1. At a Glance
A 1919 vintage that’s somehow still listed. Once a managing agency, now a Government-owned multi-vertical curiosity selling tea, transformers, fans, and pollution control gear. Market cap ₹1,277 Cr, but 89% is promoter (Govt) — so public float is smaller than its Darjeeling estate. ROE negative, sales flat for 5 years, and yet a P/E of 64. Because PSU logic.
2. Introduction
If there was an award for “Most Random Product Portfolio,” Andrew Yule would be sipping the trophy. This CPSE juggles:
- Tea from Assam, Dooars, and Darjeeling
- Transformers and electrical gear
- Heavy fans & pollution control systems
- Tea machinery (meta!)
It’s the corporate version of a vintage trunk in your grandparents’ attic — full of relics, some still useful, others just collecting dust.
Acquired by the Govt in 1979 after losing its original business model, it’s been in survival mode ever since — closing unviable units, merging a printing company for reasons unknown, and still trying to double tea business by 2032. The problem? At its current sales growth rate of 0.83% CAGR, that’s a fantasy novel.
3. Business Model (WTF Do They Even Do?)
Tea Division (58% revenue): 12 estates, orthodox & green tea, recently dipped into specialty blends. Competes with private players who can market better and don’t have to wait for government approvals to buy a tea spoon.
Engineering Division (27%): Fans, ESPs, pollution control. Order book ~₹55 Cr, 6% market share.
Electrical Division (15%): Transformers from 8 MVA to 63 MVA capacity. Order book ~₹75 Cr in 2023, but low market share.
Revenue is split across cyclical engineering orders and seasonal tea
