Financial Performance Summary

Operating Metrics Q1 FY27:

  • Operating Income: ₹2,021 million (down 18.0% YoY from ₹2,466 million, down 17.4% QoQ from ₹2,446 million)
  • Value Add: ₹805 million (up 30.3% YoY from ₹618 million, up 7.5% QoQ from ₹749 million)
  • Value Add Margin: 39.8% (expanded 1,477 bps YoY from 25.1%, expanded 920 bps QoQ from 30.6%)
  • Operating EBITDA: ₹310 million (up 26.6% YoY from ₹245 million, down 4.7% QoQ from ₹325 million)
  • Operating EBITDA Margin: 15.3% (expanded 540 bps YoY from 9.9%, expanded 204 bps QoQ from 13.3%)
  • PAT: ₹133 million (up 47.0% YoY from ₹91 million, down 19.4% QoQ from ₹165 million)
  • PAT Margin: 6.6% (expanded 291 bps YoY from 3.7%, contracted 17 bps QoQ from 6.8%)
  • Diluted EPS: ₹1.29 (up 18.2% YoY from ₹1.09, down 20.1% QoQ from ₹1.62)

Full Year FY26 Reference:

  • Full Year Operating Income: ₹11,342 million
  • Full Year Value Add: ₹2,958 million
  • Full Year Value Add Margin: 26.1%
  • Full Year Operating EBITDA: ₹1,266 million
  • Full Year Operating EBITDA Margin: 11.2%
  • Full Year PAT: ₹556 million
  • Full Year PAT Margin: 4.9%

Operational Highlights

Production Metrics:

  • Maize crushing production: 69,689 MT in Q1 FY27 (up 7.6% YoY from 64,770 MT in Q1 FY26)

Business Mix Changes:

  • Trading income contribution declined to 3.3% in Q1 FY27 from 19.5% in Q1 FY26
  • Export contribution increased to 10.4% in Q1 FY27 from 4.9% in Q1 FY26

Capacity Expansion and Capital Projects

Completed Expansions (Q1 FY27):

  • Crushing capacity doubled from 825 MT per day to 1,650 MT per day
  • New Liquid Glucose (LG) facility commissioned: 180 MT per day capacity
  • New Maltodextrin Powder (MDP) facility commissioned: 50 MT per day capacity
  • Captive co-generation power plant expanded from 7.1 MW to 15.8 MW

Current Status:

  • Newly commissioned capacities were in stabilization and ramp-up phase during Q1 FY27
  • Benefits expected to begin reflecting from Q2 FY27 onwards through higher utilization and improved operating efficiencies

Future Capex Plans:

  • Addition of modified starch products and derivatives including Dextrose Anhydrous, Dextrose Monohydrate and Hydrol
  • Commissioning planned in phases through FY27
  • Capex already underway

Management Commentary

Mr. Anil Kishorepuria, Chairman & Managing Director, highlighted:

  • Strong start to FY27 with healthy profitability growth and significant strategic milestones
  • Value-Add margin expansion supported by lower contribution from trading income, consistent with core focus on manufacturing
  • Continued strengthening of international footprint with export contribution more than doubling YoY
  • Establishment as the largest maize wet milling facility in Eastern India
  • Focus on maximizing potential of expanded capacities and driving operational excellence
  • Robust manufacturing platform, growing global presence, and expanding portfolio of value-added products position the company for sustainable long-term value creation

Company Background

Regaal Resources Limited is among India's leading maize-based specialty product manufacturers with:

  • Modern wet milling facility in Bihar strategically located near key maize-growing regions
  • Installed crushing capacity of approximately 1,650 TPD
  • Ranks among leading maize milling players in India and largest player in Eastern India
  • Product portfolio includes native starches, modified starches, first-stage products, and maize derivative products
  • Serves diverse industries: food & beverages, pharmaceuticals, textiles, paper, and animal nutrition
  • Integrated procurement capabilities and large-scale storage infrastructure