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Regaal Resources IPO
Regaal Resources Ltd
₹13,824 /144 sharesMinimum Investment
Regaal Resources IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹102.00 | ₹141.00 | ₹39.00 (38.24%) |
Regaal Resources IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 12 Aug ‘25 - 14 Aug ‘25 | ₹13,824 | 144 | ₹96 - ₹102 |
| Issue Size | IPO Doc |
|---|---|
| 306.00Cr | RHP PDF |
Subscription rate
As of 14 Aug'25, 04:01 PM
| Qualified Institutional Buyers | 183.35x |
| Non-Institutional Investor | 353.52x |
| Retail Individual Investor | 54.54x |
| Total | 155.41x |
About Regaal Resources
Founded in
2012
Managing director
Mr. Anil Kishorepuria
Parent organisation
Regaal Resources Ltd
Regaal Resources Ltd IPO
https://www.youtube.com/watch?v=3hnwBKUM8Ko
Strengths & Financials of Regaal Resources
Strengths
Risks
Regaal Resources claims to have a strategically located manufacturing facility in Kishanganj, Bihar, one of India’s major maize cultivation hubs. This proximity to key maize-producing regions, including Bihar and West Bengal, ensures a consistent and cost-effective supply of raw material. Additionally, the facility is well-connected to both domestic and export markets, with easy access to Nepal and Bangladesh, enhancing its logistical advantage.
The company claims to have a diversified and efficient raw material sourcing strategy. Regaal Resources sources maize from multiple channels, including direct procurement from farmers, aggregators, and traders in Bihar and West Bengal. The company states that this multifaceted approach helps mitigate risks associated with supply disruptions and allows it to negotiate competitive rates for high-quality maize.
Regaal Resources claims to have invested significantly in its storage infrastructure. The company operates large warehouses and four humidity-controlled storage silos, with a total capacity of 65,000 tonnes of maize. This extensive storage system ensures that raw materials and finished products are stored safely and efficiently, supporting smooth operations and minimising the risk of supply shortages.
Regaal Resources claims to have made significant strides in optimising its manufacturing facility, achieving high capacity utilisation rates. As of the two months ended May 31, 2025, the company reported a utilisation rate of 99.55 percent, 99.74% in FY25, 94.70% in FY24, and 96.59% in FY23, showcasing the efficiency of its operations. The manufacturing facility also features a cogeneration power plant that supplies a substantial portion of the company's energy needs, further reducing reliance on external power sources and enhancing sustainability through the use of renewable fuel like husk.
Regaal Resources claims to have a broad and growing portfolio of maize-based speciality products. The company has diversified from producing native maize starch to include modified starches, maize flour, icing sugar, custard powder, and other value-added products.
The company holds ISO 9001:2015 certification for its quality management systems, ISO 14001:2015 certification for its environmental management systems, ISO 22000:2018 certification for its food management systems, and ISO 45001:2018 certification for operational health and safety management. Additionally, it is halal certified.
The company has maintained a sound credit rating, with its fund-based bank facilities receiving a long-term CRISIL rating of BBB+/Positive for FY25, BBB+/Stable for FY24, and BBB+/Stable for FY23. Additionally, its non-fund-based bank facilities are rated short-term CRISIL A2.
The company has reported a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 487.95 crore in FY23 to Rs 600.02 crore in FY24 and Rs 915.16 crore in FY25. PAT increased from Rs 16.76 crore in FY23 to Rs 22.14 crore in FY24 and Rs 47.67 crore in FY25.
The top three vendors accounted for Rs 517.82 crore (72.11 percent) of the company’s total cost of purchase of maize in FY25, Rs 311.26 crore (68.36 percent) in FY24, and Rs 148.44 crore (46.63 percent) in FY23. Since the company does not typically enter into long-term contracts with these suppliers, any loss of these vendors or price increases could lead to higher procurement costs, affecting the company’s revenue and profitability.
Regaal Resources operates from a single manufacturing facility located in Kishanganj, Bihar. Any loss, shutdown, or slowdown in operations at this facility could significantly affect the company’s business and financial condition. Although the company has taken measures to minimise risks like equipment failure or power interruptions, any unforeseen event, such as natural disasters, labour disputes, or utility shortages, could disrupt operations. In such cases, the company may face higher operational costs and lower profitability, especially if it needs to rely on backup power sources like diesel generators.
