TBI

TBI Corn Limited

Listed company · ISIN INE0N2D01013 · NSE SM · FV ₹10
Last price
₹70
+0.94%today
What this company does

TBI Corn Limited is a listed company. It booked ₹167 cr of revenue in its latest half year (H2 FY26) and kept 5.0% of sales as profit.

70out of 100
Equitytale Health Score
Solid

Healthier than 70% of listed companies we score, on the 5 of 6 measures we could read for it. Each measure is ranked against the 655–2,932 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
46

At close. Not part of the score.

Profitability & returns66

How much profit it earns on the money it employs

Balance sheet33

How much it owes, and whether earnings cover the interest

Cash quality79

Whether reported profit actually arrives as cash

Valuation96

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Promoters hold 56%
✓ No promoter shares pledged
✓ Strong 16% return on equity
Watch-outs
! Thin 5.0% net margin

What if I invest in TBI?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 5% a year, it would become
₹15.50 lakh

The slider starts at 5%, taken from a generic assumption, not this company's history. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest half year + price
₹70▲ +0.94%
latest close · 2026-11-04
52-wk low ₹5874 sessions so far52-wk high ₹91
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio7.6Low
LowAverageHigh
P/B ratio1.24Moderate
Below bookModerateHigh
EV / EBITDA5.7Low
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity16.4%Strong
WeakFairStrong ▸15%
Return on capital25.5%Strong
WeakFairStrong
Net margin5.0%Decent
ThinDecentStrong
EBITDA margin9.3%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.70Moderate
LowModerateHigh ▸1
Interest cover3.4×Okay
RiskyOkayStrong ▸5×
Current ratio1.76Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹127 cr
Book value
₹56
EPS
₹4.60
latest half year
Net debt
₹52 cr
owes more than its cash
Enterprise value
₹179 cr
EBITDA
₹31 cr
annualised
EBIT
₹31 cr
annualised
Operating margin
9.3%
Return on assets
7.0%
Earnings yield
13.19%
P/S
0.38
Sales / share
₹183.9
Tax rate
24.0%
Face value
₹10
Shares
1.8 cr
Working capital
₹89 cr
Current assets
₹207 cr
Current liabilities
₹118 cr
Delivery %
76.0%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest half year; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the exchange filings
not investment advice
Looks underpricedMedium confidence
Median of 2 models ₹116 vs market price ₹70 — price is 40% below it
Safety cushion+39.8%(target ≥ +20%)
Models span ₹80–₹152, midpoint ₹116
Model ₹116
Price ₹70
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · H2 FY26 (consolidated)
Revenue from Operations₹167 cr
Other Income₹37.5 L
Total Income₹167 cr
Cost of Materials₹135 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹2 cr
Employee Benefit Expense₹1 cr
Finance Costs₹5 cr
Other Expenses₹13 cr
Total Expenses₹156 cr
Profit before Tax₹11 cr
Tax Expense₹3 cr
Net Profit₹8 cr
Net margin on total income5.0%
Where the money goes · H2 FY26
% of total income
Materials + stock-in-trade₹137 cr81.6%
Employee benefit expense₹1 cr0.8%
Finance costs₹5 cr2.7%
Other expenses₹14 cr8.3%
Tax expense₹3 cr1.6%
Profit for the period₹8 cr5.0%
Total income ₹167 cradds up to ₹100 ✓
Half-yearly results · consolidated (₹ cr)
MetricH1 FY26H2 FY26
Revenue137 cr167 cr
Total income137 cr167 cr
Expenses124 cr156 cr
Profit before tax14 cr11 cr
Tax3 cr3 cr
Net profit (owners' share)10 cr8 cr
Net margin (owners' share, on revenue)7.5%5.0%
EPS (₹)5.644.60
Balance sheet & cash flow · as of Mar 2026
Moderate debt
Total assets
₹240 cr
Shareholder equity
₹102 cr
parent shareholders
Total debt
₹71 cr
Cash
₹19 cr
Who owns it · 2026-09-30
No pledge
Promoter
56.5%
FII / Foreign
0.0%
DII / Domestic
0.6%
Retail / others
42.9%
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 26 Sep 2026
See the official result
1
To receive, consider and adopt; • the audited standalone financial statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors thereon. • the audited consolidated financial statements of the Company for the financial year ended March 31, 2026 together with the Report of the Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
9.54 L votes for, 0 against
2
To consider and approve re-appointment of Mrs. Asha Laxman Rajhans (DIN: 09648158) as a Director of the Company, who retires by rotation and being eligible offers herself for re-appointment.
Backed by 100% of shareholders other than promotersneeded 50%
9.54 L votes for, 0 against
3
To approve the material transactions to be entered with Brajraj Corntech Private Limited, a related party;
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 75%
9.54 L votes for, 0 against
4
To consider and approve the grant of employee stock options under “TBI CORN Employees Stock Option scheme 2025” more than 1% of Issued Capital to the identified employee;
Backed by 100% of shareholders other than promotersneeded 75%
9.54 L votes for, 0 against

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 19 named members
owning 56.5% between them · as of 2026-09-30
YOGESH LAXMAN RAJHANS54.52%
YOGESH LAXMAN RAJHANS HUF0.87%
ASHA LAXMAN RAJHANS0.36%
AVANTI YOGESH RAJHANS0.36%
SUSHMA YOGESH RAJHANS0.36%
AVADHUT YOGESH RAJHANSno shares
CHARUSHILA CHANDRSHEKHAR GULAVNIno shares
DAWANA MAIZE INDUSTRY PRIVATE LIMITEDno shares
Business done with them
FY2026 · 1 of the group
The company paid ₹0 cr to companies in the promoter group last year — about 0.0% of its ₹304 cr revenue.
Sushma Yogesh Rajhans
Advances Given During Year · Professional fees
also owns 0.36% of the company
₹22.3 L
company received

The company also transacted with 3 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹45 cr raised in Jun 2024 by selling shares to the public

As of Mar 2026, the company says it has spent 98% of what it set aside, leaving ₹85 L still to be spent.

Expansion of Existing Unit
95%
₹16 cr of ₹17 cr
To Meet Incremental Working Capital Requirements
100%
₹17 cr of ₹17 cr
General Corporate Purpose
100%
₹9 cr of ₹9 cr
Public Issue Related Expenses
100%
₹2 cr of ₹2 cr

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.