The Regaal Resources Ltd. IPO is set to open on August 12, 2025, offering investors an opportunity to participate in one of India’s leading maize-based specialty product manufacturers. The issue will close on August 14, 2025, with the company targeting both listing gains and long-term growth potential. The shares are proposed to be listed on August 20, 2025.
With an issue price band of ₹96 to ₹102 per share and a lot size of 144 shares, the Regaal Resources IPO aims to raise significant capital through a Fresh Capital-cum-Offer for Sale.
Regaal Resources Ltd. is among the largest manufacturers of maize-based specialty products in India, with a crushing capacity of 750 tonnes per day (TPD) as of May 31, 2025. The company operates from its headquarters in Kolkata and runs a Zero Liquid Discharge (ZLD) maize milling facility in Kishanganj, Bihar, spread across 54.03 acres.
This strategic location in one of India’s prime maize cultivation hubs provides proximity to both domestic markets in East and North India and export destinations such as Nepal (24 km) and Bangladesh (235 km).
The Kishanganj facility is the first maize milling unit in the district and benefits from the Rabi harvest season, with maize production rising from 91,680 MT in FY 2023 to 417,511 MT in FY 2024.
Founded in 2018 with a capacity of 180 TPD, the company has expanded aggressively through multiple capacity additions, including a starch dryer in FY 2025. It has strong raw material storage infrastructure with four humidity-controlled silos (10,000 MT each) and warehouses totaling 65,000 MT storage capacity.
| KPI | Value |
| ROE | 20.25% |
| ROCE | 14.17% |
| Debt/Equity | 2.08 |
| RoNW | 20.25% |
| PAT Margin | 5.19% |
| EBITDA Margin | 12.32% |
| Price to Book Value | 6.18 |
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 860.27 | 585.97 | 371.52 |
| Total Income | 917.58 | 601.08 | 488.67 |
| Profit After Tax | 47.67 | 22.14 | 16.76 |
| EBITDA | 112.79 | 56.37 | 40.67 |
| Net Worth | 235.41 | 126.61 | 104.41 |
| Reserves & Surplus | 202.44 | 125.12 | 102.92 |
| Total Borrowing | 507.05 | 357.21 | 188.93 |
The company manufactures and markets products in three main categories:
Revenue Contribution FY 2025:
The company serves domestic and international clients across multiple industries. Notable clients include Emami Paper Mills, Century Pulp & Paper, Genus Paper Board, Krishna Tissues, and Maruti Papers.
Domestic sales contribute over 92% of revenue, with exports to Bangladesh, Nepal, and Malaysia forming around 7%. The top 10 customers accounted for 45.46% of revenue in FY 2025.
Procurement Sources (FY 2025):
Manufacturing Facility:
The Regaal Resources Ltd. IPO offers investors a chance to participate in one of India’s leading maize-based specialty product manufacturers with a proven track record of growth, operational efficiency, and a diversified product portfolio. Its strategic location advantage, strong domestic and export presence, and focus on sustainability and certifications enhance its long-term growth potential.
While the company’s high debt levels and customer concentration pose risks, its consistent capacity utilization, government incentives, and expanding customer base provide a solid foundation for future earnings. For investors seeking short-term listing gains with the possibility of holding for medium-term growth, the issue appears attractive.
Disclaimer: This article is intended for informational purposes only and does not constitute investment advice or a recommendation to apply for the IPO. Please read the Red Herring Prospectus (RHP) and consult a SEBI-registered financial advisor before making any investment decisions. For detailed disclosures and risk factors, refer to the official filings available on the SEBI website.
https://www.jainam.in/wp-content/uploads/2024/11/Disclosure-and-Disclaimer_Research-Analyst.pdf
Join our 3 Cr+ happy customers
Know the mind behind this article
Open your free Demat account in minutes or explore partnership opportunities with Jainam.
Get the link to download the App
