Annual reportSep 2026
Sep 2026 · Outcome of Board Meeting 3 Sep - Board approved FY26 annual report, AGM on 26 Sept 2026, and appointed internal auditor.
Source: Nse
TBI Corn Ltd. (TBI)
SME CapConsumer stocks · SME cap · NSE
TBI Corn Ltd. manufactures and exports corn-based products for breakfast cereal, snack, brewery, confectionery, bakery, & biscuit industries. The company operates a fully automated plant with 10,500 tons per month capacity in Miraj, Maharashtra, strategically located near prime corn-growing regions like Karnataka for non-GMO corn sourcing.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 08:16 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
57Neutralfull bull SMA stack · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 71
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TBID candles · FIT view+11.0%Latest close ₹75.10 on 2026-10-19
Bar
+1.8%
RSI
54
MACD hist
-0.26
52W pos
46%
2026-10-19O ₹73.80H ₹76.35L ₹70.55C ₹75.10Vol 66,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TBINifty Consumer DurablesNifty 500
- TBI
- +13.9%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +19.4 pp
Chart stats
19 Oct 2026- From 52W high
- -23.7%
- 52W range position
- 46%
- ATR (14)
- 6.3%
- Volume vs 20D
- 1.79x
- Avg traded value
- ₹0.3 Cr
- 20D price channel
- ₹65 - ₹83.3
₹98.5
₹55 - ₹98.5
₹4.8
Latest completed session
20-session average
68.1% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED72
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model+78.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹167 Cr | NDF | +21.9% |
| EBITDA | ₹16 Cr | NDF | -11.1% |
| Operating margin | 10.0% | NDF | -300 bps |
| PAT | ₹8 Cr | NDF | -20.0% |
| PAT margin | 4.8% | NDF | -251 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.28
- P/B
- 1.13
- EV/EBITDA
- 5.45
- Market Cap
- 136.00Cr
Profitability
- ROE
- 16.80%
- ROCE
- 18.30%
- ROA
- 7.92%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 38.48%
- EPS 5Y
- 37.84%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.59
- Interest Coverage
- 4.38×
- Altman Z
- 3.20
- Book Value
- 66.10
Cash Flow
- FCF Yield
- 22.06%
- FCF Positive Y
- 1/5
- OCF
- 42.00 Cr
- EPS TTM
- 10.25
Shareholding
- Promoter Hold
- 56.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 45%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 167+21.9% vs prev
Net Profit
₹ CrLatest: 8.0-20.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 54.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 54 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 24% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
56
RS percentile
Stage 2 UptrendRecent S2
1M return
-8.9%
3M return
+13.9%
6M return
+0.5%
1Y return
-15.9%
RS 1D
+11
RS 20D
-10
Sector rank
#9
Industry rank
#35
Stage evidence
- Price is 11.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
05 Oct 2026
S2 age
11 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 85.7+7.39%
RS vs Nifty 50086
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 72 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth19/25
Quality12/20
Balance Sheet9/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
72
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
72/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 22.1%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 78.0%.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
7.3
PB
1.1
EV/EBITDA
5.5
ROE
16.8%
ROCE
18.3%
FCF Yield
22.1%
Debt/Equity
0.6
MoS
+78.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
72
Previous: 72
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+78.0%
Previous: +78.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
72
72
72
72
72
72
72
72
72
72
72
72
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹123.47
+39.2% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹341.33
+78.0% MoS
PEG
0.24
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SHYAMDHANI
SME
Shyam Dhani Industries Ltd.
Agro Processing
match 59
54
12.8
18.5%
+61%
FAIR VALUE
GOYALSALT
SME
Goyal Salt Ltd.
Agro Processing
match 57
55
15.9
18.6%
+52%
FAIR VALUE
RCDL
SME
Rajgor Castor Derivatives Ltd.
Agro Processing
match 56
60
5.8
14.2%
+82%
UNDERVALUED
SHBAJRG
Small
Shri Bajrang Alliance Limited
Agro Processing
match 54
53
3.3
12.3%
+84%
FAIR VALUE
SAIFL
SME
Sameera Agro And Infra Ltd.
