Tea & Coffee industry

29 companies · ₹1.2 L cr · 2 with AI deep dives · Q1FY27 report

Branded foods post record quarters while Hormuz shipping and grain-price spikes mark the next margin test.

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: +4.7%; 67% 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
Mar 26: 6,751 cr
QoQ: -2.1%
Jun 25: 5,891 cr
YoY: +12.2%
Peak: 6,751 cr
vs peak: -2.1%

EBITDA margin

Jun 26: 13.7%
Mar 26: 13.9%
QoQ: -20bps
Jun 25: 12.5%
YoY: +120bps
Peak: 15.3%
vs peak: -160bps

Breadth: 100% of 3 companies grew revenue year on year (was 67% a quarter earlier) and 100% expanded margin (was 33%).

Exhibit 3Structure

₹1.2 L cr

Tata Consumer Products Ltd is 83.8% of this industry by market cap. The top 5 are 97.8% and the top 10 are 98.8%.

large 1mid 1small 1micro 263 above ₹500 cr

Exhibit 5Coverage (25 of 29)

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	₹98,128 cr	60.0x	34.1x	8.3%	14.4%	+11.9%	Unlock
CCL Products (India) Ltd	₹14,381 cr	33.2x	21.1x	21.8%	16.8%	+13.7%	Unlock
Andrew Yule & Company Ltd	₹1,223 cr	-	-198.9x	-16.0%	-15.7%	+3.8%	Unlock
Goodricke Group Ltd	₹469 cr	7.4x	10.6x	6.6%	5.5%	+21.1%	Unlock
Mcleod Russel India Ltd	₹452 cr	-	-11.8x	-21.7%	-14.2%	+21.0%	Unlock
The Peria Karamalai Tea & Produce Company Ltd	₹348 cr	-	119.8x	4.3%	20.2%	+23.3%	Unlock
Jay Shree Tea & Industries Ltd	₹267 cr	-	21.5x	3.0%	3.8%	+8.6%	Unlock
United Nilgiri Tea Estates Company Ltd	₹216 cr	14.5x	-	9.9%	27.0%	-10.5%	Unlock
Gillanders Arbuthnot & Company Ltd	₹214 cr	12.3x	10.4x	10.1%	7.9%	+3.3%	Unlock
Rossell India Ltd	₹209 cr	30.4x	9.3x	9.7%	11.6%	-15.6%	Unlock
Neelamalai Agro Industries Ltd	₹207 cr	5.7x	-	11.5%	120.6%	-0.3%	Unlock
Dhunseri Tea & Industries Ltd	₹148 cr	5.2x	53.4x	-0.1%	4.5%	+33.5%	Unlock
Bengal Tea & Fabrics Ltd	₹127 cr	19.3x	11.3x	5.6%	22.1%	+0.7%	Unlock
B & A Ltd	₹124 cr	164.3x	14.3x	4.8%	7.5%	+28.7%	Unlock
Ganges Securities Ltd	₹115 cr	39.9x	-	0.8%	14.5%	+21.0%	Unlock
The Grob Tea Co Ltd	₹109 cr	14.3x	12.3x	6.7%	13.1%	+28.1%	Unlock
Norben Tea & Exports Ltd	₹100 cr	-	78.1x	3.3%	17.1%	+4.9%	Unlock
James Warren Tea Ltd	₹94 cr	16.7x	-	3.8%	5.1%	-33.1%	Unlock
Terai Tea Co Ltd	₹86 cr	13.0x	13.0x	5.6%	9.3%	-78.6%	Unlock
Shri Vasuprada Plantations Ltd	₹84 cr	-	27.3x	1.1%	5.7%	+16.3%	Unlock
Warren Tea Ltd	₹55 cr	-	-	-3.7%	-191.1%	+14.3%	Unlock
Diana Tea Coltd	₹44 cr	5.2x	13.5x	10.3%	13.6%	+30.8%	Unlock
Tyroon Tea Co Ltd	₹28 cr	-	-23.9x	-2.9%	-0.4%	+57.8%	Unlock
Kanco Tea & Industries Ltd	₹24 cr	-	-155.2x	-2.9%	-0.7%	+12.5%	Unlock
Octavius Plantations Ltd	₹15 cr	10.8x	26.8x	6.2%	4.8%	+132.0%	Unlock

