Regaal Resources
Book Building issueMainboardBSE₹306 Cr issue
+39.02%
Listing gain over issue price
Issue size
₹306 Cr
1 lot at cut-off
₹14,688
Lot size
144shares
Open
12 Aug 2025
Close
14 Aug 2025
Allotment
18 Aug 2025
Listing
20 Aug 2025
Listing performance
Issue price
₹102
Listed at
₹141.80
Listing-day close
₹131.65
Latest price
₹88.43
Close on 23 Oct 2026
Listing gain
+39.02%
Return since issue
-13.30%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Aug 2025 – 14 Aug 2025
- Listing date
- 20 Aug 2025
- Face value
- ₹1 per share
- Issue price
- ₹102 per share
- Lot size
- 144 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹306 Cr
- Market cap at offer price
- ₹1,048 Cr
- Promoter holding
- 99.56% → 70.45% pre-issue → post-issue
- ISIN
- INE0MHO01029
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- 6th Floor, D2/2, Block-EP & GP, Sector-V, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 89,99,856 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 144 shares per lot, in multiples, at ₹102
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 144 | ₹14,688 |
| Retail (max) | 13 | 1,872 | ₹1,90,944 |
| S-HNI (min) | 14 | 2,016 | ₹2,05,632 |
| S-HNI (max) | 68 | 9,792 | ₹9,98,784 |
| B-HNI (min) | 69 | 9,936 | ₹10,13,472 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
89,99,856
Anchor portion
₹91.80 Cr
at ₹102 per share
Valuation and performance
Valuation at offer price
₹102 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.80 | 4.64 |
| P/E (×) | 17.59 | 21.98 |
| Price to book (×) | 6.18 | — |
| Market cap | — | ₹1,048 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.25%
- ROCE
- 14.17%
- Debt / equity
- 2.08
- PAT margin
- 5.19%
- EBITDA margin
- 12.32%
- NAV per share
- ₹28.66
- Price to book
- 6.18
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Regaal Resources
Regaal Resources Limited, headquartered in Kolkata with a zero liquid discharge (ZLD) maize milling manufacturing facility in Kishanganj, Bihar, is one of the largest manufacturers of maize-based specialty products in India with a total installed crushing capacity of 750 tonnes per day. The company manufactures native maize starch, modified starch, co-products such as gluten and germ, and value-added products including maize flour, icing sugar, custard powder, and baking powder. It serves diverse customer segments including manufacturers of end products, manufacturers of intermediate products, and distributors/wholesale traders across domestic and international markets. The company was originally incorporated as Regal Resources Private Limited on January 2, 2012, and has undergone several transformations including a name change to Regaal Resources Private Limited in 2015 and conversion to a public limited company in 2022.
Company Analysis
from RHPRegaal Resources Limited is a maize-based specialty products manufacturer producing native starch, modified starch, co-products, and value-added products serving food, paper, animal feed, and adhesives industries across domestic and international markets.
Regaal Resources Limited, headquartered in Kolkata with a zero liquid discharge (ZLD) maize milling manufacturing facility in Kishanganj, Bihar, is one of the largest manufacturers of maize-based specialty products in India with a total installed crushing capacity of 750 tonnes per day. The company manufactures native maize starch, modified starch, co-products such as gluten and germ, and value-added products including maize flour, icing sugar, custard powder, and baking powder. It serves diverse customer segments including manufacturers of end products, manufacturers of intermediate products, and distributors/wholesale traders across domestic and international markets. The company was originally incorporated as Regal Resources Private Limited on January 2, 2012, and has undergone several transformations including a name change to Regaal Resources Private Limited in 2015 and conversion to a public limited company in 2022.
