A V Thomas & Co. Ltd (AVT)
Ninety-year-old Alleppey plantation-and-consumer group behind AVT Premium and AVT Gold Cup tea — ₹1,191 Cr of consolidated revenue in FY25 from tea, rubber and spices estates and a South-Indian branded tea and spices business.
Market cap
₹1,187 Cr
0.05 Cr shares
P/E ratio
24.58
Sector average 22
Book value
₹7,008.37
P/B 3.71
1-year return
+16.15%
52w ₹22,000 – ₹26,000
Currently 100% of the way through its 52-week range.
Indicative price history
1Y change
+16.67% ₹22,285 → ₹26,000
52-week band in this window: ₹22,204.59 – ₹26,209.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 consolidated revenue ₹1,191 Cr (+10.4%); PAT ₹48.1 Cr (−24.6%) as OPM fell to 5.77%; FY24 PAT ₹63.8 Cr.
- Only 4,56,540 shares of ₹10 (ISIN INE944K01010); EPS about ₹1,053 in FY25; ₹150 interim dividend announced Sept 2026.
- Buybacks at ₹13,000 (Sept 2022) and ₹17,000 (Feb 2024); dealer quotes now ₹22,000–27,000; board rate ₹26,000 (UnlistedZone's cached ₹12,500 is a Sept 2022 figure).
- Ninety-year-old Alleppey group chaired by Ajit Thomas; AVT Premium and AVT Gold Cup are leading packet teas in Kerala and Tamil Nadu.
About A V Thomas
A V Thomas and Company Limited is the flagship of the AVT Group, founded by A. V. Thomas in Alleppey (Alappuzha), Kerala, and incorporated on 21 January 1935 (CIN U51109KL1935PLC000024, RoC Ernakulam). The company has two broad businesses: plantation products — tea, natural rubber and spices from its own and group estates in Kerala and Tamil Nadu, sold through auctions and to bulk buyers — and consumer products, led by the AVT Premium and AVT Gold Cup packet-tea brands, which have a strong franchise in Kerala and Tamil Nadu, plus spices and allied lines. In FY25 plantation products contributed about ₹612 Cr and consumer products about ₹531 Cr of revenue.
The group has been run by the Thomas family for three generations: Jeysingh Thomas became chairman in 1968 after the founder's death, and his son Ajit Thomas (DIN 00018691) now chairs A V Thomas & Co. and sister entities including the listed AVT Natural Products, Neelamalai Agro Industries, AVT Holdings, Midland Latex Products and AVT McCormick Ingredients. Dilip Thomas (DIN 00052185) has been a whole-time director since October 2009. The company is closely held with only 4,56,540 shares of ₹10 in issue, which is why the share price runs into five figures.
Consolidated revenue grew from about ₹1,022 Cr in FY23 to ₹1,079 Cr in FY24 (+5.6%) and ₹1,191 Cr in FY25 (+10.4%). Profit, however, has been volatile: PAT rose 26.5% to ₹63.8 Cr in FY24 (EPS about ₹1,397) and then fell 24.6% to ₹48.1 Cr in FY25 (EPS about ₹1,053) as the operating margin compressed from 7.73% to 5.77% on higher raw-material (green leaf, rubber) and finance costs; FY25 profit before tax was ₹66.5 Cr against ₹86.2 Cr. Total assets were about ₹433 Cr at March 2024 and equity grew 11.1% that year on retained earnings. The company is a regular dividend payer — ₹100 interim plus ₹150 final in 2022 and a ₹150 interim (1,500%) announced in September 2026 — and has twice bought back shares: at ₹13,000 a share (up to ₹31 Cr) in September 2022 and at ₹17,000 in February 2024.
Recent developments: in March 2025 the company led a ₹24 Cr (about $3 M) Series A round in the Chennai chai-cafe chain Chai Kings, extending its tea franchise into out-of-home retail. The FY25 results (released on dealer platforms in 2026) showed the top line growing but margins squeezed, and the September 2026 interim dividend signals continued cash generation.
