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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹114 Cr.
Stock P/E
8.3
P/B
1.1
Current Price
₹62.6
Book Value
₹ 55.8
Face Value
10
52W High
₹137.8
52W Low
₹ 55
Dividend Yield
0%

TBI Corn Overview

1. Business Overview

TBI Corn Ltd. is an India-based company primarily engaged in the manufacturing and processing of corn-based products. Its core business model involves sourcing raw corn and processing it into a variety of derivatives such as corn grits (various sizes), corn flour, corn meal, corn flakes (raw material), and animal feed. The company largely operates as a business-to-business (B2B) supplier, selling its processed corn products to other manufacturers in the food and beverage industry (e.g., snack food companies, breweries, breakfast cereal producers) and the animal feed industry. The company makes money by adding value through processing and supplying these essential ingredients to industrial clients.

2. Key Segments / Revenue Mix

While specific revenue contributions by segment are not consistently disclosed publicly for this company, TBI Corn's primary product categories include:

Corn Grits: Used in snack food manufacturing, breweries, and breakfast cereals.

Corn Flour/Meal: Used in various food preparations.

Corn Flakes (raw material): Supplied to breakfast cereal manufacturers.

Animal Feed: Used in the poultry and livestock industries.

The revenue is generated through sales to industrial customers across these product lines.

3. Industry & Positioning

TBI Corn operates within the broader Indian consumer food sector, specifically in the corn processing industry. This industry is characterized by a growing demand for processed food items, snacks, breakfast cereals, and animal feed, driven by urbanization, changing lifestyles, and rising disposable incomes in India. TBI Corn positions itself as a specialized manufacturer and supplier of high-quality corn derivatives, serving industrial clients. The industry can be competitive, with both large integrated players and smaller regional processors. TBI Corn, as an SME listed on the NSE Emerge platform, likely holds a specialized or regional presence, competing on product quality, customization, and client relationships.

4. Competitive Advantage (Moat)

TBI Corn's competitive advantages are likely derived from:

Established B2B Relationships: As a supplier to industrial clients, long-term relationships built on consistent quality, reliable supply, and customization capabilities can create stickiness.

Quality & Specialization: The ability to consistently produce high-quality, customized corn products (e.g., specific grit sizes for different applications) can differentiate it from generic processors.

Operational Efficiency: Proximity to raw material sourcing areas and optimized processing capabilities can contribute to cost efficiency, though this is often difficult for smaller players to scale to a significant moat.

Lack of a strong brand moat: As a B2B supplier, a consumer-facing brand moat is not applicable.

5. Growth Drivers

Key factors that can drive TBI Corn's growth over the next 3-5 years include:

Growing Indian Processed Food Market: Increasing demand for convenience foods, snacks, and ready-to-eat breakfast cereals directly fuels the need for TBI's products as raw materials.

Expansion of Animal Protein Consumption: Rising demand for poultry and dairy products in India drives growth in the animal feed industry, a key customer segment.

Capacity Expansion: Investments in increasing manufacturing capacity to meet rising demand.

New Client Acquisition: Successfully onboarding new industrial clients across food, beverage, and feed sectors.

Product Diversification: Potential expansion into new types of corn derivatives or value-added products to capture higher margins.

6. Risks

Commodity Price Volatility: The primary raw material, corn, is an agricultural commodity subject to price fluctuations due to weather conditions, government policies, and global supply-demand dynamics, impacting input costs and profitability.

Competition: Intense competition from other corn processors, both large-scale and regional, can exert pressure on pricing and market share.

Client Concentration: Dependence on a limited number of large industrial clients could pose a risk if any major client shifts their sourcing.

Regulatory Changes: Changes in food safety standards, agricultural policies, or environmental regulations in the food processing industry could increase compliance costs.

Supply Chain Disruptions: Interruptions in the supply of raw corn or challenges in logistics and distribution can impact operations.

7. Management & Ownership

TBI Corn Ltd. is promoted by Mr. Rahul Chaudhari and Mr. Shivlal Chaudhari, indicating a promoter-led business structure common among Indian SMEs. The management team would likely consist of individuals with experience in the food processing industry and business operations. As a publicly listed company, it adheres to SEBI's corporate governance norms, with a board comprising executive and independent directors. Ownership structure would typically involve a significant stake held by the promoter group, with the remainder held by public shareholders and potentially institutional investors.

