Regaal Resources Limited IPO

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The company is one of the largest manufacturers of maize-based specialty products in India, with an installed crushing capacity of 750 tonnes per day (TPD). Headquartered in Kolkata, it operates a zero liquid discharge (ZLD) maize milling facility spread across 47.92 acres in Kishanganj, Bihar — strategically located in one of India’s major maize cultivation hubs. Since its inception in 2018 with 180 TPD capacity, the company has consistently expanded operations, achieving 750 TPD capacity by October 2024, supported by large warehouses and four humidity-controlled silos of 10,000 MT each.

Product Portfolio

The company offers a diversified product range catering to multiple industries:

1. Native & Modified Maize Starch

a) Native Maize Starch: Used in food & beverages, pharmaceuticals, paper & packaging, textiles, adhesives, industrial applications, and cosmetics.

b) Modified Starches: Includes yellow dextrin, white dextrin, and oxidized starch for use in adhesives, textiles, paper coatings, and specialty industrial applications.

2. Co-products: Gluten, germ, enriched fiber, maize steep liquor, and maize fiber — primarily for animal feed, ethanol, sweeteners, and oil extraction.

3. Value-added Products: Maize flour, icing sugar, custard powder, and baking powder — widely used in bakery, confectionery, and processed food industries.

Manufacturing & Location Advantage

The company is the first maize milling unit in Kishanganj, Bihar, giving it direct access to abundant, high-quality maize at competitive prices. Strategically located near key domestic markets in East and North India and export hubs like Nepal (24 km) and Bangladesh (235 km), it benefits from proximity to Gulabbagh mandi (110 km) and excellent transport connectivity. Additionally, it enjoys BIIPP incentives, including interest subvention and State GST reimbursement.

Customer Base

1. End-product manufacturers
2. Intermediate product manufacturers
3. Distributors/wholesalers

Prominent clients include Emami Paper Mills, Century Pulp & Paper, Kush Proteins, Maruti Papers, and several large animal feed and food product companies.

Competitive Strengths

i) Strategic location in a high-yield maize cultivation region with an “exclusive availability window” for Rabi maize.
ii) Diverse product range catering to high-growth sectors.
iii) High capacity utilization supported by sustainability-focused ZLD operations.
iv) Strong domestic and international market presence, exporting to Bangladesh, Nepal, and Malaysia.
v) Experienced promoters and management team with deep sector expertise.

Objects of the Regaal Resources Limited IPO:

Company proposes to utilise the Net Proceeds towards the following objects: 1. Repayment and/ or pre-payment, in full or in part, of outstanding borrowings (₹190 cr) 2. General Corporate Purposes
DRHP of Regaal Resources Limited IPO
RHP of Regaal Resources Limited IPO

Regaal Resources Limited IPO Details:

Open Date: Aug 12 2025
Close Date: Aug 14 2025
Total Shares: 3,00,00,235
Face Value: ₹ 5 Per Equity Share
Issue Type: Book Building
Issue Size: 306 Cr.
Lot Size: 144 Shares
Issue Price: ₹ 96-102 Per Equity Share
Listing At: NSE,BSE

Promoters And Management:

1. Anil Kishorepuria, the Chairman and Managing Director, and also one of the Promoters of the Company, holds a Bachelor’s degree in Commerce from the University of Calcutta. Associated with the Company since 2015, he brings around 10 years of experience in the manufacturing industry. 2. Karan Kishorepuria, the Whole Time Director and one of the Promoters, has been with the Company since September 1, 2021. He holds a Bachelor’s degree in Science in Business Administration from Northeastern University, Boston, Massachusetts. Before joining the Company, he worked with Grantham, Mayo, Van Otterloo & Co. LLC, Goldman Sachs, NUImpact: Northeastern’s Impact Investing Fund, and IDEA: Northeastern University’s Venture Accelerator. He has approximately 4 years of experience in Accounts and Finance. 3. Dinabandhu Mohapatra, an Independent Director of the Company since April 10, 2023, holds Bachelor’s degrees in Arts and Law, and a Master’s degree in Economics from Utkal University. He is also a certified associate of the Indian Institute of Bankers. Prior to joining the Company, he served as Executive Director at Canara Bank and as Managing Director & CEO at Bank of India. He has over 6 years of experience.

Financials of Regaal Resources Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 915.10 600.00 487.90
EBITDA 112.7 56.3 40.6
EBITDA Margins 12.32% 9.39% 8.34%
PAT 47.6 22.1 16.7
PAT Margins 5.19% 3.68% 3.43%
ROCE 14.17% 10.07% 10.99%
Debt to Equity Ratio(In Times) 2.08 2.65 1.68
Operating Cash Flows -11.2 -22.5 3.46

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Regaal Resources Limited 915.10 12.32% 5.19% 14.17% 2.08 1047.78 22.01
Sanstar Limited 953 6% 4.60% 11.70% 0.04 1,563 35.7
Gujarat Ambuja Exports Limited 4613 8% 5.30% 11.50% 0.08 4,724 19.9
Gulshan Polyols Limited 2020 5% 0.12% 6% 0.64 1093 38.6
Sukhjit Starch and Chemicals Limited 1498 7% 2.60% 9.43% 0.55 531 14.6

Lead Manager of Regaal Resources Limited IPO:

  1. Pantomath Capital Advisors Private Limited
  2. Sumedha Fiscal Services Limited

Registrar of Regaal Resources Limited IPO:

  1. Link Intime India Private Limited

Discussion on Regaal Resources Limited IPO:

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