Deep Dives/Food Processing/TBI Corn Limited

Deep Dive

India's largest dry corn miller supplying ITC, Prataap Snacks & Balaji Wafers

₹212 Cr revenue, 33% CAGR over 4 years, capacity tripled to 350 TPD — but negative ₹30 Cr operating cash flow and ₹32 Cr in unexplained interest-free loans. Growth story or governance trap?

KnowYourSME Research

2026-05-11 · 25 min

₹212 Cr

Revenue FY25

13.5%

EBITDA Margin H1

+45.5%

H1 Rev Growth

350 TPD

Capacity

1Executive Summary & Investment Thesis

TBI Corn Limited (formerly The Best India) is a Sangli, Maharashtra-based corn/maize dry milling company processing raw maize into value-added products — Corn Grits (34%), Corn Bran (22%), Broken Maize (12%), Processed Maize (18%), Corn Flakes (6%), and other derivatives. Founded as a partnership in 2000 by Yogesh Laxman Rajhans, listed on NSE EMERGE in June 2024 at ₹210/share. Supplies ITC (Outstanding Vendor Award at MILAN 2025), Prataap Snacks, Balaji Wafers — snacking + namkeen = 65% of H1 FY26 revenue. Revenue grew 33% CAGR from ₹67 Cr (FY21) to ₹212 Cr (FY25), with EBITDA margins expanding from 2.5% to 12.2%. Capacity tripled from 150 to 350 TPD. H1 FY26 revenue surged 45.5% YoY. Entering wet milling via Vedant Starch MoU (2,000 MT/month, ~₹150 Cr/3 years). However, deeply negative OCF (-₹30 Cr in FY25), CARO-flagged ₹32 Cr in interest-free loans to unnamed parties, and 34.5% PAT discrepancy between investor presentation and audited figures are serious governance concerns.

6.5/10

High-Growth Corn Processor — Strong Revenue but Cash Flow & Governance Are Red Flags

Revenue trajectory (+33% CAGR, +45.5% H1 FY26) and margin expansion (2.5%→13.5%) are impressive. ITC vendor award and capacity tripling validate execution. But negative OCF (-₹30 Cr), CARO-flagged ₹32 Cr loans, and 34.5% PAT discrepancy in presentations are serious concerns. Commodity margins (12-13%) with no pricing power. Suitable only for high-risk-tolerance investors. Thesis breaks if OCF stays negative or loans unexplained.

Bull Case

+Revenue CAGR ~33% over 4 years (₹67 Cr → ₹212 Cr) with H1 FY26 accelerating to +45.5% YoY. Volume +43.7% YoY to 45,009 tonnes
+EBITDA margin expansion from 2.5% to 13.5% — operating leverage + direct procurement (8%→24%) cutting APMC middlemen
+Premium clients — ITC Outstanding Vendor Award, Prataap Snacks, Balaji Wafers. Snacking 65% of revenue = fastest-growing FMCG segment
+Capacity tripled 150→350 TPD in 18 months. 70% utilization = growth runway without further capex
+Wet milling entry via Vedant MoU — ₹150 Cr/3 years. Asset-light higher-margin diversification into starch, maltodextrin, glucose
+39 employees generating ₹212 Cr = ₹5.42 Cr/employee. ISO certified, Star Export House, 18-country exports

Bear Case

−Negative OCF -₹30 Cr in FY25 despite ₹13.63 Cr PAT. Near-zero cash (₹0.25 Cr). Dependent on ₹60 Cr short-term borrowings
−CARO-flagged ₹32 Cr interest-free loans to unnamed 'Others' — Companies Act violation. Potential fund diversion risk
−Investor presentation overstates FY25 PAT by 34.5% (₹18.36 Cr shown vs ₹13.63 Cr audited) — material data integrity issue
−Commodity business: 12-13% EBITDA, no pricing power, single product (100% corn), no long-term contracts
−Promoter family dominance: 56.5%, 3 family on board, CFO spouse RPT, MD pay +275% in one year

2Business & Management Architecture

The Journey

TBI Corn Limited (CIN: L15400PN2022PLC212368) traces its origins to 1999 when the Rajhans family began yeast manufacturing. In 2000, they established 'The Best India' as a partnership, pivoting to maize processing in 2004. First dedicated dry milling plant (30 TPD) commissioned in 2014, exports began 2016, ISO certifications obtained 2019-21. The partnership converted to a limited company in June 2022. Revenue scaled from ₹115 Cr (FY23) to ₹212 Cr (FY25). Listed on NSE EMERGE June 7, 2024 at ₹210/share, raising ~₹45 Cr. TBI dry-mills corn into Grits (snacks), Bran (animal feed), Germ (oil), Flour (baking), and derivatives. Sources non-GMO corn from Karnataka and Maharashtra. Supplies ITC (Outstanding Vendor Award), Prataap Snacks, Balaji Wafers — snacking + namkeen = 65% of revenue. In December 2024, TBI signed a Vedant Starch MoU for wet milling contract manufacturing — 2,000 MT/month for starch, gluten, germ, wet fiber, ~₹150 Cr over 3 years. Subsidiaries include Agripivot Ventures, Revita Starch, TBI Foundation, Dhar Ventures (ethanol), and associate TBI Maize-Processors (EOU at JNPA SEZ).

Revenue Segments

33-34%

Corn Grits

Primary product for snack manufacturers (ITC, Prataap, Balaji). Highest margin in dry milling basket.

22%

Corn Bran

Animal feed by-product. Lower margin, consistent demand. Zero-waste model.

13-18%

Processed Maize

Semi-processed for downstream food processors. Variable share.

