TBI Corn Limited (TBI)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, TBI Corn's revenue was ₹167 Cr (+41.5% year on year, +22.2% on the previous half-year), and net profit ₹8.0 Cr (+33.3% year on year); the operating margin was 9.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹167 | +41.5% | +22.2% |
| Operating profit | ₹16.0 | +45.5% | -13.0% |
| Net profit | ₹8.0 | +33.3% | -20.0% |
| EPS (₹) | 4.47 | +32.6% | -20.7% |
| Operating margin | 9.6% | — | — |
TBI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 69.7% of the TBI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 78.82%. That is close to its usual level. Turnover was only ₹14 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 80.4% · 96.7% · 61.5% · 64.3% · 69.7%
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
TBI Corn Limited's Board has approved the incorporation of a subsidiary company in Dubai, UAE, to pursue emerging international business opportunities in the corn and maize processing sector. The project is currently at the planning and evaluation stage, with capital structure and investment details yet to be finalized. TBI Corn operates with a TTM revenue of ₹516 Cr and a market capitalization of ₹91 Cr. Detailed statutory disclosures will be submitted upon the completion of the entity's incorporation.
- Board approved the incorporation of a subsidiary in Dubai, UAE on October 8, 2026
- Board meeting duration was 30 minutes, commencing at 05:00 p.m. and concluding at 05:30 p.m.
- Proposed subsidiary is currently in the planning and evaluation stage with capital structure not disclosed
- Company reported TTM revenue of ₹516 Cr and net profit of ₹32 Cr prior to this expansion
TBI Corn Limited has responded to a surveillance clarification letter from the National Stock Exchange dated September 15, 2026, regarding recent price movement in its equity shares. The company confirmed that all material and price-sensitive disclosures have been made in line with SEBI Regulation 30. Management stated that no undisclosed event or development has occurred that would impact company operations, performance, or share price. TBI Corn's stock has gained 33.1% over the past three months, against a market cap of Rs 108 Cr.
- Responded to NSE surveillance letter ref NSE/CM/Surveillance/17547 dated September 15, 2026
- Company confirmed compliance with Regulation 30 of SEBI Listing Regulations
- Confirmed zero undisclosed material events or developments affecting operations or price
- Stock had gained 33.1% in the preceding 3-month period against a Rs 108 Cr market cap
TBI Corn Limited has issued notice for its 4th Annual General Meeting scheduled for September 26, 2026. The company is seeking shareholder approval for material related-party transactions with Brajraj Corntech Private Limited up to an aggregate limit of ₹50 crore per annum (~9.7% of TTM revenue of ₹516 crore). Additionally, special approval is sought to grant employee stock options exceeding 1% of issued capital to Whole-time Director & CFO Ninad Anand Yedurkar under the 2025 ESOP scheme.
- 4th Annual General Meeting scheduled for September 26, 2026 at 11:00 AM in Sangli, Maharashtra
- Special Resolution proposed for related-party transactions with Brajraj Corntech Pvt Ltd up to ₹50 crore per annum
- Related-party transaction limit of ₹50 crore represents ~9.7% of TTM revenue (₹516 crore)
- Special Resolution to grant ESOPs exceeding 1% of issued capital to WTD & CFO Ninad Anand Yedurkar
TBI Corn Limited has scheduled its 4th Annual General Meeting (AGM) for Saturday, September 26, 2026. The board fixed September 19, 2026, as the cut-off record date for determining shareholder eligibility for e-voting and AGM attendance. Remote e-voting will run from September 23 to September 25, 2026. Additionally, the board approved the Annual Report for FY 2025-26 and appointed M/s. M P A & Associates as the internal auditor for FY 2026-27.
- 4th AGM to be held on Saturday, 26th September 2026 at 11:00 AM
- Record/cut-off date for e-voting eligibility set as Saturday, 19th September 2026
- Remote e-voting window open from 23rd September 2026 (09:00 AM) to 25th September 2026 (05:00 PM)
- Appointed M/s. M P A & ASSOCIATES as Internal Auditor for FY 2026-27
TBI Corn Limited informed the exchange that its Whole-time Director, Mr. Ninad Anand Yedurkar, attended the Kapitfy Investor Conference in Mumbai on August 31, 2026. The interaction was conducted as a physical group meeting from 10:00 AM to 05:00 PM. The company confirmed that no unpublished price sensitive information (UPSI) was shared during the meeting. This filing serves as a standard post-interaction regulatory compliance update.
- Management participated in the Kapitfy Investor Conference on August 31, 2026
- Physical group meeting held in Mumbai from 10:00 A.M. to 05:00 P.M.
- Represented by Whole-time Director Mr. Ninad Anand Yedurkar
- Company confirmed no Unpublished Price Sensitive Information (UPSI) was discussed
TBI Corn Limited has scheduled an analyst and investor interaction at the Kaptify Investor Conference in Mumbai on Monday, August 31, 2026. The meeting will be conducted in a physical group format between 10:00 AM and 5:00 PM. The company noted that only publicly available information will be discussed without any unpublished price-sensitive information.
