Regaal Resources

Regaal Resources Limited has utilized Rs 204.23 crore out of Rs 209.99 crore raised through its IPO, according to CARE Ratings' monitoring report for the quarter ended September 30, 2025. The company deployed Rs 158.10 crore for loan repayments and prepayments, Rs 24.83 crore for general corporate purposes including capex and administrative expenses, and Rs 21.30 crore for IPO-related expenses. The IPO was conducted from August 12-14, 2025, with Rs 2.70 crore remaining unutilized in the monitoring account. CARE Ratings noted no deviations from the stated objectives, though highlighted that the company obtained Board approval for fund utilization quantification on September 9, 2025, after payments had commenced on August 20, 2025.

Regaal Resources Limited announced its quarterly results for the quarter and six months ended September 30, 2025. The company reported a profit of ₹214.79 million for the quarter, representing a 71% increase from ₹125.79 million in the same quarter last year. For the six-month period, profit reached ₹343.81 million compared to ₹297.38 million in the previous year. Total income for the quarter stood at ₹2,202.77 million versus ₹1,856.26 million in the prior year quarter. The company, primarily engaged in manufacturing maize starch and its derivatives and trading of maize, completed its IPO in August 2025, raising ₹2,099.99 million through fresh issue of shares and ₹960.02 million through offer for sale. Earnings per share increased to ₹1.88 for the quarter from ₹1.10 in the previous year. The Board of Directors approved these unaudited standalone financial results in their meeting held on November 12, 2025.

CRISIL Ratings upgraded Regaal Resources Limited's long-term rating to CRISIL A-/Stable from CRISIL BBB+/Positive, while enhancing total bank loan facilities to Rs. 625.57 crore from Rs. 385 crore. The upgrade reflects healthy growth in operating performance with revenue of Rs. 247 crore in the first quarter of fiscal 2026 and Rs. 915 crore in fiscal 2025, driven by strong volumetric growth and capacity utilization. The company operates in maize starch extraction with established market position and is expanding capacity by 825 tonnes per day, bringing total capacity to 1,650 tonnes per day operational from April 2026. Operating margins improved to 12.38% in fiscal 2025 from previous volatility due to maize price fluctuations. The company is also adding value-added products including liquid glucose, maltodextrin powder, and dextrose variants. Capital structure remains comfortable with Rs. 243 crore networth as of March 2025, further strengthened by IPO funding of Rs. 210 crore. Key risks include susceptibility to raw material price volatility and moderate risks from ongoing capex of Rs. 450 crore over fiscals 2025-26.