Regaal Resources Limited

Regaal Resources Limited is one of the largest manufacturers of maize based specialty products in India, in terms of crushing capacity, with a total installed crushing capacity of 750 tonnes per day (TPD). They manufacture:(i) Native maize starch and modified starch - a plant-based natural starch that is produced from maize;(ii) Co-products - includes gluten, germ, enriched fiber and fiber; and(iii) Value added products - food grade starches such as maize flour, icing sugar, custard powder and baking powder. The Company is headquartered in Kolkata and the manufacturing plant with zero liquid discharge (ZLD) maize milling plant (Manufacturing Facility) spread across 54.03 acres is located in Kishanganj, Bihar, which is one of India's major hubs for maize cultivation. They cater to domestic and international customers across diverse industries including food products, paper, animal feed, and adhesives.  Some of the more prominent customers include Emami Paper Mills Limited, Manioca Food Products PrivateLimited, Century Pulp & Paper, Kush Proteins Private Limited, Shri Guru Oil Industries, Mayank Cattle FoodLimited, Aarnav Sales Corporation, AMV Sales Corporation, Eco Tech Papers, Genus Paper Board PrivateLimited, Krishna Tissues Private Limited, Maruti Papers Private Limited, and M/s Vasu and Sons. Company commenced its operations in 2018 with an installed capacity of 180 TPD. As on May 31, 2025, the installed crushing capacity was 750 TPD. The Manufacturing Facility also comprises large warehouses and 4 humidity-controlled storage silos of 10,000 MT each for storage of maize. As on May 31, 2025, they had an aggregate storage capacity of 65,000 tonnes of maize. As per financial performance, Regaal Resources Limited has posted total income / net profits of Rs 488.67 Cr / 16.76 Cr (FY23), Rs 601.08 Cr / Rs 22.14 Cr (FY24) and Rs 917.57 Cr / 47.67 Cr (FY25). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 4.35 and average RoNW of 18.63% for last three fiscals. Issue is priced at a P/BV of 3.56 as per NAV of Rs 28.66/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 62.52, 47.32 and 21.98 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Pantomath Capital Advisors Private Limited and Sumedha Fiscal Services Limited (two) are associated with this IPO, and have handled 10 IPOs in last three fiscal years. ( As on 09.08.25 ) As per financials, Regaal Resources Limited has shown good growth, RoNW is 21.98% and P/E is 62.52, 47.32 and 21.98 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced. Company is in manufacturing of maize based specialty products in India, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

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