Tbi Corn Limited · NSE:TBI
Tbi Corn — H1 FY2026 Earnings Presentation
35 slides from Tbi Corn's earnings presentation, Dec 5, 2025
Slide 1: Regulation 30 intimation letter to NSE
A TBI CORN LIMITED (FORMERLY KNOWN AS THE BEST INDIA) CIN: L15400PN2022PLC212368 Regd. Office: A5/3 & A5/4, MIDC, Miraj, Tal- Miraj, Dist- Sangli – 416410 Maharashtra Email: cs@tbicorn.com (M): +91-9423036063 Website: www.tbicorn.com To, Date: December 5, 2025 Department of Corporate Services Nation
Slide 2: TBI Corn Limited Investor Presentation December 2025
TBI Corn Limited Investor Presentation December 2025
Slide 3: Disclaimer
DISCLAIMER This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of TBI Corn Ltd (“TBI Corn”, "Company“), nor shall part, or all, of this document form the basis of, or be relied on in connection with, any cont
Slide 4: Table of Content
TABLE OF CONTENT About Us Industry Overview Performance Highlights Way Forward Annual Highlights Annexures 3 Investor Presentation IIIIIIIII
Slide 5: About Us
ABOUT US 4 Investor Presentation IIIIIIIII
Slide 6: About Us
ABOUT US TBI Corn Ltd. is a leading and trusted Our plant is strategically located in Miraj, in the Sangli district of Maharashtra, India. This location Capacity: manufacturer and exporter of corn-based provides excellent connectivity to international airports, seaports like JNPT (Nhava Sheva), and
Slide 7: Our Journey
OUR JOURNEY 1999 2000 2004 2010 2012 Began operations Founded as The Best Entered maize Diversified product Commissioned with initial efforts India - a partnership processing through job range with the production in yeast firm in Sangli, work, producing corn launch of Broken facilities for Maka form
Slide 8: Management Team
MANAGEMENT TEAM Mr. Yogesh Rajhans Mr. Ninad Yedurkar Managing Director & Chairman Whole Time Director & CFO Mr. Yogesh Laxman Rajhans is a pioneering Mr. Ninad Yedurkar is an Instrumentation Engineering entrepreneur & founder of M/s. THE BEST INDIA With graduate who followed it up with an MBA in Fi
Slide 9: Manufacturing Process
MANUFACTURING PROCESS Procurement - Raw Material Storage – Raw Material Processing Packaging and Storage Our plant is strategically located in Upon arrival of the purchased corn Corn kernels from silos are Our plant features an automated a prime corn/maize-growing at our facility for processing, pro
Slide 10: Current Structure
CURRENT STRUCTURE TBI CORN LTD Revita Starch Pvt Ltd. TBI Foundation Agripivot Ventures Pvt Ltd. TBI Maize-Processors Pvt Ltd. Wholly Owned Subsidiary Wholly Owned Subsidiary Wholly Owned Subsidiary Associate Company Incorporated on 28th Incorporated on 3rd Incorporated on 23rd Incorporated in 2022
Slide 11: Key Product Segment - Corn (1/2)
KEY PRODUCT SEGMENT - Corn (1/2) Indian Yellow Maize Corn Germ Broken Maize Corn Grits We obtain top-grade, Non-GMO whole Corn germ accounts for 6–8% of the total We manufacture different sizes of Broken Corn Grits are de-germinated yellow corn corn from reliable farms that use no weight of a corn k
Slide 12: Key Product Segment - Corn (2/2)
KEY PRODUCT SEGMENT - Corn (2/2) Raw Corn Flakes Corn Meal Corn Bran Corn Flour Maize is thoroughly cleaned, polished, and We supply premium-quality Indian Yellow Corn bran stands out among cereal brans Our corn is milled into a fine, yellow- milled to remove the germ and bran. Maize that is suitabl
Slide 13: Recognized By
RECOGNIZED BY 12 Investor Presentation IIIIIIIII
Slide 14: Key Customers
KEY CUSTOMERS 13 Investor Presentation IIIIIIIII
Slide 15: Our Presence
OUR PRESENCE Along with associations in Domestic market, we have our International market presence in: • U.A.E. • Oman • Saudi Arabia • Qatar • Bahrain • Kuwait • Jordan • Liberia • Singapore • Gambia • Iraq • Brunei • Tanzania • Yemen • Sri Lanka • Vietnam • Malaysia • South Korea 14 Investor Prese
Slide 16: Competitive Advantage
COMPETITIVE ADVANTAGE Fully Automated Global Distribution & Expert Leadership & Manufacturing Strategic Location Skilled Workforce Our production facilities feature fully automated milling Situated in MIDC Miraj, close to India’s leading maize- Guided by a seasoned management team with decades of li
Slide 17: Industry Overview
INDUSTRY OVERVIEW 16 Investor Presentation IIIIIIIII
Slide 18: Industry Overview
INDUSTRY OVERVIEW • The India snacks market size reached INR 46,571.3 Crore in 2024. Looking forward, IMARC Group expects the market to reach INR 1,01,811.2 Crore by 2033, exhibiting a growth rate (CAGR) of 8.63% during 2025- 2033. Increasing urbanization, along with rising disposable incomes and ch
