What TBI Corn does

TBI Corn Limited is an Indian corn processing and exporting company headquartered in Miraj, Sangli district, Maharashtra, with manufacturing operations across multiple MIDC Miraj units and a dedicated export facility at the JNPA Special Economic Zone in Navi Mumbai. Founded in 1999 as M/s. The Best India and rebranded to TBI Corn Limited around 2019, the company manufactures and sells corn-based ingredients — including corn grits, broken maize, raw corn flakes, corn meal, corn flour, corn germ, and corn bran — to B2B customers in the snack food, breakfast/bakery, sweet manufacturing, hospitality, and animal feed industries. The company's processing lines run on Bühler Group technology with integrated automation and a proprietary batch-level traceability system, giving it an installed capacity reported at 390 TPD at Miraj and 150 TPD at the JNPA export facility. TBI Corn completed its IPO on June 5, 2024, listing on NSE and MSEI under the ticker TBI.

The company's commercial model is direct B2B sales on a quote-based pricing structure, with pricing determined by customer specifications, quantities, and shipping terms (FOB/CFR/CIF). It sells domestically to large enterprise customers including ITC, Balaji, UFF, and Vasaya, and exports to more than 18 countries across the Middle East, Far East, Africa, and South Asia. Revenue derives from two streams: (1) corn-based product manufacturing and sales, and (2) a newer spice exports vertical launched in 2025 covering turmeric (sourced from Sangli's black soil) and red chillies. The company is certified under ISO 22000:2018, ISO 9001:2015, HALAL, FSSAI, and APEDA, and holds Star Export House status. TBI Corn is a publicly listed, founder-led business — Yogesh Laxman Rajhans holds 54.52% directly with the promoter group controlling 56.47% of the 18,158,405 outstanding shares.

Name

TBI Corn

Legal name

TBI Corn Limited

Website

https://tbicorn.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

TBI Corn Limited is an India-based corn processor that manufactures and exports corn grits, corn flour, broken maize, and related ingredients to B2B food, snack, brewery, and animal-feed customers across 18+ countries, operating automated Bühler Group processing facilities from Miraj and the JNPA SEZ.

Ownership category

akta.pro rank

Product category

Corn milling and maize processing

NAICS

Grain and Oilseed Milling (3112), Breakfast Cereal Manufacturing (31123), Wet Corn Milling and Starch Manufacturing (311221), Food Manufacturing (311), Fruit and Vegetable Preserving and Specialty Food Manufacturing (3114)

SIC

Grain Mill Products (2040), Food And Kindred Products (2000)

akta.pro primary industry

Flour & Milling Products Manufacturing (wheat, corn, rice, specialty flours) (AFAKABAD)

akta.pro secondary industry

Breakfast Cereal Manufacturing (RTE, hot cereals, granola) (AFAKABAA)

Keywords

• Corn grits manufacturing
• Maize processing products
• Corn-based food ingredients
• Industrial corn milling
• Spice exports supplier

Headquarters

HQ city

Sangli

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Corn-based products manufacturing and sales: Primary revenue stream from manufacturing and selling corn-based products including corn grits, broken maize, corn flour, corn flakes, corn meal, corn germ, corn bran, and Indian yellow maize. Revenue is generated through B2B sales to food processing industries with pricing based on specifications and quantities provided by customers.
2. Spice exports: New vertical revenue stream from exporting premium Indian spices including turmeric and red chillies to global buyers. Products sourced from India's prime cultivating regions including Sangli's black soil for turmeric.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

TBI Corn Limited manufactures and exports processed corn-based ingredients such as corn grits, broken maize, corn flour, corn meal, corn germ, corn bran, and raw corn flakes for B2B customers in the snack food, breakfast cereal, beverage, hospitality and animal feed industries. The company also runs a dedicated export vertical at JNPA SEZ supplying premium Indian turmeric and red chillies to global buyers.

Product overview

TBI Corn Limited is a corn processing and manufacturing company offering a portfolio of corn-based processed products for food industries. The portfolio includes Indian Yellow Maize (whole kernels), Broken Maize (various sizes), Raw Corn Flakes, Corn Grits (primary product for extruded snacks), Corn Meal, Corn Flour, Corn Germ (for oil extraction), and Corn Bran (animal feed). Additionally, the company has expanded into spice exports under a new vertical, offering Turmeric (sourced from Sangli region) and Red Chillies. Products serve breakfast, sweet manufacturing, snack food, hospitality industries, and animal feed sectors domestically and internationally.