- Investor conference scheduled for Monday, 31st August 2026
- Meeting timing set from 10:00 A.M. to 05:00 P.M. in Mumbai
- Physical group meeting organized by IR firm Kaptify Consulting
- No unpublished price sensitive information (UPSI) will be shared
TBI Corn Limited has announced a virtual one-on-one meeting with investors and analysts scheduled for August 11, 2026, from 6:00 PM to 7:00 PM. The meeting will be attended by the Whole-Time Director and CFO, Mr. Ninad Anand Yedurkar, and is organized by their IR firm, Kaptify. The company clarified that no unpublished price-sensitive information will be discussed, focusing only on publicly available data. This interaction occurs against a backdrop of TTM revenue reaching Rs 516 Cr and a current market capitalization of Rs 78 Cr.
- Meeting scheduled for August 11, 2026, between 06:00 pm and 07:00 pm
- Interaction format is one-on-one and will be conducted virtually
- CFO Mr. Ninad Anand Yedurkar will represent the company management
- Company currently trades at a P/E of 2.5 with TTM revenue of Rs 516 Cr
- Investor Relations firm Kaptify is organizing the interaction
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment (corn and allied products). Revenue grew from INR 100 Cr in fiscal 2022 to INR 213 Cr in fiscal 2025, representing a total growth of 113% over three years. Fiscal 2024 revenue was INR 158 Cr, up 13.6% from INR 139 Cr in fiscal 2023.
Geographic Revenue Split
Not disclosed in available documents; however, the manufacturing plant is located in Miraj, Sangli, Maharashtra.
Profitability Margins
Net Profit Ratio was 6.44% in fiscal 2025 compared to 6.38% in fiscal 2024. Operating margin improved to 11.75% in fiscal 2024 from 9.6% in fiscal 2023 due to better absorption of fixed costs.
EBITDA Margin
Operating margin was 11.75% in fiscal 2024, a YoY improvement of 215 basis points from 9.6% in fiscal 2023, driven by softening raw material prices and operational efficiency.
Capital Expenditure
The company raised INR 44.939 Cr through an IPO in June 2024, with proceeds intended for capital expenditure for capacity addition, working capital, and general corporate purposes.
Credit Rating & Borrowing
CRISIL reaffirmed a 'Crisil BBB-/Stable' rating on long-term bank facilities in September 2025. The rated amount was enhanced from INR 47 Cr to INR 77 Cr. Bank limit utilization averaged 75% but recently exceeded 90%.
Operational Drivers
Raw Materials
Corn (Maize) is the primary raw material, used to produce corn grits, meal, and brewery grits.
Import Sources
Not specifically disclosed, but the plant's location in Sangli, Maharashtra, provides an advantageous proximity to corn-growing regions.
Capacity Expansion
The company is undertaking capacity addition funded by IPO proceeds of INR 44.94 Cr to support steady demand and volumetric growth (which was 70% in fiscal 2024).
Raw Material Costs
Raw material costs are susceptible to climatic conditions and price volatility. In fiscal 2024, margins improved due to the softening of raw material prices.
Manufacturing Efficiency
Operational efficiency initiatives and investment in technology have improved margins. Fixed cost absorption improved as revenue scaled from INR 139 Cr to INR 158 Cr in FY24.
Logistics & Distribution
The plant's location in Miraj, Sangli, is described as 'advantageous,' reducing logistics costs due to proximity to raw material sources and clients.
Strategic Growth
Expected Growth Rate
28.60%
Growth Strategy
Growth will be achieved through capacity expansion funded by the INR 44.94 Cr IPO proceeds, leveraging the promoters' 20+ years of experience, and strengthening established relationships with clients to maintain the 70% volumetric growth trend seen in FY24.
Products & Services
Corn grits, corn meal, corn brewery grits, and other allied corn products.
Brand Portfolio
The Best India (former name of the partnership firm before reconstitution as TBI Corn Limited).
Market Expansion
The company incorporated a new subsidiary in December 2025 to expand its corporate structure and operational reach.
External Factors
Industry Trends
The industry is seeing steady demand for corn-allied products. TBICL is positioning itself for this through capacity expansion and a transition from a partnership to a listed public entity to access capital markets.
Competitive Landscape
The company faces intense competition from other corn processors and is exposed to volatility in raw material prices and regulatory risks.
Competitive Moat
The moat consists of the promoters' 20-year extensive experience and the plant's strategic location in a corn-rich belt, which provides a sustainable cost advantage in procurement and logistics.
Macro Economic Sensitivity
Highly sensitive to agricultural output and climatic conditions (monsoon patterns) which directly impact the availability and price of maize.
Regulatory & Governance
Industry Regulations
Operations are subject to regulatory risks and agricultural policies that may affect maize procurement and pricing.
Taxation Policy Impact
The company is subject to Corporate Social Responsibility (CSR) requirements as its net profit exceeded the statutory threshold in fiscal 2025.
Legal Contingencies
As of the audit report dated May 27, 2025, the company does not have any pending litigations that would impact its financial position.
Risk Analysis
Key Uncertainties
Climatic conditions affecting raw material supply (high impact), volatility in maize prices (medium impact), and high bank limit utilization (>90%) affecting liquidity (medium impact).
Geographic Concentration Risk
Manufacturing is concentrated at a single location in Sangli, Maharashtra.
Third Party Dependencies
Dependency on maize farmers/suppliers for raw materials and banks for working capital (INR 77 Cr facility).
Technology Obsolescence Risk
The company is mitigating technology risks by investing in production capacity and efficiency-enhancing technology.
Credit & Counterparty Risk
Trade receivables turnover was 66 days in fiscal 2025, up from 60 days in fiscal 2024, indicating a slight stretching of the credit cycle.
