TBI CornShare price, financial results, shareholding and management

NSE Emerge · TBICorn millingListed 7 June 2024IPO ₹94
tbicorn.com ↗Live price on NSE ↗ISIN INE0N2D01013 · Lot 600 shares · ₹42,330
₹70.55
-0.20% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹128 cr
Stock P/E
6.9peers 13.7
Book value
₹66.1
Price to book
1.07
EV / operating profit
5.2
Market cap to sales
0.42
Returns and growth
ROCE · FY26
18.3%
ROE · FY26
16.8%
ROE, 3-year average
23.2%
Operating margin · FY26
11.5%peers 8.1%
Sales growth, 3 years
38.2%
Profit growth, 3 years
45.8%
Safety
Debt to equity
0.59peers 0.69
Borrowings
₹71.4 cr
Interest cover
4.1×
Cash from business / op. profit
121%
Debtor days
92
Pledged
0.00%
Ownership and share
Promoter holding
56.47%
Change in promoter holding
0.00 pts
Shareholders
2,218
52-week high / low
₹98 / ₹55
Dividend yield
0.00%
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

TBI Corn share price chart

₹70.55-17.82% 1 year

Close on 6 Nov 2026 · -0.21% on the day · Vol 9,000

Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 6 Nov 2026

1 month
-4.7%
3 months
+11.7%
6 months
+6.7%
1 year
-17.8%
Since IPO
-24.9%
Traded a day, 20 days
₹0.21 cr
Taken for delivery
77%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+43%+37%
3 years, a year+38%+46%
Latest half, H2 FY26+42%+37%

About TBI Corn: business, products and customers

TBI Corn mills Indian maize into corn grits, flakes, bran, flour and broken maize that snack makers, cattle feed buyers, bakeries and breweries use as raw material. Its shares trade on NSE Emerge.

TBI Corn began in 2000 as a partnership firm called The Best India in Sangli, Maharashtra, near the Karnataka border where much of India's non-GMO maize is grown, and became a limited company in 2022. It dry mills maize at two plants in Sangli and one at Malkapur in Buldhana district: the kernel is cleaned, the germ removed and the rest ground into grits for extruded snacks such as those made by ITC, flakes for namkeen and poha, flour for bakeries, and bran and broken maize for cattle and poultry feed. Snack and namkeen makers are the largest buyers, and the company supplies customers in India and in the Gulf, Africa and South-East Asia.

Because maize is most of the cost, revenue moves with maize prices as well as with tonnes milled. Managing Director Yogesh Laxman Rajhans and Chief Financial Officer Ninad Yedurkar describe large customers paying the raw material price plus processing cost plus an agreed margin, so percentage margins stay in a narrow band and profit grows mainly with volume. The company purchases maize in the main harvest seasons and stores 90 to 100 days of it, which lets it supply big buyers at a steady rate but ties up money in stock; the second half of each year brings more volume at thinner margins, and the first half less volume at better margins.

Read more about the business

The documents do not name competitors; the offer document says competition comes from organised and unorganised players, regional and national. Extra profit comes from by-products and sourcing: separating more corn germ, which goes to oil makers at a far better price than feed, and sourcing more maize straight from farmers rather than through brokers.

What is new: the last 40 tonnes a day of capacity at Malkapur started in March 2026, a 120 tonne a day export unit at the JNPA special economic zone near Mumbai, built by TBI Maize Processors with about ₹32 cr put in by the promoters, which TBI Corn plans to take over through a share swap, and a related party in Uttar Pradesh, Brajraj Corntech, a step-down subsidiary in the same business, for which shareholders were asked to approve trade of up to ₹50 cr a year.

From the offer document (red herring prospectus, 2024), the annual report 2025-26, the investor presentations of December 2025 and June 2026, and the earnings call transcript of June 2026.

Read the deeper study ↓

In its favour

  • Sales have grown fast: 38% a year over three years.
  • It brings in more cash than it shows as profit: ₹42.2 cr against ₹18.6 cr in FY26.

To watch

  • The share swap to take over TBI Maize Processors, targeted for the first half of FY27, and the ratio set for it (Earnings call, June 2026, p.15 and p.19).
  • Volumes against the 35% a year target to FY28 as the newer Sangli and Malkapur plants fill (Investor presentation, June 2026, p.31).
  • Trade with the related party Brajraj Corntech, put to shareholders at up to ₹50 cr a year at the AGM of 26 September 2026 (Annual report 2025-26, p.11 and p.23).
  • Germ recovery against the FY27 target of 5.5% (Earnings call, June 2026, p.21).
  • Customers take longer to pay than before: 92 days in FY26, against 67 in FY23.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

TBI Corn revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.

