Feed Integration - 300 KLPD

UNIT 2 Jamkhandi, Karnataka

500 KLPD Dual Feed Integration - 450 KLPD

UNIT 5 Badami, Karnataka

200 KLPD

1G Ethanol Distilleries 5 Units

CBG Units 1 Unit

Major International Airport 4 Airports

Major Port 5 Ports

UNIT 3 Khanapur, Karnataka

400 KLPD

One of India’s largest biofuels players.

Largest Ethanol producer in India based on installed capacity

One of the ﬁrst producers of CBG under the Sustainable Alternative Towards Affordable Transportation (“SATAT”) scheme introduced by the Government of India in 2018.

1 CBG unit - Operational with a capacity of 10.2 TPD 16 Greenﬁeld Units Proposed

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

A MESSAGE FROM THE MANAGING DIRECTOR

Commenting on the performance for Q2FY26, Mr. Vijay Nirani (Managing Director of TruAlt Bioenergy Limited), said:

While this quarter’s results may appear muted, they reﬂect deliberate choices to reshape our business model for long-term growth and all-year resilience.

We have been re-engineering TruAlt Bioener- gy’s operating DNA, moving from a “seasonal business” to a “near-continuous operations” en- terprise. The integration of 1,300 KLPD of dual-feed capacity out of 2,000 KLPD installed marks a funda- mental operating shift.

This structural change breaks away from the sugar-cycle-bound rhythm of ethanol manufac- turing and creates a model built on year-round production, multi-feed ﬂexibility and sustained continuity.

The subdued ﬁnancial results in Q1 and Q2 are a de- liberate and necessary cost of transformation. They reﬂect the outcome of our planned, safety-led com- missioning pauses that strengthen, rather than strain, TruAlt Bioenergy’s core fundamentals.

This temporary moderation marks the ﬁnal phase of recalibration before TruAlt shifts into steady utilisation, consistent revenues and stronger margins. In a sector traditionally driven by seasonal peaks, we have chosen to redeﬁne the norm by targeting sustained uptime and rated capacity across all four quarters.

We have also fortiﬁed our foundation with secure feedstock linkages, robust working capital and strate- gic foresight that position us to capture the upside as operations stabilise.

The integration of Distillers Dried Grains with Sol- ubles (DDGS) opens a strong new revenue stream and positions TruAlt as a key player in high-protein animal feed, deepening our circular bioeconomy ap- proach where every output is optimised.

In the Compressed Biogas (CBG) vertical, con- struction has begun on three plants under our part- nership with Sumitomo Corporation and Oceania (SCAO). The projects are progressing as planned and are expected to be operational by end-Q2 FY27, marking an important milestone in this international collaboration and our commitment to building India’s CBG infrastructure.

Pursuant to the Share Subscription cum Sharehold- ers Agreement with GAIL for the planned multi-proj- ect rollout, seven project locations have been jointly identiﬁed across Karnataka and Maharashtra.

In our Retail Fuel Network, 7 outlets are opera- tional and 6 more are ready to commence short- ly, taking the network to 13 dispensing stations across Karnataka in phase one of our 100-loca- tion rollout. This expansion strengthens our down- stream integration and builds a direct consumer inter- face that enhances market presence, brand visibility and value capture.

In the Sustainable Aviation Fuel (SAF) vertical, TruAlt is entering into a MoU with Andhra Pradesh Economic Development Board (APEDB) Govt. of Andhra Pradesh for a ₹2,250 crore investment for an ethanol to SAF plant in Andhra Pradesh. This will po- sition TruAlt among the largest global producers of ethanol-derived SAF.

We are also entering into a MoU with a Government of India undertaking to evaluate a joint venture agree- ment for establishing a SAF plant in India, with the ob- jective of commissioning and operating the facility over a period of 3 years. Under our JV agreement with Sumitomo Corporation, both companies will also be exploring SAF synergies, strengthening the global dimension of this initiative.

Despite being relatively young, TruAlt Bioener- gy has scaled rapidly and purposefully to become one of India’s largest biofuel producers and the largest ethanol producer by installed ca- pacity. Building on this depth of capability, we now aim to replicate this success in CBG and SAF, ex- panding our leadership across the clean-energy value chain and reinforcing our role in India’s low-car- bon, self-reliant future.

We anticipate a sustained growth trajectory aligned with past performance trends. Our diversiﬁed portfolio across ethanol, CBG, retail fuel and the upcoming SAF vertical provides a strong base for resilient, multi-verti- cal growth and consistent value creation for all stake- holders.

