Before subscribing to an IPO, investors must ask a fundamental question: “Where does the company stand when compared to its peers?” Peer comparison provides a clear lens to assess whether a company’s valuations, profitability, and growth potential are justified.
With TruAlt Bioenergy, India’s largest ethanol producer and a rising force in the green energy space, this question becomes even more important. While the company has made a name for itself through rapid expansion and diversification, it operates in a sector dominated by long-established players such as Balrampur Chini Mills, Triveni Engineering & Industries, and Dalmia Bharat Sugar & Industries.
TruAlt Bioenergy peer comparison analysis helps decode the company’s position in the industry landscape, highlighting both its strengths and the areas where investors must be watchful.
Table of Contents
TruAlt Bioenergy IPO: Company Overview
- IPO Dates: 25 – 29 September, 2025
- Price Band: INR 472 – 496 per share
- Issue Size: INR 835–839 crore (Fresh Issue ~INR 750 crore + OFS ~INR 85–89 crore)
- Lot Size: 30 shares (INR 14,880 minimum investment)
- Listing: NSE & BSE
- Retail Quota: 35%
Business Model: TruAlt Bioenergy is not just an ethanol manufacturer—it has positioned itself as a multi-pronged green energy platform. Its verticals include:
- Ethanol production: 1,800 KLPD, the largest installed capacity in India.
- Compressed Biogas (CBG): Operated through subsidiary Leafiniti, with plans for a major expansion in partnership with GAIL.
- By-products: Extra Neutral Alcohol (ENA), carbon dioxide recovery, and organic manure (FOM).
- Future growth bets: Sustainable Aviation Fuel (SAF), marine biofuels, carbon credit monetisation, and retail bio-CNG outlets.
This integration ensures TruAlt Bioenergy is not reliant on a single stream, unlike many traditional peers.
Read Also: Top 10 Ethanol Manufacturing Companies in India
Financial Performance: TruAlt vs Balrampur vs Triveni vs Dalmia Bharat
| Particulars | TruAlt Bioenergy | Balrampur Chini Mills | Triveni Engg. & Ind. | Dalmia Bharat Sugar |
|---|---|---|---|---|
| Revenue | 1,907.7 | 5,415.4 | 6,807.9 | 3,745.8 |
| EBITDA Margin (%) | 16.2 | 13.7 | 7.0 | 12.5 |
| Net Profit | 146.6 | 436.9 | 238.3 | 386.8 |
| PAT Margin (%) | 7.7 | 8.1 | 3.5 | 10.3 |
| ROE (%) | 19.1 | 11.0 | 8.1 | 12.4 |
| ROCE (%) | 10.9 | 10.2 | 8.7 | 9.5 |
| Working Capital Days | 26 | 265 | 212 | 203 |
- Efficiency Leader: Despite lower absolute revenue, TruAlt’s EBITDA margin (16.2%) is the highest among peers, reflecting operational efficiency.
- Superior Returns: With an ROE of 19.1%, TruAlt stands well above the peer group, showcasing better shareholder value creation.
- Lean Operations: Its working capital cycle of just 26 days contrasts sharply with the 200+ days for peers—highlighting agility more typical of energy companies than sugar producers.
Overall, TruAlt combines profitability with efficiency, giving it a competitive edge despite being a relatively younger player in the listed space.
TruAlt Bioenergy vs Peers: Operational KPIs
| Particulars | TruAlt Bioenergy | Balrampur Chini Mills | Triveni Engg. & Ind. | Dalmia Bharat Sugar |
|---|---|---|---|---|
| No. of Distilleries | 4 | 5 | 5 | 4 |
| Ethanol Capacity (KLPD) | 1,800 | 1,050 | 860 | 850 |
| Production (KLPD) | 628 | 716 | 658 | NA |
| Capacity Utilisation (%) | 45 | 68 | 77 | NA |
- Capacity Leadership: TruAlt clearly dominates with 1,800 KLPD ethanol capacity, nearly double that of Triveni and Balrampur. This positions it as a scale leader in ethanol, a critical growth driver given India’s aggressive ethanol blending targets.
