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Published: May 15, 2026
Updated: May 15, 2026
| BSE ticker code | 544545 |
| NSE ticker code | TRUALT |
| Major activity | Other Agricultural Products |
| Managing Director | Yagati B. Ramakrishna |
| Equity capital | Rs 85.75 crore; FV Rs 10 |
| 52 week high/low | Rs 550/310 |
| CMP | Rs 483.20 |
| Market Capitalisation | Rs 4143.57 crore |
| Recommendation | Accumulate |
Trualt Bioenergy, formerly known as Trualt Energy Ltd, is one of India's largest biofuels producers. Strategically positioned as a prominent and diversified player in the Indian biofuels sector, it is primarily engaged in the production of ethanol.
Headquartered at Bagalkot in Karnataka, the company operates five distillery units with a combined installed capacity of 2,000 klpd, with a focus on producing 1G ethanol, compressed biogas (CBG) and extra neutral alcohol (ENA), and with plans for 2G ethanol and sustainable aviation fuel (SAF). Trualt has emerged as the largest producer of ethanol by capacity in India, accounting for a 3.6% marketshare in ethanol production as on January 1, 2026. The company's key products thus include 1G ethanol, compressed biogas, extra neutral alcohol (ENA), fermented organic manure, and distillers dried grains with solubles (DDGS). It focuses on ‘no effluent discharge’ in its CBG units and aligns with the government of India's SATAT (Sustainable Alternative Towards Affordable Transportation) scheme introduced in 2018.
Going forward, the company intends to venture into new business verticals to produce 2G ethanol, sustainable aviation fuel (SAF) and allied biochemicals during the manufacture of ethanol. In line with the government of India's increased push towards the use of non-fossil fuel vehicles, the company plans to set up biofuel dispensing stations.
Though Trualt is only four years old, having been established in 2021, it has been doing extremely well on the financial front. During the last three years, its sales turnover has more than doubled from Rs 762 crore in fiscal 2023 to Rs 1,908 crore in fiscal 2025, with operating profit almost trebling from Rs 105 crore to Rs 309 crore and the profit at net level shooting up more than four times from Rs 35 crore to Rs 147 crore. What is more, prospects for the company going ahead are all the more promising. Consider:
India's bioenergy sector is set for strong growth, driven by effective policy support. According to an IEA report, India's bioenergy sector is set to play an important role in underpinning the country's rapidly growing energy markets as robust policy frameworks boost ethanol and compressed biogas production and open new opportunities for biodiesel and sustainable aviation fuels.
According to the IEA analysis which provides forecasts for liquid and gaseous biofuel growth to 2030, these fuels can strengthen India's energy security by reducing reliance on imported fuels, support economic development and boost job creation, especially in rural communities, and also contribute to emission reduction targets. These benefits align closely with India's national energy and climate objectives and are reinforced by the country's abundant agricultural residues and organic waste, which provide a strong resource base for sustainable modern bioenergy production. Trualt, being the first mover in the field, will be a major beneficiary of this growth potential.
As India is the third largest consumer of primary energy in the world after the US and China, future availability of fossil fuels is a big question mark, and India's fuel energy security will remain vulnerable — that too at a time when it has emerged as one of the fastest growing economies in the world — and will require abundant energy going ahead. As it is inevitable in these circumstances that there is an urgent need to develop alternative fuels based on renewable feedstock, the government has chalked out a comprehensive plan to prepare a roadmap for development of the biofuel economy. As the government has also set a target of reducing the country's carbon footprint by 30-35% by 2030, the policy to achieve this target envisages a strategic role for biofuels in the Indian energy basket.
Realising that there is an urgent need to develop the biofuel sector in a very big way, the government has gone all out to give a big boost to the sector. Way back in 2018, it laid down the National Policy on Biofuels, which was significantly amended in 2022 in order to accelerate the country's energy transition. In order to push the pace of growth, the government came out with various policies like PM Jivan Yojana (to provide financial support like viability gap funding for integrated 2G bio-ethanol projects using agricultural residues), SATAT (Sustainable Alternative Towards Affordable Transportation) to establish 5,000 compressed biogas plants, and Goverdhan Scheme (to convert cattle dung and solid waste into compost and biogas RUCO (repurposed used cooking oil). The government also offered financial and fiscal incentives, including a sharp reduction in GST on ethanol and interest subvention.
