Rossell India: ₹900 Cr Defence Orders + 51 Lakh Kgs of Tea – From CTC to Chinooks

1. At a Glance

Rossell India is the corporate equivalent of a chai-wala who also moonlights as a defence contractor. Incorporated in 1994 as Rossell Tea, it rebranded in 2011 when someone in the boardroom said: “Why stop at chai, let’s also wire up Apache helicopters.” Today it runs two divisions: Tea (~41% of revenue) and Aerospace & Defence (~59%). One hand exports Darjeeling-style orthodox blends to Taylors of Harrogate, the other hand supplies Boeing and Lockheed Martin. A true ‘tea with missiles’ combo.

2. Introduction

Rossell is the definition of diversification gone wild. Started with 6 Assam estates producing CTC & Orthodox tea (2-3% national market share in orthodox), and then — poof — added aerospace & defence in 2011 through its subsidiary Rossell Techsys. The A&D business has grown faster, now 59% of sales, with contracts worth ₹900 Cr + long-term agreements of ₹2,800 Cr. Customers? Boeing, Lockheed, Honeywell, US Govt, Israeli Aerospace.

The tea division isn’t shabby either: 51.6 million kgs production, 65% exports, contracts with Ahmad Tea UK & Taylors of Harrogate. So you could technically sip Rossell tea while boarding a Chinook wired by Rossell harnesses.

Question: would you trust your morning chai brand to also wire fighter jet circuits?

3. Business Model (WTF Do They Even Do?)

Two heads of the beast:

• Aerospace & Defence (59% FY24): Build-to-Print/BTS services, wiring harnesses, interconnects, fibre optic harnesses, test equipment, aftermarket support. NADCAP certified with 46 special processes (rare in India). 80% exports. Major client Boeing (38% revenue).
• Tea (41% FY24): 6 estates, 2,640 hectares. Production rising. Export contracts with UK & Middle East buyers. Bulk tea producer with niche orthodox focus.

So, in summary: tea for humans, wiring for helicopters. Balanced diet.

4. Financials Overview

Q1 FY26 vs YoY & QoQ

Comment: Q1 looks fantastic compared to the “loss-serving thali” of last quarter. But volatility is high — one quarter is Darjeeling smooth, next quarter is bitter kadak Assam.

5. Valuation (Fair Value RANGE only)

• P/E