Vijay Nirani Managing Director, TruAlt Bioenergy Limited

T he second quarter and ﬁrst half of FY

2025–26 will be remembered as the period when TruAlt Bioenergy reset its trajectory. We chose to build for the future, not perform for the moment.

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

OUR LONG TERM HIGHLIGHTS

OPERATIONAL CAPACITY RAMP-UP

DUAL-FEED INTEGRATION

ADDITIONAL INCOME: BY-PRODUCTS

▪ Units 1 (700 KLPD), 2 (500 KLPD) and 4 (200 KLPD)

underwent temporary shutdowns during the last 4 months for commissioning of dual-feed plants. Unit 5 (200 KLPD) was also non-operational as the Consent to Operate (CTO) is awaited. From Q3, all ﬁve units are expected to run at the full 2,000 KLPD rated capacity, subject to receipt of CTO for Unit 5. This marks the transition from commissioning-led downtime to full-scale-stable operations.

▪

1,300 KLPD out of 2000 KLPD (65%) of total capacity is converted to dual-feed during the quarter.

▪ Operating days expand from ~140 to nearly 330 days, driving

▪

better utilisation and operational continuity. This materially shifts TruAlt’s ethanol vertical from seasonal production enterprise to a near year-round operating model.

▪ Dual-feed enables incremental revenue from carbon dioxide

▪ ▪ ▪

(CO2) and Distillers Dried Grains with Solubles (DDGS) Captured CO2 is catered to beverage, industrial and dry-ice markets. DDGS serves as a protein-rich feed to livestock. These co-products strengthen overall proﬁtability and support our circular operating model.

CBG EXPANSION

RETAIL NETWORK EXPANSION

SUSTAINABLE AVIATION FUEL (SAF) FORAY

JV agreement executed with Sumitomo Corporation to develop CBG plants across ﬁve identiﬁed locations. ₹180 crore is tied up to be deployed across three locations, supported by NABARD.

▪ Construction of 3 locations out of 5 planned units

▪

commenced, with commissioning targeted for Q2 FY27. Pursuant to the Share Subscription cum Shareholders Agreement with Maharatna PSU GAIL for the planned multi-project rollout, seven project locations have been jointly identiﬁed across Karnataka and Maharashtra.

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

▪

7 outlets currently operational; 6 additional stations set to launch by the end of Q3.

▪ Network to reach 13 operational outlets across

Karnataka under Phase 1 of the 100-outlet rollout. Strengthens downstream presence and retail reach.

▪

TruAlt is entering into a MoU with Andhra Pradesh Economic Development Board (APEDB) Govt. of Andhra Pradesh for a ₹2,250 crore investment for an ethanol to SAF plant in Andhra Pradesh. ▪ We are entering into a MoU with a Government of India undertaking, to evaluate a joint venture arrangement for establishing a SAF plant in India, with the objective of commissioning and operating the facility over the next three years.

▪ We are also progressing on discussions with players in the aviation sector while exploring aligned opportunities with Sumitomo, further strengthening TruAlt’s entry into low-carbon aviation fuels

▪

BIOFUELS SECTOR OVERVIEW - GLOBAL

Biofuels continue to play an important role as a renewable alternative to fossil transportation fuels.

and biomass-based diesel primarily from vegetable oils such as soybean, rapeseed, and palm oil.

Biofuel consumption is projected to grow by 1.7% annually, driven by increasing transport fuel demand, domestic energy security, ﬁscal goals, and emissions reduction commitments, with Brazil, Indonesia, and India leading this growth

Notably, India has experienced the highest growth in biofuel consumption, fuelled by government policies promoting energy diversiﬁcation and sustainability

Most biofuel markets are anticipated to be largely self-sufﬁcient. Countries with strong domestic production capacity, such as India, Indonesia and Brazil, will likely meet their own rising demand, limiting the expansion of global biofuel trade.

Governments across the globe have

continued to support biofuel adoption through favourable policies, subsidies, and mandates, viewing biofuels as a critical tool for enhancing energy security and reducing greenhouse gas (GHG) emissions.

The global share of biofuel production that is traded is expected to remain at 15% for biomass-based diesel and 8% for ethanol.

Additionally, technological

advancements and increased investments in biofuel infrastructure have further contributed to market growth.

First-generation biofuels will continue to dominate the market, with ethanol largely produced from maize and sugar

Source: OECD-FAO Agricultural Outlook 2025-2034

I N V E ST O R P R E S EN T A T I ON • Q 1F Y 2 02 5 - 2 6

BIOFUELS SECTOR OVERVIEW - INDIA

India is the fastest growing bioenergy market in the world between 2023 and 2030 accounting more than a third of global bioenergy demand growth.