- Headroom for Growth: While current utilisation is modest at 45% (due to recent expansions), this represents an expansion-led opportunity rather than inefficiency. As demand from oil marketing companies (OMCs) ramps up, TruAlt has the infrastructure ready to scale.
- Peers’ Advantage: Balrampur and Triveni show higher utilisation levels, reflecting maturity. However, their growth runway is narrower compared to TruAlt, which still has significant unutilised capacity to monetise.
TruAlt Bioenergy vs Peers: Valuation & Balance Sheet Ratios
| Particulars | TruAlt Bioenergy | Balrampur Chini Mills | Triveni Engg. & Ind. | Dalmia Bharat Sugar |
|---|---|---|---|---|
| P/E Ratio | 29.0 | 23.1 | 35.4 | 7.8 |
| Debt/Equity | 2.02 | 0.69 | 0.64 | 0.32 |
| Current Ratio | 1.01 | 1.29 | 1.46 | 2.59 |
| Price to Book (P/B) | 4.56 | 2.53 | 2.42 | 0.91 |
| Price to Sales (P/S) | 2.23 | 1.74 | 1.28 | 0.80 |
- Premium Valuation: TruAlt trades at a premium on P/B (4.56) and P/S (2.23), reflecting investor optimism about its growth trajectory.
- Return Justification: Unlike peers, this premium is backed by superior ROE (19.1%) and higher margins, making the valuations appear more justifiable.
- Debt Perspective: Yes, the company’s Debt/Equity of 2.02 is higher than peers, but this is tied to capacity expansion and diversification projects. With cash flows scaling, leverage is expected to decline, as seen in its sharp reduction from earlier years.
Analytical Summary
When viewed against established peers, TruAlt Bioenergy stands out as a capacity leader with superior return ratios, but also as a company carrying higher leverage and lower current utilisation.
- Strengths:
- Leadership in Ethanol Capacity: At 1,800 KLPD, TruAlt is already ahead of peers, offering significant headroom for growth.
- Superior Margins & Returns: With the highest EBITDA margin (16.2%) and ROE (19.1%) among peers, TruAlt demonstrates better profitability and shareholder value creation.
- Diversified Green Energy Play: Unlike traditional sugar-linked companies, TruAlt is positioning itself as a multi-stream green energy platform, spanning ethanol, CBG, ENA, CO₂, and emerging fuels like SAF.
- Agile Working Capital: Just 26 working capital days compared to 200+ for peers gives it an operational edge and reflects faster cash flow cycles.
- Challenges:
- Higher Leverage: A Debt/Equity ratio of 2.02 is higher than peers. However, this is expansion-led and already trending downward as new capacities generate cash.
- Under-Utilisation: Ethanol utilisation at 45% appears low, but this is largely due to recently expanded capacities. It actually represents future growth potential rather than inefficiency.
- Liquidity Ratios: The Current Ratio of 1.01 is leaner than peers, but TruAlt’s shorter working capital cycle cushions the risk.
Overall, TruAlt shows superior efficiency and profitability compared to its larger, more established peers, even if leverage and utilisation temporarily weigh on its balance sheet optics.
Conclusion
TruAlt Bioenergy may be a younger entrant in the listed space, but it has positioned itself as India’s largest ethanol producer and a forward-looking green energy player. Its higher margins, stronger return ratios, and diversified model differentiate it from traditional sugar-based peers like Balrampur, Triveni, and Dalmia Bharat Sugar.
Yes, there are concerns around higher debt and current utilisation levels. But both are tied to planned expansion, not structural weaknesses. With strong policy tailwinds (20% ethanol blending mandate, SATAT scheme for CBG), robust execution, and multiple future growth levers (CBG, SAF, carbon credits), TruAlt appears to be justifying its premium valuations.
For investors, the TruAlt Bioenergy peer comparison analysis highlights one clear takeaway: The company is not merely another sugar-ethanol company—it is emerging as a differentiated, high-growth green energy platform. This positions the IPO as a compelling bet for those looking beyond short-term listing gains and towards long-term participation in India’s clean energy transition.
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