12-14%

Broken Maize

Animal feed and poultry. Higher volume, lower margin.

13-17%

Corn Flakes + Other

Raw corn flakes for cereal makers. Corn Flour, Germ, Meal rounding out the mix.

Key Management

Yogesh Laxman Rajhans · Chairman & Managing Director

DIN: 09408693. Sole promoter, 54.52%. Founded business in 2000. 25+ years experience. FY25 pay ₹30L (up 275%).

Ninad Anand Yedurkar · WTD & CFO

Dual role. FY25 pay ₹7L (up 250%). Spouse received ₹20L consultancy (RPT flagged).

Asha Laxman Rajhans · Non-Executive Director

Wife of promoter. 0.36% holding. No remuneration.

Ishani Dhupar · Company Secretary

FY25 pay ₹2.08L. Handles SEBI/NSE filings.

Promoter

56.49%

Public

43.51%

Management flags: Promoter 54.52% with wife and daughter on board (3 of 7). MD pay +275%, CFO +250%. CFO spouse ₹20L RPT. CARO: ₹31.58 Cr interest-free loans to 'Others'. Investor presentation overstates FY25 PAT by 34.5%. ESOP 9,07,900 options (~5%). Auditor FRN discrepancy. All facilities on MIDC leased land.

3Industry & Market Dynamics

Industry Overview

India 4th largest corn producer (~35-37 MT/year). Snacks Market: ₹46,571 Cr (2024), 8.63% CAGR. Animal Feed: ₹1,110 Bn, 6.9% CAGR. Corn Oil: USD 0.60 Bn, 6.1% CAGR. Industry shifting from unorganized to organized processors driven by FMCG quality requirements.

Competitive Landscape

Fragmented market. TBI claims among largest dry millers. Edge: ISO certifications, 350 TPD scale, ITC/Prataap/Balaji roster. Weaknesses: no consumer brand, commodity margins, single product. Wet milling peers much larger: Gujarat Ambuja Exports, Gulshan Polyols, Sukhjit Starch.

Peer Context

Listed peers: Gujarat Ambuja Exports (₹4,000+ Cr), Gulshan Polyols (₹1,500+ Cr), Sukhjit Starch (₹1,000+ Cr). TBI at ₹212 Cr is significantly smaller. 12-13% EBITDA comparable to Gujarat Ambuja (10-14%). Differentiation: snacking focus (56%), premium clients, quality certifications.

4IPO & Capital Structure

IPO Details

Issue Size

47,80,800 shares at ₹210/share (Fresh Issue only)

Price Band

₹210 per share

Platform

NSE EMERGE (SME Platform)

Listing Date

June 7, 2024

Subscription

Not available

Objects of Issue

1.Expansion of existing unit — ₹16.80 Cr

2.Incremental working capital

3.General corporate purposes

4.Issue expenses

Capital Structure

Pre-IPO: 1,33,77,605 shares. Post-IPO: 1,81,58,405 shares. IPO raised ~₹44.94 Cr. Net worth FY25: ₹101.39 Cr. Debt: ₹64.95 Cr (D/E 0.64x). Pre-IPO investor: Ashish Kacholia (5.73%).

IPO Promise Tracker

Has management delivered on IPO promises?

Not Started

Expansion — ₹16.80 Cr

Capacity tripled 150→350 TPD. Malkapur and Sangli-II operational. PP&E ₹7.68→₹16.55 Cr.

Not Started

Working capital

Inventories ₹50.87→₹70.33 Cr. But ST borrowings surged 60.5%. ₹31.58 Cr diverted to interest-free loans.

Not Started

General corporate purposes

Subsidiary setups, Vedant deposit, operational expenses.

5Operational Performance & Growth

Operations & Capacity

3 facilities in Maharashtra: Sangli-I (150 TPD), Sangli-II (120 TPD new H1 FY26), Malkapur (80→120 TPD). Total 350 TPD, planned 390. Utilization: 94% (FY24) → 70% (H1 FY26 on expanded base). Volumes: 50,477T (FY23) → 71,899T (FY25) → 45,009T (H1 FY26 +43.7%). Direct procurement: 24% (up from 8%). ISO 22000, ISO 9001, HALAL, Star Export House. 39 employees. Vedant MoU: wet milling 2,000 MT/month, ~₹150 Cr/3 years.

Order Book & Pipeline

Not applicable — purchase order basis. End-use: Snacks 56%, Animal Feed 23%, Namkeen 9%, Bakery 6%, Oil 4%, Breweries 1%. Domestic 91%, Export 9% (18 countries). Target: 35% volume CAGR through FY28.

Key Milestones

2000

Partnership 'The Best India' established — enters maize business

2014

First dedicated dry milling plant — 30 TPD

2016

Export operations begin — Middle East, Africa, Asia

2022-06

Converted to limited company — TBI Corn Limited

2024-06-07

Listed on NSE EMERGE at ₹210/share. Raised ~₹45 Cr

2024-12

Vedant Starch MoU — wet milling 2,000 MT/month, ~₹150 Cr/3 years

FY25

Revenue ₹212 Cr (+34%), PAT ₹13.63 Cr. Capacity 200 TPD

H1 FY26

Revenue ₹137 Cr (+45.5%). Capacity tripled to 350 TPD. ITC Vendor Award

FY26

Revenue tracking ~₹273 Cr. Malkapur to 120 TPD. Total 390 TPD

FY27-28

35% volume CAGR target. Wet milling ramp. EOU exports. Ethanol

Management Commentary

“We received the Outstanding Vendor Award from ITC at MILAN 2025 — only corn supplier recognized.”

ITC validation demonstrates quality consistency and supply reliability.