TBI Corn is a dry corn miller that turns raw maize into the grits, flakes and flours behind India’s packaged snacks, breakfast cereals and animal feed - all without chemicals or genetic modification. Founded in 1999 by a first-generation entrepreneur with INR30,000, it began as a yeast supplier, moved into job-work milling in 2004, and built its own plant in 2014, eventually listing on the NSE Emerge in 2024. The recurring approach is cost efficiency through procurement skill - buying maize across seasons and states when prices are low, storing it, and supplying consistent-quality product to multinational customers on transparent cost-plus contracts. # Business segments A single engine - dry corn milling - that supplies the snack, feed and breakfast industries from three plants in Maharashtra, with an export-oriented associate unit being folded back into the parent. ## 1. Dry corn milling: grits, bran and flakes for India’s snack factories **The company buys non-GMO maize from multiple states across crop seasons, mills it into eight product grades inside automated plants, and sells almost entirely to B2B customers who need uninterrupted supply for their own production lines.** - **Grits are the anchor product** - de-germinated yellow corn ground to customer specifications across ten varieties (101 to 110) and used in extruded snacks like ITC’s Bingo and Prataap Snacks’ brands, as well as breweries and pizza bases; grits alone contributed roughly a third of FY26 revenue. - **Bran and broken maize feed animals and small industry** - corn bran is a high-fibre ingredient for breakfast cereals and animal feed, while broken maize in various sizes goes to small domestic manufacturers making cheese balls, corn pipes and poultry feed. - **Flakes are custom-built for namkeen makers** - the company runs a dedicated production sequence (destoning, cooking, flaking, drying) that tailors thickness, colour and ingredients to each buyer, producing thick flakes for poha and thinner ones for farsana. - **Every by-product finds a buyer** - corn germ is sold to the oil industry for extraction, with residual meal going to livestock feed, while the company’s R&D has lifted germ extraction from the industry norm of 1-2% to 4-4.5%. ## 2. Export-oriented milling: a hygiene-grade unit for premium markets **A separate, fully automated Bühler-designed plant inside the JNPA special economic zone was built to serve customers who care more about hygiene standards than price - and it is being merged back into the listed parent.** - **Built for the customers the main plants could not reach** - premium buyers like Kellogg’s and Nestlé, and markets like Japan and Korea, are hygiene-sensitive rather than margin-sensitive, and TBI could not penetrate them from its existing Sangli facilities. - **Bühler-designed from the ground up** - the plant is completely automated with imported machinery, representing a total capital investment of roughly INR32 crore, and has space and machine layout for 240 tonnes per day though it started at 120. - **Can switch between Indian and imported maize** - when domestic corn prices spike, the unit can import from South America or North America, which would yield higher margins because the facility sits inside a port-based SEZ. - **Being folded into the parent at cost** - as of mid-2026, TBI Maize-Processors was in the process of merging into TBI Corn via a share swap, with the promoter not seeking to profit from the transaction. # Group structure and partners **The listed parent sits above a web of wholly owned and majority-owned subsidiaries that reach into wet milling, ethanol, farmer training and contract manufacturing - all incorporated since the 2024 IPO.** - Agripivot Ventures, a wholly owned subsidiary formed in July 2024, acts as a vehicle for entering adjacent verticals and holds a 51% stake in Brajraj Corntech (incorporated December 2025, for corn-based product manufacturing in Uttar Pradesh), while Dhar Ventures (incorporated March 2025, for distilling, ethanol and biofuels) is a wholly owned subsidiary of Agripivot Ventures. - Revita Starch, a wholly owned subsidiary incorporated in January 2025, is intended for wet milling of corn to produce starch and derivatives including maltodextrin, liquid glucose, sorbitol and dextrose. - TBI Foundation, a Section 8 not-for-profit subsidiary incorporated in February 2025, runs farmer training, community welfare and sustainable-farming initiatives. - A Memorandum of Understanding (MoU) with Vedant Starch, signed in December 2024, gives TBI access to a non-operational maize processing plant at Bedag, Sangli, with a minimum capacity of 2,000 metric tonnes per month for producing starch, gluten, germ and wet fibre - TBI supplies the raw maize and paid a refundable interest-free deposit of roughly INR1 crore, but holds no equity in Vedant.