Sales and net profit, every year, ₹ crore
SalesNet profit
0100200300400Sales, FY23: 115 ₹ cr115Net profit, FY23: 6 ₹ cr6FY23Sales, FY24: 158 ₹ cr158Net profit, FY24: 10 ₹ cr10FY24Sales, FY25: 212 ₹ cr212Net profit, FY25: 13.6 ₹ cr13.6FY25Sales, FY26: 304 ₹ cr304Net profit, FY26: 18.6 ₹ cr18.6FY26
The latest halves, ₹ crore
SalesNet profit
050100150200Sales, H2FY23: 75 ₹ cr75Net profit, H2FY23: 3 ₹ cr3H2FY23Sales, H1FY24: 70 ₹ cr70Net profit, H1FY24: 7 ₹ cr7H1FY24Sales, H2FY24: 88 ₹ cr88Net profit, H2FY24: 3 ₹ cr3H2FY24Sales, H1FY25: 94 ₹ cr94Net profit, H1FY25: 8 ₹ cr8H1FY25Sales, H2FY25: 118 ₹ cr118Net profit, H2FY25: 6.1 ₹ cr6.1H2FY25Sales, H1FY26: 137 ₹ cr137Net profit, H1FY26: 10.3 ₹ cr10.3H1FY26Sales, H2FY26: 167 ₹ cr167Net profit, H2FY26: 8.4 ₹ cr8.4H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.

TBI Corn half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H2FY23H1FY24H2FY24H1FY25H2FY25H1FY26H2FY26
Sales75708894117.62136.70166.98
Expenses69608181107.10118.31150.54
Operating profit61171310.5318.3916.44
OPM8.0%15.0%8.0%14.0%8.9%13.4%9.8%
Interest22332.553.444.58
Depreciation00011.141.831.24
Profit before tax495108.1313.7011
Net profit37386.1210.258.36

TBI Corn profit and loss

Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY23FY24FY25FY26
Sales115158211.76303.68
Expenses105140188.02268.86
Operating profit111823.7434.82
OPM9.0%11.0%11.2%11.5%
Other income112.110.96
Interest245.398.02
Depreciation112.183.07
Exceptional and other items-1···
Profit before tax81418.2824.70
Tax rate25.0%28.6%25.4%24.7%
Net profit61013.6318.61
EPS ₹11,1257.557.5110.25
Dividend payout0.0%0.0%0.0%0.0%

The years to FY24 come rounded to the nearest crore in the source.

Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.

Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.

TBI Corn profitability

Margins and returns on capital

Last year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

0%5%10%15%FY23: 9.0%9.0%FY23FY24: 11.0%11.0%FY24FY25: 11.2%11.2%FY25FY26: 11.5%11.5%FY26
Per cent
FY23FY24FY25FY26
Operating margin9.0%11.0%11.2%11.5%
Tax rate25.0%28.6%25.4%24.7%
ROCE·24.8%18.6%18.3%
ROE·33.9%19.0%16.8%
Dividend payout0.0%0.0%0.0%0.0%

TBI Corn debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
050100150Net worth, FY23: 17 ₹ cr17Borrowings, FY23: 40 ₹ cr40FY23Net worth, FY24: 42 ₹ cr42Borrowings, FY24: 46 ₹ cr46FY24Net worth, FY25: 101 ₹ cr101Borrowings, FY25: 65 ₹ cr65FY25Net worth, FY26: 120 ₹ cr120Borrowings, FY26: 71.4 ₹ cr71.4FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-40-200204060Cash from the business, FY23: -17 ₹ cr-17Net profit, FY23: 6 ₹ cr6FY23Cash from the business, FY24: -3 ₹ cr-3Net profit, FY24: 10 ₹ cr10FY24Cash from the business, FY25: -29.6 ₹ cr-29.6Net profit, FY25: 13.6 ₹ cr13.6FY25Cash from the business, FY26: 42.2 ₹ cr42.2Net profit, FY26: 18.6 ₹ cr18.6FY26

Bars below the line are cash going out.

