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

Valuation
Financials (FY2024)
Investment Thesis
Kerala tea and coffee plantation company (est. 1943) in the Nelliampathi Hills of Palakkad — part of the prestigious AVT (A.V. Thomas) Group, India's first Indian-owned plantation conglomerate. Chaired by Ajit Thomas. Revenue ~₹22.51 Cr FY2024 with EBITDA growing 65.82% YoY and net worth strengthening. Medium-to-high grown teas from Nelliampathi — premium pricing position. Unlisted but well-managed under AVT Group's professional plantation framework. Strong EBITDA momentum is a positive signal for this heritage Kerala plantation.
Pros
Cons
Business Segments
Tea cultivation and processing — Nelliampathi Hills, Palakkad district, Kerala (medium-to-high grown teas)
Coffee cultivation — Nelliampathi Hills, Palakkad, Kerala
Revenue Model
Revenue is derived from the sale of made tea (CTC and/or orthodox) and other agricultural produce including coffee, sold through auctions (Kochi Tea Auction) and private sales to domestic and export buyers.
Detailed Analysis
Growth Plans
Growing global demand for premium orthodox and specialty teas from Kerala estates could support better realisations.
Diversification into agri-tourism and value-added tea products could supplement plantation revenue.
Industry Tailwinds
Growing global demand for premium orthodox and specialty teas from Kerala estates could support better realisations.
Diversification into agri-tourism and value-added tea products could supplement plantation revenue.
Recent Developments
Comparable Companies
Frequently Asked Questions
About Nelliampathy Tea & Produce
The Nelliampathy Tea and Produce Company Limited is an 80-year-old Kerala plantation company engaged in the cultivation, manufacturing, and sale of tea and coffee from its estates in the Nelliampathy highlands. The company is registered in Kerala with its office at 27/1032 Panampilly Nagar, Cochin, Ernakulam, and has maintained continuous plantation operations for over eight decades. Nelliampathy is a hill station and agri-zone in Palakkad District, Kerala, located at elevations between 500-1,572 metres above sea level. The cool, misty climate and well-distributed rainfall make Nelliampathy one of Kerala's premier tea-growing zones. Tea estates here produce quality orthodox and CTC teas, while the area also supports coffee cultivation, providing the company with diversified plantation produce. The company reported revenue in the ₹1–100 Crore range for FY2024, with EBITDA having improved significantly — growing 65.82% over the prior year — suggesting a strong recovery in plantation profitability driven by higher commodity prices. Directors include Ajit Thomas, Ramaswamy Venugopalan, Hussain Habib Mirza Altaf, Swaminathan Ganesan, and Achattil Ravishankar. The presence of Ajit Thomas on the board links the company to the AVT group tradition of Kerala plantation management. With unlisted shares tradeable on secondary markets through platforms like UnlistedZone, the company provides an interesting exposure to Kerala's premium highland plantation sector. The company's EBITDA growth trajectory, Nelliampathy's geographic advantage, and the tea-coffee combination make Nelliampathy Tea & Produce a noteworthy unlisted plantation investment for those seeking exposure to India's specialty tea and coffee supply chain.
Key Milestones
1925 — AVT Group founded by A.V. Thomas (first Indian to own a plantation company) at Pasuparai, Kerala
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We source & quote
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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.
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Industry Headwinds
Persistent high labour costs in Kerala's plantation sector.
Climate change impact on tea yields in the Western Ghats.
Kerala's plantation labour costs are among the highest in India due to strong trade unions and periodic wage board revisions, significantly impacting operating margins.
Source: Company Financial Filings
Tea and coffee prices are subject to global and domestic commodity market fluctuations, creating revenue volatility for the company.
Source: Company Financial Filings
Land ceiling laws in Kerala, environmental regulations in the Western Ghats (Gadgil Committee recommendations), and restrictions on estate use pose long-term operational risks.
Source: AlphaHub Research
Changing rainfall patterns and climate variability in the Western Ghats can adversely affect tea and coffee yields.
Source: AlphaHub Research
Kerala's plantation labour costs are among the highest in India due to strong trade unions and periodic wage board revisions, significantly impacting operating margins.
Tea and coffee prices are subject to global and domestic commodity market fluctuations, creating revenue volatility for the company.
Land ceiling laws in Kerala, environmental regulations in the Western Ghats (Gadgil Committee recommendations), and restrictions on estate use pose long-term operational risks.
Changing rainfall patterns and climate variability in the Western Ghats can adversely affect tea and coffee yields.
TATACONSUM · 90000 Cr
PE: 75xx
HARRMALAYA · 700 Cr
PE: 15xx
BBTC · 5000 Cr
PE: 20xx
1943 — Nelliampathy Tea and Produce Company incorporated (24 March 1943) in Nelliampathi Hills, Palakkad
1968 — Jeysingh Thomas takes over as AVT Group chairman
1989 — Ajit Thomas (current chairman) joins the board as director
Present — Active tea and coffee plantation; EBITDA growing strongly; FY2024 balance sheet filed; AGM August 20, 2025