India has established its overall bioenergy ambitions through a series of targets supported by enabling policies such as guaranteed pricing, capital support for new projects and technical standards.

It has established a 20% ethanol blending (by 2025/26), 5% biodiesel blending (by 2030), 5% CBG blending requirement (by 2028/29) as well as 7% of co-ﬁring solid biomass in coal power plants by 2026 and 1%, 2% and 5% Sustainable Aviation Fuel (SAF) blending for international ﬂights by 2027, 2028 and 2030 respectively.

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

H T W O R G F O E R A H S

India

Europe

Latin America

Sub-Saharan Africa

North America

Rest of World

Source: International Energy Agency

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

Q2 & H1 FY 26 PERFORMANCE SHORT TERM DIP FOR LONG TERM LEAP: TruAlt integrated 1,300 KLPD of dual-feed capacity into its 2,000 KLPD installed capacity and undertook four months of planned, safety-led shutdowns to enable the transition. As a result, the Ethanol Vertical has transitioned from a seasonal producer to a stable, almost "year-round" production business.

Despite having the installed capacity, order allocations from Oil Marketing Companies and access to assured feedstock, the temporary slowdown was a deliberate strategic call to break out of seasonality. Expanding from 140 to 300–330 operating days, TruAlt is increasing uptime by 114 to 136% and stepping into a year-round production business.

Highlights for H1 - Consolidated

Highlights for Q2 - Consolidated

₹ 456.19 Cr. (H1 FY 26) J Total Income -26% (YoY) ₹ 617.31 Cr. (H1 FY 25)

₹ -33.18 Cr. (H1 FY 26) PAT 17% (YoY) ₹ -40.19 Cr. (H1 FY 25)

₹ 129.61 Cr. (Q2 FY 26) Total Income -68% (QoQ)

₹ 404.83 Cr. (Q2 FY 25)

₹ -37.86 Cr. (Q2 FY 26) PAT -104% (QoQ) ₹ -18.60 Cr. (Q2 FY 25)

₹ 36.99 Cr. (H1 FY 26) EBITDA 20% (YoY) ₹ 30.83 Cr. (H1 FY 25)

8.83% (H1 FY 26) EBITDA Margin 68% (YoY) 5.26 % (H1 FY 25)

₹ -4.55 Cr. (Q2 FY 26) EBITDA -126% (QoQ) ₹ 17.26 Cr. (Q2 FY 25)

-3.96% (Q2 FY 26) EBITDA Margin -189% (QoQ) 4.45 % (Q2 FY 25)

I N V E ST O R P R E S E NT A T I ON • Q 1F Y 2 0 2 5- 2 6

SEGMENT-WISE HIGHLIGHTS H1 FY 26

Highlights for H1 - Ethanol

Highlights for H1 - CBG

Highlights for H1 - Retail Fuel

₹ 435.60 Cr. Total Income -28% (YoY) ₹ 604.31 Cr. (H1 FY 25)

₹ -42.64 Cr. PAT (Loss) -2% (YoY) ₹ (41.94) Cr. (H1 FY 25)

₹ 20.70 Cr. Total Income 65% (YoY) ₹ 12.53 Cr. (H1 FY 25)

(QoQ)

₹ 9.71 Cr. PAT 659% (YoY) ₹ 1.28 Cr. (H1 FY 25)

₹ 5.67 Cr. Total Income

(QoQ)

Operations commenced in H1, therefore comparison isn’t available.

₹ 0.08 Cr. PAT

Operations commenced in H1, therefore comparison isn’t available.

₹ 23.10 Cr. EBITDA -15% (YoY) ₹ 27.23 Cr. (H1 FY 25)

5.80% EBITDA Margin 22% (YoY) 4.75 %

(H1 FY 25)

₹ 13.89 Cr. EBITDA 286% (YoY) ₹ 3.60 Cr. (H1 FY 25)

68.29% EBITDA Margin 130% (YoY) 29.75 % (H1 FY 25)

₹ 0.11 Cr. EBITDA

2% EBITDA Margin

Operations commenced in H1, therefore comparison isn’t available.

I N V E ST O R P R E S E NT A T I ON • Q 1F Y 2 0 2 5- 2 6

CONSOLIDATED REVENUE MIX - H1 FY 26

CONSOLIDATED REVENUE MIX (%)

Product

Ethanol

ENA

CBG

Retail Fuel

Others

Total

₹ in Cr.