TBI Corn balance sheet

At each 31 March · ₹ crore

₹ crore
FY23FY24FY25FY26
Equity capital0.011318.1618.16
Reserves172983.24101.84
Net worth17.0142101.40120
Borrowings404664.9671.37
Other liabilities19.991413.8348.92
Total liabilities77102180.19240.29
Fixed assets7816.5520.29
Capital work in progress06713
Investments000.020.02
Other assets7088156.62206.98
Receivables··45.6976.74
Inventory··70.3384.46
Cash··0.4319.10
Trade payables··12.1845.70

TBI Corn cash flow

₹ crore

₹ crore
FY23FY24FY25FY26
Cash from operations-17-3-29.5642.18
Cash from investing-8-8-12.03-12.26
Cash from financing251141.58-11.24
Net cash flow00-0.0118.68
Capital spending··14.7112.26

Working capital

Days

Days
FY23FY24FY25FY26
Debtor days67727992
Inventory days···127
Days payable···69
Cash conversion cycle677279151
Working capital days758614384

TBI Corn peers and competitors

Listed SME companies in the same industry

By sales, TBI Corn is number 6 of the 37 listed SME companies in agricultural food & other products.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Aelea Commodities28813.73822110.0%0.90
M.V.K. Agro Food Product1,24026.632046.617.8%0.67
TBI Corn1286.930418.611.5%0.59
Sameera Agro And Infra251.727414.59.2%0.05
C K K Retail Mart34933.127010.54.5%0.01
Yashhtej Industries (India)1138.7269137.0%0.85
Vandan Foods2121.426012.0%0.52
Swasth Foodtech India10-211-10.0%0.95
Nirman Agri Genetics221.319717.69.6%0.00
Sheetal Universal42935.71741211.0%0.70
M.R.Maniveni Foods5212.916744.7%1.00
Median of the 10 others8313.726512.58.1%0.69

TBI Corn shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.

Promoters
56.47%
0.00 pts since Jun 24
Foreign investors (FIIs)
0.01%
-4.86 pts since Jun 24
Indian institutions (DIIs)
0.60%
-6.04 pts since Jun 24
HNIs (over ₹2 lakh each)
14.79%
+4.06 pts since Jun 24
Small holders (up to ₹2 lakh)
22.01%
+8.12 pts since Jun 24
Companies and others
6.12%
-1.28 pts since Jun 24
Number of shareholders
2,218
1,989 in Jun 24

TBI Corn shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Jun 24Sep 24Mar 25Sep 25Mar 26Sep 26
Promoters56.47%56.47%56.47%56.47%56.47%56.47%
Foreign investors (FIIs)4.87%1.63%0.36%0.34%0.01%0.01%
Indian institutions (DIIs)6.64%4.77%2.86%2.25%0.94%0.60%
HNIs (over ₹2 lakh each)10.73%14.05%14.60%14.27%16.40%14.79%
Small holders (up to ₹2 lakh)13.89%15.17%16.62%19.95%20.44%22.01%
Companies and others7.40%7.91%9.09%6.72%5.74%6.12%
Number of shareholders1,9891,5111,8302,1192,0862,218

The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.

TBI Corn study: the business from its own documents

Read from 8 of the company's own documents

TBI Corn so far

From the company's own record

  1. 7 June 2024Listed on NSE Emerge at ₹94
  2. 15 Sept 2026An order announced
  3. 30 Sept 2026Promoters at 56.47%
  4. 5 July 2024Highest close since listing, ₹316.52

