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1. At a Glance
Goodricke Group reported revenue of ₹211.30 crore for the quarter ended 30 June 2026, against ₹174.51 crore a year earlier — up 21.1%. Operating profit came in at ₹37.83 crore versus ₹2.91 crore in the June 2025 quarter, and net profit at ₹40.87 crore against ₹3.19 crore. EPS for the quarter was ₹18.92, not annualised, because tea does not grow in equal instalments and the company is not going to pretend otherwise.
The quarter carried an exceptional gain of ₹5.60 crore from the sale of specified assets of a tea estate for ₹19 crore in May 2026. Other income was ₹10.35 crore. Finance costs were ₹0.65 crore for the three months, which for a company that once carried ₹125.5 crore of borrowings is a line item that has gone from shouting to muttering — borrowings stood at ₹18.62 crore as at March 2026.
Management states that own crop during the three-month period was 41% higher than the corresponding period of the previous year (excluding the impact of own crop in tea estates sold), and attributes the improvement in profitability to higher crop, better realisations, focus on quality production and cost initiatives.
The board also appointed Grant Thornton Bharat LLP as internal auditors for three financial years from FY2026-27, and members approved MSKA & Associates LLP as statutory auditors for five years from the 50th AGM. The statutory auditors issued a qualified conclusion on the quarter’s results, on inventory valuation — the same matter their predecessor qualified a year earlier. More on that in Section 12.
2. Introduction
Goodricke Group Limited was incorporated in 1977, which means it has spent nearly five decades doing one thing: growing tea, processing tea, blending tea, and selling tea. The name is older than the company — it belongs to the tea world’s long colonial hangover, where estates and brands outlive the entities that own them by generations.
Camellia Plc, UK, is the ultimate holding company and holds 74% through its subsidiaries. The remaining 26% sits with the public. That 74% has not moved by a single basis point across every quarter from September 2023 to June 2026 — twelve consecutive filings of the number 74.00, which is either stability or the world’s least eventful spreadsheet column.
Per ICRA’s October 2025 rationale, GGL is an established player in the bulk tea industry, and ICRA consolidates the company with three group entities — Amgoorie India Limited, Stewart Holl (India) Limited and Koomber Tea Company Private Limited — in arriving at its ratings. ICRA reaffirmed [ICRA]A (Stable)/[ICRA]A2+ on ₹164 crore of facilities.
Recent years have involved a certain amount of estate arithmetic. An agreement for sale of Chulsa Tea Estate was executed in March 2025. A non-binding MoU for the sale of Leesh River Tea Estate followed in April 2025. In July 2025 the company sold specified assets of a tea estate for ₹26.50 crore, booking a ₹10.14 crore exceptional gain. In April 2026 came a non-binding MoU for Chalouni Tea Estate at ₹19 crore, executed in May 2026 with possession transferred and leasehold approval pending. ICRA noted that the sale of two gardens fetching around ₹44 crore was expected to improve cash flows and lower the debt burden.
Leadership changed hands in September 2025, when Shaibal Dutt was appointed Managing Director & CEO effective 6 September 2025. The FY26 results announcement of 27 May 2026 approved audited results, a 20% dividend, an AGM for 29 July 2026, the appointment of MSKA, and — filed in the same breath, with no ceremony whatsoever — the launch of a new dairy business.
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3. Business Model: WTF Do They Even Do?
They grow leaves, they crush the leaves, and then the entire country dissolves those leaves in boiling water twice a day without ever wondering who did the crushing.
More precisely: GGL cultivates tea across 18 gardens and runs 22 factories, including a processing factory attached to each tea garden, tea-blending units, and an instant tea plant. The gardens cover 10,311 hectares under cultivation, located in West Bengal — 73% of area in Dooars and 9% in Darjeeling — and Assam at 18%. The wider Group has 29 tea estates across 17,465 hectares, roughly evenly split between West Bengal and Assam.
The product range runs from bulk teas — black, green and CTC, original and blended, spanning premium Darjeeling orthodox, fine Assam orthodox and CTC, and full-bodied Dooars CTC — to instant teas in hot-water-soluble and cold-water-soluble form, including instant black, Darjeeling, green and oolong. There is a consumer range too: black, green, milk, organic, white and flush teas. Somebody at this company has genuinely considered the market for instant oolong, and that is the kind of thoroughness the world does not deserve.
Sales go out through auction, private sale and export. Per ICRA, the packet tea division accounted for 27% of GGL’s standalone sales in FY2025, and exports around 20%. The company also runs tea lounges — The Tea Chest in Kolkata, The Lake Brew in Bhopal, Tea by the Lake at Thurbo in Mirik, a Teapot at Kolkata Airport and another at
