T. Stanes and Company Limited

Company: T. Stanes and Company Limited
CIN: U02421TZ1910PLC000221
ISIN: INE420F01011
Face Value: ₹10 per share
Shares Outstanding: 23,66,184
Status: Active Unlisted Public Company
Registered Office: 8/23-24, Race Course Road, Coimbatore, Tamil Nadu
Group: Amalgamations Group
Industry: Agri Inputs, Crop Care & Biologicals
Latest Financial Year: FY2025-26

Official Website: T. Stanes and Company Limited

Official Investor Relations / Annual Accounts: T. Stanes Investor Relations

Executive Summary

T. Stanes and Company Limited is one of India’s oldest agricultural businesses, with its heritage tracing back to 1861. The company became part of the Amalgamations Group in 1961 and has progressively evolved from its historical plantation and trading activities into an agriculture-focused business.

Today, the company operates primarily across agricultural inputs and crop-care solutions, including bio-fertilisers, organic fertilisers, micronutrients, biostimulants, botanical pesticides, microbial crop-protection products, seeds and other agricultural solutions.

The company states that it has a presence across 32+ countries, serving farmers through its domestic and international crop-care businesses.

The financial performance is also healthy.

FY2026 Consolidated Financial Highlights

Particular	FY2025	FY2026
Revenue from Operations	₹526.51 Cr	₹546.19 Cr
Other Income	₹5.47 Cr	₹7.93 Cr
Total Income	₹531.98 Cr	₹554.12 Cr
PBT	₹32.74 Cr	₹34.13 Cr
PAT	₹24.42 Cr	₹25.42 Cr
EPS	₹103.22	₹107.44
Operating Cash Flow	₹16.47 Cr	₹17.75 Cr

Revenue increased approximately 3.7%, while PAT increased approximately 4.1% in FY2026.

The balance sheet is another important positive.

FY2026 consolidated equity attributable to the company was approximately ₹240.70 Cr, with only around ₹0.01 Cr of borrowings reported at year-end. The company also held approximately ₹74.52 Cr of investments across current and non-current investments.

At current indicative unlisted prices around ₹820–₹825/share, the company is valued at approximately ₹194–195 Cr, implying roughly 7.6–7.7x FY2026 earnings.

That makes T. Stanes considerably more interesting from a valuation perspective than many unlisted businesses trading at very high multiples.

Company Background

T. Stanes traces its history to 1861, when Sir Robert Stanes established the business in Coimbatore. The company initially operated in coffee curing and plantation activities and later expanded into several industries that contributed to the development of Coimbatore’s industrial ecosystem.

The company became part of the Amalgamations Group in 1961.

Over the following decades, T. Stanes increasingly focused on agriculture and developed expertise in biological and sustainable agricultural inputs.

The company states that it began expanding into bio-products, organic fertilisers, growth regulators and biological pest-control products during the late 1980s, following investment in R&D.

Business Model

T. Stanes operates across several agricultural product categories.

1. Bio-Fertilisers

The company develops and markets biological products designed to improve soil health and nutrient availability.

2. Organic Fertilisers

Its portfolio includes organic agricultural inputs aimed at improving soil fertility and supporting sustainable agriculture.

3. Micronutrients

Micronutrient products help address deficiencies of essential nutrients required for crop development.

4. Biostimulants

This is an increasingly important part of the agricultural-input industry.

Biostimulants are designed to improve plant growth, crop quality and stress tolerance.

T. Stanes continues to launch products in this category, including newer formulations such as Splendor Super.

5. Biological Crop Protection

The company offers microbial and botanical solutions for:

• Insect management
• Disease management
• Nematode management
• Pest control
• Soil health

Its official domestic crop-care portfolio includes fertilizers, water-soluble fertilizers, organic fertilizers, bio-fertilizers, micronutrients, biostimulants, disease-management products, traps, insect/nematode management, chemical crop care and seeds.

6. Seeds

Seeds form another component of the company’s agriculture portfolio.

7. International Crop Care

The company has developed an international business covering:

• Nutrient management
• Pest management
• Disease management
• Water management
• Biostimulants
• Seed coating

The company currently states that it serves customers across 32+ countries.

Geographic Presence

T. Stanes has a strong South Indian heritage but its business is no longer restricted to the domestic southern market.

The company has developed an international export footprint and states that it has presence in 32+ countries.

This provides geographical diversification and potentially reduces dependence on any single domestic agricultural market.

Competitive Position

The company’s key competitive advantages include:

Legacy & Brand

More than 150 years of operating history provides substantial institutional knowledge and brand credibility.

