ANDREW YULE & COMPANY LTD. (ANDREWYU) share price

₹26.24 on NSE as of 2026-09-11. -1.98% on the day. market cap ₹1,283 Cr. P/E 30.9. 52-week range ₹15.65 to ₹31.00. Fast Moving Consumer Goods.

Andrew Yule & Co Q1 FY27: Revenue ₹58.30 Cr, an Operating Loss of ₹13.64 Cr, and Tea, Transformers and Fans Under One 107-Year-Old Roof

At a glance

Andrew Yule & Company grows tea in Assam, builds power transformers in Chennai and makes industrial fans in West Bengal. As a menu, that is a restaurant serving masala chai, a 31.5 MVA transformer and a centrifugal impeller, with the waiter unfazed by any of it.

For the quarter ended June 2026, consolidated revenue came in at ₹58.30 Cr. That is 3.85% above the ₹56.14 Cr of a year earlier and below the ₹92.72 Cr of the March quarter. The operating line showed a loss of ₹13.64 Cr, against losses of ₹27.66 Cr a year ago and ₹48.29 Cr in the quarter before.

Other Income, which delivered ₹59.71 Cr in the same quarter last year, turned up this time with ₹1.07 Cr. That is roughly the difference between a wedding band and a man humming.

The pre-tax loss was ₹21.03 Cr and the net loss ₹2.34 Cr. The consolidated filing records a ₹18.69 Cr share of profit from the group's associate, Veedol Corporation, sitting between those two numbers like a very generous in-law.

At the segment level, the standalone filing shows the tea segment with a loss of ₹12.59 Cr before interest and tax, Electrical-Chennai with a profit of ₹1.43 Cr, and Engineering with a profit of ₹0.30 Cr. A diversified company reports as a choir, and each section of this one sang in a different key this quarter.

The company runs 12 tea estates and its latest disclosed headcount is 13,932 people.

Introduction

Andrew Yule & Company was incorporated in 1919 as a private-sector managing agency. It then had its entire business model abolished by law when India ended the managing agency system. Most companies only experience that sort of disruption metaphorically. In 1979 the Government of India acquired the company, and today the President of India holds 89.25% of it. That makes this one of the few listed companies whose promoter also appears on stamps.

It is now a Central Public Sector Enterprise in medium and light engineering, which is the official classification for a company that also sells tea.

The past few years have been a steady exercise in reorganising the furniture:

- **Merger.** In FY22, under NCLT orders, the wholly owned subsidiary Hooghly Printing Co. was merged into the parent. The company took on that business's unsecured creditors and absorbed its employees, so a tea-and-transformer company briefly also inherited a printing company's paperwork.

- **Closures.** Two operating units in Kolkata were closed the same year. The switchgear unit there had, per company filings, lost its customer base to steep competition. The filings cited product obsolescence, low value addition and high costs, a three-item list delivered with the calm of a weather report.

- **Specialty tea.** In October 2021 the company entered specialty tea with four new blends, launched by the Ministry of Heavy Industry. Somewhere in New Delhi, a ministry built around steel and machinery formally unveiled a Darjeeling blend, and nobody blinked.

Business model

Three divisions, three entirely different physics problems. Per Acuité's September 2026 report, tea contributes about 45% of revenue, electrical about 35% and engineering about 20%. In the June 2026 quarter, the standalone segment figures were ₹28.69 Cr from tea, ₹20.63 Cr from Electrical-Chennai and ₹8.84 Cr from Engineering.

**Tea.** There are 12 estates: seven in Assam, four in the Dooars and one in Darjeeling. Between them they produce orthodox and green tea. The latest disclosed own-crop figure is 94.35 lakh kg, and the latest disclosed average realisation is ₹243.78 per kg.

Tea is agriculture that behaves like manufacturing. The raw material grows on bushes, the factory sits in the garden, and the weather files an opinion every single day. Acuité attributes the fall in tea revenue in FY26 to reduced black tea production volumes, and the rise in operating losses mainly to higher labour costs in the tea division.

The arithmetic on the page is striking: FY26 employee cost was ₹196.61 Cr against revenue of ₹295.29 Cr, or about two-thirds of every rupee billed. Tea leaves, it turns out, do not pluck themselves.

**Electrical.** The Chennai unit makes power transformers, mainly in the 8, 10, 20 and 31.5 MVA range, with capacity up to 63 MVA. Its latest disclosed annual production is 755 MVA. Per Acuité, electrical revenue rose about 16% in FY26 on demand for transformers.

The division also changed who it sells to. Historically it sold directly to the Karnataka State Electricity Board, and collections took 100–120 days. From March 2026 it shifted most transformer sales to EPC contractors, and Acuité puts average collections at around 70–75 days. Anyone who has invoiced a state utility will recognise that as a company choosing to be paid within the same season.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for ANDREW YULE & COMPANY LTD..

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