Financial Performance Highlights

Full Year FY26 (Year-ended March 31, 2026):

  • Operating Income: ₹11,341.7 million, growth of 23.9% YoY
  • Value-Add: ₹2,957.7 million, growth of 18.0% YoY
  • Value-Add Margin: 26.1% (down 130 bps from FY25)
  • Operating EBITDA: ₹1,265.7 million, growth of 12.2% YoY
  • Operating EBITDA Margin: 11.2% (down 117 bps from FY25)
  • PAT: ₹555.6 million, growth of 16.6% YoY
  • PAT Margin: 4.9% (down 30 bps from FY25)
  • Diluted EPS: ₹5.81 (considering effect of Split and Bonus Issuance)

Q4 FY26 (Quarter-ended March 31, 2026):

  • Operating Income: ₹2,446.1 million, decline of 5.4% YoY and 24.3% QoQ
  • Value-Add: ₹749.3 million, growth of 20.6% YoY
  • Value-Add Margin: 30.6% (up 660 bps YoY and 571 bps QoQ)
  • Operating EBITDA: ₹325.1 million, growth of 20.2% YoY
  • Operating EBITDA Margin: 13.3% (up 283 bps YoY and 259 bps QoQ)
  • PAT: ₹165.4 million, growth of 47.9% YoY
  • PAT Margin: 6.8% (up 245 bps YoY)
  • Diluted EPS: ₹1.62

Balance Sheet Position (as of March 31, 2026)

  • Net Worth: ₹4,813.3 million (excluding revaluation reserves of ₹80.98 million)
  • Net Debt: ₹5,456.5 million (excluding unutilized IPO proceeds)
  • Net Fixed Assets: ₹8,331.5 million
  • Net Current Assets: ₹2,153.1 million (excludes Cash & Cash Equivalents & Short-term borrowings)
  • Total Assets: ₹13,367.2 million
  • Fixed Asset Turnover: 3.1
  • Capital Employed Turnover: 1.1
  • Cash Conversion Cycle: 50 days

Operational Highlights

  • Installed crushing capacity increased to 1,650 TPD on May 26, 2026 (from 825 TPD)
  • Commissioned new Liquid Glucose (LG) manufacturing facility with 180 MT per day capacity
  • Commissioned new Maltodextrin Powder (MDP) manufacturing facility with 50 MT per day capacity
  • Captive co-generation power plant expanded from 7.1 MW to 15.8 MW
  • Achieved peak capacity utilization of 96.5% in FY26
  • 80.85% of power requirements met through captive co-generation in FY26
  • Revenue CAGR of 32.5% from FY23 to FY26
  • Onboarded 134 new customers in FY26, taking total customer base to 345
  • Dealer channel share increased to 65.5% in FY26
  • Employee count: 591 (excluding KMPs)

Product Portfolio Revenue Mix (FY26)

  • Native Maize Starch: 59.3% of revenue
  • Modified Starch: 2.7% of revenue
  • Value Added Products: 0.5% of revenue
  • Co-Products: 37.5% of revenue

Dividend Recommendation

  • Board recommended dividend of ₹0.25 per share for FY26
  • Subject to shareholders' approval

Expansion and Capex Details

  • Total project outlay: ~₹5,400 million
  • Amount spent as of March 31, 2026: ~₹4,014 million
  • Expansion qualifies for interest subvention under Bihar's Industrial Policy
  • Future expansion plans for FY27 include:
  • Dextrose Anhydrous (DAH)
  • Dextrose Monohydrate (DMH)
  • Hydrol
  • Modified starch products including Cationic starch, Carboxymethyl starch, Pregel starch, Gulal, and Spray starch

Strategic Advantages

  • Located in Kishanganj, Bihar - among India's top 3 maize-producing states
  • 65,000 MT maize storage capacity
  • Zero Liquid Discharge (ZLD) unit operation
  • Certifications: ISO 9001:2015, ISO 14001:2015, ISO 22000:2018, ISO 45001:2018, Halal India
  • Recognized as One Star Export House by DGFT
  • Benefits from Bihar Industrial Investment Promotion Policy (BIIPP) including 10% interest subvention and 100% State GST reimbursement

Management Commentary

From Chairman and Managing Director Anil Kishorepuria: The expansion makes Regaal the largest maize wet milling facility in Eastern India, marking a defining milestone in the journey towards becoming a diversified maize-based specialty products company. The company remains focused on optimizing expanded operations while maintaining strong capital discipline and commitment to sustainable business practices.