TBI - TBI Corn

📊 NSE: TBI 🏢 Food - Processing - Indian 📅 Last Updated: 12/14/2025 14:12

💰 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).