Agricultural R&D

T. Stanes has historically invested in R&D and developed expertise in biological agricultural solutions.

Biological Product Portfolio

The company operates in categories such as:

• Bio-fertilisers
• Biopesticides
• Biostimulants
• Organic fertilisers
• Microbial solutions
• Botanical products

These are structurally attractive categories as farmers and regulators increasingly focus on sustainable agricultural practices.

Distribution Network

The business has historically built a substantial rural distribution network. A Tamil Nadu government employer profile describes the business as having a network of more than 12,000 dealers and more than 200 field sales and service personnel, although this should be treated as a historical reference rather than a confirmed FY2026 figure.

FY2025-26 Financial Performance

FY2026 was another year of profitable growth.

Revenue

Revenue from operations increased from:

₹526.51 Cr → ₹546.19 Cr

Growth:

~3.7%

PAT

PAT increased from:

₹24.42 Cr → ₹25.42 Cr

Growth:

~4.1%

PBT

PBT increased from:

₹32.74 Cr → ₹34.13 Cr

Growth:

~4.2%

The growth rate is not exceptionally high, but the company has maintained profitability while operating with very low financial leverage.

Profitability

FY2026:

PAT: ₹25.42 Cr

Revenue: ₹546.19 Cr

Approximate consolidated net margin:

4.65%

The reported financial-ratio data places net profit margin at approximately 4.57% and ROCE at approximately 13.10%.

The business is therefore profitable but operates with relatively modest margins, which is normal for an agricultural-input business with a significant distribution and product portfolio.

Cash Flow Analysis

One of the stronger aspects of T. Stanes is its ability to convert earnings into operating cash.

Operating Cash Flow

FY2025:

₹16.47 Cr

FY2026:

₹17.75 Cr

This represents approximately 7.8% growth.

The company generated ₹26.13 Cr of cash from operations before taxes and subsequently paid approximately ₹8.38 Cr in income taxes.

This indicates that reported profits are supported by actual operating cash generation.

Working Capital

Working capital requires monitoring.

During FY2026:

Inventory increased by ₹7.18 Cr

and

Trade receivables increased by ₹9.25 Cr.

This tied up additional cash in working capital.

The trade-receivables turnover ratio declined from 7.43x to 6.56x, indicating somewhat slower collection.

This is not currently a major concern because operating cash flow remained positive, but it is an important metric to monitor.

Balance Sheet Strength

The balance sheet is one of T. Stanes’ strongest characteristics.

FY2026 Consolidated Assets

Asset	FY2026
PPE	₹43.88 Cr
CWIP	₹5.53 Cr
Investment Property	₹2.19 Cr
Investments – Non-current	₹46.08 Cr
Investments – Current	₹28.44 Cr
Inventory	₹80.00 Cr
Trade Receivables	₹86.91 Cr
Cash & Cash Equivalents	₹12.45 Cr
Other Bank Balances	₹4.20 Cr
Total Assets	₹331.09 Cr

The investment portfolio is particularly noteworthy.

Total investments:

₹74.52 Cr

This is a significant asset relative to the company’s approximately ₹194–195 Cr current market value.

Debt Position

T. Stanes has very low financial leverage.

FY2026 reported borrowings:

~₹0.01 Cr

The company also incurred only ₹0.78 Cr of finance costs during the year.

This provides considerable balance-sheet flexibility.

The business therefore has significantly lower financial risk than many manufacturing and agri-input companies carrying substantial debt.

Investment Portfolio

The company’s investment portfolio is an important component of its overall value.

FY2026:

Non-current investments: ₹46.08 Cr

Current investments: ₹28.44 Cr

Total:

₹74.52 Cr

The company also generated investment-related income, including dividend, interest and gains on financial assets.

This creates a degree of diversification beyond the core operating business.

Dividend History

T. Stanes has historically returned cash to shareholders.

For FY2025, the company recommended:

Interim Dividend: ₹12/share

Final Dividend: ₹7.50/share

Total Dividend: ₹19.50/share

This represented a 195% dividend on the ₹10 face value and a total payout of approximately ₹4.61 Cr.

For an unlisted company, the combination of profitability, low debt and dividend distribution is a positive characteristic.

Shareholding

Current unlisted-market data reports promoter/promoter-group ownership of approximately 73.29%, with the remaining shares held by public/non-promoter shareholders.

The concentrated ownership structure can be positive because the controlling group has a significant economic interest in the company.

However, it also contributes to limited liquidity in the unlisted market.

Amalgamations Group

T. Stanes is part of the Amalgamations Group, one of India’s established business groups.

This provides the company with access to a broader industrial ecosystem and long-term corporate heritage.

The group association is also relevant when evaluating the company’s governance, related-party transactions and capital allocation.

Industry Opportunity

The agricultural-input industry is undergoing structural changes.

Several trends are favourable for T. Stanes:

1. Sustainable Agriculture

Increasing focus on reducing excessive chemical usage is supporting demand for biological and organic agricultural inputs.