food productspaperanimal feedadhesives
Objects of the Issue
- Repayment and / or pre-payment, in full or part, of certain borrowings availed by our Company ₹1,590.00 million p.22
- General corporate purposes p.22
- Working capital management p.56
- Capacity expansion p.53
- Repayment and/ or pre-payment, in full or in part, of certain outstanding borrowings availed by the Company ₹1,590.00 million p.124
- General Corporate Purposes [●] p.124
- Funding capex for capacity expansion from 750 TPD to 1,650 TPD p.124
- Repayment of borrowings ₹1,590.00 million p.251
- General corporate purposes
- Repayment of borrowings Up to ₹1,590.00 million p.391
- General corporate purposes Up to ₹510.00 million (incremental increase of equity and securities premium) p.391
- Funding capex for the new plant ₹ 2,100.00 million p.458
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹ 5 each, aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹ 5 each, aggregating up to ₹ 2,100.00 million
- Offer for Sale
- Up to 9,412,000 Equity Shares of face value of ₹ 5 each aggregating up to ₹ [●] million by the Selling Shareholders
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 5 each
Business Model
The company earns revenue through the sale of maize-based specialty products to three broad customer segments: manufacturers of end products, manufacturers of intermediate products, and distributors/wholesale traders. During Fiscal 2025, revenue from operations was ₹9,151.61 million with 25.94% from direct end customer sales, 26.30% from sales through distributors, and 47.76% from sales through dealers. The cost of maize consumed represented 58.61% of contract price in Fiscal 2025. The company also generates revenue from exports to countries including Bangladesh, Malaysia, and Nepal, which represented 7.23% of contract price in Fiscal 2025.
Business Segments
Plant-based natural starch produced from maize
By-products including gluten, germ, enriched fibre and fibre
Food grade starches including maize flour, icing sugar, custard powder and baking powder
Supply of maize starch and derivatives to paper manufacturers
Supply of maize-based products to animal feed manufacturers
Supply of maize starch and derivatives to food manufacturers
Supply to other manufacturing sectors including adhesives
The company manufactures and sells native starch, modified starch, and derivative products such as liquid glucose, maltodextrin, dextrose monohydrate, dextrose anhydrous, and liquid sorbitol to food and beverage, paper, textile, pharmaceutical, and chemical industries.
Used in various industries, such as food and beverage, pharmaceuticals, paper and packaging, textiles, adhesives, industrial applications, and cosmetics. Native maize starch is the underlying ingredient of the company's speciality products and ingredient solutions that add taste, texture, nutrients and increased functionality to foods, animal nutrition products, paper industry applications, and other industrial products.
Includes yellow dextrin (used as binder in adhesive applications, extenders in dyes, binder in abrasive industry, adhesive for envelopes, corrugation, gummed labels, and tapes), white dextrin (used in textile finishing and coating, thickening and binding agent in pharmaceuticals and paper coatings), oxidized starch (used for coating applications and in textile industry for yarn smoothing), and edible starch.
Includes gluten (used as feed additive in cattle diets), germ (used in production of feed supplements and extraction of maize oil), fiber (used in production of ethanol, sweeteners and animal feed), maize steep liquor (used as feed additive for livestock and in food production of yeasts leavened dough products and beer), and enriched maize fiber (valuable source of energy for cattle and poultry).
Includes maize flour (used in bakery industry for breads, muffins, pancake mixes, infant foods, biscuits, wafers, doughnuts, breakfast cereals, and as filler, binder and carrier in meat products), baking powder (used in baking and cooking, metal polishing, water treatment, meat curing, personal care products and pharmaceuticals), custard powder (used for preparation of cakes, puddings, ice-creams, sweet pies, cookies and instant puddings), and icing sugar (used in preparation of bakery and confectionery products).
Manufacturing and sale of starch, glucose, dextrine, gluten, germ, enriched fibre, custard powder, corn flour, baking powder and other starch-based products derived from maize and other starch-containing plants
The company has identified one reportable segment based on manufacturing of starch and its derivatives.
