TBI Corn Ltd(TBI)

NSE: TBI

₹ 68.6+0.15%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 125 crUpdated: 24 Oct 2026

About

TBI Corn Ltd processes maize into maize-based products, processed foods, animal feed, agro-foods and health and dietary food products, with operations based in Maharashtra. It reported revenue of 303.68 (Rs crore) for FY26. Installed capacity reached 390 TPD across three plants at the end of March 2026. The Snacking and Namkeen industry accounted for 65% of revenue in H1 FY26.^[1][2]

Products and end markets

The group's business covers maize and maize-based products, processed foods, animal feed, agro-foods and health and dietary food products (FY26 annual report).^[1]
The Snacking and Namkeen industry made up 65% of revenue in H1 FY26.^[3]
Corn germ, a by-product worth more than animal feed, rose from 1-2% of output in earlier years to 4-4.5% in FY26. Each percentage point of germ adds about 25 bps to EBITDA margin.^[4]

Plants and capacity

Installed capacity was 390 TPD across three plants at the end of March 2026, up from 350 TPD, after 40 TPD was added at Malkapur.^[4]
Capacity was 350 TPD in H1 FY26, up from 150 TPD in H1 FY25 and 200 TPD at the end of FY25, from expanding Malkapur from 50 to 80 TPD and a new 120 TPD plant at Sangli (Sangli II).^[3]
TBI Maize Processors, a 100% export-oriented unit in the Mumbai JNPA SEZ, started production in Dec 2025/Jan 2026 and earned INR11.89 cr in FY26. Its occupancy certificate from JNPA is still pending.^[4]
Brajraj Corntech, a maize processor in Uttar Pradesh, is a step-down subsidiary held 51% through wholly owned Agripivot Ventures (FY26).^[1]

Key operating numbers

Volumes grew about 44% year on year in FY26.^[4]
Volumes rose 43.7% year on year to 45,009 tonnes in H1 FY26.^[3]
Capacity utilisation was 72% on the 350 TPD base in FY26, compared with 70% of 350 TPD in H1 FY26.^[4]
Gross margin was 22.7% in H1 FY26, up from 21.6% in H1 FY25.^[3]
Large-customer contracts are priced on a raw-material cost-plus basis; management says this keeps EBITDA margin in a 5-9% range (FY26 call).^[4]

Procurement

Direct buying from farmers rose to 25% of raw material in FY26, from 12-13% two years earlier, adding about 1-1.2% to margin.^[4]
Direct procurement was 24% in H1 FY26, up from 18% in H1 FY25.^[3]

Customers and exports

Export revenue rose from about INR12 cr to about INR30 cr in FY26, roughly 10% of revenue. A dedicated export marketing team has been set up.^[4]
FOB value of exports was Rs 19,96,76,789 in FY25, up from Rs 11,30,97,911 in FY24.^[5]
The company exports to 18 countries, including the UAE, Saudi Arabia, Qatar, Singapore, South Korea, Malaysia, Vietnam and Sri Lanka. Exports were 9% of H1 FY26 revenue.^[3]
ITC gave TBI Corn its Outstanding Vendor Award in 2025; TBI was the only corn-products supplier to receive it.^[3]

Expansion plans

Management targets 35% volume CAGR through FY28 and 33% revenue growth in FY27.^[4]
Exports are targeted at 20% of revenue by FY27, up from about 10%, with target markets including the GCC, Southeast Asia, Japan and Korea.^[4]
TBI Maize Processors is to be merged into TBI Corn through a share swap in H1 FY27. Its capacity can be raised from 120 to 240 TPD, but not in FY27.^[4]
Corn germ extraction is targeted at 5.5% in FY27 and 6-7% within about two years.^[4]

Recent developments

On October 8, 2026, the board approved setting up a subsidiary in Dubai, UAE, to explore international corn and maize processing; details are not yet final.^[6]
The company is seeking approval for up to ₹50 crore of sales and purchases (₹25 crore each) with UP-based maize subsidiary Brajraj in FY 2026-27, citing wider market reach.^[1]
The FY26 annual report proposes an ESOP grant to the whole-time director and CFO that may exceed 1% of issued capital in any one year.^[1]
On August 27, 2025, the board approved the TBI CORN Employees Stock Option Scheme 2025, subject to shareholder approval.^[5]
Operating cash flow was INR33.41 cr in FY26, after being negative in FY25; management credits tighter inventory control and better payable terms.^[4]

Market Cap

₹125 Cr

High / Low

₹98 / 55

Stock P/E

7.1

Price / Book

1.2

Book Value

₹66

EPS

₹10.3

No. of Shares

1.82 Cr

ROCE

18.3%

ROE

16.8%

OPM

10.7%

Debt / Equity

0.59

Sales

₹304 Cr

Net Profit

₹19 Cr

Promoter holding

56.5%

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