Revenue

307.01

73.77

20.34

5.67

4.80

411.59

Ethanol

ENA

CBG

Retail Fuel

Others

1G ETHANOL

COMPRESSED BIOGAS

EXTRA NEUTRAL ALCOHOL

CO2

FERMENTED ORGANIC MANURE

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

ETHANOL SEGMENT

India’s Largest Ethanol Capacity, transitioning from Seasonal to “Full Year-Round Operations” model

5 Manufacturing Units 2,000 KLPD Installed Capacity | Dual-Feed Integration of 1300 KLPD (65% of Installed Capacity)

UNIT 1

UNIT 2

UNIT 3

Installed Capacity (in KLPD)

Dual Feed Integration (in KLPD)

Feedstock

UNIT 4

Status

UNIT 5

Unit & Location

Unit 1 Mudhol, Karnataka

Unit 2 Jamkhandi, Karnataka

Unit 3 Khanapur, Karnataka

Unit 4 Kerakalmatti, Karnataka

Unit 5 Badami, Karnataka

700

500

400

200

550

450

300

Total

2000

1300

Dual Feed Stock (550 KLPD dual feed and 150 KLPD Sugarcane Juice / Syrup / Molasses)

Dual Feed Integration Operational from Q3

Dual Feed Stock (450 KLPD dual feed and 50 KLPD Sugarcane Juice / Syrup / Molasses)

Dual Feed Integration Operational from Q3

400 KLPD Sugarcane Juice / Syrup / Molasses

Operational

Dual Feedstock 300 KLPD

Dual Feed Integration Operational from Q3

200 KLPD Sugarcane Juice / Syrup / Molasses

We have established Unit 5 with an installed capacity of 200 KLPD as of March 31, 2025, which did not form part of our operational capacity as the Consent to Operate (CTO) is awaited.

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

ETHANOL SEGMENT PERFORMANCE

TruAlt integrated 1,300 KLPD of dual-feed capacity into its 2,000 KLPD installed capacity and undertook four months of planned, safety-led shutdowns to enable the transition. As a result, the Ethanol Vertical has transitioned from a seasonal producer to a stable, almost "year-round" production business.

TOTAL INCOME (₹ Cr.)

398.00

119.10

604.31

435.60

EBITDA (₹ Cr.)

EBITDA % (₹ Cr.)

18.68

(11.79)

27.23

23.10

4.89%

4.75%

5.80%

Q2 FY 25

Q2 FY 26

H1 FY 25

H1 FY 26

Q2 FY 25

H1 FY 25

H1 FY 26

PBT (₹ Cr.)

PBT (%)

Q2 FY 26

PAT (₹ Cr.)

Q2 FY 25

Q2 FY 26

(11.29%)

H1 FY 25

H1 FY 26

PAT (%)

Q2 FY 25

Q2 FY 26

H1 FY 25

H1 FY 26

Q2 FY 25

Q2 FY 26

H1 FY 25

H1 FY 26

Q2 FY 25

Q2 FY 26

H1 FY 25

H1 FY 26

Q2 FY 25

Q2 FY 26

H1 FY 25

H1 FY 26

(14.45)

(3.63%)

(55.47)

(39.91)

(55.34)

(46.58%)

(6.60%)

(12.71%)

(16.89)

(4.24%)

(6.94%)

(9.79%)

(42.67)

(41.94)

(42.64)

(35.82%)

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

Ethanol production in FY 24, 25 and H1 FY 26

FY 24 Operational Capacity 1400 KLPD Capacity Utilisation 42.63%

58,695 KL

0.3%

98%

1.72%

32,601 KL

26%

40,429 KL

74%

40%

1,556 KL

60%

Sugarcane Juice

B-Heavy Molasses

C-Heavy Molasses

19%

42%

38%

FY 25 Operational Capacity 1800 KLPD Capacity Utilisation 45.08%

1,07,265 KL

83,166

61,490 KL

40%

36,537 KL

72%

29,783

92%

60%

13,392 KL

57.22%

35.60%

7.18%

23%

Q1 Sugarcane Juice

B-Heavy Molasses

C-Heavy Molasses

This chart excludes ENA (Extra Neutral Alcohol) volume of 50,653 KL

This chart excludes ENA (Extra Neutral Alcohol) volume of 54,106 KL

FY 26(H1) Operational Capacity 1800 KLPD

1.86% 8.96%

88.33%

0.84%

14,255 KL

11,206 KL 18,277

82%

16%

Sugarcane Juice

B-Heavy Molasses

C-Heavy Molasses

Maize/DFG

This chart excludes ENA (Extra Neutral Alcohol) volume of 7,398 KL

FY 24

FY 25

H1 FY 26

Sugarcane Juice Sugarcane Juice (SCJ) (SCJ)

