Regaal Resources Limited (REGAAL)
₹88.40 -0.55% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Regaal Resources' revenue was ₹202 Cr (-18.2% year on year, -17.5% on the previous quarter), and net profit ₹13.3 Cr (+48.1% year on year); the operating margin was 15.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹202 | -18.2% | -17.5% |
| Operating profit | ₹31.0 | +29.1% | -6.1% |
| Net profit | ₹13.3 | +48.1% | -21.6% |
| EPS (₹) | 1.30 | +18.2% | -19.3% |
| Operating margin | 15.3% | — | — |
REGAAL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 67.63% of the REGAAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.31%. That is higher than usual for this stock. Turnover was only ₹72 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 46.9% · 55.0% · 54.4% · 42.1% · 67.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Regaal Resources received an adjudication order from the Registrar of Companies (ROC), Kolkata on October 14, 2026, imposing an ₹8,00,000 penalty on the company and ₹2,00,000 on officers in default. The issue pertains to a 2016 private placement of 15,35,000 equity shares where a valuation report was inadvertently omitted from Form PAS-3 filings. The penalty was determined under a suo moto application filed by the company under Section 454 of the Companies Act, 2013. Given the company's TTM net profit of ₹60 crore, the financial impact is immaterial.
- ROC Kolkata imposed an aggregate penalty of ₹8,00,000 on Regaal Resources
- A penalty of ₹2,00,000 was imposed on officers in default
- Default involved non-attachment of valuation report for allotments of 15,35,000 shares in September-October 2016
- Order originated from the company's own suo-moto adjudication application under Section 454
Regaal Resources Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated October 3, 2026. It confirms that share certificates received for dematerialisation during the quarter were processed, verified, and cancelled within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Filed with NSE and BSE on October 08, 2026
- Confirms mutilation, cancellation, and substitution of records within statutory timelines
Regaal Resources has successfully repaired and recommissioned the 10 MW turbine at its newly commissioned 825 TPD facility in Kishanganj, Bihar, fully restoring operations. The disruption, which began when rotor and fan damage was detected on August 26, 2026, temporarily affected incremental production. Direct repair costs totaled Rs 90 lakhs plus freight, for which an insurance claim has been submitted. Existing customer orders were unaffected during the downtime as the company utilized existing inventory.
- Operations fully restored at the 825 TPD Kishanganj plant following turbine repair and testing
- Disrupted asset was a 10 MW turbine where damage was first detected on August 26, 2026
- Total repair cost of Rs 90 lakhs plus actual freight has been claimed with insurers
- Customer orders were maintained without disruption via buffer inventory
Regaal Resources has announced an update on the operational disruption at its newly commissioned 825 TPD facility in Kishanganj, Bihar. The repair, installation, and recommissioning timeline for its damaged 10 MW turbine has been extended by approximately 5 days. The company confirmed that all other manufacturing operations at the site continue to operate normally and remain unaffected. The initial disruption was reported following rotor and fan damage disclosed on September 10, 2026.
- Turbine repair and recommissioning timeline extended by approximately 5 days
- Affected asset is a 10 MW turbine at the newly commissioned 825 TPD facility
- Plant located at Bhatgaon, Galgalia Check Post, Kishanganj District, Bihar
- All other manufacturing operations continue normally and are unaffected
Regaal Resources Limited submitted its voting results and scrutinizer's report for the 14th Annual General Meeting held on September 23, 2026. Shareholders approved all four resolutions with overwhelming support exceeding 99.99% of votes polled. Key approvals included the adoption of standalone financial statements for FY26, declaration of a 5% final dividend (Rs 0.25 on Rs 5 face value), re-appointment of director Munish Jhajharia, and commission remuneration for Independent Directors. Out of 10,29,93,860 total equity shares, 7,47,12,994 votes were polled across remote e-voting and AGM proceedings.
- All 4 resolutions passed with over 99.99% votes polled in favour.
- A total of 7,47,12,994 votes were polled out of 10,29,93,860 outstanding shares (72.54% turnout).
- Approval of a final dividend of 5% on the equity shares of face value Rs 5 each for FY26.
- Re-appointment of Non-Executive Director Munish Jhajharia approved with 99.9969% votes in favour.
