Tirupati Starch & Chemicals is a single-factory maize grinder that has spent nearly four decades turning one agricultural commodity into an expanding shelf of industrial ingredients - starch, sweeteners, dextrins and proteins - for everything from tablet binders to poultry feed. Founded in Indore in 1985 and still operating from its integrated plant at Village Sejwaya in Madhya Pradesh, the company has followed a steady, self-funded logic: take a volatile raw material, process every part of it into saleable products, and sell almost entirely into the domestic B2B market where demand is constant because the outputs are classified as essential commodities.
Business segments
A single integrated engine - maize in, a portfolio of starch derivatives and byproducts out - where the same kernel yields food-grade sweeteners, industrial binders, animal feed and cooking oil, all from one factory.
1. Maize processing: the kernel split into a dozen revenue streams
One raw material, processed in one integrated facility, generates a portfolio of primary starches, sweeteners, dextrins and protein-rich byproducts - so a spike in maize cost is partly cushioned by selling every fraction of the grain.
- Starch as the platform product - the company makes Maize Starch Powder, which serves as the base for thickening, stabilizing, binding and emulsifying across food, paper, textiles and pharmaceuticals, and also feeds into its own downstream derivatives.
- Sweeteners added to the mix - Dextrose Anhydrous, Dextrose Monohydrate and Liquid Glucose (launched in FY24) supply the food-and-beverage and pharmaceutical industries, where starch-based sweeteners are used in flavours, ready-to-eat foods and tablet formulations.
- Dextrins for industrial buyers - White Dextrin and Yellow Dextrin, along with specialty grades sold under the Tirulose and Vervosize brands, give the company entry into adhesives, textile sizing and paper-bonding applications.
- Every byproduct finds a buyer - maize husk, bran, germ, gluten and maize oil are all recovered and sold: gluten goes into high-protein cattle and poultry feed, maize oil is used for vanaspati and refined corn oil, and even steep liquor is converted into biogas that dries the gluten, cutting the factory’s fuel bill.
- Emerging applications pull demand forward - corn starch is already used in automobile safety components and biodegradable packaging, and the company explicitly lists bioplastics as an end-market, giving it exposure to demand that sits outside traditional food and industrial cycles.
Group structure and partners
A family-promoted public company with a single charitable subsidiary, funded by a mix of promoter loans, bank working-capital lines and term debt - and a board that blends executive founders with a majority of independent directors.
- One wholly-owned not-for-profit subsidiary - Tirupati Starch Charitable Foundation, incorporated in April 2023, carries out social and community welfare activities under Schedule VII of the Companies Act and has no commercial operations.
- Promoter group holds a controlling stake - the founding families held 57.51% of equity as of March 2020, and key executive roles are filled by Mr. Ramdas Goyal (Chairman) and Mr. Amit Modi (Managing Director), while two promoter-group individuals were reclassified to the public category in 2021 because they had no role in management or policy.
- Banking relationships with SBI and HDFC Bank - working-capital facilities were enhanced to a ₹40-crore limit with HDFC Bank in mid-2025, secured by stock, receivables and plant, while a separate ₹7.75-crore term loan from TATA Capital is backed by property and personal guarantees from seven promoter-family members.
- Long-term borrowings rated investment-grade - Acuite Ratings assigned a BBB- (Stable) rating on total bank facilities of ₹50 crore, reflecting the company’s credit profile as it funds a ₹40-crore capacity expansion equally from internal accruals and term loans.
- Board structure with independent majority - as of March 2023, the 14-member board included seven independent directors alongside five executive and two non-executive non-independent directors, giving outside voices numerical weight in governance.