Supplies maize starch to paper manufacturers
Supplies maize-based products to animal feed manufacturers
Supplies starch and derivatives to food product manufacturers
Supplies starch products to general manufacturing customers
Sales to dealers and distributors and trading income where end customer visibility is not available
SWOT Analysis
Strengths
- • Diverse customer base across multiple end-use industries(p.52)
- • High capacity utilization consistently maintained(p.54)
- • Strong management team with industry experience(p.58)
- • Strategic location near raw materials and end markets(p.137)
- • First milling company in maize-rich Kishanganj district catchment area(p.175)
- • Proximity to major maize trading hub(p.175)
- • Efficient procurement through diversified sourcing(p.137)
- • High-utilization sustainable manufacturing(p.137)
- • Diversified product portfolio across industries(p.137)
- • Established sales and distribution network(p.137)
- • Experienced management team(p.137)
- • Largest maize milling capacity in Bihar with strategic location in maize cultivation hub(p.238)
- • Proximity to key export markets (Nepal 24 km, Bangladesh 235 km) reducing logistics costs(p.238)
- • Zero Liquid Discharge (ZLD) manufacturing facility demonstrating sustainability leadership(p.246)
- • Rapid revenue growth of 36.95% CAGR between FY2023-FY2025(p.242)
- • Direct procurement from farmers reducing costs and ensuring quality(p.239)
- • High capacity utilization at 99.74% in FY2025 demonstrating operational efficiency(p.242)
- • Diversified product portfolio across native starch, modified starch, co-products and value-added products(p.247)
- • Experienced promoters with 25+ years manufacturing and trading experience(p.249)
- • ISO certifications across quality, environment, and safety(p.283)
- • Recognition as One Star Export House(p.283)
- • Significant installed capacity growth(p.283)
- • Co-generation facility with sustainable fuel sources(p.267)
- • Strategic location near maize cultivation hub and key export markets(p.383)
- • Only maize milling plant in Bihar with significant competitive advantage(p.384)
- • ZLD manufacturing facility with high environmental standards(p.383)
- • Substantial capacity expansion and installed crushing capacity(p.383)
- • Diversified customer base across industries(p.383)
- • Consistent revenue growth and improving profitability(p.386)
- • Direct sourcing relationships with farmers for supply chain efficiency(p.384)
- • Strategic manufacturing location near maize sourcing regions(p.389)
- • High capacity utilization rates(p.389)
- • Captive power generation capability(p.389)
- • Strong revenue growth trajectory(p.405)
- • Expanding customer base with increasing repeat customers(p.388)
Weaknesses
- • High dependence on few suppliers for raw material (maize)(p.36)
- • Promoter litigation and past regulatory sanctions(p.36)
- • Single manufacturing facility creates operational concentration risk(p.39)
- • High debt burden with restrictive covenants(p.43)
- • Negative cash flows from operations in past periods(p.41)
- • High customer concentration(p.42)
- • Complete reliance on third-party logistics providers without contractual arrangements(p.53)
- • Quality concerns leading to customer deductions(p.53)
- • Risk of under-utilization of expanded manufacturing capacity(p.54)
- • Significant working capital requirements(p.56)
- • Trade receivables represent material portion of revenue(p.55)
- • High employee attrition rates(p.61)
- • Delays in payment of statutory dues(p.63)
- • Promoters hold dominant shareholding creating governance risks(p.62)
- • High leverage and debt burden(p.140)
- • Significant working capital requirements(p.127)
- • High cash conversion cycle(p.140)
- • Operating primarily in single region(p.175)
- • High debt-to-equity ratio of 2.08 in FY2025 indicating leverage concerns(p.242)
- • Finance costs increasing to 4.08% of revenue in FY2025 from 2.30% in FY2023(p.251)
- • Low PAT margin of 5.19% in FY2025 despite revenue growth(p.242)
- • Relatively new company (founded 2016, production started 2018) with limited operating history(p.236)