Regaal Resources Limited has issued an email communication to shareholders detailing Tax Deduction at Source (TDS) guidelines regarding its final dividend of ₹0.25 per share (5% of face value ₹5) for FY 2025-26. The record date to determine shareholder eligibility is fixed as September 16, 2026. The dividend is subject to approval at the 14th Annual General Meeting scheduled for September 23, 2026, and will be disbursed within 30 days of declaration. Shareholders must submit relevant tax exemption documents via the RTA portal by September 16, 2026.
- Final dividend recommended at ₹0.25 per equity share (5% on face value of ₹5)
- Record date for determining dividend entitlement is September 16, 2026
- 14th AGM to approve dividend scheduled for September 23, 2026
- Standard TDS rate of 10% for resident shareholders with valid PAN (20% for invalid/unlinked PAN)
- Deadline to submit tax exemption forms on RTA portal is September 16, 2026, by 5:00 PM IST
Regaal Resources reported an operational disruption at its newly commissioned 825 TPD facility in Kishanganj, Bihar, due to damage detected in the rotor and fan of a 10 MW turbine. The facility, which was commissioned on May 26, 2026, was operating at approximately 50% capacity utilization prior to the incident detected on August 26, 2026. The turbine is anticipated to be repaired and recommissioned by approximately September 30, 2026 (a 35-day disruption). Estimated direct repair costs are ₹90 lakhs and are covered by insurance, with existing inventory sufficient to service ongoing customer orders.
- Turbine capacity of 10 MW damaged at the 825 TPD facility in Kishanganj, Bihar
- Estimated repair cost of approximately INR 90 lakhs, which is covered by insurance
- Affected unit was operating at ~50% capacity utilization prior to disruption
- Expected recommissioning within ~35 days of detection, targeted by September 30, 2026
- Other manufacturing units remain operational and existing inventory covers current order flow
Regaal Resources has scheduled its 14th Annual General Meeting (AGM) for September 23, 2026, through video conferencing. The cut-off date for e-voting eligibility is September 16, 2026, with remote e-voting active from September 20 to September 22, 2026. The accompanied FY26 Annual Report details the company's wet-milling capacity expansion to 1,650 TPD commissioned on May 26, 2026, along with additions in Liquid Glucose and Maltodextrin Powder lines.
- 14th AGM scheduled for September 23, 2026 at 3:00 PM IST via VC/OAVM
- E-voting cut-off date set as September 16, 2026; voting window runs September 20-22, 2026
- Annual report highlights completed maize crushing capacity expansion from 825 TPD to 1,650 TPD on May 26, 2026
- Captive co-generation power capacity increased to 15.8 MW
Regaal Resources released its Q1 FY27 earnings call transcript highlighting the successful commissioning on May 26, 2026, of its wet milling capacity doubling from 825 TPD to 1,650 TPD. Q1 FY27 revenue stood at ₹202.15 crore, while EBITDA grew 26.6% YoY to ₹30.98 crore (15.3% margin) and PAT increased 47% YoY to ₹13.33 crore as low-margin trading revenue dropped to 3.3%. Total project outlay is ~₹664 crore (~67.5% of market cap), with ₹552 crore incurred by June 30, 2026. Net debt stood elevated at ₹735.32 crore to fund capex and seasonal raw material procurement, though it qualifies for interest subvention under Bihar state policy.
- Crushing capacity doubled from 825 TPD to 1,650 TPD on May 26, 2026, alongside new 180 TPD liquid glucose and 50 TPD maltodextrin powder facilities.
- Q1 FY27 PAT grew 47% YoY to ₹13.33 crore with EBITDA expanding 26.6% YoY to ₹30.98 crore and EBITDA margin at 15.3%.
- Total project capex outlay is ~₹664 crore, of which ₹552 crore was incurred as of June 30, 2026.
- Net debt reached ₹735.32 crore due to capex and seasonal maize stocking; eligible for interest subvention under Bihar's Industrial Investment Promotion Policy.
- Export revenue contribution more than doubled to 10.4% in Q1 FY27 compared to 4.9% in Q1 FY26.
