TBI
TBI Corn financials
- Market cap
- ₹150 Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 1
TBI Corn Q4 FY26
What went well
- TBI Corn achieved a strong volume growth of 44% year-on-year for the period ended March 2026, demonstrating robust business performance.
- The company's operating cash flow turned positive at INR33.41 crores, indicating improved financial health and efficiency.
- Direct procurement from farmers reached 25%, a significant improvement from previous years, leading to better rates and quality control.
What to watch
- Gross margins decreased in H2 FY26 due to higher depreciation and increased prices of plastic for bagging, impacting overall profitability.
- The occupancy certificate (OC) for the TBI Maize Processors unit is still pending, with an estimated 1.5-2 months for completion, delaying full integration into TBI Corn Limited.
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 0 delivered 0 missed 8 open- Volume Growth CAGR open said Q4 FY26 Promised: Maintain 35% CAGR till FY28 Q4 FY26: Management reiterated the 35% CAGR target set last year, indicating it as their ongoing goal.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 89.8%, net profit up 166.7% against the same quarter last year.
| Line item | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 75 | 70 | 88 | 94 | 118 +57% | 137 +96% | 167 +90% |
| EBITDA | 6 | 11 | 7 | 13 | 11 +83% | 18 +64% | 16 +129% |
| Net profit | 3 | 7 | 3 | 8 | 6 +100% | 10 +43% | 8 +167% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −0.1% 1Y
1Y: ₹87.8 on 10 Sept 2025 → ₹87.75. High ₹103.45 (16 Sept 2025), low ₹56.5 (16 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +4.2%
- 3 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹13 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹17 Cr | ₹29 Cr | ₹93 Cr | ₹102 Cr |
| Borrowings | ₹40 Cr | ₹46 Cr | ₹87 Cr | ₹69 Cr |
| Other liabilities | ₹20 Cr | ₹13 Cr | ₹5 Cr | ₹47 Cr |
| Total liabilities | ₹77 Cr | ₹102 Cr | ₹204 Cr | ₹236 Cr |
| Fixed assets | ₹7 Cr | ₹8 Cr | ₹18 Cr | ₹20 Cr |
| Capital work in progress | ₹0 Cr | ₹6 Cr | ₹7 Cr | ₹13 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹70 Cr | ₹88 Cr | ₹178 Cr | ₹203 Cr |
| Total assets | ₹77 Cr | ₹102 Cr | ₹204 Cr | ₹236 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, the public added +2.28 pp while DIIs trimmed −1.92 pp. The shareholder count grew 14% to 2,086.
- Promoters
- 56.5%
- FIIs
- 0.0%
- DIIs
- 0.9%
- Public
- 42.6%
Since Mar 2025
- Public +2.28 pp
- DIIs −1.92 pp
- FIIs −0.35 pp
How it drifted, 5 quarters
Over this window the public went from 32.0% to 42.6% — +10.6 pp.
Ownership split by quarter, oldest first. Jun '24: Promoters 56.5%, FIIs 4.9%, DIIs 6.6%, Public 32.0%.Sep '24: Promoters 56.5%, FIIs 1.6%, DIIs 4.8%, Public 37.1%.Mar '25: Promoters 56.5%, FIIs 0.4%, DIIs 2.9%, Public 40.3%.Sep '25: Promoters 56.5%, FIIs 0.3%, DIIs 2.3%, Public 40.9%.Mar '26: Promoters 56.5%, FIIs 0.0%, DIIs 0.9%, Public 42.6%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Jinendra Kumar Jain newly disclosed 2.60% held
The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of TBI Corn above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Yogesh Laxman Rajhans | 54.52% | unchanged |
| Ashish Kacholia | 4.22% | unchanged |
| Jinendra Kumar Jain | 2.60% | newly disclosed |
| Yogesh Laxman Rajhans Huf | 0.87% | unchanged |
| Asha Laxman Rajhans | 0.36% | unchanged |
| Avanti Yogesh Rajhans | 0.36% | unchanged |
| Sushma Yogesh Rajhans | 0.36% | unchanged |
| Sangram Hindurao Shinde | 0.00% | unchanged |
| Sushila Hindurao Yesugade | 0.00% | unchanged |
| Dawana Maize Private Limited | 0.00% | unchanged |
| Jyotsna Gajanan Kulkarni | 0.00% | unchanged |
| Charushila Chandrshekhar Gulavni | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse TBI Corn
Guides on how to read this kind of business and the numbers that matter.