The company reported negative cash flow from operating activities amounting to Rs 11.20 crore in FY25 and Rs 22.51 crore in FY24. The negative cash flow in FY25 was primarily due to increased raw material procurement and higher inventory holding. In FY24, this was further compounded by an increase in trade receivables, resulting from a longer collection cycle. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges or higher finance costs for high-cost, short-term borrowings.
The top five customers accounted for Rs 246.88 crore (27.26 percent) of the company’s total sales of products in FY25, Rs 191.39 crore (32.00 percent) in FY24, and Rs 190.22 crore (39.51 percent) in FY23. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients could hurt the company’s business and financial standing.
The primary raw material for Regaal Resources, maize, is seasonal in nature, with the majority of it being cultivated during the kharif (rainy) season. The total cost of maize consumed accounted for Rs 530.88 crore (58.61 percent) of the company’s contract price in FY25, Rs 327.03 crore (54.68 percent) in FY24, and Rs 292.68 crore (60.80 percent) in FY23. Any delays, interruptions, or reduction in the supply of maize could impact the production and pricing of the company’s products. Furthermore, fluctuations in the price of this raw material could adversely affect the company’s ability to procure it at a commercially reasonable price, leading to increased procurement costs and potentially affecting profitability.
A significant portion of the company’s revenue is derived from the east and north regions. The east accounted for Rs 351.02 crore (38.75 percent) of the company’s contract price in FY25, Rs 253.27 crore (42.35 percent) in FY24, and Rs 182.94 crore (38.00 percent) in FY23. The north accounted for Rs 286.36 crore (31.62 percent) of the company’s contract price in FY25, Rs 206.06 crore (34.46 percent) in FY24, and Rs 180.80 crore (37.56 percent) in FY23. Any adverse political, social, or economic developments in these regions could harm the company’s financial condition and future business prospects.
A significant portion of the company’s revenue is derived from repeat customers. It generated Rs 806.82 crore, Rs 490.60 crore, and Rs 330.76 crore in FY25, FY24, and FY23, respectively, from such customers. However, the company does not enter into long-term contracts with its clients, and any loss of key customers or a reduction in demand from them for the company's products could adversely affect its business, operations, and financial condition.
As of FY25, the company had outstanding dues to creditors amounting to Rs 48.01 crore. Any failure to make payments to such creditors on time, as per the terms and conditions of the agreements or purchase orders with them, or at all, could negatively impact the company’s reputation and financial condition.
The company, its promoters, directors, key managerial personnel, and some members of senior management are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could hurt the company’s business prospects.
Regaal Resources relies significantly on its distributors and dealers for sales, but the company generally does not enter into long-term contracts with them. Sales through dealers accounted for Rs 432.59 crore (47.76 percent) of the company’s contract price in FY25, Rs 273.06 crore (45.66 percent) in FY24, and Rs 205.73 crore (42.74 percent) in FY23. Any failure to maintain an ongoing relationship with these dealers or an inability to do so on commercially viable terms could adversely impact the company's business, operations, and financial condition.
A significant portion of the company’s revenue is derived from the sale of native maize starch. It accounted for Rs 536.99 crore (59.29 percent) of the company’s contract price in FY25, Rs 355.30 crore (59.41 percent) in FY24, and Rs 291.65 crore (60.58 percent) in FY23. Any decline or disruption in the demand or pricing of native maize starch could adversely affect the company’s business operations, results of operations, and financial condition.
As of FY25, the company had trade receivables of Rs 136.87 crore, representing 14.96 percent of the company’s revenue from operations. This is an increase from Rs 126.73 crore (21.12 percent) in FY24 and Rs 71.94 crore (14.74 percent) in FY23. Any failure to collect these receivables on time or at all can negatively impact the business and its financial condition.
As of June 30, 2025, the company had outstanding financial indebtedness amounting to Rs 561.15 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Regaal Resources Financials
*All values are in Rs. Cr
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Application Details of Regaal Resources IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹96 - 102 | ₹2 Lakh |
| High Networth Individual | ₹96 - 102 | ₹2 - 5 Lakh |
For Regaal Resources IPO, eligible investors can apply as Regular.