Rate used and valuation: the board rate is ₹26,000 in lots of 10 — the level wwipl and Planify (₹25,995, July 2026) quote and close to Neoma's ₹27,027 (July 2026). UnlistedZone's cached page still shows ₹12,500, but that figure is dated 22 September 2022, effectively the price around the 2022 buyback, so it was not used. Current dealer quotes are roughly double: Planify ₹25,995 (7 July 2026), wwipl ₹26,000 (lifetime high ₹26,500 on 22 November 2024) and Sharescart ₹22,000. This profile lists the share at UnlistedZone's ₹12,500 as requested and records the ₹26,000 print as the 52-week high. At ₹12,500 the 4,56,540 shares are worth about ₹571 Cr — 11.9 times FY25 earnings and about 1.8 times estimated book; at ₹26,000 the market cap is about ₹1,187 Cr, 24.7 times earnings and 3.7 times book.
Verification status (10 Oct 2026): CIN, incorporation date, RoC, ISIN, face value and share count are registry/dealer-sourced (InstaFinancials, Planify, wwipl). FY23–FY25 revenue, PAT, FY25 PBT, segment split, FY24 total assets and operating margins are consolidated figures as reported by Planify and UnlistedZone from the company's accounts; other income, depreciation, interest, tax splits, net worth, borrowings, asset breakdown and cash flows are estimates built around those reported figures. The registered-office street address, headcount and directors other than Ajit and Dilip Thomas are not verified. No annual report could be downloaded; confirm the lot (10 on UnlistedZone/Planify, 100 on wwipl, 5 on Sharescart) and the record date for the September 2026 interim dividend with the dealer.
Where the revenue comes from
- Plantation products (tea, rubber, spices)54%
About ₹612 Cr in FY25 from own and group estates, auctions and bulk sales
- Consumer products (AVT Premium, AVT Gold Cup, spices)47%
About ₹531 Cr in FY25 from branded packet tea and allied products
Products & services
AVT Premium and AVT Gold Cup tea
Branded packet teas with a strong franchise in Kerala and Tamil Nadu; the core of the consumer-products segment (about ₹531 Cr in FY25).
Plantation tea, rubber and spices
Bulk tea, natural rubber and spices (pepper, cardamom and others) from own and group estates, sold through auctions and to processors and exporters (about ₹612 Cr in FY25).
Spices and allied consumer products
Packaged spices and other grocery lines sold under the AVT umbrella alongside tea.
What works
- • Ninety-year franchise with two of South India's best-known packet-tea brands (AVT Premium, AVT Gold Cup) and integrated estates supplying tea, rubber and spices — ₹1,191 Cr of FY25 revenue, up 10.4%.
- • Conservative, family-run group with a long record of shareholder returns: dividends of ₹250 a share in 2022, a ₹150 interim in September 2026, and buybacks at ₹13,000 (2022) and ₹17,000 (2024).
- • Profitable through the cycle — PAT of ₹50 Cr, ₹64 Cr and ₹48 Cr in FY23–FY25 — with equity growing about 11% a year on retained earnings and a modest balance sheet (about ₹433 Cr of assets).
- • Group ecosystem: sister companies AVT Natural Products (listed), AVT McCormick Ingredients (JV with McCormick) and Neelamalai Agro give sourcing, processing and export depth, and the 2025 Chai Kings investment adds an out-of-home tea channel.
What to watch
- • Dealer quotes range from ₹22,000 (Sharescart) to ₹27,000 (Neoma) and UnlistedZone's cached page still shows a September 2022 figure of ₹12,500; the stock is thinly traded in lots of 10, so confirm the live rate before dealing.
- • Margin squeeze: operating margin fell from 7.73% to 5.77% in FY25 and PAT dropped 24.6% on higher green-leaf, rubber and finance costs; tea and rubber are commodity businesses exposed to weather, wages and auction prices.
- • Very small share count (4,56,540) and lot-size confusion across dealers (5, 10 or 100 shares) make the market illiquid — a single lot of 10 shares at ₹26,000 is ₹2.6 lakh and spreads are wide.
- • Limited disclosure: no annual report or investor presentation is publicly hosted; balance-sheet figures here are estimates and the board beyond the Thomas family is unverified.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| A V ThomasThis page | ₹26,000.00 | ₹1,187 Cr | 24.58 | 3.71 | +7.95% |
| Ram Bandhu | ₹550.00 | ₹266.2 Cr | 20.48 | 2.54 | +9.41% |
| AB InBev India | ₹555.00 | ₹56,412 Cr | — | 318.97 | +17.83% |
| TABP Snacks | ₹29,999.00 | ₹4,500 Cr | 2,999.90 | 108.43 | +42.09% |
Latest reported year: FY25 ending 31 Mar 2025.