- • High concentration of revenue from top 3 customers at 16.80% of sales in FY2025(p.239)
- • Cash conversion cycle of 93 days in FY2025 indicating working capital challenges(p.242)
- • Expansion-related costs impacting profitability as capacity utilization includes downtime from upgrades(p.246)
- • High financial leverage with significant personal guarantees from promoters(p.285)
- • Trademark opposition and objections affecting brand portfolio(p.266)
- • Promoter group members unwilling to provide required disclosures(p.313)
- • High debt levels relative to equity(p.386)
- • Concentration among top 10 customers represents majority of revenue(p.383)
- • Lack of forward contracting for raw material procurement(p.387)
- • Increasing trade payables indicating potential cash flow pressures(p.374)
- • Lengthening cash conversion cycle(p.386)
- • High dependence on few customers(p.388)
- • Significant maize supplier concentration(p.390)
- • Rising financial leverage and debt burden(p.406)
- • Dependence on single manufacturing facility(p.389)
- • Deteriorating interest subsidy benefits(p.391)
- • Incomplete disclosure of Promoter Group members due to non-cooperation(p.450)
Opportunities
- • Strong industry growth in maize starch sector(p.21)
- • Large addressable market for maize-based products(p.21)
- • Growing customer base with expansion opportunity(p.45)
- • Capacity expansion to capitalize on growing end-user industries(p.54)
- • Expansion across different end-user industries(p.57)
- • Acquisition of new customers(p.61)
- • Growth in maize starch and derivative products market(p.67)
- • India's maize production growth at 12.2% in FY2025(p.161)
- • India needs 10 million additional tonnes of maize production(p.161)
- • Strong growth in animal feed and dairy sectors(p.166)
- • Growing processed food industry in India(p.166)
- • Rising urbanization driving processed food demand(p.166)
- • Indian maize starch market growth at 4.77% CAGR(p.180)
- • Strong export market for Indian maize starch(p.179)
- • Capacity expansion from 750 TPD to 1,650 TPD to capture growth in end-user industries(p.249)
- • Global maize starch market projected to grow at 3.65% CAGR during 2024-2029(p.250)
- • Indian modified starch market expected to grow at 5.87% CAGR from 2024-2029(p.252)
- • End-user industries showing strong growth potential: animal nutrition at 8.32%, snacks at 9.10%, convenience foods at 9.89%(p.250)
- • Expansion into South India where major end-user industries are concentrated(p.253)
- • Launch of derivative products (maltodextrin, liquid glucose, dextrose) with market size USD 151.5 million-USD 2,046 million(p.251)
- • Government incentives available including interest subvention and GST reimbursement under Bihar policy(p.244)
- • Growing exports to Nepal (10,846 MT in 2024) and Bangladesh (12,661 MT in 2024)(p.244)
- • Capacity expansion to 750 TPD with humidity controlled silos(p.283)
- • Diversified product portfolio across multiple applications(p.280)
- • International export capabilities and marine insurance(p.263)
- • Capacity expansion and increased crushing capacity(p.363)
- • Growing demand for specialty starch products in food and industrial sectors(p.385)
- • Export market expansion to neighboring countries(p.385)
- • Market consolidation as only maize milling plant in Bihar(p.383)
- • Value-added product portfolio expansion(p.385)
- • Capacity expansion strategy(p.390)
- • Diverse customer base across multiple industries(p.388)
- • Growth in business model across customer segments(p.388)
Threats
- • Seasonal and weather-dependent raw material supply(p.43)
- • Exposure to input price volatility (maize and energy costs)(p.43)
- • Foreign trade exposure and import duty risks(p.46)
- • Regulatory and environmental compliance risks(p.47)
- • Dependence on government subsidy schemes(p.48)
- • Credit rating downgrade risk affecting debt availability(p.49)
- • Dependence on end-use industry performance affecting demand(p.52)
- • Risk of customer loss and market downturn(p.52)
- • Intense competitive environment with larger competitors(p.64)
- • Fluctuations in maize procurement prices(p.67)
