True Green Bio Energy standalone PAT ₹18 Cr as ethanol ramp lifts revenue to ₹234.6 Cr
PAT +2005.3% YoY · revenue +10550.2% · margins compressing
₹234.55 Cr
+10550.2% YoY
₹18.02 Cr
+2005.3% YoY
7.66%
+14.4pp YoY
₹5.47
True Green Bio Energy (formerly CIL Nova Petrochemicals) reported standalone revenue of ₹234.55 Cr and PAT of ₹18.02 Cr for Q2 FY27, the quarter ended September 30, 2026. The year-on-year comparison is the headline story but not a like-for-like one: a year ago the company was still the near-dormant CIL Nova Petrochemicals shell, with revenue of just ₹2.20 Cr and PAT of ₹0.86 Cr (per this filing's own comparative column); the current print reflects the commercial ramp-up of the newly commissioned ethanol plant rather than organic growth in an existing business, so the >100x YoY revenue move should be read as a base-effect transformation, not a growth rate.
Q2 FY-2027 vs prior quarters
Sequentially, the more informative operating signal, revenue rose a modest 3.1% QoQ (₹227.57 Cr to ₹234.55 Cr) but PAT fell 17.5% QoQ (₹21.85 Cr to ₹18.02 Cr), with margins compressing on both lines — OPM (EBITDA/revenue) slipped to 12.93% from 16.21%, and NPM fell to 7.66% from 9.59%. The driver sits on the cost-of-material line: raw material consumed rose to 66.7% of revenue versus 56.5% in Q1 FY27, while employee costs also ticked up (₹5.72 Cr vs ₹4.34 Cr); finance costs and depreciation were broadly flat quarter-on-quarter, so the squeeze is operating-cost led rather than a balance-sheet item.
The stock went into the print at ₹190.95, up 4.4% over the past month of trading.
For context: revenue is at a 6-quarter high.
What the summary numbers don't show
Basic EPS ₹5.47 vs ₹6.63 in Q1 FY27 — this filing's own comparative column shows ₹0.27 for Q2 FY26 (our DB records ₹0.07 for that quarter — flagged discrepancy)
There is no management press release accompanying this filing and no prior guidance on record — management gives no formal outlook to grade this print against — and a search for Street estimates on this ticker (BSE: TRUEGREEN/533407) returned no usable analyst coverage; results conflated with the similarly-named but unrelated TruAlt Bioenergy Ltd (BSE: 544545), a much larger ethanol producer, confirming this stock currently has no visible sell-side tracking. The quarter's other disclosed developments — AGM held September 29, a promoter-group reclassification approved August 13, and the trading-window closure from September 24 — are governance/corporate-action items with no direct bearing on the P&L. Balance sheet-wise, total borrowings stood at ₹341.3 Cr against equity of ₹198.8 Cr as of September 30, 2026, while cash and equivalents more than doubled to ₹42.4 Cr from ₹19.1 Cr at FY26-end on the back of ₹48.4 Cr of H1 operating cash flow.
W1
Ethanol plant placed under maintenance shutdown effective Nov 3, 2026 (same-day board disclosure) — watch Q3 FY27 revenue/output impact from the planned outage
W2
Raw-material cost ratio rose to 66.7% of revenue from 56.5% QoQ, driving the OPM decline to 12.93% from 16.21% — watch whether this reverses or persists in Q3 FY27
W3
Total debt of ₹341.3 Cr against ₹198.8 Cr equity as of Sep 30, 2026 — watch repayment pace and coverage as the plant ramps toward full utilization
Standalone only, no consolidated statement filed; unaudited, limited-review only; per company note the Q2 figures are the balancing figure between H1 and the published Q1 numbers; exceptional items nil in all periods; our DB's year-ago PAT (-₹0.21 Cr)/EPS (₹0.07) conflict with this filing's own comparative column for Q2 FY26 (₹0.86 Cr PAT, EPS ₹0.27) even though revenue (₹2.20 Cr) and OPM (2.24%) tie out exactly — used the PDF's own comparative figures for YoY calculations.