The all-out support of the government is expected to push the pace of growth of the bio-energy sector, which has tremendous growth potential as the country has abundant feedstock, including agricultural residue and organic waste.
The government's all-out support to the rapid growth of the biofuel sector will prove highly beneficial to Trualt going ahead.
Trualt Bioenergy has joined hands with GAIL to develop a network of compressed biogas (CBG) plants across India. While GAIL will acquire 49% stake in Leafinity Bioenergy — a subsidiary of Trualt — the latter will have the controlling stake of 51%. The JV will establish six new CBG plants at an estimated cost of $ 72 million, with each plant having a capacity to produce 12 tonnes per annum.
The company has also joined hands with Sumitomo Corporation, one of Japan's largest integrated trading and investment groups, to form a joint venture styled Trualt Gas Pvt Ltd, with Trualt holding 51 per cent and Sumitomo the balance 49 per cent. The JV will set up CBG plants at five identified locations in Karnataka and Maharashtra. In total, the JV will set up 16 CBG production facilities to achieve a capacity of 320 tonnes, equivalent to the daily gas consumption of around 800,000 households in India. The raw material will include sugarcane and ethanol from domestic suppliers, including Trualt. This JV will unite India's ambition to achieve energy sovereignty and emerge as a global hub for biofuels with Japan's expertise in advanced carbonisation technologies.
Recently, the company entered into an MoU with the Andhra Pradesh Economic Development Board (APEDB) to develop one of the world's largest sustainable aviation fuel (SAF) production facilities. The plant, with a production capacity of 80,000 tpa will be set up around the Srikakulam-Vizianagaram region in AP at a cost of Rs 2,250 crore. The plant will be an integrated one with an ethanol-to-SAF manufacturing facility.
Just over three months ago, the company entered the capital market with an IPO to raise Rs 839.28 crore, wherein Rs 750 crore was the fresh issue, to meet its capital expenditure for a multi-feedstock ethanol plant. Shares with a face value of Rs 10 each were issued at Rs 496 per share and got oversubscribed 75 times. Subsequently, after getting listed on the stock exchange, the price came down to Rs 310. But this low level attracted investors to accumulate these stocks and the price has recovered to the Rs 475/480 range. Going ahead, the price is most likely to cross the Rs 500 mark.
PERFORMANCE INDICATORS (Rs. in crore)
| Year | Net Sales | Net Profit | EPS (Rs.) | Div (%) | BV (Rs.) |
|---|---|---|---|---|---|
| 2024-25 | 1907.72 | 146.64 | 17.10 | -- | 163.40 |
| 2025-26 (E) | 2016.75 | 155.40 | 18.26 | -- | 166.14 |
| 2026-27 (E) | 2136.40 | 161.36 | 20.16 | 15.0 | 170.26 |
| BSE ticker code | 544333 |
| NSE ticker code | SETL |
| Major activity | Industrial Products |
| Chairman and MD | Sambasiva Rao Gollapudi |
| Equity capital | Rs 199.49 crore; FV Rs 10 |
| 52 week high/low | Rs 204 / 104 |
| CMP | Rs 140.00 |
| Market Capitalisation | Rs 2792.88 crore |
| Recommendation | Accumulate |
Hyderabad-headquartered Standard Engineering Technology Ltd — formerly known as Standard Glass Lining Technology — is a premier manufacturer of glass-lined and special-purpose equipment for the chemical and pharmaceutical industries. The company offers turnkey engineering solutions — design, manufacturing and installation — with over 400,000 sq ft of manufacturing space.
The company was established by Mohammed Ghouse as Standard Welding and Engineering Works in 1984. It was set up as a specialist manufacturer for pressure parts, shipbuilding, manpower supply, turnkey solutions for assembling, installation, repairs and maintenance of all types of steam boilers, trading of accessories, steam pipelines, purified and portable water lines, oil lines, wax lines and fabrications.
