1. At a Glance – Corn Hai, Popcorn Nahi
₹151 crore market cap. Share price ₹82.9. Last 3 months return: -18.4%. Last 1 year: -61%. Meanwhile, the business casually posts ₹137 crore half-year sales, ₹10.2 crore PAT, 45.5% YoY sales growth, and 36.3% profit growth. Stock P/E chilling at 9.2x when industry median is flirting with 20x. ROCE 18.6%, ROE 18.9%, debt-to-equity 0.78.
Basically, TBI Corn looks like that topper kid who scored 95% but parents still complain because Sharma ji ke bete got 96. The company is selling corn products across snacks, animal feed, namkeen, bakery, oil, and even breweries, while the stock price behaves like maize stuck in monsoon humidity.
Half-year results scream growth, but the chart screams trauma. Is the market missing something, or is it just bored because this is “only corn”? Let’s open the bhutta and see what’s inside.
2. Introduction – Ye Corn Hai, Bhai. Underestimate Mat Karo.
TBI Corn Ltd was incorporated in 2000, which means this company has been grinding maize since before Instagram investors learned what EBITDA stands for. It is an ISO 22000:2018 certified manufacturer and exporter of corn-based products, which in non-brochure English means: hygiene, processes, and compliance are taken seriously.
The company sources raw maize from Northern Karnataka and Andhra Pradesh, regions contributing 38% of India’s total maize cultivation. That’s not coincidence; that’s supply chain intelligence. No chemical additives, no preservatives, GMO-free products – sounds boring, but in today’s FMCG and food export world, this is premium positioning without shouting on Instagram.
And yet, despite solid numbers, the stock has been punished brutally over the last year. Is it SME neglect? Is it low liquidity? Is it “bhai corn ka business kaun karega?” syndrome?
Before we judge, let’s understand what exactly TBI Corn does, because this is not just selling corn in plastic bags at highway dhabas.
3. Business Model – WTF Do They Even Do With Corn?
Think of TBI Corn as a maize disassembly factory. They don’t grow corn. They break corn into money-making components.
Their product portfolio includes Indian Yellow Maize, Corn Germ, Broken Maize, Corn Grits, Raw Corn Flakes, Corn Meal, Corn Bran, and Corn Flour. If you’ve eaten extruded snacks, bakery products, namkeen, tortillas, or fed poultry – congratulations, you’ve indirectly funded companies like TBI.
The Sangli, Maharashtra plant has an installed capacity
of 10,500 tons per month, operating at ~70% utilisation. That means there’s built-in growth headroom without immediately spending more capex – music to any CFO’s ears.
Revenue mix is diversified:
- Snacks contribute 56%
- Animal feed 23%
- Namkeen 9%
- Bakery & confectionery 6%
- Oil 4%
- Brewery 1%
Geographically, 91% domestic, 9% exports, with Maharashtra alone contributing 62% of revenue. Exports span from UAE and Saudi Arabia to Vietnam and South Korea – which means logistics capability exists, even if export share is currently modest.
And just when you thought it was a boring corn mill, management quietly sets up subsidiaries for starch, maltodextrin, liquid glucose, ethanol, biofuels, and agri-commodity expansion. Suddenly, corn starts looking like crude oil with better PR.
Question for you: how many “simple agri companies” are actually setting up ethanol and starch verticals?
4. Financials Overview – Half-Yearly Results, Full Masala
Result Type Locked: HALF-YEARLY RESULTS
So EPS annualisation will be latest EPS × 2.
Half-Year Comparison Table (₹ crore, consolidated)
| Metric | Latest Half (Sep 2025) | YoY Half (Sep 2024) | Prev Half (Mar 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 137 | 94 | 118 | 45.7% | 16.1% |
| EBITDA | 18 | 13 | 11 | 38.5% | 63.6% |
| PAT | 10 | 8 | 6 | 25.0% | 66.7% |
| EPS (₹) | 5.64 | 4.14 | 3.37 | 36.2% | 67.4% |
Annualised EPS (Half-year): ₹11.28
At ₹82.9 price, recalculated P/E ≈ 7.3x on annualised H1 EPS. Market showing zero enthusiasm despite margins improving and operating leverage kicking in.
EBITDA margin bounced back to 13% from 9% in the previous half. That’s not random – that’s operating discipline.
So tell me: if profits are growing faster than sales, shouldn’t valuation expand instead of collapse?
5. Valuation Discussion – Teen Method, No Love Letter
1. P/E Method
Annualised EPS: ₹11.28
Conservative P/E range: 10x – 14x (below industry
