Regaal Resources turns maize into a family of specialty ingredients that go into everything from biscuits and envelopes to animal feed and pharmaceuticals - it is, at its core, a starch manufacturer. Founded in 2016 by Anil Kishorepuria and operational since 2018, the company set up a single wet-milling plant in Kishanganj, Bihar, deliberately placing it inside one of India’s top three maize-growing belts. The recurring approach that explains everything else is a relentless drive to squeeze more value from the same grain: crush more maize, capture more of the kernel’s output, and then convert basic starch into higher-value derivatives, funding each step with the cash flows of the last.
Business segments
A single integrated business built around one wet-milling facility - it starts by crushing maize into starches and co-products, then upgrades that starch into a growing range of value-added derivatives, all sold under one roof.
1. Maize crushing and starch products: the foundation that feeds everything else
The plant soaks, separates and dries maize into a portfolio of starches, modified starches and co-products - and because it sits in a maize surplus zone with its own power and water, it starts with a structural cost advantage over distant rivals.
- Cheaper raw material at the gate - the Kishanganj facility is located in Bihar, which produces roughly 11.6% of India’s maize, and is just 110 km from the Gulabbagh mandi, one of the country’s largest maize markets, so the company buys grain with minimal freight.
- Captive power keeps the lights on cheaply - about 88% of its electricity in FY25 came from its own dual-feed (coal and husk) co-generation plant, insulating the plant from grid-price swings in an energy-intensive process.
- Every part of the kernel is sold - the wet-milling process yields native maize starch and modified starches (white dextrin, yellow dextrin, oxidized starches) for industries like paper, textiles and adhesives, while the co-products - maize germ, gluten, fiber and steep liquor - are sold into animal nutrition and food production, so there is almost no waste stream.
- A grain bank to smooth out seasons - 65,000 tonnes of on-site maize storage across four humidity-controlled silos and warehouses, plus agreements with nearby godowns holding roughly another 240,000 tonnes, mean the plant can run through the non-harvest months without interruption.
- Scale that doubled in a single move - crushing capacity was expanded from 825 tonnes per day to 1,650 tonnes per day in May 2026, making it the largest maize milling plant in Eastern India, which spreads fixed costs over more tonnes.
2. Value-added derivatives: upgrading starch into higher-value ingredients
The company has begun converting its own starch into liquid glucose, maltodextrin powder and soon dextrose - products that command better prices and open doors to food, pharma and export customers.
- Freshly commissioned, right next to the starch plant - a new derivative facility started up in May 2026 with capacity for 180 tonnes per day of liquid glucose and 50 tonnes per day of maltodextrin powder, fed directly by the expanded crushing line, so there is no intermediate transport cost.
- Dextrose is the next rung up the ladder - dextrose anhydrous and dextrose monohydrate plants, with a combined installed capacity of 150 tonnes per day, are under construction and expected to be commissioned in the second half of FY27, completing the move from basic starch to pharmaceutical-grade sugars.
- A bigger bet on specialty starches - the pipeline also includes cationic starch, carboxymethyl starch and pre-gel starch, which are modified starches tailored for specific industrial uses, widening the gap between the company’s product mix and plain commodity starch.
- The capex tells the story - the total investment plan was revised upwards to roughly ₹540 crore, directed at these value-added lines and the co-generation plant, because the management sees derivatives, not just more tonnes of starch, as the next leg of growth.
3. Consumer products and white-labelling: a branded and unbranded outlet for starch
Under its own ‘Lion’ brand and through contract manufacturing for other companies, the business turns starch into retail-ready powders - custard, baking powder, icing sugar, maize flour - that reach households and bakeries.
- Own-brand pantry staples - the company manufactures and sells maize flour, custard powder, baking powder and icing sugar under the ‘Lion’ brand, taking its starch all the way to the consumer shelf.
- Making products for other people’s labels - a white-labelling strategy lets the company manufacture products under customer brands, which adds volume without the cost of building consumer brands from scratch; it even produces ‘gulal’ (coloured festival powder) this way.
- Dealers are the main route to market - the dealer channel accounted for 65.5% of annual revenue, with the company onboarding 134 new customers during the year to reach a total of 345, so distribution is broad but not dependent on any single buyer.
- Geography still has white space - only about 1% of FY25 revenue came from South India, which is why the stated growth plan includes pushing into Karnataka, Tamil Nadu, Andhra Pradesh and Telangana, alongside building exports to South-East Asia beyond its existing Nepal and Bangladesh trade.