Differentiator

Problem solved

Functional benefit

Products and services

• Indian Yellow Maize Whole non-GMO corn kernels procured from selected farms, cleaned of foreign matter and impurities, and supplied without chemical additives or preservatives for human consumption, poultry feed and cattle feed applications.
• Broken Maize Broken maize offered in size variants of 2MM-3MM, 3MM-4MM and 4MM-5MM for use in tortilla manufacturing, porridge, extruded snacks, and chick feed production.
• Raw Corn Flakes Dehulled and degermed maize milled to flaking-sized grits, supplied to extruded snack producers, pola snack manufacturers and poultry feed customers.
• Corn Grits Degerminated yellow corn ground to coarse flour-free meal conforming to buyer-specified particle sizes, supplied without chemical additives or preservatives, widely used as the main ingredient of extruded snacks.
• Corn Meal High-quality Indian yellow maize ground to a fine yellowish flour, gluten-free, supplied for bakery products, batter mixes, snack manufacturing and pet food applications.
• Corn Flour Fine yellowish corn flour with a gluten-free profile for use in bakery, batter mixes, snack manufacturing and pet food formulations.
• Corn Germ Corn germ representing 6-8% of total grain weight and 50% of total oil content, supplied primarily to corn oil extractors and as a high-energy ingredient in animal feed and fodder.
• Corn Bran Corn bran with high dietary fibre and phenolic content, including insoluble fibre for digestive health and soluble fibre that lowers cholesterol, supplied as nutritious hominy feed for farm animals and cattle.
• Turmeric Premium Indian turmeric with curcumin content of 1.5%-5%+, supplied as whole fingers (Selam Double Polished, Organic, Rajapuri, Cuddapah, Nizamabad) and ground powder for global spice buyers and food processors.
• Red Chillies Indian red chillies offered as whole dried varieties (S10/Sannam, Byadgi, S17/Teja, 341 Deluxe, Syngenta) and 100% pure powdered form, meeting international quality standards for spice importers and food manufacturers.

Quantifiable outcome

• Production capacity of 4500 tons per month with 390 TPD equipment
• +2 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Bühler GroupcoreTechnology or IntegrationTBI Maize Processors facility at JNPA SEZ is built on Advanced Bühler Group Technology. The partnership provides integrated milling systems known globally for precision, efficiency, and food safety. Bühler's automated processing line enables high-precision degermination, superior grain cleaning, consistent grinding performance, and integrated automation for product traceability.

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Sukhjit Starch & Chemicals Limited: India-based maize processing and starch manufacturer producing corn starch, modified starch, gluten, and refined corn products. Comparable to TBI Corn as a domestic Indian corn processor serving food industrial customers, with overlapping end-markets in FMCG and snack food ingredients.
• Didion Milling: US-based corn milling company producing corn grits, corn flour, and corn meal for food and beverage customers. Comparable to TBI Corn as a dry corn miller supplying industrial food processors with similar degerminated corn products.
• Ganesh Grains Limited: Indian agro-processing company engaged in maize milling and corn-based food ingredients. Comparable to TBI Corn as a domestic Indian competitor in corn milling and grain processing for food and animal feed applications.

Broad incumbents

• Ingredion Incorporated (formerly Corn Products International): Global ingredient solutions company specializing in corn-based ingredients, starches, and sweeteners. Comparable to TBI Corn as a corn milling and downstream ingredient supplier, though at vastly greater scale and with broader value-added product portfolio.
• Roquette Frères: Global leader in starch, polyols, proteins, and fiber derived from maize and other plant-based raw materials. Comparable to TBI Corn as a corn milling and ingredient manufacturer serving food processing industries worldwide.
• Tate & Lyle PLC: Global food and beverage ingredient company with major corn-derived product lines including sweeteners and texturants. Comparable to TBI Corn in the corn wet-milling and ingredient space, though with a much broader specialty ingredient portfolio.
• Bunge Limited: Global agribusiness and food company with significant corn milling and dry ingredient operations serving snack food and breakfast cereal customers. Comparable to TBI Corn in the corn dry milling segment, though operates across the full grain value chain.
• Cargill, Incorporated: Global food and agriculture company with corn milling operations producing grits, flour, and meal for industrial food customers. Comparable to TBI Corn as a corn ingredient supplier, though at massively greater geographic and product diversification.

Emerging players

• SEMO Milling: US-based corn miller producing corn grits, corn flour, and pregelatinized corn products for food and beverage manufacturers. Comparable to TBI Corn as a focused corn dry miller serving industrial food customers with similar degermination and grinding capabilities.
• Spac Foods (India) Pvt Ltd: India-based food processing and export company operating in the corn and spice ingredients space. Comparable to TBI Corn's newly launched spice exports vertical and broader food ingredient export operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tbi-corn-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TBI Corn