---
title: "TBI Corn Ltd (TBI) — Share Price, Financials & Analysis"
symbol: "TBI"
company: "TBI Corn Ltd"
canonical: "https://tapetide.com/stocks/TBI"
isin: "INE0N2D01013"
nse_symbol: "TBI"
sector: "Fast Moving Consumer Goods"
industry: "Agricultural Food & other Products"
market_cap_cr: 149.81
generated_at: "2026-09-13T19:21:58.736Z"
---

# TBI Corn Ltd (TBI)

Canonical page: https://tapetide.com/stocks/TBI

## Company

- **NSE Symbol:** TBI
- **ISIN:** INE0N2D01013
- **Sector:** Fast Moving Consumer Goods
- **Industry:** Agricultural Food & other Products
- **Macro Sector:** Fast Moving Consumer Goods
- **Stock Type:** EQUITY
- **Listed Since:** 2024-06-07
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** tbicorn.com

## About

Incorporated in 2000, TBI Corn Ltd is 
a manufacturer and exporter of corn-
based products[1]

## Latest Price

- **Price:** ₹87.75
- **Change:** +5.1 (+6.17%)
- **Open:** ₹84.65
- **Day High:** ₹88.95
- **Day Low:** ₹80
- **Previous Close:** ₹82.65
- **Volume:** 187800
- **As Of:** 2026-09-11T09:59:48+00:00

## Key Fundamentals

Observed at 2026-09-11T04:50:00.796780Z.

- **Market Cap:** ₹149.81 Cr
- **Classification:** SME
- **P/E (reported):** 8.1
- **Book Value:** ₹66.08
- **Price to Book:** 1.25
- **Dividend Yield:** 0%
- **ROE:** 13.45%
- **ROCE:** 22.16%
- **Debt to Equity:** 0.58
- **Revenue (yearly):** ₹303.68 Cr
- **Net Income:** ₹18.59 Cr
- **EBITDA:** ₹34.82 Cr
- **52-Week High:** ₹105.85
- **52-Week Low:** ₹55
- **RSI (14):** 71.66

## Tapetide Score

- **Score:** 69 / 100
- **Score date:** 2026-09-04
- **Archetype:** Quality at a Reasonable Price
- **What it means:** Financial strength is not being paid for with a demanding multiple. The question worth asking is whether the quality is durable or reflects a good patch — check the consistency of returns over several years rather than the latest quarter.
- **Pillar profile:** Quality: Good · Valuation: Cheap · Momentum: Rising
- **Percentile:** 99.3 (of 4473 scored stocks)
- **Confidence:** 86%
- **Data coverage:** 71%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 48.85 | 9% |
| growth | 88.92 | 9% |
| momentum | 73.14 | 12% |
| ownership | 63.28 | 24% |
| quality | 78.9 | 22% |
| valuation | 71.32 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | -944.52% | 28.56% | -948.23% |
| ebitda margin growth | -5.54% | -2.81% | — |
| net income growth | 36.69% | 42% | — |
| revenue growth | 42.11% | 38% | — |
| roce | -36.18% | -36.18% | — |
| roe | -42.98% | 18.52% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 75 | 70 | 88 | 94 | 118 | 137 | 167 |
| Expenses | 69 | 60 | 81 | 81 | 107 | 118 | 150 |
| Operating Profit | 6 | 11 | 7 | 13 | 11 | 18 | 16 |
| OPM % | 8 | 15 | 8 | 14 | 9 | 13 | 10 |
| Other Income | 1 | 1 | 0 | 1 | 1 | 1 | 0 |
| Interest | 2 | 2 | 3 | 3 | 3 | 3 | 5 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 2 | 1 |
| Profit before tax | 4 | 9 | 5 | 10 | 8 | 14 | 11 |
| Tax % | 26 | 25 | 27 | 26 | 25 | 25 | 25 |
| Net Profit | 3 | 7 | 3 | 8 | 6 | 10 | 8 |
| EPS in Rs | 5892.86 | 4.99 | 2.56 | 4.14 | 3.37 | 5.64 | 4.47 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 9m | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Sales | 115 | 158 | 211 | 303 |
| Expenses | 105 | 140 | 187 | 269 |
| Operating Profit | 11 | 18 | 24 | 35 |
| OPM % | 9 | 11 | 11 | 11 |
| Other Income | 1 | 1 | 2 | 1 |
| Interest | 2 | 4 | 5 | 8 |
| Depreciation | 1 | 1 | 2 | 3 |
| Profit before tax | 8 | 14 | 18 | 24 |
| Tax % | 27 | 26 | 25 | 25 |
| Net Profit | 6 | 10 | 14 | 18 |
| EPS in Rs | 11125 | 7.55 | 7.51 | 10.11 |
| Dividend Payout % | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Equity Capital | 0.01 | 13 | 18 | 18 |
| Reserves | 17 | 29 | 83 | 102 |
| Borrowings | 40 | 46 | 65 | 69 |
| Other Liabilities | 20 | 13 | 14 | 47 |
| Total Liabilities | 77 | 102 | 180 | 236 |
| Fixed Assets | 7 | 8 | 17 | 20 |
| CWIP | 0 | 6 | 7 | 13 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 70 | 88 | 156 | 203 |
| Total Assets | 77 | 102 | 180 | 236 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Cash from Operating Activity | -17 | -3 | -30 | 33 |
| Cash from Investing Activity | -8 | -8 | -12 | -12 |
| Cash from Financing Activity | 25 | 11 | 42 | -3 |
| Net Cash Flow | 0 | 0 | 0 | 18 |
| Free Cash Flow | -24 | -11 | -42 | 21 |
| CFO/OP | -137 | 4 | -105 | 114 |

