# 9X global demand by 2030: 2 Indian smallcap stocks targeting green jet fuel

> India's two smallcap stocks aim to capture 9X global sustainable aviation fuel demand by 2030.
- Title: 9X global demand by 2030: 2 Indian smallcap stocks targeting…
- Summary: India's two smallcap stocks aim to capture 9X global sustainable aviation fuel demand by 2030. TruAlt Bioenergy and Praj Industries target India's emerging…
- Keywords: sustainable aviation fuel, trualt bioenergy, praj industries, ethanol to jet, saaf blending, indian smallcap stocks, green jet fuel, aviation industry, biofuel infrastructure, saaf policy, Financialexpress
- Source: Financialexpress — https://financialexpress.com/market/stock-insights/9x-global-demand-by-2030-2-indian-smallcap-stocks-targeting-green-jet-fuel/4377289
- Author: Madhvendra
- Published: 2026-11-04T23:35:00+00:00
- Read time: 1 min
- Topics: sustainable aviation fuel, trualt bioenergy, praj industries, ethanol to jet, saaf blending, indian smallcap stocks, green jet fuel, aviation industry, biofuel infrastructure, saaf policy, business, money
## SAF Policy Shift
India's Ministry of Civil Aviation proposed mandatory SAF blending for international flights starting January 2027.
## Global SAF Demand
Global SAF consumption projected to surge 9x to 900 crore litres by 2030 from 100 crore litres in 2024.
## India's Aviation Demand
India's international aviation sector requires 5.3 crore litres of SAF in 2027, increasing to 29 crore litres by 2030.
## TruAlt Bioenergy
TruAlt Bioenergy operates five distillery units with 2,000 kilolitres per day capacity producing 89.4% ethanol revenue.
## SAF Production Plan
TruAlt setting up 310 kilolitres per day SAF plant in Srikakulam with ₹2,250 crore investment.
## Praj Industries
Praj Industries designs ethanol-to-jet technology with 24 indian patents and 60 international patents.
## SAF Technology
Praj's technology converts ethanol into jet fuel meeting international quality standards (ASTM D7566).
## Investment Timeline
Praj expects final investment decision for international ethanol-to-SAF plant in Q1FY28.
## Financial Performance
TruAlt reported 606% revenue growth to ₹811.1 crore in Q2FY27 with 12.5% positive EBITDA margin.
## Working Capital
TruAlt reduced inventory from ₹528 crore to ₹206 crore in h1fy27 with zero net debt.
## Praj's Financials
Praj reported 20.2% net profit growth to ₹23.2 crore despite 18.5% engineering revenue decline.
## Order Backlog
Praj carries ₹4,455 crore order backlog as of September 30, 2026, 1.4x FY26 revenue.
## Valuation Comparison
TruAlt trades at 8.4x EV/EBITDA vs industry median 25.2x while Praj trades at 21.2x below 22.8x median.
## Policy Impact
SAF policy success depends on regulatory implementation and project completion timelines.
## Investment Outlook
Both companies could benefit from India's SAF blending framework targeting 20% aviation fuel by 2040.
## Key takeaway

TruAlt Bioenergy and Praj Industries target India's emerging green jet fuel market as SAF blending targets rise to 20% by 2040.