Regaal Resources Limited has received a significant GST demand order from tax authorities in Bihar, the company disclosed in a regulatory filing on January 2, 2026. The demand pertains to alleged violations during the financial year 2021-22.

GST Demand Details

The Joint Commissioner of State Goods and Service Tax (GST) office in Kishanganj, Purnea, Bihar issued the demand order under Section 73 of the CGST/SGST Act. The total demand amounts to ₹2.17 crores, broken down across multiple components.

The company received the demand order on January 1, 2026, and promptly disclosed the information to stock exchanges as required under SEBI regulations.

Company's Response and Assessment

Regaal Resources has indicated that it is reviewing the demand order and plans to take appropriate action. The company's initial assessment suggests that the demand may not be maintainable, and management is currently evaluating the matter to determine the necessary steps for response.

The company has stated that it does not envisage any relevant impact on its financials, operations, or other activities due to the issuance of this order. This assessment is based on the company's belief that the demand lacks merit.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with SEBI Circular dated July 13, 2023. Company Secretary and Compliance Officer Tinku Kumar Gupta signed the regulatory filing, ensuring compliance with mandatory disclosure requirements for material events that could impact stakeholders.

Regaal Resources Limited , a leading maize-based specialty products manufacturer, has reported robust financial results for the second quarter of fiscal year 2026, along with significant progress in utilizing its IPO proceeds.

Financial Highlights

For Q2 FY26, Regaal Resources achieved:

• Operating Income of ₹3,200.20 crore, up 56.5% year-on-year (YoY)
• Operating EBITDA of ₹350.40 crore, increasing 12.7% YoY
• Profit After Tax (PAT) of ₹167.10 crore, growing 27.7% YoY

The company's performance for H1 FY26 was equally impressive:

• Operating Income reached ₹5,665.90 crore, a 41.9% YoY increase
• Operating EBITDA stood at ₹595.00 crore, up 8.1% YoY
• PAT rose to ₹257.80 crore, a 15.8% YoY growth

IPO Fund Utilization

Regaal Resources has made significant progress in utilizing the funds raised from its Initial Public Offering (IPO):

The company has utilized approximately 97% of the net IPO proceeds, with the remaining funds temporarily held in a designated special current bank account.

Operational Updates

Anil Kishorepuria, Chairman and Managing Director of Regaal Resources, commented on the results: "We are pleased to share that the capacity expansion to 1,650 TPD remains on track and would be commissioned by the end of this Fiscal. The new capacity will be dedicated towards the production of Liquid Glucose, Maltodextrin Powder, Dextrose Monohydrate, Dextrose Anhydrous and many other value-added products, enabling us to achieve product diversification and capture rising demand across various industries."

The company noted that the contraction in value-add margin was primarily due to muted demand in the starch export market and the company's strategy of maintaining strong relationships with farmers by accepting maize deliveries even when exceeding near-term manufacturing requirements.

Future Outlook

Regaal Resources remains optimistic about future growth, citing recent improvements in export markets supported by firming global starch prices and a decline in maize prices in India. The company is focused on optimizing operations while maintaining strong capital discipline and a commitment to sustainable business practices.

As Regaal Resources continues to expand its capacity and product portfolio, it is well-positioned to capitalize on the growing demand for maize-based specialty products across various industries, including processed foods, industrial applications, and FMCG.

Market Response

The financial results and IPO fund utilization update were well-received by the market, reflecting investor confidence in Regaal Resources' growth strategy and operational execution.

Note: All financial figures are in Indian Rupees (₹).