There are plantation companies, and then there’s Shri Vasuprada Plantations Ltd (SVPL) — the grand old 151-year-old tea, coffee, and rubber mix that refuses to retire. With a market cap of ₹87.4 crore, the company is valued at less than what a single Bengaluru start-up burns in a week on influencers. At ₹106 per share, it trades at a 0.72x Price-to-Book, making it cheaper than a monsoon sale at Big Bazaar, but with an emotional dividend instead of a monetary one — 0.00% dividend yield.
In Q2 FY26, SVPL clocked ₹46.9 crore in sales, up 32.3% YoY, while the net loss widened to ₹0.84 crore, a -119% profit variation (because why settle for small drama?). The Operating Profit Margin stood at a modest 4.58%, which in tea terms means — “barely hot.”
Its ROCE is at a sipping 0.92%, and ROE still negative at -4.16% — the corporate equivalent of your filter coffee spilling before the first sip. But here’s the twist — the promoters hold a royal 74.9% stake, so at least someone’s confident the plantation might one day brew gold instead of caffeine.
2. Introduction
What happens when a century-old tea planter tries to stay relevant in a world obsessed with cold brew, matcha, and oat milk? You get Shri Vasuprada Plantations Ltd, a company born in 1874, when telegrams were hot tech and “tea” meant British gossip.
SVPL is the very definition of legacy — sprawling estates in Assam, Kerala, and Karnataka, producing CTC and Orthodox tea, Parchment coffee, and rubber sheets that probably end up in your scooter tyres or yoga mats. It’s a strange, earthy mix of old-world agriculture meeting modern chaos.
Yet despite producing over 38 lakh kg of tea, 3.6 lakh kg of coffee, and 10 lakh kg of rubber annually, profits remain elusive. Why? Because plantation economics is less about cash flow and more about rainfall, labour unions, and global commodity prices.
The company has been kept alive not by margins but by group infusions — ₹29.3 crore in FY22 and ₹12.5 crore in FY21, courtesy of its wealthy cousins and corporate relatives. In short: it’s the family business that just won’t die, thanks to the “Bangur Group” loyalty and nostalgia stronger than Assam tea.
3. Business Model – WTF Do They Even Do?
At its core, SVPL is a plantation house. It grows and processes Tea, Coffee, and Rubber, then sells them under its own name and through brokers. But that’s just the brochure version.
In reality, the business runs across three geographies:
Assam Division: Nilmoni, Jamirah, Joonktollee, and Azizbagh Tea Estates — where monsoon decides profits.
Karnataka Division: Goomankhan and Cowcoody Tea Estates — where coffee percolates dreams but not dividends.
Kerala Division: Pullikanam, Chemoni, and Pudukad Estates — where rubber prices decide everyone’s mood.
Product Mix:
Tea (76% of revenue): The lifeblood. Mostly CTC and Orthodox, nearly 5.5 million kg a year.
Rubber (16%): Processed into latex, crepes, and sheets.
Others (1%): Whatever they find on the estate — probably coconuts, maybe optimism.
So, they make three things India loves but barely pays premium for — tea, coffee, and rubber. It’s like running a café, tyre shop, and plantation simultaneously.
4. Financials Overview
Let’s spill some real chai. Below is the Q2 FY26 summary:
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue (₹ Cr)
46.91
35.45
28.23
32.3%
66.1%
EBITDA (₹ Cr)
2.15
5.92
-2.78
-63.7%
NA
PAT (₹ Cr)
-0.84
4.38
-4.85
-119.2%
+82.6%
EPS (₹)
-1.01
5.29
-5.85
-119.2%
+82.7%
Witty Commentary: The company brewed more tea but less money. YoY revenue jumped 32%, but profit collapsed like a badly made soufflé. The PAT went from ₹4.38 crore profit last year to a ₹0.84 crore loss this year — maybe inflation drank all the profit.
Quarter-on-quarter, they’ve at least improved from a deeper loss of ₹4.85 crore in June to ₹0.84 crore now. So yes, technically, that’s progress — just like moving from ICU to general ward.
Annualised EPS? Well, with -₹1.01 this quarter, we’re not multiplying anything by four unless we enjoy pain.
5. Valuation Discussion – Fair Value Range
Let’s keep it fair, not fancy.
P/E Method: Since the EPS is negative for the quarter but ₹4.99 for TTM, the stock’s P/E ≈ ₹106 / ₹4.99 = 21.24x. The industry median P/E is around 16.5x. So it’s slightly overpriced compared to its peers, unless the plantations suddenly strike oil.
EV/EBITDA: Enterprise Value = ₹158 Cr, EBITDA (TTM) = ₹6.9 Cr → EV/EBITDA = 22.9x. That’s expensive for a company with rubber roots.
DCF (Discounted Cash Flow): Given the weak cash flows and volatility, fair range lands around ₹85–₹115 per share under reasonable assumptions.
Disclaimer: This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
Recent corporate gossip from the estates:
Nov 2025: SVPL reappointed Indrajit Roy as Executive Director for another 3 years (tough job, someone has to sip all that tea).
Dec 2023: The company sold 8.9% stake in Pranav Infradev Company Pvt. Ltd.
