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

52-Week Range
Valuation
Financials (FY2022)
Investment Thesis
A.V. Thomas International Limited is the export-oriented entity within the A.V. Thomas group — a family-promoted Kerala conglomerate with nearly 90 years in agro-commodity trade. India's record commodity export growth provides a strong macro tailwind. At ₹700 per share, the investment offers exposure to an established export house, but limited financial disclosures, currency risk, and the illiquid unlisted market mean this is appropriate only for informed, long-term investors comfortable with the absence of quantitative financial data.
Pros
Cons
Business Segments
Commodity Exports
Export of Indian agro-commodities including rubber, tea, spices (cardamom, pepper), and cashew to international buyers in Europe, the Middle East, and Asia.
International Trade
End-to-end facilitation of international commodity trade including sourcing, quality certification, logistics, documentation, and buyer relationship management.
Revenue Model
A.V. Thomas International Limited earns revenue by sourcing agro-commodities from Kerala producers and plantations and exporting them to international buyers. Revenue is driven by export volumes, prevailing global commodity prices, and foreign exchange rates. The company likely earns a trading margin on each transaction plus potentially revenue from value-added processing and quality grading.
Detailed Analysis
Growth Plans
India's growing share in global spice exports (crossed $4 billion in FY2024) with continued demand from Europe and the Middle East
Diversification of global supply chains away from Southeast Asia creating opportunities for Indian commodity exporters
India's free trade agreement negotiations (with EU, GCC) that may reduce tariff barriers for agricultural commodity exports
Premium and organic Indian spice segment growing faster than bulk commodity trade, potentially improving margins
Recent Developments
India's spice exports crossed $4 billion in FY2024, the highest ever, driven by strong global demand for cardamom, pepper, and value-added spice products — directly benefiting established Kerala-based exporters in the A.V. Thomas network.
2024-03India remained the world's largest cashew processor and exporter, with Kerala-based firms playing a central role. Rising demand from Europe and North America supported export realizations.
2023-09Comparable Companies
Frequently Asked Questions
About A.V. Thomas International
A.V. Thomas International Limited is the international trading arm of the A.V. Thomas (AVT) Group, Kerala's historic commodity conglomerate. The company handles the group's export activities, primarily for tea, rubber, pepper and other agro-commodities sourced from South India. AVT Group has been a significant exporter of Indian commodities for decades, with international buyers across Europe, the Middle East, and Asia.
Key Milestones
Established as the international trade and export arm of the A.V. Thomas group from Kochi, Kerala
Built long-standing global buyer relationships for Indian agro-commodities across European, Middle Eastern, and Asian markets
Benefited from India's record spice and cashew export growth in FY2024 (spice exports crossed $4 billion)
Common questions about unlisted shares
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A principal desk for unlisted & pre-IPO shares — you transact with us, not a stranger.
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.
Industry Tailwinds
India's growing share in global spice exports (crossed $4 billion in FY2024) with continued demand from Europe and the Middle East
Diversification of global supply chains away from Southeast Asia creating opportunities for Indian commodity exporters
India's free trade agreement negotiations (with EU, GCC) that may reduce tariff barriers for agricultural commodity exports
Premium and organic Indian spice segment growing faster than bulk commodity trade, potentially improving margins
Industry Headwinds
INR appreciation reducing export competitiveness and rupee realizations
Quality rejection incidents in EU/US markets due to tightening pesticide residue norms
Competition from Vietnam and Indonesia in cashew and pepper segments at lower price points
Commodity export revenues denominated in USD/EUR are exposed to INR appreciation, which can reduce rupee-equivalent realizations and compress trading margins.
Source: Company Financial Filings
Export restrictions, import duties in destination countries, or geopolitical disruptions (e.g., Red Sea shipping disruptions) can affect international commodity flows and logistics costs.
Source: Media Reports / Public Records
Stringent food safety standards in EU and US markets (pesticide residue limits, quality certifications) require ongoing compliance investment; rejection of export consignments can be costly.
Source: Regulatory Filings
Faces competition from Vietnam (pepper, cashew), Sri Lanka (tea), and Indonesia (rubber) — origin countries with lower cost bases competing for the same international buyers.
Source: AlphaHub Research
Global prices for cardamom, pepper, tea, rubber, and cashew fluctuate significantly based on weather events, harvest cycles, and speculative commodity market activity.
Source: Media Reports / Public Records
Unlisted shares have very limited secondary market liquidity; the price of ₹700 per share is only a reference price from informal dealers, not an exchange-driven price.
Source: Company Financial Filings
Commodity export revenues denominated in USD/EUR are exposed to INR appreciation, which can reduce rupee-equivalent realizations and compress trading margins.
Export restrictions, import duties in destination countries, or geopolitical disruptions (e.g., Red Sea shipping disruptions) can affect international commodity flows and logistics costs.
Stringent food safety standards in EU and US markets (pesticide residue limits, quality certifications) require ongoing compliance investment; rejection of export consignments can be costly.
Faces competition from Vietnam (pepper, cashew), Sri Lanka (tea), and Indonesia (rubber) — origin countries with lower cost bases competing for the same international buyers.
Global prices for cardamom, pepper, tea, rubber, and cashew fluctuate significantly based on weather events, harvest cycles, and speculative commodity market activity.
Unlisted shares have very limited secondary market liquidity; the price of ₹700 per share is only a reference price from informal dealers, not an exchange-driven price.
Unlisted · 1187 Cr
PE: 24.69xx
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Shares traded in the unlisted market at approximately ₹700 per share
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