The company is registered under the Indian Boilers Registration Act (IBR) and is one of the leading contractors in Telangana and Andhra Pradesh. Thanks to its wide knowledge in the steam boiler field, it has unmatched expertise in handling both industrial and power boilers, IBR steam pipelines, steam accessories, installation and commissioning over the last 30 years. It also undertakes complete project offerings and turnkey solutions for many corporate entities in Telangana and Andhra Pradesh.
Standard Engineering has been making steady progress on the financial front. During the last four years, its sales turnover has expanded by more than two and a half times from Rs 240 crore in fiscal 2022 to Rs 614 crore in fiscal 2025, with operating profit also moving up more than five and a half times from Rs 40 crore to Rs 101 crore and profit at the net level inching up from Rs 25 crore to Rs 69 crore. If the company's strategic transformation exercise is any guide, its prospects in the coming years will be highly promising. Consider:
In fiscal year 2025-26, the management has successfully transformed the company into an integrated engineering platform while continuing to scale its core glass-lining business at a strong pace. According to Nageshwara Rao Kandila, Managing Director, with its leadership in glass-lining technologies, breakthrough innovations such as conductivity glass-lined reactors, strong traction in shell and tube heat exchangers and expanding turnkey capabilities, the company is well-positioned for sustainable, long-term value creation. “Our focus remains on execution excellence, technological leadership and consistent value creation for our shareholders,” he notes. During Q3FY26 (October-December 2025), the transformation exercise was completed and the name of the company was changed to Standard Engineering Technologies (SETL), thus representing a milestone quarter for the company. During this quarter, the company completed critical strategic initiatives that place it on a structurally stronger footing and are clearly visible in the quarter's financial performance. Total income during the quarter shot up to Rs 196 crore while net profit advanced 28.3% yoy to Rs 20 crore.
The financial performance during the quarter reflects the fact that the company has evolved from a product-centric organisation into a high-precision, integrated engineering platform capable of delivering complex, multi-disciplinary projects with single-point responsibility from concept to commissioning.
The company has acquired Scigenics (India) Pvt Ltd, which has strengthened its position in bioprocess and fermentation systems. Its majority stake in C2C Engineering Pvt Ltd (which has been renamed Standard C2C Engineering Pvt Ltd) brings mechanical, civil, electrical, instrumentation and automation engineering fully in-house.
With these integrations, Standard Engineering is a true concept-to-commissioning engineering outfit, expanding its project scale capability and long-term revenue visibility. Glass lining continues to deliver strong growth, while its shell and tube glass-lined heat exchangers, developed with Japanese technology partner GL Hakko, have seen exceptional market acceptance. Over 100 units have already been delivered and over 200 units are currently in the order book. These products are increasingly replacing graphite and alloy in performance and reliability.
Recently, the company launched conductivity glass-lined reactors in India and global markets. Its international partner IPP is keen to sell a majority of these reactors globally. The management believes that its technology has the potential to set new global benchmarks in plant safety while creating a long-term, high-margin growth engine for the company.
During the current downtrend in the market on account of growing geopolitical tensions in the Middle East, the stock price of Standard Engineering is quoted around Rs 144. But once the market sentiment undergoes a change, the share price of SETL is bound to cross the Rs 200 mark.
PERFORMANCE INDICATORS (Rs. in crore)
| Year | Net Sales | Net Profit | EPS (Rs.) | Div (%) | BV (Rs.) |
|---|---|---|---|---|---|
| 2024-25 | 613.66 | 64.34 | 3.20 | -- | 37.50 |
| 2025-26 (E) | 625.46 | 67.16 | 3.29 | -- | 39.40 |
| 2026-27 (E) | 641.40 | 70.40 | 4.15 | 10.0 | 42.64 |
| BSE ticker code | 532218 |
| NSE ticker code | SOUTHBANK |
| Major activity | Private Sector Bank |
| Chairman and MD | Vattavayalil Joseph Kurian |
| Equity capital | Rs 261.76 crore; FV Rs 01 |
| 52 week high/low | Rs 47 / 23 |
| CMP | Rs 40.91 |
| Market Capitalisation | Rs 10708.57 crore |
| Recommendation | Accumulate |
Headquartered at Thrissur in Kerala, South Indian Bank is a major private sector bank with a pan-India presence. The bank has 955 branches, 2 ultra-small branches, 1 service branch, 127 CRMs and 1,290 ATMs, spanning 26 states and 4 union territories. It has also an overseas presence with a representative office in Dubai (UAE).