TBI Corn key facts from the filings

Each figure with the document it comes from

Revenue
₹303.7 cr
Consolidated revenue from operations in FY26, up from ₹211.8 cr, with profit after tax up to ₹18.6 cr from ₹13.6 cr.Investor presentation, June 2026, p.33
Volume
103,251 tonnes
Maize products sold in FY26, up 43.6% from 71,899 tonnes, so nearly all growth came from milling more rather than charging more.Investor presentation, June 2026, p.21 and p.26
Capacity
390 tonnes a day
Milling capacity across two Sangli plants and Malkapur after the last 40 tonnes started at the end of March 2026.Earnings call, June 2026, p.4 and p.10
Plant use
72%
Use of the 350 tonnes a day available in the second half of FY26; the old Sangli plant ran at 96% to 97%, the newer plants lower.Investor presentation, June 2026, p.25; Earnings call, June 2026, p.15
Snack makers
64%
Share of FY26 revenue from snack and namkeen makers; animal feed was the next largest end use.Investor presentation, June 2026, p.21 and p.28
Show 5 more facts
Top ten customers
35.83%
Share of revenue from the ten largest customers in the nine months to December 2023, down from 52.48% in FY21.Offer document, p.16
Direct from farmers
25%
Share of maize sourced directly from farmers in FY26, up from 8% in FY23; the company says this saves about one percentage point of cost.Investor presentation, June 2026, p.26; Earnings call, June 2026, p.20 and p.21
Corn germ
4% to 4.5%
Share of maize now separated as germ for oil makers, up from 1% to 2%; the company says most Indian dry millers recover none.Earnings call, June 2026, p.7 and p.21
Exports
About ₹30 cr
Export revenue in FY26, up from about ₹12 cr, after a dedicated export marketing team was set up.Earnings call, June 2026, p.11 and p.12
Working capital
₹84.5 cr
Inventories at March 2026, with receivables of ₹76.7 cr and short-term borrowings of ₹69.3 cr.Investor presentation, June 2026, p.34

What the company said, and what happened

The company's own statements, attributed, set against what it later reported; not newboard's estimates

The company says it is targeting volume growth of 35% a year to FY28, and Chief Financial Officer Ninad Yedurkar said on the June 2026 call that this is also the revenue target, with FY27 a year of filling the newer plants. The company aims to bring TBI Maize Processors, the 120 tonne a day export unit, in as a wholly owned subsidiary through a share swap in the first half of FY27, to raise exports to 20% of revenue, and to lift germ recovery to 5.5% in FY27. Ninad Yedurkar said the current 390 tonnes a day could support revenue of about ₹480 cr at full use, and that the long-term goal stated before the IPO is to become a ₹1,000 cr company. The board met on 8 October 2026; that outcome is not among the documents read and its subject line gives no decision.

35%Volume growth aimA year, to FY28
120 tonnes a dayExport unit to mergeShare swap, first half of FY27
20%Export share aimAgainst about 10% in FY26
What management saidWhenWhat happened
Volume growth of 35% a year to FY28Dec 2025 presentationFY26 volumes up 43.6%
Malkapur plant to be expanded to 120 tonnes a dayDec 2025 presentationLast 40 tonnes a day started end of March 2026

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

The company earns a small, steady fee for turning maize into ingredients, and grows by milling more tonnes for snack and feed makers.

Its weak spots are a margin that big customers effectively fix, money tied up in maize stock and unpaid bills, and a pending deal to take over a unit the promoters funded.

WatchCan it set its own prices?Not with large customers, who know maize prices well and pay cost plus an agreed margin; smaller buyers pay a little more.
The evidence. Ninad Yedurkar said the company does not expect margins to rise much because big clients such as ITC price on raw material plus processing cost plus margin, and more margin comes only from smaller customers.Earnings call, June 2026, p.16 and p.17
AverageHow strong is it against rivals?It has scale, a location next to good maize and a record with large buyers, but faces many regional and national millers.
The evidence. The offer document says competition comes from small and big regional and national players. ITC named TBI Corn its only corn products supplier to receive an Outstanding Vendor Award in 2025.Offer document, p.121; Investor presentation, June 2026, p.37
AverageWho are its customers?Mostly snack and namkeen makers, from large brands to small units, plus feed buyers, with no single customer dominant in the latest data.
The evidence. Snacks and namkeen gave 64% of FY26 revenue. The top ten customers gave 35.83% of revenue in the nine months to December 2023.Investor presentation, June 2026, p.21; Offer document, p.16
WatchDoes it need a lot of money?Mills are not costly, but holding months of maize and waiting to be paid needs a lot of short-term borrowing.
The evidence. At March 2026 inventories were ₹84.5 cr, receivables ₹76.7 cr and short-term borrowings ₹69.3 cr, and interest cost rose on working capital use.Investor presentation, June 2026, p.24 and p.34
StrongCan it keep finding new work?Demand from snack makers has absorbed each new plant, and the company still has room in its newer plants and a new export unit.
The evidence. Volumes rose 43.6% in FY26 while capacity grew, and the old Sangli plant runs at 96% to 97% use. The company is in talks with premium overseas buyers for the export unit.Investor presentation, June 2026, p.21; Earnings call, June 2026, p.13 and p.15
AverageDo good and bad years swing a lot?Yearly results have been steady, but each year has a pattern: the harvest half brings more volume at thinner margins, and maize price spikes test its stock.
The evidence. Ninad Yedurkar said second-half volumes are always higher and first-half margins better because both main maize crops arrive in the second half. Yogesh Laxman Rajhans described maize prices rising 30% to 40% in a year.Earnings call, June 2026, p.9 and p.16

Who runs TBI Corn?