B-Heavy Molasses B-Heavy Molasses (BHM) (BHM)

C-Heavy Molasses C-Heavy Molasses (BHM) (BHM)

Total [A+B+C]

Sugarcane Juice (SCJ)

B-Heavy Molasses (BHM)

C-Heavy Molasses (BHM)

Total [A+B+C]

Sugarcane Juice (SCJ) [A]

B-Heavy Molasses (BHM) [A]

C-Heavy Molasses (BHM) [C]

Month

April

May

June

July

August

September

October

November

December

January

February

March

Total

560

15,329

14,388

11,297

8,288

2,950

52,812

3,960

19,478

8,519

210

412

2,796

7,917

3,378

15,681

5,797

68,148

889

- 45

- -

- 1,959

9,345

4,520

19,478

8,603

1,099

457

18,125

22,305

14,675

25,928

18,091

1,000

8,360

200

14,769

41,429

36,443

21,156

6,463

12,322

1,33,281

1,29,820

3,904

1,056

3,029

18,551

4,678

1,936

969

1,505

7,768

10,358

24,671

78,424

1,911

3,396

2,665

1,264

118

537

181

350

150

341

5,815

4,452

3,665

4,292

27,029

5,215

2,318

16,089

43,084

44,265

31,525

31,475

120

1,800

7,235

4,569

788

600

678

240

Maize/ Damaged Food Grains (DFG) [D] -

265

3,955

1,904

3,307

( in KL)

Total [A+B+C+D]

7,355

5,168

1,731

5,755

2,144

3,307

10,979

2,19,224

1,920

12,592

1,517

9,431

25,460

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

Proposed plan for “year-round” Ethanol production in ESY 2025-26

Ethanol Supply Year 25-26 Capacity 2000 KLPD (Sugar derivatives)|1300 KLPD (Dual Feed)

Month

Feedstock

November

December

January

February

March

April

May

June

July

August

September

October

Sugarcane Juice

B / C-Heavy Molasses

B/ C-Heavy Molasses

B/C-Heavy Molasses

Damaged Food Grains / Broken Rice / Maize

FY 26

Sugarcane Juice

B-Heavy Molasses

C-Heavy Molasses

Damaged Food Grains / Broken Rice / Maize

Dual-feed integration enables TruAlt to operate uninterrupted across all four quarters, ending seasonality and positioning the company as a consistent, year-round producer of ethanol.

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

CBG SEGMENT

CBG Expansion: Multi-Location Deployment Plan

Poised to become one of India’s leading CBG/ Bio-CNG producers.

Unit & Location

Capacity (in TPD)

Strategic Partner

Company

Status

Unit 1 Jamkhandi, Karnataka

Unit 2 Kerkalmatti, Karnataka

Unit 3 Badami, Karnataka

Unit 4 Kerakalmatti, Karnataka

Unit 5 to 11 Locations Identiﬁed in Karnataka & Maharashtra

Total

10.20

Leaﬁniti Bioenergy

Operational

20.00

Sumitomo Corporation

TruAlt Gas Pvt. Ltd.

20.00

Sumitomo Corporation

TruAlt Gas Pvt. Ltd.

20.00

Sumitomo Corporation

TruAlt Gas Pvt. Ltd.

In construction phase, expected to be operational by the end of Q2 FY 27.

Gas Authority of India Limited.(GAIL)

Leaﬁniti Bioenergy

Lands for seven units have been jointly identiﬁed.

12.00

154.2

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

CBG SEGMENT PERFORMANCE

TOTAL INCOME (₹ Cr.)

EBITDA (₹ Cr.)

EBITDA % (%)

20.71

65%

12.53

10.51

6.43

63%

7.24

773%

0.82

13.89

286%

3.60

69.78%

68.29%

413%

13.61%

29.75%

130%

Q2 FY 25

Q2 FY 26

H1 FY 25

H1 FY 26

Q2 FY 25

Q2 FY 26

H1 FY 25

H1 FY 26

Q2 FY 25

Q2 FY 26

H1 FY 25

H1 FY 26

PBT (₹ Cr.)

12.23

6.32

665%

10271%

1.60

Q2 FY 25

(0.06)

Q2 FY 26

H1 FY 25

H1 FY 26

PBT (%)

6325%

Q2 FY 25

(0.97%)

60.18%

59.05%

363%

12.75%

Q2 FY 26

H1 FY 25

H1 FY 26

PAT (₹ Cr.)

