Regaal Resources Ltd(REGAAL)

NSE: REGAALBSE: 544485

₹ 85.93-3.26%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 885 crWebsite: www.regaalresources.comUpdated: 27 Oct 2026

About

Regaal Resources is headquartered in Kolkata and makes maize-based speciality products, including native and modified starches, food-grade products and starch derivatives, at a facility in Kishanganj, Bihar. The FY26 annual report says the company runs India's largest maize wet-milling facility, with installed crushing capacity of 1,650 TPD after an expansion completed on 26 May 2026. The Kishanganj plant is also the largest maize wet-milling plant in Eastern India. Revenue was 1134.17 (Rs crore) in FY26.^[1][2]

Revenue mix

Value-added products (liquid glucose, maltodextrin powder) made up 31.1% of revenue in Q1 FY27, against about 3% in FY26.^[3]
Trading income made up 3.3% of revenue in Q1 FY27, against 19.5% in Q1 FY26, as the company moved away from low-margin maize trading.^[3]
Management expects trading revenue to fall to near zero now that the 1,650 TPD capacity uses the maize itself (stated in the Q4 FY26 call).^[4]

Products

As of FY26, the range covers native and modified starches, food-grade products (corn flour, custard powder, icing sugar), derivatives (liquid glucose, maltodextrin) and co-products (maize germ, gluten, fibre, steep liquor).^[1]
Management expects value-added products to price at about a 20-25% premium over native starch (Q4 FY26 call).^[4]
White labelling grew in Q1 FY27: new customers were added and existing customers increased their volumes.^[3]

Plant and capacity

On 26 May 2026, crushing capacity at Kishanganj doubled from 825 TPD to 1,650 TPD.^[3][1]
A 180 TPD liquid glucose facility and a 50 TPD maltodextrin powder facility were commissioned alongside the May 2026 expansion.^[1]
Captive co-generation capacity rose from 7.1 MW to 15.8 MW. It met 85.2% of power needs in Q1 FY27, against about 81% in FY26.^[3][4]
The Kishanganj site covers 55.67 acres and was the first maize milling plant in that maize catchment region.^[1]
The site can store 65,000 MT of maize: four silos of 10,000 MT each plus a warehouse holding 25,000 MT (as of FY26).^[1]
After the expansion, the company expects its on-roll workforce to reach about 950 employees.^[1]

Operating numbers

Maize crushed was 69,689 MT in Q1 FY27, up 7.6% from a year earlier.^[3]
Capacity utilisation was 71.4% in Q1 FY27, reduced by planned shutdown days for integrating the new capacity, against 96.5% in FY26.^[3][4]
Production was 2,65,751 MT in FY26.^[4]
EBITDA per tonne was Rs 4,450/MT in Q1 FY27, against Rs 4,742/MT in FY26.^[3]
Value-add margin was 39.8% in Q1 FY27, against 25.1% in Q1 FY26.^[3]
The cash conversion cycle was 130 days in Q1 FY27, against 50 days in FY26, because maize was bought ahead for the doubled capacity.^[3][4]

Raw material sourcing

Maize is bought in Bihar and nearby regions, including directly from farmers through the Regaal Kisan Maitri Programme, without intermediaries.^[1]
Management says about 80% of the annual maize requirement is bought during the Rabi season, and that Bihar maize gives higher recovery.^[3]
Maize production in Kishanganj district rose from 91,680 MT in FY2023 to 4,17,511 MT in FY2024.^[1]

Customers and markets

The company added 42 new customers in Q1 FY27, including large multinationals buying liquid glucose. Customers come from paper, food processing and animal nutrition.^[3]
The company had 345 customers in FY26, of which 211 were repeat customers.^[4][1]
Dealers accounted for 68.1% of sales in Q1 FY27, against 65.5% in FY26.^[3][4]
Exports were 10.4% of sales in Q1 FY27, against 4.9% in Q1 FY26. Export revenue was Rs 466.9 Mn in FY26.^[3][4]
The company sells across India and in several Southeast Asian countries, and supplies Nepal and Bangladesh.^[1]
South India was 0.67% of FY26 revenue. The company is targeting Karnataka, Tamil Nadu, Andhra Pradesh and Telangana.^[1]

Expansion and capex

Total project outlay was revised to about Rs 664 crore. Rs 552 crore had been spent by 30 June 2026, leaving about Rs 112 crore for DAH/DMH, modified starches, storage silos and a methane power plant.^[3]
Dextrose anhydrous, dextrose monohydrate and hydrol are due to launch in Q4 FY27, before March 2027.^[3]
The full modified starch range (cationic, carboxymethyl, pre-gel, spray starch) is due to be online by September 2026.^[3]
Management expects crushing above 4 lakh tonnes in FY27 and 1,00,000-1,10,000 MT in Q2 FY27.^[3]
Management targets a value-added share of revenue of 20-22% in FY27 and about 35% in FY28.^[3]

Recent developments

The company listed on the NSE and BSE on 20 August 2025 after its IPO.^[1]
By 31 Dec 2025, Rs 1,857.3 Mn of the Rs 1,871.4 Mn net IPO proceeds had been used for debt repayment and general corporate purposes.^[5]
In Q3 FY26, the company booked a one-time exceptional charge of Rs 66.6 Mn after Bihar's Department of Industries ordered SGST subsidy reimbursements to be reversed.^[5]
During FY26, the company secured a sizeable export order.^[4]

Market Cap

₹885 Cr

High / Low

₹103 / 58

Stock P/E

15.4

Price / Book

1.9

Book Value

₹48

EPS

₹5.4

No. of Shares

10.27 Cr

ROCE

10.2%

ROE

11.3%

OPM

9.9%

Debt / Equity

1.25

Sales

₹1,134 Cr

Net Profit

₹56 Cr

Promoter holding

71.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials