TBI Corn Ltd. (TCL) is a prominent player in the corn milling industry. Located in the Sangli district of Maharashtra, India, it specializes in the production of good-quality Corn / Maize Grits and related products. The Company offers a diverse range of products, including cleaned and fat-free Corn Grits/Meal, Corn Flakes, Stone-free Broken Maize & Corn Flour and Turmeric Finger, all manufactured without chemical additives or preservatives and GMO-free. The Company holds certificates from MSME, APEDA, and are both Indian Organic and USDA Organic certified. It has successfully expanded into international markets, serving countries in the Gulf, Sri Lanka, Malaysia, Brunei, Vietnam, South Korea, and soon, Europe and the US. The Company proudly supplies to renowned companies across India. Its products cater to the needs of corn starch and cattle feed industries, with potential expansion in this sector.

For year/ period ended ( in lacs.)

For year/ period ended ( in Cr.)

*Market cap @upper band 

• TCL is a prominent player in the corn milling industry,
• Enduring Values of the company & Management Team;
• The company operates in a highly competitive and fragmented segment raising concern for sustainability of its margins.
• It has customer centric approach

• Expansion of Existing Unit;
• To Meet Incremental Working Capital Requirement;
• General Corporate Purpose.

The company is operating in a highly competitive and fragmented segment of corn milling. Based on FY24 annualized super earnings, the issue appears aggressively priced.