Slide 19: Performance Highlights
PERFORMANCE HIGHLIGHTS 18 Investor Presentation IIIIIIIII
Slide 20: Business Highlights – H1FY26
BUSINESS HIGHLIGHTS – H1FY26 - Total capacity expanded to 350 TPD (was 150 TPD in H1FY25 and 200 TPD end of FY25) ▪ Capacity expanded at Malkapur facility from 50 TPD to 80 TPD - being further expanded to 120 TPD ▪ New facility setup at Sangli (Sangli II) and operationalised for 120 TPD - Volume gro
Slide 21: Financial Highlights – H1FY26
FINANCIAL HIGHLIGHTS – H1FY26 Revenue (Rs mn) EBITDA, EBITDA Margin (%) PAT & PAT Margin (%) EPS (Rs) 14.1% 13.5% 9.0% 8.0% 7.5% 5.2% 1,367 5.64 1,176 184 940 132 102 4.14 105 3.37 75 61 H1FY25 H2FY25 H1FY26 H1FY25 H2FY25 H1FY26 H1FY25 H2FY25 H1FY26 H1FY25 H2FY25 H1FY26 Revenue EBITDA PAT EPS 45% Yo
Slide 22: Income Statement (H1FY26)
INCOME STATEMENT (H1FY26) Particulars (INR Mn) H1FY26 H2FY25 H1FY25 YoY% HoH% Key drivers for revenue growth - New capacity addition coupled with increased Revenue from Operations 1,367.0 1,176.2 939.8 45.5 16.2 sale of finished products led to 45.5% revenue growth. Total Expenditure 1,183.1 1,071.0
Slide 23: Capacity (TPD) & Utilization
CAPACITY (TPD) & UTILIZATION 70% utilisation reached in H1FY26 on total (enhanced) capacity 80 120 50 70% 87% 94% 94% 98% 150 150 150 150 150 H1FY24 H1FY24 H2FY24 H2FY24 H1FY25 H1FY25 H2FY25 H2FY25 H1FY26 H1FY26 *Capacity is fungible Sangli-I Sangli-II Malkapur Utilisation 22 Investor Presentation I
Slide 24: Raw Material Sourcing & Volume Growth
RAW MATERIAL SOURCING & VOLUME GROWTH Raw Material Sourcing Volume (Tons) 8% 11% 18% 24% 71,899 92% 89% 82% 55,458 76% 50,477 45,009 31,323 FY23 FY24 FY25 H1FY26 FY23 FY24 FY25 H1FY25 H1FY26 APMC Direct FY23 FY24 FY25 H1FY25 H1FY26 23 Investor Presentation IIIIIIIII
Slide 25: Revenue Breakup & Top States
REVENUE BREAKUP & TOP 5 STATES Revenue Top 5 States 11% 6% 9% Maharashtra 62% 27% Gujarat 16% 89% 94% 91% Karnataka 7% 73% Tamil Nadu 3% FY23 FY24 FY25 H1FY26 Uttar Pradesh 3% Domestic Export 24 Investor Presentation IIIIIIIII
Slide 26: Revenue Breakup (Segment & Customer Wise)
REVENUE BREAKUP (SEGMENT & CUSTOMER WISE) Segment Wise Industry Wise 7% 8% 9% 9% 6% 6% 6% 8% 1% 14% 17% 18% 13% 4% 6% 15% 14% 9% 13% 12% 25% 23% 22% 22% 56% 23% 33% 32% 34% 33% FY23 FY24 FY25 H1FY26 Corn Grits Corn Bran Broken Maize Snacks Animal Feed Namkeen Processed Maize Corn Flakes Other Produc
Slide 27: Way Forward
WAY FORWARD 26 Investor Presentation IIIIIIIII
Slide 28: Way Forward
WAY FORWARD Targeting 35% Volume CAGR till FY28 in line with continued capacity expansion. Increasing Exports Targeting Premium Clients & higher margin products Increased focus on automation and hygiene-sensitivity & implementation of FSSC 22000 V6 across plants. Capacity expansion to cater to growi
Slide 29: Annual Financials
ANNUAL FINANCIALS 28 Investor Presentation IIIIIIIII
Slide 30: Annual Performance (Consolidated)
ANNUAL PERFORMANCE - (CONSOLIDATED) Standalone Consolidated Particulars (INR Mn) FY21 FY22 FY23 FY24 FY25 34% Revenue From Operations 669.6 1,002.9 1,154.8 1,582.3 2,117.6 REVENUE Consol YoY Total Expenses 652.6 978.3 1,050.0 1,404.8 1,880.2 EBITDA 17.1 24.5 104.8 177.6 237.4 EBITDA Margin Other Inc
Slide 31: Annual Balance Sheet (Consolidated)
ANNUAL BALANCE SHEET - (CONSOLIDATED) Equity & Liabilities (INR Mn) FY24 FY25 Assets (INR Mn) FY24 FY25 Share Capital 133.8 181.6 Fixed Asset 76.8 165.5 Reserves & Surplus 294.4 832.4 Right To Use Asset - - Total Equity 428.2 1,014.0 Work-In-Progress 62.5 72.3 Borrowings 86.2 52.5 Other Intangible A
Slide 32: Annexure
ANNEXURE 31 Investor Presentation IIIIIIIII
Slide 33: Annexure 1/2 - Certifications
ANNEXURE…1/2 APEDA HALAL ISO 22000 FIEO ISO 9001 UDYAM FSSAI STAR EXPORT HOUSE 32 Investor Presentation IIIIIIIII
Slide 34: Annexure 2/2 - ITC Outstanding Vendor Award
ANNEXURE…2/2 At ITC’s Vendor Meet – Milan 2025 - held in Bangalore, a select group of partners were recognized for their exceptional contributions to ITC’s success. We are proud to share that TBI Corn Ltd has been honored with the Outstanding Vendor Award for our commitment to quality and consistenc
Slide 35: Thank You!
TBI Corn Limited THANK A 5 / 3-4, M.I.D.C. Miraj, Dist. Sangli, Maharashtra – 416410 (INDIA) KAPTIFY® Consulting YOU ! Strategy & Investor Relations | Consulting Tel: +91-845 288 6099 Email: contact@kaptify.in Website: www.kaptify.in 34