BSE: 538564
JAMES WARREN TEA LTD
Grows, produces and sells tea, with operations based in Assam (registered office in Tinsukia). The business is labour-intensive — employee costs were 56.3% of FY26 revenue, well above other operating expenses at 32.6% and depreciation at 1.7%. FY26 revenue was ₹111.3853 crore, net profit ₹12.4221 crore, and EBITDA margin 13.67%. Management has cited geopolitical conditions and supply-side uncertainties as weighing on the tea industry's competitiveness and profitability. Standalone total income fell to ₹11,138.53 lakhs in FY26 from ₹16,598.69 lakhs in FY25, and Q4 FY26 swung to a loss of ₹2,126.97 lakhs versus a profit in Q4 FY25. The statutory auditor flagged the November 2025 Labour Codes as a factor whose financial impact is still being evaluated, and noted that prior-period figures are not strictly comparable because the company carried out a disposal during the year. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tea. Labour-intensive, plantation-based tea producer
Exhibit 1: Financial summary, FY19–FY20 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 |
|---|---|---|
| Revenue | 145 | 144 |
| EBITDA (ex other income) | 4 | 6 |
| margin % | 3.1 | 4.1 |
| Owners' profit | 4 | 3 |
| EPS, as reported (₹) | 4.31 | 3.90 |
| ROE % · ROCE % | 3.5 · 4.2 | 3.3 · 3.8 |
| Debt / equity (x) | 0.00 | 0.00 |
| Cash from operations | — | — |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY19 | Q2 FY20 | Q3 FY20 | Q4 FY20 | Q1 FY21 | Q2 FY21 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 52 | 48 | 11 | 17 | 51 |
| Profit before tax | 0 | 24 | (1) | (24) | 2 | 56 |
| Net profit | 0 | 19 | (1) | (18) | 2 | 49 |
| EPS (₹) | 0.00 | 25.76 | (1.04) | (26.49) | 2.73 | 69.92 |
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 | 95,388 | 58.4 | 4.11 | 32.2 | 6.7 | 7.8 | 11.8 | 14.9 |
| CCL PRODUCTS (I) LTD | 12,059 | 27.8 | 5.14 | 17.7 | 16.6 | 16.2 | 29.1 | 16.4 |
| VINTAGE COFFEE N BVRGS L | 2,184 | 27.7 | 3.84 | 20.7 | 12.7 | 14.0 | — | 20.6 |
| ANDREW YULE & CO. LTD. | 1,081 | — | 3.32 | — | (5.9) | (9.5) | (2.2) | (44.3) |
| GOODRICKE GROUP LTD. | 456 | 17.8 | 1.50 | — | 8.4 | 5.0 | — | (22.7) |
| THE P K TEA PROD CO LTD | 235 | 43.6 | 1.23 | 20.2 | 2.8 | 3.2 | — | 50.0 |
| JAYSHREE TEA & INDUSTRIES | 225 | — | 0.57 | 20.1 | (6.3) | (5.1) | 3.0 | 4.9 |
| UNITED NILGIRI TEA LTD | 205 | 10.1 | 0.85 | — | 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) | 5.2 | 14.7 | 3 of 18 | 88% |
| P/B | 0.6 | 0.6 | 14 of 27 | 50% |
| ROCE | 35.2 | 3.0 | 1 of 26 | 100% |
| ROE | 36.0 | 2.3 | 1 of 27 | 100% |
| Debt / Equity | 0.0 | 0.2 | 1 of 26 | 84% |
| EBITDA margin | 110.0 | 11.9 | 1 of 26 | 100% |
| Revenue growth | (0.8) | 1.6 | 14 of 25 | 46% |
| Profit growth | 162.9 | 18.5 | 2 of 27 | 96% |
| Market cap | 87 | 109 | 17 of 27 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · 5th reminder to shareholders on special window for demat of physical shares | compliance | minimal | — | — |
| 14 Oct 2026 · Quarterly dematerialisation certificate filed with exchanges | compliance | minimal | — | — |
| 9 Sept 2026 · 17th AGM: All 4 resolutions passed with 99.98% majority | compliance | minimal | — | — |
| 9 Sept 2026 · 17th AGM held on Sept 9, 2026; all 4 resolutions passed | board shareholder meetings | low | — | — |
| 9 Sept 2026 · 17th AGM held via video conferencing; key resolutions voted on | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Fourth reminder for converting old physical shares into demat form | compliance | minimal | — | — |
| 18 Aug 2026 · AGM notice and Annual Report FY26 dispatched to members | compliance | minimal | — | — |
| 18 Aug 2026 · Notice of 17th AGM published in newspapers | compliance | minimal | — | — |
| 17 Aug 2026 · Book Closure for AGM from 3 to 9 September 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Notice of 17th AGM on September 9, 2026 via video conferencing | 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.