### Ratios

| Item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- |
| Debtor Days | 67 | 72 | 79 | 92 |
| Inventory Days | — | — | — | 119 |
| Days Payable | — | — | — | 66 |
| Cash Conversion Cycle | 67 | 72 | 79 | 146 |
| Working Capital Days | 75 | 86 | 143 | 85 |
| ROCE % | — | 25 | 19 | 18 |

## Shareholding Pattern

### Quarterly

| Category | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 76.65% | 56.47% | 56.47% | 56.47% | 56.47% | 56.47% |
| FIIs | 0% | 4.87% | 1.63% | 0% | 0% | 0.01% |
| DIIs | 0% | 0.13% | 0.03% | 0% | 0% | 0.94% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 23.35% | 24.62% | 29.22% | 31.22% | 34.22% | 36.84% |
| Others | 0% | 13.92% | 12.66% | 12.31% | 9.31% | 5.75% |
| No. of Shareholders | 68 | 1989 | 1511 | 1830 | 2119 | 2086 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 13 / 2 / 4

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 73.89 | Buy |
| EMA (10) | 75.16 | Buy |
| SMA (20) | 69.15 | Buy |
| EMA (20) | 71.2 | Buy |
| SMA (50) | 65.33 | Buy |
| EMA (50) | 67.59 | Buy |
| SMA (100) | 66.33 | Buy |
| EMA (100) | 67.71 | Buy |
| SMA (200) | 70.99 | Buy |
| EMA (200) | 73.1 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 75.44 | Sell |
| MACD (12,26,9) | 4.24 | Buy |
| Stochastic (14,3,3) | 87.91 | Sell |
| ADX (14) | 27.45 | Buy |
| Williams %R (14) | -4.89 | Sell |
| ATR (14) | 4.89 | High Volatility |
| ROC (12) | 29.62 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 64.99 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 8 Jun - Transcript of June 3, 2026 earnings call; 40 TPD Malkapur capacity operationalized, operating cash flow positive at ₹33.41 crore. | [Analysts/Institutional Investor Meet/Con. Call Updates 8 Jun - Transcript of June 3, 2026 earnings call; 40 TPD Malkapur capacity operationalized, operating cash flow positive at ₹33.41 crore.](https://nsearchives.nseindia.com/corporate/TBICORN_08062026163655_TRANSCRIPT_TBI.pdf) |
| 6 March 2026 - Virtual analyst/institutional meeting Mar 6, 2026 15:00–16:00; no UPSI shared. | [Analysts/Institutional Investor Meet/Con. Call Updates 6 March 2026 - Virtual analyst/institutional meeting Mar 6, 2026 15:00–16:00; no UPSI shared.](https://nsearchives.nseindia.com/corporate/TBICORN_06032026161522_TBI_Outcome_of_Investor_Meeting.pdf) |
| 5 Sep - Submitted newspaper clippings for 4th AGM notice, e-voting and cut-off date on September 05, 2026. | [Copy of Newspaper Publication 5 Sep - Submitted newspaper clippings for 4th AGM notice, e-voting and cut-off date on September 05, 2026.](https://nsearchives.nseindia.com/corporate/TBICORN_05092026143744_NOTICE_COVERING.pdf) |