5063%

Q2 FY 25

(0.10)

PAT (%)

9.71

4.83

660%

1.28

Q2 FY 26

H1 FY 25

H1 FY 26

45.91%

46.91%

10.20%

360%

Q2 FY 26

H1 FY 25

H1 FY 26

3137%

Q2 FY 25

(1.51%)

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

RETAIL FUEL SEGMENT

▪ 7 outlets currently operational; 6 additional stations set

to launch by in the coming months.

▪ Network to reach 13 operational outlets across Karnataka

under Phase 1 of the 100-outlet rollout.

▪ Strengthens downstream presence and retail reach.

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

RETAIL FUEL NETWORK PERFORMANCE

Highlights for H1 - Retail Fuel

₹ 5.67 Cr. Total Income

₹ 0.11 Cr. EBITDA

2% EBITDA Margin

₹ 0.08 Cr. PAT

₹ 1.5% PAT %

I N V E ST O R P R E S E NT A T I ON • Q 1F Y 2 0 2 5- 2 6

CONSOLIDATED FINANCIAL PERFORMANCE

Q2 & H1 FY 26 PERFORMANCE (CONTD...)

CONSOLIDATED FINANCIAL PERFORMANCE - HALF YEARLY

TOTAL INCOME (₹ Cr.)

EBITDA

(₹ Cr.)

EBITDA %

(₹ Cr.)

1,968.53

309.14

16.20%

617.31

456.19

(26%)

20%

30.83

36.99

68%

8.83%

5.26%

HY FY 25

HY FY 26

FY 24-25

HY FY 25

HY FY 26

FY 24-25

HY FY 25

HY FY 26

FY 24-25

PAT (₹ Cr.)

146.64

PAT% (₹ Cr.)

7.45%

EPS (In ₹) (₹ Cr.)

20.76

17%

(40.19)

(33.18)

HY FY 25

HY FY 26

FY 24-25

(12%)

17%

(6.51%)

HY FY 25

(7.27%)

HY FY 26

FY 24-25

(5.70)

HY FY 25

(4.79)

HY FY 26

FY 24-25

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

Q2 & H1 FY 26 PERFORMANCE (CONTD...)

CONSOLIDATED FINANCIAL PERFORMANCE - QUARTERLY

TOTAL INCOME (₹ Cr.)

EBITDA (₹ Cr.)

EBITDA % (₹ Cr.)

PBT (₹ Cr.)

1968.53

309.14

16.20%

159.44

13.67%

404.83

326.63

129.61

17.26

41.54

(4.55)

4.45%

5.80

(3.96%)

(16.26)

(49.18)

Q2 FY 25

Q1 FY 26

Q2 FY 26

FY 24-25

Q2 FY 25

Q1 FY 26

Q2 FY 26

FY 24-25

Q2 FY 25

Q1 FY 26

FY 24-25

Q2 FY 25

Q1 FY 26

Q2 FY 26

FY 24-25

PBT % (₹ Cr.)

(4.02%)

8.10%

1.78%

PAT (₹ Cr.)

146.64

4.73

Q2 FY 26

7.45%

1.45%

PAT % (₹ Cr.)

(4.60%)

Q2 FY 25

Q1 FY 26

Q2 FY 26

FY 24-25

Q2 FY 25

Q1 FY 26

Q2 FY 26

FY 24-25

Q2 FY 25

Q1 FY 26

Q2 FY 26

FY 24-25

(37.94%)

(18.60)

(37.86)

(29.21)

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

STANDALONE FINANCIAL PERFORMANCE

Q2 & H1 FY 26 PERFORMANCE (CONTD...)

STANDALONE FINANCIAL PERFORMANCE - HALF YEARLY

TOTAL INCOME (₹ Cr.)

REVENUE FROM OPERATIONS (₹ Cr.)

EBITDA (₹ Cr.)

EBITDA %

1,940.71

1,880.12

297.19

15.81%

604.31

435.60

573.53

398.41

(28%)

(31%)

(15%)

27.23

23.10

22%

5.80%

4.75%

HY FY 25

HY FY 26

FY 24-25

HY FY 25

HY FY 26

FY 24-25

HY FY 25

HY FY 26

FY 24-25

HY FY 25

HY FY 26

FY 24-25

PBT (₹ Cr.)

PBT %

PAT (₹ Cr.)

PAT %

152.15

7.84%

140.62

7.25%

(39%)

(39.91)

(55.34)

HY FY 25

HY FY 26

FY 24-25

(92%)

(6.60%)

HY FY 25

(12.71%) HY FY 26

(2%)

(41.94)

(42.64)

(41%)

(6.94)

FY 24-25

HY FY 25

HY FY 26

FY 24-25

HY FY 25

(9.79)

HY FY 26

FY 24-25

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

Q2 & H1 FY 26 PERFORMANCE (CONTD...)

