Aemetis (NASDAQ: AMTX) said Tuesday its Indian subsidiary, Universal Biofuels, has started delivering biodiesel to India's three government-owned Oil Marketing Companies. The allocation covers more than 18 million liters, roughly 4.8 million gallons, over a three-month window. Aemetis expects about $17 million in revenue from it.
That is a modest number on its own. What it signals is not.
India currently blends biodiesel at about 1%. The National Policy on Biofuels targets 5% by 2030. Aemetis Chairman and CEO Eric McAfee put the endgame at more than 1.2 billion gallons per year of blending demand, and said rising crude prices and repeated diesel price increases in India are pushing the government to move faster.
"Universal Biofuels and other biodiesel producers are working with the government of India to build and expand a robust biodiesel industry," said Sanjeev Duggal, CEO of Universal Biofuels.
The plant behind the deliveries sits in Kakinada, on India's east coast. It has been running for more than 18 years and now produces around 80 million gallons a year of distilled biodiesel and refined glycerin. Universal has also expanded its proprietary enzymatic process, which lowers the carbon intensity of the finished fuel at reduced cost. Beyond the OMC allocation, the company is supplying private commercial buyers with distilled product, and more OMC orders are expected before the end of 2026.
Universal is now preparing a potential IPO on the India stock exchange for a minority stake, subject to market conditions. It is also looking at other Indian sites and at diversifying into dairy biogas, ethanol, and sustainable aviation fuel.
Here is the part worth sitting with. Aemetis is a California company. It runs a 65 million gallon ethanol plant near Modesto, a dairy biogas network, and a SAF project in development. It also owns one of the largest biodiesel producers in India. The same corporate balance sheet is chasing California's low-carbon fuel credits and India's blend mandate at the same time.
That is the shape of the market now. Feedstock, capital, and offtake do not stay in one country. A blending target in New Delhi affects where a publicly traded US company puts its next dollar. A crude rally moves diesel prices in India, which moves biodiesel demand, which pulls on global feedstock supply. Waste oils, tallow, and vegetable oils get priced against all of it.
Source: Aemetis press release, Aug. 4, 2026. More global feedstock coverage at UCO Markets.