Tata Consumer Products Ltd

Mcap: ₹98,128 cr
P/E: 60.0x
EV/EBITDA: 34.1x
ROCE: 8.3%
Margin: 14.4%
Rev YoY: +11.9%

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CCL Products (India) Ltd

Mcap: ₹14,381 cr
P/E: 33.2x
EV/EBITDA: 21.1x
ROCE: 21.8%
Margin: 16.8%
Rev YoY: +13.7%

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Andrew Yule & Company Ltd

Mcap: ₹1,223 cr
P/E: -
EV/EBITDA: -198.9x
ROCE: -16.0%
Margin: -15.7%
Rev YoY: +3.8%

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Goodricke Group Ltd

Mcap: ₹469 cr
P/E: 7.4x
EV/EBITDA: 10.6x
ROCE: 6.6%
Margin: 5.5%
Rev YoY: +21.1%

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Mcleod Russel India Ltd

Mcap: ₹452 cr
P/E: -
EV/EBITDA: -11.8x
ROCE: -21.7%
Margin: -14.2%
Rev YoY: +21.0%

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The Peria Karamalai Tea & Produce Company Ltd

Mcap: ₹348 cr
P/E: -
EV/EBITDA: 119.8x
ROCE: 4.3%
Margin: 20.2%
Rev YoY: +23.3%

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Jay Shree Tea & Industries Ltd

Mcap: ₹267 cr
P/E: -
EV/EBITDA: 21.5x
ROCE: 3.0%
Margin: 3.8%
Rev YoY: +8.6%

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United Nilgiri Tea Estates Company Ltd

Mcap: ₹216 cr
P/E: 14.5x
EV/EBITDA: -
ROCE: 9.9%
Margin: 27.0%
Rev YoY: -10.5%

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Gillanders Arbuthnot & Company Ltd

Mcap: ₹214 cr
P/E: 12.3x
EV/EBITDA: 10.4x
ROCE: 10.1%
Margin: 7.9%
Rev YoY: +3.3%

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Rossell India Ltd

Mcap: ₹209 cr
P/E: 30.4x
EV/EBITDA: 9.3x
ROCE: 9.7%
Margin: 11.6%
Rev YoY: -15.6%

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Neelamalai Agro Industries Ltd

Mcap: ₹207 cr
P/E: 5.7x
EV/EBITDA: -
ROCE: 11.5%
Margin: 120.6%
Rev YoY: -0.3%

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Dhunseri Tea & Industries Ltd

Mcap: ₹148 cr
P/E: 5.2x
EV/EBITDA: 53.4x
ROCE: -0.1%
Margin: 4.5%
Rev YoY: +33.5%

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Bengal Tea & Fabrics Ltd

Mcap: ₹127 cr
P/E: 19.3x
EV/EBITDA: 11.3x
ROCE: 5.6%
Margin: 22.1%
Rev YoY: +0.7%

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B & A Ltd

Mcap: ₹124 cr
P/E: 164.3x
EV/EBITDA: 14.3x
ROCE: 4.8%
Margin: 7.5%
Rev YoY: +28.7%

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Ganges Securities Ltd

Mcap: ₹115 cr
P/E: 39.9x
EV/EBITDA: -
ROCE: 0.8%
Margin: 14.5%
Rev YoY: +21.0%

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The Grob Tea Co Ltd

Mcap: ₹109 cr
P/E: 14.3x
EV/EBITDA: 12.3x
ROCE: 6.7%
Margin: 13.1%
Rev YoY: +28.1%