STANDALONE FINANCIAL PERFORMANCE - QUARTERLY

TOTAL INCOME (₹ Cr.)

REVENUE FROM OPERATIONS (₹ Cr.)

EBITDA (₹ Cr.)

1,940.71

1,880.12

297.19

15.81%

EBITDA (%)

11.87%

4.89%

398.00

316.49

119.10

382.13

293.93

104.48

18.68

34.89

(11.79)

Q2 FY25

Q1 FY26

Q2 FY26

FY 24-25

Q2 FY25

Q1 FY26

Q2 FY26

FY 24-25

Q2 FY25

Q1 FY26

Q2 FY26

FY 24-25

Q2 FY25

Q1 FY26

(11.29%)

Q2 FY26

FY 24-25

PBT (₹ Cr.)

PBT %

152.15

PAT (₹ Cr.)

PAT (%)

140.62

7.25%

0.13

(14.45)

(55.48)

7.84%

0.04%

(3.63%)

(46.58%)

0.03

(16.89)

(42.67)

0.01%

(4.24%)

Q2 FY25

Q1 FY26

Q2 FY26

FY 24-25

Q2 FY25

Q1 FY26

Q2 FY26

FY 24-25

Q2 FY25

Q1 FY26

Q2 FY26

FY 24-25

Q2 FY25

Q1 FY26

(35.82%)

Q2 FY26

FY 24-25

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

Q2 & H1 FY 26 PERFORMANCE (CONTD...)

PERFORMANCE REVIEW

Current Product Portfolio

Particulars

Income

Revenue from operations

Other Income

Total Income

Expenses

Cost of goods sold

Employee beneﬁts expense

Finance costs

Depreciation and amortization expense

Other expenses

Total Expenses

Proﬁt / (Loss) Before Tax

EBITDA

EBITDA%

For the 3 months ended 30 September 2025

For the 3 months ended 30 September 2024

Variance

Variance %

Review Comments

(All amounts are in ₹ Cr. unless otherwise stated)

104.48

14.63

119.10

92.07

9.91

38.01

20.30

14.29

174.57

(55.48)

(11.79)

(11.29%)

382.12

15.86

397.99

(277.65)

(1.24)

(278.90)

324.78

(232.71)

8.90

33.29

15.71

29.77

412.45

(14.45)

18.68

4.89%

1.01

4.72

4.59

(15.48)

(237.87)

(41.02)

(30.47)

(0.16)

(73%)

(70%)

(72%)

11%

14%

29%

(52%)

(58%)

(284%)

(163%)

(331%)

▪ Decline in revenue as the Company was able to run

only Unit no. 3, as work was in progress for converting the plant into a dual feed plant at Unit nos, 1, 2 and 4, while Unit 5 was non-operatonal pending receipt of Consent to Operate (CTO) which is awaited.

▪ As a result, the Company incurred a loss and reported negative EBITDA for Q2 FY26. However, on a cumula- tive basis, EBITDA for H1 FY26 remained positive at ₹ 23.10 Cr.

▪ Unit nos 1, 2 and 4 have become fully operational in the quarter beginning October 2025 and will continue to operate at full capacity going forward. Consequently, the results for the quarter and half year ended September 30, 2025, are not indicative of the annual performance.

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

Q2 & H1 FY 26 PERFORMANCE (CONTD...)

EXTRACT OF STANDALONE BALANCE SHEET

EXTRACT OF CONSOLIDATED BALANCE SHEET

Particulars

Equity / Net Worth

Equity Share Capital

Other Equity

Total Assets

Total Non-Current Assets

Total Current Assets

Total Liabilities

Total Non-Current Liabilities

Total Current Liabilities

Borrowings

Long-term

Short-term

(Amounts in ₹ crores)

As at September 30, 2025

As at March 31, 2025

1,390.60

85.75

1,304.85

3,324.90

2,091.73

1,233.17

1,934.30

1,119.55

814.75

1,520.85

1,046.14

474.71

767.53

70.63

696.90

2,977.76

1,930.47

1,047.29

2,210.23

1,188.82

1,021.41

1,532.45

1,102.86

429.58

Particulars

Equity / Net Worth

Equity Share Capital

Other Equity

Total Assets

Total Non-Current Assets

Total Current Assets

Total Liabilities

Total Non-Current Liabilities

Total Current Liabilities

Borrowings

Long-term

Short-term

(Amounts in ₹ crores)