Regaal Resources Limited has made available the audio recording of its Earnings Conference Call conducted on August 17, 2026, at 11:00 AM IST. The call discussed the unaudited financial results for the first quarter ended June 30, 2026 (Q1 FY27). The recording link has been uploaded to the company's official website in accordance with SEBI Listing Regulations.
- Audio recording for the Q1 FY27 earnings conference call published on the company website
- Earnings call conducted on Monday, August 17, 2026, at 11:00 AM IST
- Call pertained to financial performance for the quarter ended June 30, 2026
Regaal Resources reported a strong Q1 FY27 with revenue from operations at ₹202.15 Cr (₹2,021.5 Mn) and PAT growing 47.0% YoY to ₹13.33 Cr (₹133.3 Mn). Operating EBITDA rose 26.6% YoY to ₹30.98 Cr, with EBITDA margins expanding 540 bps to 15.3%, driven by higher-margin manufacturing as trading revenue dropped to 3.3% of the mix. During the quarter, the company doubled its maize wet milling capacity from 825 TPD to 1,650 TPD and commissioned new value-added facilities (180 TPD Liquid Glucose and 50 TPD Maltodextrin Powder). Captive power generation was also expanded from 7.1 MW to 15.8 MW, with full ramp-up benefits expected from Q2 FY27.
- Q1 FY27 PAT grew 47.0% YoY to ₹13.33 Cr, while Operating EBITDA increased 26.6% YoY to ₹30.98 Cr.
- Installed maize crushing capacity doubled from 825 TPD to 1,650 TPD, making it Eastern India's largest maize wet milling facility.
- Commissioned new derivative lines: 180 TPD Liquid Glucose and 50 TPD Maltodextrin Powder facilities.
- Export share expanded to 10.4% of revenue in Q1 FY27 compared to 4.9% in Q1 FY26.
- Captive power capacity augmented from 7.1 MW to 15.8 MW to support expanded operations.
Regaal Resources Limited has scheduled its 14th Annual General Meeting (AGM) for Wednesday, September 23, 2026, via Video Conferencing. The company has fixed Wednesday, September 16, 2026, as the record date to determine eligible shareholders for the final dividend for FY 2025-26. The same date serves as the cut-off date for e-voting eligibility, with the remote e-voting period open from September 20 to September 22, 2026. The specific dividend payout per share was not disclosed in this filing and remains subject to shareholder approval at the AGM.
- Record date for FY 2025-26 final dividend fixed as September 16, 2026
- 14th Annual General Meeting to be convened on September 23, 2026, at 3:00 PM IST via VC/OAVM
- Remote e-voting period open from September 20, 2026 (9:00 AM IST) to September 22, 2026 (5:00 PM IST)
- Cut-off date for voting rights established as September 16, 2026
Regaal Resources Limited has scheduled its 14th Annual General Meeting (AGM) for Wednesday, September 23, 2026, via Video Conferencing. The company has fixed Wednesday, September 16, 2026, as the record date for determining shareholder eligibility for the final dividend for FY 2025-26. The cut-off date for voting entitlement is also set as September 16, 2026, with remote e-voting running from September 20 to September 22, 2026. The dividend payout remains subject to shareholder approval at the AGM.
- 14th AGM scheduled for Wednesday, September 23, 2026 at 3:00 PM IST via VC/OAVM
- Record Date for FY 2025-26 final dividend fixed as Wednesday, September 16, 2026
- Cut-off date for remote e-voting eligibility set for September 16, 2026
- Remote e-voting window open from September 20, 2026 (9:00 AM IST) to September 22, 2026 (5:00 PM IST)
Regaal Resources reported a 47.0% YoY growth in Q1 FY27 PAT to ₹133 million (₹13.3 crore), driven by significant margin expansion despite an 18.0% YoY drop in Operating Income to ₹2,021 million. The revenue drop reflects a deliberate strategy to reduce low-margin trading revenue (down to 3.3% from 19.5% of total income). Operating EBITDA grew 26.6% YoY to ₹310 million as EBITDA margins expanded 540 bps to 15.3%. Operationally, the company successfully commissioned its doubled wet milling capacity to 1,650 MT/day along with new derivative units for Liquid Glucose (180 MT/day) and Maltodextrin Powder (50 MT/day).