- • Risk of foreign exchange fluctuations(p.62)
- • Regulatory and statutory compliance risks(p.60)
- • Macroeconomic slowdown affecting Indian economy(p.67)
- • Geopolitical tensions affecting supply chains and tariffs(p.68)
- • Erratic monsoons and climate vulnerability(p.161)
- • Limited maize availability for milling(p.181)
- • Intense competition from established players(p.181)
- • High economies of scale requirement(p.181)
- • Price volatility in maize wholesale markets(p.172)
- • Global maize starch market slower growth trajectory(p.165)
- • Rising maize prices and volatility limiting pricing power in commodity products(p.233)
- • Competing demand for maize from ethanol and animal feed industries(p.223)
- • Post-harvest losses due to inadequate farm-level drying infrastructure (3.89%-5.92%)(p.207)
- • Competition from larger organized players with economies of scale(p.261)
- • Regulatory restrictions on modified starch usage in India compared to US and Europe(p.207)
- • Alternative starches from potato, tapioca and rice competing for market share(p.185)
- • Environmental concerns regarding non-GMO maize starch demand potentially dampening market growth(p.185)
- • Raw material availability constraints as maize becomes crucial commodity with competing industrial demand(p.207)
- • Dependence on agricultural commodities subject to price volatility(p.37)
- • Regulatory compliance requirements across multiple jurisdictions(p.273)
- • Environmental and chemical handling regulations(p.277)
- • Seasonal fluctuations and supply volatility in maize availability(p.387)
- • Maize price volatility affecting procurement costs(p.387)
- • Dependence on a few major customers for revenue(p.383)
- • Contingent liabilities from government demands(p.363)
- • Elevated interest costs on increased borrowings(p.357)
- • Maize supply volatility and price fluctuations(p.388)
- • External demand shocks to customer industries(p.388)
- • Reliance on Bihar government subsidies(p.391)
- • Operational risks including equipment breakdown and natural disasters(p.389)
- • Customer payment defaults and receivables risk(p.390)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anil Kishorepuria | Promoter | 34.43% | — |
| Shruti Kishorepuria | Promoter | 37.06% | — |
| Karan Kishorepuria | Promoter | 1.17% | — |
| BFL Private Limited | Corporate Promoter | 17.87% | — |
| Anil Kishorepuria | Promoter | 34.43% | — |
| Shruti Kishorepuria | Promoter | 37.06% | — |
| BFL Private Limited | Promoter | 17.87% | — |
| Karan Kishorepuria | Promoter | 1.17% | — |
| SRM Private Limited | Promoter Group | 8.76% | — |
| Anil Kishorepuria | Promoter | 34.43% | — |
| Shruti Kishorepuria | Promoter | 37.06% | — |
| BFL Private Limited | Promoter Group | 17.87% | — |
| SRM Private Limited | Promoter Group | 8.76% | — |
| Anil Kishorepuria | Promoter/Chairman and Managing Director | — | — |
| Karan Kishorepuria | Promoter/Executive Director | — | — |
| Anil Kishorepuria | Promoter | 34.43% | — |
| Shruti Kishorepuria | Promoter | 37.06% | — |
| Karan Kishorepuria | Promoter | 1.17% | — |
| BFL Private Limited | Promoter | 17.87% | — |
| Shruti Kishorepuria | Promoter | 37.06% | — |
| Anil Kishorepuria | Promoter | 34.43% | — |
| BFL Pvt Ltd | Promoter | 17.87% | — |
| Karan Kishorepuria | Promoter | 1.17% | — |
| Anil Kishorepuria | Promoter | — | — |
| Shruti Kishorepuria | Promoter Group | — | — |
| BFL Private Limited | Promoter Group | — | — |
| SRM Private Limited | Promoter Group | — | — |
Leadership
Anil Kishorepuria · Chairman and Managing Director
Karan Kishorepuria · Whole-Time Director
Saikat Chatterjee · Chief Financial Officer
Tinku Kumar Gupta · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Regaal Resources IPO FAQs
What is the lot size of Regaal Resources IPO?
The minimum lot size of Regaal Resources IPO is 144 shares. One lot costs ₹14,688 at the cut-off price.
When does Regaal Resources IPO open and close?
Regaal Resources IPO opened for subscription on 12 Aug 2025 and closed on 14 Aug 2025.
What is the listing date of Regaal Resources IPO?
Regaal Resources IPO listed on 20 Aug 2025.