BSE: 500166
GOODRICKE GROUP LTD.
Grows and processes tea at its own estates, selling through bulk, instant, and branded channels. Bulk tea operations were hit by dry spells, pests, and crop losses during FY26, with revenue declining 13.8% to Rs 801.29 crore. The Instant Tea business achieved record export volumes and the Branded Tea segment showed improved profitability. The company is divesting tea estates as part of a restructuring push — Chalouni Tea Estate, which produced about 695,000 kg of tea annually and contributed Rs 17.39 crore in FY25, has been sold for Rs 19 crore, while Barnesbeg Tea Estate (averaging ~44,000 kg own crop) is being sold for Rs 4.5 crore. A new dairy products business is being launched under the Goodricke brand with a Rs 5 crore investment, marking a move beyond tea. Employee costs are the largest cost line at 41.6% of revenue, reflecting the labour-intensive nature of plucking and processing, followed by other operating expenses at 26.1% and materials at 24.2%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Bulk Tea, Instant Tea, Branded Tea, Dairy Products. Asset-heavy, cyclical tea plantation business undergoing estate divestiture and product-line diversification.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 823 | 882 | 824 | 929 | 801 |
| EBITDA (ex other income) | 26 | 9 | (45) | 25 | 29 |
| margin % | 3.2 | 1.1 | (5.5) | 2.6 | 3.7 |
| Owners' profit | 5 | (0) | (69) | 20 | 26 |
| EPS, as reported (₹) | 22.44 | (0.15) | (32.08) | 9.29 | 11.83 |
| ROE % · ROCE % | 1.6 · 3.4 | (0.1) · 1.9 | (28.7) · (15.1) | 7.4 · 6.2 | 8.4 · 6.6 |
| Debt / equity (x) | 0.10 | 0.18 | 0.47 | 0.25 | 0.04 |
| Cash from operations | 67 | 10 | (25) | 43 | 68 |
| Capex | (17) | (22) | (19) | (14) | (18) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 197 | 316 | 284 | 132 | 175 | 217 | 306 | 104 |
| Profit before tax | 10 | 61 | (17) | (40) | 2 | 40 | 8 | (29) |
| Net profit | 12 | 60 | (16) | (37) | 3 | 44 | 8 | (29) |
| EPS (₹) | 5.78 | 27.90 | (7.47) | (16.93) | 1.48 | 20.15 | 3.72 | (13.52) |
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) | 17.9 | 14.7 | 11 of 18 | 41% |
| P/B | 1.5 | 0.6 | 21 of 27 | 23% |
| ROCE | 5.0 | 3.0 | 9 of 26 | 68% |
| ROE | 8.4 | 2.3 | 7 of 27 | 77% |
| Debt / Equity | 0.0 | 0.2 | 7 of 26 | 76% |
| EBITDA margin | (22.7) | 11.9 | 20 of 26 | 24% |
| Revenue growth | (21.2) | 1.6 | 20 of 25 | 21% |
| Profit growth | 20.1 | 18.5 | 13 of 27 | 54% |
| Market cap | 457 | 112 | 5 of 27 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · ICRA reaffirms A rating on bank credit facilities | credit debt | medium | — | — |
| 6 Oct 2026 · Quarterly Compliance Certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 17 Sept 2026 · Goodricke Group sells artworks for about INR 27.75 Crores via auction | strategic transactions | medium | — | — |
| 12 Aug 2026 · Goodricke Q1 FY27 profit jumps over 12 times to Rs 40.87 cr | compliance | minimal | — | — |
| 11 Aug 2026 · Q1 FY27 results jump, Grant Thornton named Internal Auditor | management changes | high | — | — |
| 11 Aug 2026 · Q1 FY27 profit jumps over 12x YoY on higher tea crop and estate sale | results | high | — | — |
| 4 Aug 2026 · Goodricke Group appoints MSKA as new auditor for 5 years | management changes | medium | — | — |
| 4 Aug 2026 · Board meeting on 11 Aug 2026 to approve Q1 FY27 unaudited results | results | low | — | — |
| 30 Jul 2026 · All 5 resolutions passed at 50th AGM; Rs 2 per share dividend approved | board shareholder meetings | low | — | — |
| 29 Jul 2026 · Goodricke Group 50th AGM: Rs 2 dividend, new auditor appointed | board shareholder meetings | low | — | — |
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.