Regaal Resources Ltd (MAINBOARD)

IPO Details

Key Performance Indicator (KPI)

Incorporation & Operations :

• Established in 2012, Regal Resources Limited is engaged in manufacturing maize specialty products in India.
• Crushing capacity: 750 tonnes per day.
• Manufacturing facility located in Kishanganj, Bihar, spread over 54.03 acres, with zero liquid discharge operations.

Product Portfolio

1. Maize Starch & Modified Starch – Natural plant-based starch derived from maize.
2. Co-products – Gluten, germ, enriched fiber, and fibre.
3. Food Grade Starches – Maize flour, icing sugar, custard powder, baking powder.

Market Presence

• Exports to: Nepal and Bangladesh.
• Domestic & International Customers: Serves industries such as food products, paper, animal feed, and adhesives.
• Customer Segments:
  • End product manufacturers
  • Intermediate product manufacturers
  • Distributors & wholesale traders

Human Resources

• As of May 31, 2025, the company employed 491 personnel across various departments.

Strength

Strategic Manufacturing Location : The facility is located in Bihar’s Kishanganj district, a major maize hub, close to West Bengal and Assam borders, ensuring easy access to raw materials and consumption markets.

High-Utilization Sustainable Facility : The company operates a well-maintained, upgraded manufacturing unit using wet milling processes, resulting in high capacity utilization and operational efficiency.

 Diverse Product Portfolio with Rapid Growth : Among the top 10 maize milling companies in India, the company offers a wide range of maize-based specialty products and recorded a 36.95% revenue CAGR from FY23 to FY25.

Weakness

Legal Case Against Promoter : One of the promoters, Anil Kishorepuria, is involved in a legal proceeding under the IPC and Prevention of Corruption Act. Any negative outcome may harm the company's reputation and operations.

High Vendor Dependency : Over 83% of maize purchases come from the top 10 vendors, with no long-term contracts. Losing these vendors or price hikes could adversely affect supply and revenues.

Past Capital Market Restrictions on Promoter : Promoter Anil Kishorepuria and some promoter group members were previously restricted from participating in capital market activities, which may raise concerns about governance and compliance.