2. Biostimulants

Biostimulants are gaining importance as farmers seek better crop productivity and resilience.

3. Soil Health

Long-term soil degradation is increasing demand for biological and organic solutions.

4. Export Opportunity

The company already has a presence across 32+ countries, giving it a platform to expand international revenue.

5. Precision Agriculture

Increasing adoption of scientific crop management creates opportunities for specialised crop-care products.

Key Growth Drivers

Biologicals

Biological crop protection and bio-fertilisers could become an increasingly important growth engine.

Biostimulants

New product launches and growing farmer awareness can increase penetration.

International Expansion

The company has an established international footprint and continues to participate in global agricultural markets.

Product Innovation

The company’s R&D capabilities allow it to develop specialised crop solutions.

Sustainable Farming

The company’s positioning around environmentally friendly agriculture aligns with long-term global trends.

Key Risks

1. Agricultural Cyclicality

Revenue can be influenced by:

• Monsoon
• Crop prices
• Farmer income
• Pest outbreaks
• Government policies

2. Commodity/Input Costs

Raw-material inflation can affect margins.

3. Working Capital

The increase in inventory and receivables during FY2026 requires monitoring.

4. Competition

The company competes with large domestic and multinational agricultural-input companies.

5. Regulatory Risk

Agricultural chemicals, biologicals, fertilizers and crop-protection products are subject to regulatory approvals.

6. Unlisted Liquidity

The shares are not listed on NSE/BSE. Investors may have difficulty finding buyers or sellers at the desired price.

7. Valuation Risk

Although the company is not expensive compared with many unlisted opportunities, the share price has already appreciated significantly from the lower end of its recent range.

Current Unlisted Share Price

There is no exchange-traded price because T. Stanes is unlisted.

Current market references show a significant range.

Planify

Approximately:

₹821.50/share

as of 10 September 2026.

52-week range reported:

₹821 – ₹960

Neoma Capital

Approximately:

₹815.76/share

as of 10 September 2026.

Moneycontrol

Moneycontrol currently displays approximately:

₹941.50/share

with a 52-week high of ₹989 and low of ₹810.

Important

These are indicative unlisted-market references, not NSE/BSE prices.

Actual transaction prices can differ based on:

• Quantity
• Seller availability
• Buyer demand
• Lot size
• Intermediary
• Settlement terms

Market Capitalisation

With:

23,66,184 shares

at ₹821.50:

Market Capitalisation ≈ ₹194.4 Cr

At ₹941.50:

Market Capitalisation ≈ ₹222.8 Cr

This difference is important when assessing valuation.

Valuation

At ₹821.50/share

Market cap:

~₹194.4 Cr

FY2026 PAT:

₹25.42 Cr

Approximate P/E:

~7.65x

At ₹941.50/share

Market cap:

~₹222.8 Cr

Approximate P/E:

~8.77x

The company’s FY2026 EPS is reported at approximately:

₹107.44

Price-to-Book

FY2026 equity attributable to the company is approximately:

₹240.70 Cr

With 23.66 lakh shares, the implied book value is approximately:

₹1,017/share

Therefore:

At ₹821.50 → P/B ≈ 0.81x

At ₹941.50 → P/B ≈ 0.93x

This means the company is currently trading below its FY2026 book value based on the consolidated equity attributable to owners.

That is one of the most interesting aspects of the valuation.

Enterprise Value Perspective

The company has almost no conventional debt.

At ₹821.50/share:

Market capitalisation:

~₹194 Cr

The company also holds:

₹74.52 Cr investments

plus:

₹12.45 Cr cash

and:

₹4.20 Cr other bank balances.

Therefore, the balance sheet provides substantial support to the equity valuation.

However, investors should not simply subtract the entire investment portfolio from market cap because some investments may be strategic/non-liquid and because operating working capital is required to run the business.

Illustrative Valuation Range

Using FY2026 EPS of approximately ₹107.44:

P/E Multiple	Indicative Value
7x	₹752
8x	₹860
10x	₹1,074
12x	₹1,289
15x	₹1,612

This is not a target price. It is simply a sensitivity analysis showing how the valuation changes with earnings multiples.

At ₹820–₹825, the company is effectively being valued around 7.6–7.7x FY2026 earnings.

Why the Valuation Looks Interesting

There are four important factors.

1. P/E below 10x

At around ₹820–₹825, the company trades at less than 8x FY2026 earnings.

2. Below Book Value

The price is below the approximate FY2026 book value per share.

3. Very Low Debt

Borrowings are negligible.

4. Strong Cash Generation

FY2026 operating cash flow was ₹17.75 Cr.

This combination is relatively uncommon in the unlisted market.

What Could Re-rate the Company?