- Q1 FY27 PAT rose 47.0% YoY to ₹133 million with PAT margin expanding 291 bps to 6.6%.
- Operating EBITDA grew 26.6% YoY to ₹310 million with EBITDA margins rising 540 bps to 15.3%.
- Operating Income dropped 18.0% YoY to ₹2,021 million as low-margin trading revenue fell to 3.3% from 19.5% in Q1 FY26.
- Installed maize crushing capacity doubled from 825 TPD to 1,650 TPD, alongside co-gen power expansion to 15.8 MW (from 7.1 MW).
- Export share expanded to 10.4% in Q1 FY27 compared to 4.9% in Q1 FY26.
Regaal Resources reported a 47% YoY increase in net profit to ₹13.33 cr for Q1 FY27, despite an 18% decline in revenue to ₹202.15 cr. The company successfully doubled its maize crushing capacity to 1,650 TPD and commissioned new value-added product lines for Liquid Glucose (180 TPD) and Maltodextrin (50 TPD). Operating margins improved as total expenses fell by 21% YoY, primarily driven by lower material costs and inventory adjustments. The expansion of the captive power plant to 15.8 MW is expected to support the increased operational scale.
- Net Profit increased 47% YoY to ₹13.33 cr from ₹9.07 cr in the previous year's quarter.
- Maize crushing capacity doubled from 825 TPD to 1,650 TPD during the current quarter.
- Commissioned new 180 TPD Liquid Glucose and 50 TPD Maltodextrin Powder manufacturing facilities.
- Captive co-generation power plant capacity enhanced by 122% to 15.8 MW from 7.1 MW.
- Revenue from operations declined 18% YoY to ₹202.15 cr compared to ₹246.57 cr in Q1 FY26.
Financial Performance
Revenue Growth by Segment
Total Operating Income grew 41.9% YoY in H1 FY26 to INR 566.59 Cr. Segmental revenue mix for H1 FY26 includes Native Maize Starch at 47.3% (down from 59.3% in FY25), Co-products at 19.9% (down from 21.8% in FY25), Value-added products at 1.2% (down from 1.6% in FY25), and Modified Starch at 0.6% (up from 0.5% in FY25).
Geographic Revenue Split
Export sales contributed INR 65.48 Cr (7.2% of revenue) in FY25, up from INR 42.89 Cr (7.2%) in FY24. In H1 FY26, exports were INR 22.24 Cr, representing 3.9% of total revenue. The majority of revenue is derived from domestic markets in India, specifically leveraging the Bihar production hub.
Profitability Margins
Profit After Tax (PAT) for Q2 FY26 was INR 16.71 Cr, a 27.7% YoY increase. PAT margin for H1 FY26 stood at 4.5%, down 101 bps from 5.6% in H1 FY25. Value-Add Margin contracted by 713 bps YoY to 24.5% in Q2 FY26 due to muted export demand and lower domestic starch prices.
EBITDA Margin
Operating EBITDA Margin was 10.9% in Q2 FY26, a contraction of 425 bps from 15.2% in Q2 FY25. For FY25, the margin was 12.38%. The decline is attributed to higher maize procurement costs during non-peak seasons and market volatility.
Capital Expenditure
The company is executing a consolidated capex of approximately INR 450 Cr over FY2025-26. This includes establishing a new 48 TPD Liquid Glucose capacity and expanding total milling capacity to 1,650 TPD by the end of FY26.
Credit Rating & Borrowing
Credit rating was upgraded to 'Crisil A-/Stable' from 'Crisil BBB+/Positive' in November 2025. Interest coverage ratio improved to 3.05x in FY25 from 2.49x in FY24. Net Debt/Operating EBITDA stood at 4.0x as of September 2025.
Operational Drivers
Raw Materials
Maize is the primary raw material, accounting for approximately 70% of the total operating income. Other inputs include rice (diverted for ethanol) which impacts maize availability and pricing.
Import Sources
Raw materials are primarily sourced domestically from Bihar, which is one of the top three maize-cultivating states in India. The plant is strategically located in Kishanganj to be near major maize markets.