| 4 June 2026 - Video recording of June 3, 2026 earnings call on audited H2 and FY26 results available online. | [Analysts/Institutional Investor Meet/Con. Call Updates 4 June 2026 - Video recording of June 3, 2026 earnings call on audited H2 and FY26 results available online.](https://nsearchives.nseindia.com/corporate/TBICORN_04062026124319_INVESTOR_VIDEO_RECORDING.pdf) |
| 31 Aug - Management attended Kapitfy Investor Conference in Mumbai on August 31, 2026; no UPSI shared. | [Analysts/Institutional Investor Meet/Con. Call Updates 31 Aug - Management attended Kapitfy Investor Conference in Mumbai on August 31, 2026; no UPSI shared.](https://nsearchives.nseindia.com/corporate/TBICORN_31082026205135_Outcome310826.pdf) |
| 30 May 2026 - FY26 audited standalone and consolidated results approved; standalone revenue Rs303.34 crore, profit Rs18.36 crore. | [General Updates 30 May 2026 - FY26 audited standalone and consolidated results approved; standalone revenue Rs303.34 crore, profit Rs18.36 crore.](https://nsearchives.nseindia.com/corporate/TBICORN_30052026141120_REVISED_OUTCOME_TBI.pdf) |
| 30 May 2026 - Board approved audited standalone and consolidated FY26 results on May 29, 2026; trading window closed till 48 hours after results. | [General Updates 30 May 2026 - Board approved audited standalone and consolidated FY26 results on May 29, 2026; trading window closed till 48 hours after results.](https://nsearchives.nseindia.com/corporate/TBICORN_30052026135514_REVISED_OUTCOME_TBI.pdf) |
| 3 Sep - Board approved FY26 annual report, AGM on 26 Sept 2026, and appointed internal auditor. | [Outcome of Board Meeting 3 Sep - Board approved FY26 annual report, AGM on 26 Sept 2026, and appointed internal auditor.](https://nsearchives.nseindia.com/corporate/TBICORN_03092026171138_OUTCOME_BOARD_MEETING.pdf) |
| 3 Sep - 4th AGM on 26 Sep 2026; seeks approval for ₹50 crore RPT and ESOP grant to CFO. | [Shareholders meeting 3 Sep - 4th AGM on 26 Sep 2026; seeks approval for ₹50 crore RPT and ESOP grant to CFO.](https://nsearchives.nseindia.com/corporate/TBICORN_03092026204500_Notice_Covering_final.pdf) |
| 3 June 2026 - Investor earnings call held June 3, 2026; audio recording for FY26 results available online. | [Analysts/Institutional Investor Meet/Con. Call Updates 3 June 2026 - Investor earnings call held June 3, 2026; audio recording for FY26 results available online.](https://nsearchives.nseindia.com/corporate/TBICORN_03062026225417_Outcome_audio.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31316_TBI_2025_2026_A_12003812_03092026205048.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27823_TBI_2024_2025_A_2648083_28082025173136.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26072_TBI_2023_2024_0609202420578.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Dec 2025 | [Concall - Dec 2025](https://nsearchives.nseindia.com/corporate/TBICORN_05122025114235_Investor_Presentation.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:21:58.736Z.