Tea & Coffee industry

28 companies · ₹1.1 L cr · 2 with AI deep dives · Q2FY27 report

Price-led staples and cheap inventory lift margins; El Nino, Hormuz freight, ethanol policy cloud H2

Turning upmargin troughed at 12.5% and has risen for 4 quarters to 13.7%, on positive revenue growth

Revenue YoY: +12.2%
EBITDA margin: 13.7%; +120bps YoY
Price, 1 year: -16.0%; 33% of names up
P/E vs own 5y: -

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	6,608 cr	6,751 cr	-2.1%	5,891 cr	+12.2%	6,751 cr	-2.1%
EBITDA margin	13.7%	13.9%	-20bps	12.5%	+120bps	15.3%	-160bps

Revenue

Jun 26: 6,608 cr

Exhibit 5Coverage (25 of 28)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Tata Consumer Products Ltd	₹98,871 cr	56.7x	34.4x	8.5%	13.8%	+14.0%	Unlock
CCL Products (India) Ltd	₹12,178 cr

Exhibit 6What managements said

from Agricultural Food & other Products earnings calls · as of 2026-09-30

headwindMiddle East conflict lifts freight, energy and logistics costs and cuts Gulf export volumes7 managements

Basmati exporters reported container rates up about tenfold to the Gulf. KRBL and Chamanlal Setia saw Middle East volumes fall, and LT Foods could not pass the cost through. CCL…

KRBL (Q1FY27): “Container rates from the west coast of India to the Middle East rose more than tenfold…”

headwind5 managements headwind6 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 3 companies

1-3

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Octavius Plantations Ltd	₹11 cr	7.9x	23.8x	4.2%	2.9%	+132.0%	Unlock