TBI Corn Ltd. – Company Report
1. Company Overview
TBI Corn Ltd., established in 1999 and based in Sangli, Maharashtra, is a leading ISO 9001:2015 and ISO 22000:2018 certified manufacturer and exporter of high-quality corn products. The company operates a modern, fully automated plant with a production capacity of 150 tons per day, catering to both India's domestic market and global customers. TBI Corn sources premium maize from Northern Karnataka and Andhra Pradesh, which together represent a significant portion of India's maize cultivation, ensuring consistent input quality. The company is renowned for its commitment to quality, timely on-schedule shipments, and food safety, holding HALAL and other required certifications. TBI Corn exports to countries like Dubai, Oman, Jordan, South Africa, and Vietnam, and serves major Indian consumer and hospitality brands. The company prides itself on bespoke packaging, safe warehousing, and a strong quality assurance culture.
- Incorporated: 1999
- Headquarters: Sangli, Maharashtra, India
- Manufacturing: 150 TPD fully automated facility, multiple MIDC units
- Certifications: ISO 9001:2015, ISO 22000:2018, HALAL, APEDA, organic
- Export Presence: Gulf, Asia, Africa; soon Europe and US
- Employees: ~48
- Core Focus: Corn/Maize grits, meals, flakes, flour, and related products
2. Products and Services
TBI Corn Ltd. offers a broad portfolio of processed corn products serving food, snacks, feed, and hospitality segments:
- Corn Grits (fat-free/corn meal grits, stone-free broken maize)
- Raw Corn Flakes & Corn Flour
- Corn Bran and by-products
- Processed Maize/Meal
- Turmeric Finger (diversification)
- Bulk and retail packaging: Poly packs for food safety and long shelf life
- Customized Solutions: OEM and private labeling, contract manufacturing
- Key Applications: Breakfast cereals, snacks, confectionery, sweet manufacturing, hotel/restaurant and food chain supply, animal feed industry
All products are manufactured without chemical additives/preservatives and are guaranteed GMO-free.
3. Recent News and Financial Performance
Business Developments
- Ongoing expansion of capacity and product portfolio; investment in automation and R&D.
- Expansion into new export markets and deeper penetration into India's breakfast and snack food sectors.
Investor Interest
- Renowned investor Ashish Kacholia has held a 4.2% stake in TBI Corn since its listing in June 2024, worth ₹9 crore. As of September 2024, his stake was 4.22%.
Strategic Developments
MoU with Vedant Starch Private Limited: In December 2024, TBI Corn signed a three-year Memorandum of Understanding (MoU) for contract manufacturing with Vedant Starch. This collaboration is for processing maize to produce starch, gluten, and other products at Vedant's non-operational plant in Sangli.
- Estimated business volume: ₹150 crores
- Minimum processing capacity: 2,000 metric tonnes/month
- Impact: The news led to the stock hitting a 2% upper circuit
Subsidiary Formation: In August 2024, the company established a wholly-owned subsidiary named M/s. Agripivot Ventures Private Ltd.
4. Financial Performance (FY2025)
| Metric | FY2025 Value |
|---|---|
| Revenue from Operations | ₹212 crore |
| Operating Profit | ₹24 crore |
| Operating Profit Margin | 11% |
| Net Profit (PAT) | ₹13.6 crore |
| Net Profit Margin | 6.4% |
| EPS | ₹7.51 |
| Return on Equity (ROE) | 19% |
| Dividend | None (reinvested) |