BSE: 530959
DIANA TEA CO.LTD.
Grows and manufactures tea, with the raw green leaf sourced from its own tea estates. Operations are sharply seasonal — Q4 FY26 alone posted a loss of ₹966.37 lakhs while the first three quarters carried the year, and the company itself flags that quarterly results are not representative of the full year. For FY26, revenue from operations was ₹88.07 crore against a net profit of ₹1.75 crore, a swing from the prior year's net loss. The single biggest cost is labour: employee expenses account for 61.6% of revenue, consistent with running a plantation workforce, while raw material purchases are just 0.9% of revenue because most green leaf is grown internally. Other operating expenses add another 31.5% and depreciation 2.3%, leaving an EBITDA margin of 7.47%. The company is listed on BSE, files results on a quarterly basis with the year-end audit, and reports a debt-to-equity ratio of 0.675. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Tea (growing and manufacturing). Seasonal, plantation-based tea growing and manufacturing
Exhibit 1: Financial summary, FY20–FY21 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 |
|---|---|---|
| Revenue | 61 | 70 |
| EBITDA (ex other income) | 3 | 8 |
| margin % | 4.2 | 11.4 |
| Owners' profit | 0 | 5 |
| EPS, as reported (₹) | 0.31 | 3.15 |
| ROE % · ROCE % | 0.8 · 3.7 | 7.3 · 10.3 |
| Debt / equity (x) | 0.35 | 0.31 |
| Cash from operations | — | 4 |
| Capex | — | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7 | 10 | 30 | 25 | 6 | 18 | 26 | 28 |
| Profit before tax | (7) | 1 | 11 | 3 | (9) | 5 | 6 | 6 |
| Net profit | (7) | 1 | 11 | 3 | (10) | 5 | 6 | 6 |
| EPS (₹) | (4.49) | 0.78 | 7.26 | 1.95 | (6.84) | 3.23 | 3.78 | 3.71 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSUMER PRODUCT LTD | 98,980 | 60.5 | 4.27 | 33.4 | 6.7 | 7.8 | 11.8 | 14.9 |
| CCL PRODUCTS (I) LTD | 12,529 | 28.9 | 5.34 | 18.4 | 16.6 | 16.2 | 29.1 | 16.4 |
| VINTAGE COFFEE N BVRGS L | 2,229 | 28.3 | 3.92 | 21.1 | 12.7 | 14.0 | — | 20.6 |
| ANDREW YULE & CO. LTD. | 1,109 | — | 3.41 | — | (5.9) | (9.5) | (2.2) | (44.3) |
| GOODRICKE GROUP LTD. | 457 | 17.9 | 1.51 | — | 8.4 | 5.0 | — | (22.7) |
| JAYSHREE TEA & INDUSTRIES | 233 | — | 0.59 | 20.3 | (6.3) | (5.1) | 3.0 | 4.9 |
| THE P K TEA PROD CO LTD | 206 | 38.1 | 1.08 | 17.7 | 2.8 | 3.2 | — | 50.0 |
| UNITED NILGIRI TEA LTD | 202 | 10.0 | 0.84 | — | 9.1 | 10.4 | — | 43.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.9 | 14.7 | 6 of 18 | 71% |
| P/B | 0.5 | 0.6 | 7 of 27 | 77% |
| ROCE | 12.1 | 3.0 | 4 of 26 | 88% |
| ROE | 14.0 | 2.3 | 3 of 27 | 92% |
| Debt / Equity | 0.4 | 0.2 | 15 of 26 | 44% |
| EBITDA margin | 22.5 | 11.9 | 8 of 26 | 72% |
| Revenue growth | 15.4 | 1.6 | 7 of 25 | 75% |
| Profit growth | 90.1 | 18.5 | 5 of 27 | 85% |
| Market cap | 40 | 112 | 21 of 27 | 23% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Special window for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 8 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closure for Q2 FY26 results declaration | compliance | minimal | — | — |
| 14 Sept 2026 · Diana Tea 115th AGM results: all 8 resolutions passed with 98 percent plus votes in favor | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Diana Tea 115th AGM considers 8 resolutions including equity warrants issue | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Notice of 115th AGM on 11 September 2026 via video conferencing | compliance | minimal | — | — |
| 19 Aug 2026 · AGM on 11 Sep 2026; book closure from 5 to 11 Sep | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Diana Tea FY26 Annual Report and 115th AGM notice filed | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Diana Tea 115th AGM on Sept 11, 2026; promoter warrants issue on agenda | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Diana Tea Q1 FY27 results published in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.