Moving with the times, the bank is a pioneer in technology-based banking, offering an array of digital products and services. Digitisation, product and process innovation, and sustainable growth remain its key focus, enabling a resilient performance. Little wonder that the bank has received UiPath Automation Excellence Award for the business community. The bank has one of the youngest workforces in the banking sector.
Interestingly, the company's financial performance, which was dismal during the last one decade, has started improving. Revenue, which was Rs 5,286 crore in fiscal 2015 and then was hovering at Rs 5,000-Rs 6,000 crore till 2022, moved up to Rs 9,413 crore in fiscal 2025 and further to Rs 9,846 crore in fiscal 2026. The net profit, which had slumped from Rs 307 crore in fiscal 2015 to Rs 45 crore in fiscal 2022, has shot up to Rs 1,455 crore. The management is confident that if geopolitical tensions reduce going ahead, the bank's financial performance will improve further. What is more, if the bank's Vision 2025 focusing on six C's — capital, casa, cost-to-income, competency building, customer focus and compliance — is any guide, its future prospects are all the more encouraging. Consider:
If the performance during the last quarter (January to March 2026) of fiscal 2026 is any indication, the bank has entered the growth path. Asset mix balancing is underway. Granularisation of the loan book continued in Q4FY26, led by strong traction in gold loans which grew at 46% yoy and increased their share to 24% of advances against 22% in Q3FY26, supporting yield stability. The management reiterated its medium-term strategy to reduce corporate exposure to one-third of the loan book — from 38.6 per cent at present — while lowering the share of ultra-short duration low-yield corporate assets from 20-25% to 10%, with incremental growth redirected towards retail, MSME and agriculture. An optimistic management has guided for loan growth of 15-16% for fiscal 2027.
Margin drivers are intact and as opex rises only gradually, profitability will continue to improve. The bank's focus on the retail and MSME segments will boost margins. ICICI Direct Research expects advances growth of 13% in FY 2026, with a gradual uptick in the proportion of MSME and retail loans.
Building on the improving operating momentum, margins expanded 9 bps qoq to 2.95% in Q4FY26. The management highlighted multiple levers supporting FY27 profitability: a) Favourable asset-mix transition toward higher-yielding retail/MSME segments; b) repricing of ~60-65% of deposits during FY27. Further, gradual improvement in non-interest income through higher retail/MSME fee generation, FX and trade-related initiatives is expected to support profitability. While opex may inch up with selective branch addition and investments toward distribution and technology, improving operating leverage and revenue growth should help absorb the incremental cost.
Asset quality continues to remain a key positive, with slippages contained at ~15 bps, GNPA/NNPA improving sharply to 1.43%/0.29% and PCR strengthening further to 94.1%, providing strong comfort on downside risks.
Thanks to the management's concerted efforts, the asset quality of the bank is steadily improving. During Q4FY26, gross NPA was down 1.43% from 2.67% and NNPA dropped from 0.45% to 0.29%, reflecting a continued balance sheet clean-up and improving recovery trends.
The management is planning to resume branch expansion selectively in key markets such as Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Gujarat, Maharashtra and New Delhi. This will boost the bank's topline as well as bottomline.
The stock price is quite low at around Rs 40 on account of a relatively poor financial performance during the most part of the last decade and the growing geopolitical concerns in the Middle East. But in view of the company turning the corner, the share price is bound to start improving going ahead and will cross the Rs 50 mark in the very near future.
PERFORMANCE INDICATORS (Rs. in crore)
| Year | Net Sales | Net Profit | EPS (Rs.) | Div (%) | BV (Rs.) |
|---|---|---|---|---|---|
| 2024-25 | 11855.28 | 1455.64 | 5.60 | 45.0 | 43.60 |
| 2025-26 (E) | 12046.10 | 541.60 | 6.10 | 50.0 | 45.10 |
| 2026-27 (E) | 14645.49 | 640.30 | 7.15 | 50.0 | 48.36 |
July 15, 2026 - First Issue
Industry Review
VOL XVII - 10
July 01-15, 2026
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