Potential catalysts include:

Higher Growth

If revenue growth accelerates from the current low-single-digit rate, earnings could compound faster.

Higher Biologicals Mix

A greater contribution from higher-value biological and biostimulant products could improve margins.

International Expansion

Greater exports could increase revenue diversification.

Improved Working Capital

Better receivable collection and inventory management could increase free cash flow.

IPO / Listing

There is currently no confirmed IPO announcement identified in the sources reviewed.

Therefore, investors should not buy the shares solely on the assumption that the company will list.

Investment Positives

Strong heritage: 150+ years of business history.

Attractive sector: Agriculture and sustainable crop-care products.

International footprint: 32+ countries.

Low leverage: Almost zero conventional borrowings.

Positive cash flow: ₹17.75 Cr operating cash flow in FY2026.

Strong investment portfolio: ₹74.52 Cr.

Below-book valuation: At around ₹820, price/book is below 1x.

Reasonable P/E: Approximately 7.6x FY2026 earnings at ₹821.50.

Dividend history: ₹19.50/share declared for FY2025.

Investment Risks

Moderate revenue growth: FY2026 revenue grew only ~3.7%.

Low margins: Net margin is around 4.5–4.6%.

Working-capital intensity: Inventory and receivables increased.

Agricultural dependence: Weather and farmer economics can affect demand.

Regulatory exposure: Crop-care products require regulatory compliance.

Unlisted liquidity: Exit may take time.

Price dispersion: Different intermediaries quote substantially different prices.

Overall Assessment

Parameter	Assessment
Business Quality	★★★★☆
Industry Opportunity	★★★★☆
Revenue Growth	★★★☆☆
Profitability	★★★☆☆
Balance Sheet	★★★★★
Debt Position	★★★★★
Cash Generation	★★★★☆
Valuation at ~₹820	★★★★☆
Dividend Track Record	★★★★☆
Unlisted Liquidity	★★☆☆☆

Final Investment View

T. Stanes is one of the more interesting value-oriented unlisted agricultural businesses because it combines several attractive characteristics:

Long operating history + established agricultural brand + biological/organic product portfolio + international presence + very low debt + investment assets + positive cash generation.

The biggest attraction at the current indicative price around ₹820–₹825 is valuation.

At approximately ₹821.50:

• Market cap: ~₹194 Cr
• FY2026 PAT: ₹25.42 Cr
• P/E: ~7.6x
• Approximate book value: ~₹1,017/share
• P/B: ~0.81x
• Investments: ₹74.52 Cr
• Cash & bank balances: ~₹16.65 Cr
• Borrowings: ~₹0.01 Cr

The business, however, is not a high-growth story at present. FY2026 revenue growth was only around 3.7%, while ROE and ROCE declined from the previous year. Working capital also absorbed more cash through higher inventory and receivables.

My overall view:

T. Stanes appears fundamentally stronger than its current low-single-digit revenue growth might suggest, and at around ₹820 the valuation provides a reasonable margin of safety.

The most interesting part is not just the P/E of ~7.6x, but the combination of:

<10x earnings + below book value + negligible debt + substantial investments + positive operating cash flow.

For a long-term investor, the key question is whether T. Stanes can accelerate growth through biologicals, biostimulants, sustainable agriculture and international markets while maintaining its strong balance sheet.

At prices closer to ₹940–₹960, the margin of safety becomes less compelling, although the company can still justify a premium if earnings growth accelerates.

Important Links

Official Company Website:
T. Stanes and Company Limited

Company Overview / History:
T. Stanes – Company Overview

Official Investor Relations & Annual Reports:
T. Stanes – Investor Relations

FY2024-25 Official Annual Report:
T. Stanes Annual Report FY2024-25

Domestic Crop Care Products:
T. Stanes – Domestic Crop Care

International Crop Care:
T. Stanes – International Crop Care

Current Unlisted Price Reference – Planify:
T. Stanes Unlisted Shares – Planify

Current Unlisted Price Reference – Neoma Capital:
T. Stanes Unlisted Shares – Neoma Capital

Financials / Annual Reports – WWIPL:
T. Stanes Financials & Annual Reports

Disclaimer

This report is prepared for informational and research purposes only and should not be construed as investment advice, an offer to buy or sell securities, or a guarantee of future returns.

T. Stanes and Company Limited is an unlisted company. Its shares do not trade on NSE/BSE and therefore market prices quoted by different intermediaries may vary significantly. Investors should verify the actual executable price, quantity, settlement terms and availability before entering into any transaction.

Financial information should be independently verified against the latest audited financial statements and corporate filings. Investors should also conduct their own due diligence regarding shareholding, related-party transactions, taxation, liquidity, corporate actions and potential listing plans.

For more such unlisted stocks visit https://unlistedcart.com/unlisted-shares/