As at September 30, 2025

As at

March 31, 2025

1,401.52

85.75

1,315.77

3,377.26

2,128.78

1248.48

1,975.74

1,159.86

815.88

1,539.49

1,075.36

464.13

769.00

70.63

698.37

3,029.73

1,967.53

1,062.20

2,260.73

1,213.23

1,047.50

1,549.68

1,117.16

432.52

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

RATIO ANALYSIS

CONSOLIDATED

STANDALONE

Current Ratio 1.91

Debt/Equity 0.77

Current Ratio 1.93

Debt/Equity 0.75

Debt Servicing Coverage Ratio 1.05

TOL/TNW 1.41

ISCR 0.83

TOL/TNW 1.39

ISCR 2.24

I N V E ST O R P R E S E NT A T I ON • Q 1F Y 2 0 2 5- 2 6

FUTURE OUTLOOK

Ethanol

Compressed Biogas

Retail Fuel Network

Sustainable Aviation Fuel

▪ Dual-feed integration of 1,300 KLPD (out of 2,000 KLPD installed) drives a structural shift from seasonal earnings to consistent, year-round revenue visibility.

▪

After the 4-month planned shutdown cycle, plants are positioned for higher uptime, improved fermentation efﬁciency and more stable capacity utilisation.

CO2 capture, DDGS and other by-products strengthen non-fuel revenue streams and uplift blended EBITDA margins.

Ethanol remains the company’s anchor cash-ﬂow generator as utilisation normalises over the coming quarters.

Strongly aligned with India’s Ethanol Blending Programme, with long-term optimism around blend levels rising beyond E20.

▪

The JV with Sumitomo Corporation establishes a scalable,institution-backed CBG platform with strong balance-sheet depth.

▪ Downstream retail expansion enables

direct-to-consumer margin capture and reduces exposure to commodity-linked volatility.

Three CBG plants under execution provide clear visibility on phased commissioning and revenue onboarding from FY27 onwards.

Pursuant to the Share Subscription cum Shareholders Agreement with GAIL for the planned multi-project rollout, seven project locations have been jointly identiﬁed across Karnataka and Maharashtra.

Feedstock assurance frameworks and decentralised sourcing reduce operational volatility and improve output predictability.

The CBG vertical is positioned to become TruAlt’s second major earnings pillar, aligned with India’s diversiﬁed green-energy transition.

▪

Rollout across high-throughput corridors, logistics hubs, and rural–industrial belts strengthens volume visibility and outlet-level utilisation.

Strong synergy with ethanol-blended fuels enhances competitive positioning in the retail market.

The network is expected to deliver stable, annuity-style cash ﬂows as density scales, with 13 outlets going operational in the coming months under Phase 1 (100-outlet) rollout.

▪

The 80,000 TPA ethanol-to-jet (ETJ/ATJ) Sustainable Aviation Fuel (SAF) project positions TruAlt in a premium-margin, globally undersupplied market with strong policy-driven demand growth.

The MoU with Andhra Pradesh Economic Development Board (APEDB) and the Government of Maharashtra for a Rs. 2,250 crore SAF investment provides a strong state-supported platform for project facilitation, including land allocation, incentives and infrastructure support.

The JV partnership with Sumitomo, which also extends alignment into the SAF sector, enhances TruAlt’s international collaboration capability and expands access to global SAF markets.

SAF is expected to evolve into a high-value, margin-accretive vertical backed by global aviation decarbonisation mandates, net-zero commitments, and India’s emerging SAF policy architecture.

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

KEY SECTORAL EVENTS TO WATCH OUT FOR

Revision in Ethanol Procurement Prices

Roadmap Beyond E20 Blending

Sustainable Aviation Fuel (SAF) Policy Notiﬁcation

National Carbon Credit & Trading Framework

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

KNOW MORE

REGISTERED ADDRESS

Survey No. 166, Kulali Cross, Jamkhandi Mudhol Road, Bagalkot, Karnataka, India – 587313

CORPORATE OFFICE

Unit No. N-1501, 15th Floor, World Trade Centre, Brigade Gateway Campus, Rajajinagar, Bangalore - Karnataka, India - 560055

080 2325 5000

contact@trualtbioenergy.com

www.trualtbioenergy.com

For further information contact:

Anand Kishore

Chief Financial Ofﬁcer TruAlt Bioenergy Limited

cfo@trualtbioenergy.com

I N V E ST O R P R E S EN T A T I ON • Q 2F Y 2 02 5 - 2 6

THANK

YOU

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