8. Outlook

TBI Corn operates in a fundamentally growing sector, driven by India's demographic tailwinds and increasing per capita consumption of processed foods and animal protein. The company's established position as a B2B supplier of corn derivatives benefits from the expansion of various end-use industries. The bull case rests on continued capacity utilization, successful new client acquisitions, and the sustained growth of the Indian food processing and animal feed markets. However, the company faces inherent risks associated with commodity price volatility for its primary raw material, intense competition, and potential client concentration. Its ability to manage these risks while efficiently scaling operations and maintaining quality will be crucial for sustainable growth. The outlook is cautiously optimistic, balancing the strong market demand with operational and market-specific challenges.

TBI Corn Share Price

Live · NSE · Inception: 2022
| |
Volume
Price

TBI Corn Quarterly Price

Show Value Show %

TBI Corn Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

TBI Corn Profit & Loss

#(Fig in Cr.) Mar 2024 Mar 2025 TTM
Net Sales 158 212
Other Income 1 2
Total Income 159 214
Total Expenditure 140 188
Operating Profit 19 26
Interest 4 5
Depreciation 1 2
Exceptional Income / Expenses 0 0
Profit Before Tax 14 18
Provision for Tax 3 5
Profit After Tax 10 14
Adjustments 0 0
Profit After Adjustments 10 14
Adjusted Earnings Per Share 7.6 7.5

TBI Corn Balance Sheet

#(Fig in Cr.) Mar 2024 Mar 2025
Shareholder's Funds 43 101
Minority's Interest 0 0
Borrowings 9 5
Other Non-Current Liabilities 0 0
Total Current Liabilities 50 73
Total Liabilities 102 180
Fixed Assets 8 17
Other Non-Current Assets 6 7
Total Current Assets 88 156
Total Assets 102 180

TBI Corn Cash Flow

#(Fig in Cr.) Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0
Cash Flow from Operating Activities -3 -30
Cash Flow from Investing Activities -8 -12
Cash Flow from Financing Activities 11 42
Net Cash Inflow / Outflow 0 -0
Closing Cash & Cash Equivalent 0 0

TBI Corn Ratios

# Mar 2024 Mar 2025
Earnings Per Share (Rs) 7.55 7.51
CEPS(Rs) 8.16 8.71
DPS(Rs) 0 0
Book NAV/Share(Rs) 32.01 55.84
Core EBITDA Margin(%) 11.22 11.18
EBIT Margin(%) 11.32 11.18
Pre Tax Margin(%) 8.58 8.63
PAT Margin (%) 6.38 6.44
Cash Profit Margin (%) 6.89 7.47
ROA(%) 9.93 9.67
ROE(%) 23.59 18.91
ROCE(%) 20.21 18.56
Receivable days 71.28 66.01
Inventory Days 117.35 104.46
Payable days 32.28 25.11
PER(x) 0 10.3
Price/Book(x) 0 1.38
Dividend Yield(%) 0 0
EV/Net Sales(x) 0.37 0.97
EV/Core EBITDA(x) 3.14 7.93
Net Sales Growth(%) 0 33.83
EBIT Growth(%) 0 32.14
PAT Growth(%) 0 34.97
EPS Growth(%) 0 -0.57
Debt/Equity(x) 1.07 0.64
Current Ratio(x) 1.75 2.13
Quick Ratio(x) 0.74 1.17
Interest Cover(x) 4.13 4.39
Total Debt/Mcap(x) 0 0.46

TBI Corn Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 56.47 %
FII 0.01 %
DII (MF + Insurance) 0.94 %
Public (retail) 43.53 %
# Sep 2024 Mar 2025 Sep 2025 Mar 2026
Promoter 56.4756.4756.4756.47
FII 1.630.360.340.01
DII 4.772.862.250.94
Public 43.5343.5343.5343.53
Others 0000
Total 100100100100

TBI Corn Peer Comparison

Consumer Food Edit Columns

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +34%
Operating Profit CAGR +37%
PAT CAGR +40%
Share Price CAGR -39%
ROE Average +19% +21% +21% +21%
ROCE Average +19% +19% +19% +19%

News & Updates

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TBI Corn Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 21%
  • Debtor days have improved from 32.28 to 25.11days.
  • Company has reduced debt.

Cons

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