Promoters, directors and officers; tap a name for the background

YLYogesh Laxman RajhansPromoter, Chairman and Managing Director · holds 54.52%

A commerce graduate and co-founder of The Best India in 2000, with 23 years in the corn industry at the time of the offer document; led the move from yeast processing to maize. Works mainly on sourcing and procurement; Managing Director until September 2028.

Offer document, p.141 and p.157; Earnings call, June 2026, p.6
ALAsha Laxman RajhansPromoter and Non-Executive Director

Holds a Secondary School Certificate and D.Ed, with 23 years in the corn industry at the time of the offer document; looked after support staff, hygiene standards and hiring as the business grew. The offer document records Asha Laxman Rajhans as the mother of Yogesh Laxman Rajhans.

Offer document, p.142, p.144 and p.157; Annual report 2025-26, p.10
NANinad Anand YedurkarWhole Time Director and Chief Financial Officer

An instrumentation engineering graduate with an MBA in finance from NMIMS, Mumbai; earlier with Citigroup in Mumbai and London, including about four years at Citibank UK. Chief Financial Officer since August 2023 and Whole Time Director since November 2023.

Investor presentation, June 2026, p.8; Offer document, p.141 and p.142
CSChandrakant Shivaji MaliIndependent Director

38 years of experience in media and the corn industry at the time of the offer document; on the board since September 2023.

Offer document, p.143
SASanjay Ashokrao KadamIndependent Director

A Bachelor of Arts in English with 23 years in education at the time of the offer document; on the board since September 2023.

Offer document, p.142
ABAtul Babasaheb PatilIndependent Director

23 years in the cement pipe industry at the time of the offer document; on the board since September 2023.

Offer document, p.142 and p.143
IDIshani DhuparCompany Secretary and Compliance Officer

Named as company secretary in the annual report 2025-26.

Annual report 2025-26, p.10

TBI Corn latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹167 cr (+42%), net profit ₹8.4 cr (+37%) on H2 FY25.
  • Shareholding, 30 Sept 2026: promoters unchanged at 56.47%.
  • 15 Sept 2026: an order announced.

TBI Corn announcements

57 on record, latest first; each opens the filing on the exchange

TBI Corn annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

TBI Corn share split, bonus and dividends

From the corporate actions the company announces on the exchange

No share split, bonus issue or dividend is on record since listing.

Checks we ran on TBI Corn's data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (1,81,58,405 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • !Earnings per share changes basis between FY23 (₹11,125.00) and FY24 (₹7.55) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
  • ✓Revenue and profit are reported for every year shown, FY23 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about TBI Corn

What does TBI Corn do?

TBI Corn mills Indian maize into corn grits, flakes, bran, flour and broken maize that snack makers, cattle feed buyers, bakeries and breweries use as raw material. Its shares trade on NSE Emerge.

What is the share price of TBI Corn?

₹70.6 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of TBI Corn?

₹128 cr at the close on 6 Nov 2026, on 1,81,58,405 shares.

What is the P/E of TBI Corn?

6.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are TBI Corn's revenue and profit?

Revenue ₹304 cr and profit after tax ₹19 cr in FY26.

Who are the promoters of TBI Corn?

Yogesh Laxman Rajhans, Asha Laxman Rajhans; promoters held 56.47% at 30 Sept 2026.

What was the IPO price of TBI Corn?

₹94 a share; it listed on 7 June 2024.

What is TBI Corn's website?

www.tbicorn.com

More SME companies like TBI Corn

Other listed SME companies in agricultural food & other products, the closest in size first, each read from its own documents.

Every listed SME company in Agricultural Food & other Products → · SME companies listed in 2024 →

Built from 2 investor presentations, 2 annual reports, 2 credit rating notes, 1 offer document, 1 earnings call transcript, 57 exchange announcements, 6 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.