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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
Crisil A/Stable/Crisil A1
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 27 Mar 2025
This rating is over a year old.
View Full ReportValuation
Financials (FY2024)
Source: CRISILInvestment Thesis
A.V. Thomas & Company Limited is a financially robust, heritage Indian conglomerate with a market cap of ₹1,187 Crore, EPS of ₹1,053, book value of ₹8,592 per share, and implied revenues of approximately ₹1,211 Crore. Its 89-year track record, low P/BV of 3.03x, and diversified commodity exposure make it one of the most substantive unlisted companies in Kerala. The primary risks are commodity price volatility, high share price illiquidity, and limited corporate governance disclosures.
Pros
Cons
Business Segments
Agro-Commodity Trading
Export and domestic trading of tea, rubber, spices (cardamom, pepper), cashew, and other Kerala-origin agro-commodities to global buyers.
Plantation Interests
Ownership and management of tea and rubber plantations in Kerala, providing captive raw material sourcing.
Investments & Diversified
Strategic investments in group companies and financial assets, generating dividend and interest income.
Revenue Model
A.V. Thomas & Company generates revenue primarily through the trading and export of agro-commodities (tea, rubber, spices, cashew) to domestic and international buyers, supplemented by income from plantation operations and returns from its investment portfolio in group companies. A P/S of 0.98x at ₹1,187 Cr market cap implies revenues of approximately ₹1,211 Crore annually.
Detailed Analysis
Growth Plans
India's record spice and cashew exports (spice exports crossed $4 billion in FY2024) benefiting established Kerala trading houses
Rising global demand for natural rubber driven by EV tyre manufacturing growth
Premium and organic commodity export trends driving higher realizations for quality-focused traders
Industry Tailwinds
India's record spice and cashew exports (spice exports crossed $4 billion in FY2024) benefiting established Kerala trading houses
Comparable Companies
TATACONSUM · ~85000 Cr
Frequently Asked Questions
About A.V. Thomas & Company
A.V. Thomas & Company Limited is part of the storied A.V. Thomas (AVT) Group based in Kerala, one of India's oldest trading and plantation conglomerates. The AVT Group was founded in the early 20th century and has built significant interests in tea, rubber, pepper, and other agro-commodities. A.V. Thomas & Company serves as one of the group's core trading and distribution entities, handling commodity exports and domestic distribution. The group is a major player in South Indian tea and rubber markets, with operations spanning cultivation, processing, and export.
Key Milestones
Founded in 1935 in Kochi, Kerala by the A.V. Thomas family
Built one of Kerala's largest agro-commodity trading and export businesses across rubber, tea, spices, and cashew
Accumulated a book value of ₹8,591.53 per share through nearly 90 years of retained earnings
Common questions about unlisted shares
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You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
Usually credited within 2–3 business days
Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Rising global demand for natural rubber driven by EV tyre manufacturing growth
Premium and organic commodity export trends driving higher realizations for quality-focused traders
Industry Headwinds
Global commodity price downturns directly compressing trading margins
Climate change risks affecting plantation yields in Kerala
No near-term IPO catalyst, limiting price appreciation in the unlisted market
Upward Factors
Significant and sustained growth of over 15%, including through expansion into other geographies and increase in profitability to over 8%
Sustenance of healthy financial risk profile and liquidity
Downward Factors
funded capex, acquisition or substantial increase in group exposure, leading to moderation in the financial risk profile; for instance, gearing weakening to 1.2-1.3 times Significant decline in revenue or operating margin on a sustained basis
Revenue is exposed to volatile global prices for tea, rubber, spices, and cashew; price downturns can materially impact trading margins and profitability.
Source: Company Financial Filings
Agro-commodity output in Kerala is highly dependent on monsoon patterns; irregular rainfall affects plantation yields and trading volumes.
Source: AlphaHub Research
As a family-controlled entity with no public reporting obligations, corporate governance transparency and minority shareholder protections are limited.
Source: Media Reports / Public Records
A share price of ₹26,000 in an illiquid unlisted market severely restricts the pool of potential buyers, making exit at fair value difficult.
Source: Company Financial Filings
Commodity export revenues denominated in foreign currencies are exposed to INR appreciation, which can reduce realizations in rupee terms.
Source: Media Reports / Public Records
Revenue is exposed to volatile global prices for tea, rubber, spices, and cashew; price downturns can materially impact trading margins and profitability.
Agro-commodity output in Kerala is highly dependent on monsoon patterns; irregular rainfall affects plantation yields and trading volumes.
As a family-controlled entity with no public reporting obligations, corporate governance transparency and minority shareholder protections are limited.
A share price of ₹26,000 in an illiquid unlisted market severely restricts the pool of potential buyers, making exit at fair value difficult.
Commodity export revenues denominated in foreign currencies are exposed to INR appreciation, which can reduce realizations in rupee terms.
PE: ~50xx
HARRMALAYA · ~800 Cr
BBTC · ~5000 Cr
Achieved market capitalization of approximately ₹1,187 Crore in the unlisted market
Recorded a lifetime high share price of ₹26,500 on November 22, 2024
A.V. Thomas Family
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