Key Suppliers
Procurement is done directly from farmers in close proximity to the plant during peak seasons and through a dealer distribution network to ensure steady supply.
Capacity Expansion
Current installed capacity is 825 TPD as of September 2025 (scaled from 180 TPD in 2018). Planned expansion will double this to 1,650 TPD by the end of FY26, including new lines for Liquid Glucose and Maltodextrin.
Raw Material Costs
Maize costs represent 70% of revenue. In FY23, margins fell to 8.42% due to rising maize prices, recovering to 12.38% in FY25 as prices cooled. Procurement strategies include 65,000 MT of in-house storage in silos to lower logistics and seasonal costs.
Manufacturing Efficiency
Fixed Asset Turnover improved to 3.1x in September 2025 from 2.5x in March 2025. The company maintains a cost advantage over non-integrated peers through its integrated power and storage setup.
Logistics & Distribution
Strategic location in the Kishanganj export corridor reduces transportation costs for both domestic distribution and international shipments to neighboring regions.
Strategic Growth
Expected Growth Rate
36.9%
Growth Strategy
Growth is driven by doubling milling capacity to 1,650 TPD by Q4 FY26 and diversifying into high-margin derivatives like Liquid Glucose, Maltodextrin Powder, and Dextrose. The company aims to leverage its 'Star Export House' status to re-enter reopening global markets.
Products & Services
Native Maize Starch, Modified Starch, Liquid Glucose (LG), Maltodextrin Powder (MDP), Dextrose Monohydrate (DMH), Dextrose Anhydrous (DAH), and various co-products.
Brand Portfolio
REGAAL
New Products/Services
New value-added products including Liquid Glucose (48 TPD) and Maltodextrin Powder are expected to be operational from H2 FY27, targeting higher margin F&B and Pharma segments.
Market Expansion
Expansion focuses on the F&B and FMCG industries. The company is leveraging its location near export corridors to increase its footprint in international markets as global demand for starch firms up.
Market Share & Ranking
Regaal is described as one of the fastest-growing wet maize milling companies in India, though specific market share percentage is not disclosed.
External Factors
Industry Trends
The industry is seeing a shift toward value-added maize derivatives. Current trends include the diversion of maize and rice to ethanol production, which increases raw material competition but supports overall grain demand.
Competitive Landscape
Highly consolidated industry with significant competition among the top 5-6 players for large institutional clients in the FMCG and Pharma sectors.
Competitive Moat
Moat is built on cost leadership through a strategic Bihar location (low procurement/logistics), integrated 7.1 MW power plant, and large-scale 65,000 MT storage silos. These are sustainable due to the high capital intensity of integrated setups.
Macro Economic Sensitivity
Highly sensitive to agricultural output and monsoon patterns affecting maize yields. Profitability is susceptible to global starch demand-supply dynamics which impact domestic pricing.
Consumer Behavior
Rising demand for processed foods and FMCG products is driving the need for maize-based thickeners, sweeteners, and stabilizers.
Geopolitical Risks
Export markets (7.2% of FY25 revenue) are subject to international trade conditions; recent muted demand in starch exports pressured domestic prices in Q2 FY26.
Regulatory & Governance
Industry Regulations
Operations are subject to government-implemented Minimum Support Prices (MSP) for maize and Food Corporation of India (FCI) policies regarding rice release for ethanol production.
Taxation Policy Impact
The company benefits from interest subsidies provided by the state government for term loans availed for capital expenditure.
Risk Analysis
Key Uncertainties
Volatility in maize prices (70% of costs) and project implementation/stabilization risks for the large-scale INR 450 Cr capex program.
Geographic Concentration Risk
High manufacturing concentration in Bihar (100% of capacity), though this is also a strategic advantage for raw material sourcing.
Third Party Dependencies
Dependency on the agricultural sector for maize supply and government policy for grain allocation to the starch vs. ethanol industries.
Technology Obsolescence Risk
Low risk; the company is currently upgrading to modern 1,650 TPD milling technology and adding derivative processing lines.
Credit & Counterparty Risk
Receivable days improved to 61 days in H1 FY26 from 77 days in FY24, indicating healthy credit quality from major FMCG and Pharma clients.