Agro Processing
match 53
61
1.7
11.4%
+95%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-02T07:20:28.621Z
Management commentary snapshot
TBI Corn reported robust FY26 performance with 43.6% YoY volume growth and 40% YoY EBITDA growth. H2FY26 revenue grew 42% YoY, driven by strong demand in snacks and animal feed segments. Operating cash flow turned positive to INR 33.41 Cr from negative INR 29.56 Cr in FY25.
The company demonstrated strong operational and financial performance in FY26, marked by significant volume and revenue growth, improved gross margins, and a positive turnaround in operating cash flow. Strategic capacity additions and increased direct procurement are positive indicators, supporting the growth thesis in India's expanding packaged food and animal feed markets.
Current business mix
Revenue by Product Segment (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Corn Grits33.0%
Corn Bran23.0%
Broken Maize15.0%
Processed Maize14.0%
Corn Flakes6.0%
Other Products9.0%
Growth engines
India's Branded Snacks Ecosystem
Rising packaged food penetration, shift toward organized ingredient suppliers, growth in regional snack brands, and premiumization in corn-based products are driving demand.
Capacity Expansion & Operating Leverage
Sangli II facility is operationalized, and Malkapur expansion is underway, with incremental volumes expected to improve fixed-cost absorption.
Margin Improvement Levers
Direct procurement increased from 18% to 25%, coupled with a focus on higher value-added products over commodity exposure, supports gross margins.
Increasing Exports
A dedicated marketing team resulted in an increase of approximately 150% in export revenue in 2026, expanding international presence.
Capacity and execution
Malkapur Plant Expansion
Further added capacity of 40 TPD in the Malkapur plant was operationalized at the end of March 2026.
Sangli II Facility
The Sangli II facility has been operationalized, contributing to the company's overall capacity.
JNPA Unit Operationalization
TBI Maize Processors Pvt Ltd (a WOS) was the fastest unit to set up and operationalize in JNPA, achieving it in less than 3 years.
Utilization Rate
72% utilization was reached in H2FY26 on the total (enhanced) capacity.
Tailwinds
India Snacks Market Growth
The market is projected to reach INR 1,03,556.03 Crore by 2034, growing at an 8.28% CAGR (2026-2034), driven by urban growth and changing lifestyles.
Indian Animal Feed Market Growth
The market is projected to reach INR 2,112.96 Billion by 2034, growing at a 6.6% CAGR (2026-2034), driven by escalating demand for animal-based protein.
Indian Breakfast Cereal Market Growth
The market is estimated to grow from USD 5.45 billion in 2026 to USD 7.32 billion by 2031, at a 6.08% CAGR, driven by health awareness and urbanization.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation provides both half-yearly (H2FY26 vs H2FY25 YoY, and H2FY26 vs H1FY26 HoH) and full-year (FY26 vs FY25 YoY) comparisons. This allows for assessing both annual growth trends and sequential momentum, which is crucial given the mention of seasonality affecting EBITDA margins.
Sector KPIs management disclosed
Volume Growth
FY26 volumes stood at 103,251 MT, up 43.6% YoY. H2FY26 volumes were 58,242 MT, up 43.5% YoY.
Gross Margin
Gross Margins increased to 18.2% from 17.8% YoY in H2FY26.
Direct Procurement
Direct procurement went up to 25% in H2FY26 from 21% in H2FY25.
Management forward view
Revenue Contribution from Other Products
Management aims to enhance revenue contribution from other products.
Capacity Expansion for Demand
The company plans capacity expansion to cater to growing demand in both domestic and export markets.
Automation and Hygiene Focus
Increased focus on automation and hygiene-sensitivity, with implementation of FSSC 22000 V6 across plants.
Volume CAGR Target
Management is targeting 35% Volume CAGR till FY28, in line with continued capacity expansion.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Volume CAGR | 43.6% (FY26) | Achievement of the targeted 35% Volume CAGR till FY28. |
| Direct Procurement | 25% (H2FY26) | Continued increase in direct procurement percentage to further improve sourcing economics and gross margins. |
| Export Revenue Contribution | 8% of FY26 revenue | Growth in export revenue contribution and successful acquisition of premium international clients. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 69th percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Consumer: 69th pctile, median 66 · SME: 85th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 56.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 22.4%.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching TBI Corn Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.