TBI Corn for medium term based on expected revenue addition

TBI Corn is a SME company that IPO'd this year. Current market cap is 333 Cr with FY23 revenue at 116Cr and FY24 revenue at 159 Cr. Profits have also risen from 6 Cr to 10 Cr for the same. PE ratio stands at \~30. Their partnerships include ITC, Yellow Diamond, Balaji Wafers etc. Recent and most interesting update is that they have signed a MoU with Vedant Starch Limited to utilise their capacity in order to generate a revenue of \~150 Cr from value added products over the next 3 years which would add a major chunk to their current revenues and profits. Source- [https://nsearchives.nseindia.com/corporate/TBI\_05122024121021\_Disclosure\_under\_Regulation\_30\_MoU.pdf](https://nsearchives.nseindia.com/corporate/TBI_05122024121021_Disclosure_under_Regulation_30_MoU.pdf) Bonus: Ashish Kacholia holds 4.22% of the company. The one downside I suspect is that the reason they IPO'd is for CapEx so that they can double down on exports. This might be affected due to the current situation in the corn industry where India recently shifted from being a corn export to import due to ethanol production regulations. Although this is a highly risky bet, I see a major upside at least from the balance sheet perspective for medium term(until the next few earnings release at least) Edit: Also want to add that this stock consistently hit upper circuit post previous results so it was put into ESM-2 category-basically bottomed out every single day after that. This is why I feel like it is at an attractive valuation. Any additional inputs/risks would be highly appreciated.