TBI Corn Limited is a premier Indian corn milling enterprise specializing in the production of **high-quality, non-GMO, and chemical-free** maize derivatives. Originally established as a partnership in 1999, the company transitioned to a public entity in 2022 and successfully listed on the **NSE Emerge** platform in June 2024 with a **110.6% listing premium**. Today, it operates a fully automated, touch-free manufacturing ecosystem serving the global breakfast cereal, snack, brewery, and animal feed industries. --- ### **Strategic Manufacturing Infrastructure & Capacity Scaling** The company’s operations are centered in **MIDC Miraj, Sangli (Maharashtra)**, a location chosen for its proximity to **Karnataka**, India’s hub for high-quality non-GMO corn. The facilities utilize state-of-the-art, fully automated milling lines that ensure zero human contact and incorporate metal detection at every production stage. | Metric | Current Status & Targets | | :--- | :--- | | **Total Monthly Capacity** | **10,500 tons** | | **Daily Milling Capacity** | **350 TPD** (Up from **150 TPD** in FY24) | | **Facility Expansion** | **Malkapur:** Expanding from **80 TPD** to **120 TPD**; **Sangli II:** **120 TPD** (Operational) | | **Growth Target** | **35% Volume CAGR** through **FY28** | | **Certifications** | **ISO 9001:2015**, **ISO 22000:2018**, **HALAL**, **APEDA**, **USDA Organic**, **FSSC 22000 V6** | --- ### **Diversified Product Portfolio & Industrial Applications** TBI Corn processes **Non-GMO Indian Yellow Maize** into a variety of high-value derivatives. The company is strategically shifting its focus from bulk commodities to **Processed Maize** segments (flakes, flour, grits) to capture higher value realization. * **Corn Grits:** De-germinated, **fat-free**, and chemical-free. Used primarily in **breweries**, extruded snacks, and bakery products. * **Corn Flour:** Fine-milled and **gluten-free**. Used in batter mixes, snacks, and **pet food**. * **Raw Corn Flakes:** De-hulled and de-germed. A staple for the **Indian traditional namkeen** and farsana industry. * **Corn Germ:** High oil content (**~50%** of kernel oil). Sold for **corn oil extraction** and livestock feed. * **Broken Maize & Bran:** Cleaned, stone-free kernels and high-fiber bran used extensively in **poultry, cattle, and hominy feed**. * **Turmeric Finger:** A niche, health-focused segment catering to the supplements market. **Revenue Distribution by Industry:** * **Breweries:** **56%** * **Namkeen & Snacks:** **29%** (Combined) * **Animal Feed:** **9%** * **Bakery, Confectionary & Oil:** **5%** --- ### **Corporate Ecosystem & Subsidiary Strategy** The company utilizes a sophisticated group structure to expand into specialized verticals, including biofuels and wet milling. | Entity | Relationship | Strategic Focus | | :--- | :--- | :--- | | **Agripivot Ventures Pvt Ltd** | Wholly Owned Subsidiary | Strategic partnerships and general agri-ventures. | | **Revita Starch Pvt Ltd** | Wholly Owned Subsidiary | **Wet milling**: Production of Starch, Liquid Glucose, and Sorbitol. | | **Brajraj Corntech Pvt Ltd** | **51%** Subsidiary | Manufacturing and processing hub in Uttar Pradesh. | | **Dhar Ventures Pvt Ltd** | Step-down Subsidiary | Biofuels and **Ethanol/Ethyl Alcohol** production. | | **TBI Maize-Processors Pvt Ltd** | Associate Company | **100% Export Oriented Unit** based in JNPA SEZ. | | **TBI Foundation** | Section 8 Subsidiary | Farmer training, sustainable research, and worker welfare. | --- ### **Financial Performance & Market Trajectory** TBI Corn has demonstrated robust scaling, with significant growth in both top-line revenue and operational volumes. | Financial Metric (Consolidated) | FY 2023-24 | FY 2024-25 | H1 FY26 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **₹158.23 Cr** | **₹213.87 Cr** | - | | **Net Profit (PAT)** | **₹10.10 Cr** | **₹13.63 Cr** | - | | **Gross Margin** | - | **21.6%** | **22.7%** | | **EBITDA Margin** | - | **14.1%** | **13.6%** | | **Earnings Per Share (EPS)** | **₹7.55** | **₹7.51** | - | * **Volume Growth:** Achieved a **43.7% YoY** increase in volume in **H1FY26**, reaching **45,009 tonnes**. * **IPO Impact:** Raised **₹44.93 Crore** in 2024 to fund expansion and transition into a diversified corn-processing ecosystem. * **Talent Retention:** Launched the **ESOP TBI CORN 2025** scheme, granting options for **4.99% of post-issue capital**. --- ### **Supply Chain, Logistics & Global Footprint** The company maintains a competitive edge through a sophisticated procurement and traceability model. * **Direct Sourcing:** Increased direct farmer procurement from **18% to 24%**, reducing middleman costs and ensuring quality. * **Traceability:** Implements an end-to-end **Batch Traceability System** assigning unique codes from the farm gate to final delivery. * **International Reach:** Currently active in **18 countries** (including UAE, Saudi Arabia, Singapore, and Malaysia). Expansion plans are underway for **Europe and the US**, leveraging India’s status as a non-GMO corn provider. --- ### **Risk Management & Mitigation Framework** Management operates under a formal **Risk Assessment and Minimization Procedure** to address the following: * **Agricultural Threats:** Mitigation of **Fall Armyworm** infestations through sustainable pest control and farmer education via the **TBI Foundation**. * **Regulatory Transition:** Addressing an **Emphasis of Matter** regarding the transition from a partnership to a company. The entity is currently aligning all **PAN, TAN, and GST** filings to the new corporate structure. * **Market Volatility:** Managing **corn price volatility** through diversified sourcing across Karnataka, Maharashtra, and Madhya Pradesh. * **Infrastructure:** Investing in modern storage to prevent post-harvest losses and bridge technological gaps in traditional farming. --- ### **Future Outlook: The Bio-Industrial Opportunity** The Indian corn market is projected to reach **USD 2.3 billion by 2030** (**7.86% CAGR**). TBI Corn is positioned to capitalize on: 1. **Ethanol Blending:** Government mandates shifting biofuel feedstock from sugarcane to corn. 2. **Industrial Processing:** Expected to account for **45% of total corn demand** by 2029. 3. **Strategic Collaborations:** A **MoU** signed with **Vedant Starch Pvt Ltd** in December 2024 to further expand wet milling and starch capabilities.