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Norben Tea & Exports Ltd

Mcap: ₹100 cr
P/E: -
EV/EBITDA: 78.1x
ROCE: 3.3%
Margin: 17.1%
Rev YoY: +4.9%

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James Warren Tea Ltd

Mcap: ₹94 cr
P/E: 16.7x
EV/EBITDA: -
ROCE: 3.8%
Margin: 5.1%
Rev YoY: -33.1%

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Terai Tea Co Ltd

Mcap: ₹86 cr
P/E: 13.0x
EV/EBITDA: 13.0x
ROCE: 5.6%
Margin: 9.3%
Rev YoY: -78.6%

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Shri Vasuprada Plantations Ltd

Mcap: ₹84 cr
P/E: -
EV/EBITDA: 27.3x
ROCE: 1.1%
Margin: 5.7%
Rev YoY: +16.3%

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Warren Tea Ltd

Mcap: ₹55 cr
P/E: -
EV/EBITDA: -
ROCE: -3.7%
Margin: -191.1%
Rev YoY: +14.3%

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Diana Tea Coltd

Mcap: ₹44 cr
P/E: 5.2x
EV/EBITDA: 13.5x
ROCE: 10.3%
Margin: 13.6%
Rev YoY: +30.8%

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Tyroon Tea Co Ltd

Mcap: ₹28 cr
P/E: -
EV/EBITDA: -23.9x
ROCE: -2.9%
Margin: -0.4%
Rev YoY: +57.8%

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Kanco Tea & Industries Ltd

Mcap: ₹24 cr
P/E: -
EV/EBITDA: -155.2x
ROCE: -2.9%
Margin: -0.7%
Rev YoY: +12.5%

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Octavius Plantations Ltd

Mcap: ₹15 cr
P/E: 10.8x
EV/EBITDA: 26.8x
ROCE: 6.2%
Margin: 4.8%
Rev YoY: +132.0%

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Exhibit 6What managements said

from Agricultural Food & other Products earnings calls · as of 2026-06-30

headwindInput cost inflation - grain, packaging and logistics - pressing margins across the bucket7 managements

Seven managements flagged rising input costs. Marico cited liquid paraffin +97% and HDPE +65% YoY. Patanjali called out packaging, freight and HPC ingredient inflation…

MARICO (Q1FY27): “On both these items, the cost increase has been anywhere in the range of 60% to 70%.”

headwind6 managements headwind5 managements headwind5 managements tailwind5 managements tailwind4 managements tailwind3 managements

6 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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 4 companies

1-4

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Indong Tea Company Ltd	₹13 cr	-	11.6x	-0.3%	8.7%	-48.1%	Unlock
Bansisons Tea Industries Ltd	₹7 cr	-	-	-9.1%	-31.9%	+5666.7%	Unlock
Retro Green Revolution Ltd	₹5 cr	30.8x	15.3x	0.4%	23.9%	-93.4%	Unlock
Longview Tea Company Ltd	₹4 cr	-	-	2.6%	-10.4%	-4.9%	Unlock

Indong Tea Company Ltd

Mcap: ₹13 cr
P/E: -
EV/EBITDA: 11.6x
ROCE: -0.3%
Margin: 8.7%
Rev YoY: -48.1%

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Bansisons Tea Industries Ltd

Mcap: ₹7 cr
P/E: -
EV/EBITDA: -
ROCE: -9.1%
Margin: -31.9%
Rev YoY: +5666.7%

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Retro Green Revolution Ltd

Mcap: ₹5 cr
P/E: 30.8x
EV/EBITDA: 15.3x
ROCE: 0.4%
Margin: 23.9%
Rev YoY: -93.4%

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Longview Tea Company Ltd

Mcap: ₹4 cr
P/E: -
EV/EBITDA: -
ROCE: 2.6%
Margin: -10.4%
Rev YoY: -4.9%

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