Consolidated net profit for the June 2026 quarter fell 68.50% to Rs 4.52 crore even as the operating margin improved; a little over half the decline traces to an effective tax rate that rose from 10.36% to 59.79%, which neither source explains, and the rest to a genuine drop in pre-tax profit.
Read the Full Account →Between 1860 and 1865 Indian tea was a speculative asset first and a crop second, and when it collapsed in 1866 a government enquiry had to certify the industry was real.
The same El Nino can put record volumes of tea on the ground in Kenya while raising drought risk in Sri Lanka, in the same months. What the ENSO cycle actually does to the harvest, region by region, and why a real statistical link to it still will not forecast a season.
In 1942 Britain's Ministry of Food became the sole buyer of India and Ceylon's whole exportable tea crop, 698 million pounds, negotiated directly with both governments, while the ration handed to its own households stayed at two ounces a week for a decade more.
Parliament's 1773 rescue of a nearly insolvent East India Company cut the price of tea reaching the American colonies. The protest that followed was against a monopoly and a tax precedent, not against a high price.
A ten-shilling-a-ton bonus for reaching London first drove the greatest clipper race ever sailed, and 1866 was the last season any shipping contract ever paid it.
In 1848 a disguised Scottish botanist smuggled 20,000 tea plants out of China for the East India Company. Most of them died. The workers and the know-how he brought with them are what actually broke China's tea monopoly.
Up to thirty-five different-origin teas go into a single popular blend, guarded as a trade secret, while the single-estate tea that carries the premium story is a deliberately tiny fraction of the market it appears to represent.
Soviet Georgia supplied nearly all the USSR's tea and ranked among the world's top tea exporters. After 1991 the industry lost almost all of it, and the revival since has recovered only a small fraction of the peak.
Twenty grams of mother-tree Da Hong Pao sold for 208,000 yuan in 2005, and every "world's most expensive tea" figure since is that one lot multiplied up to a kilogram. The five sales behind the record, and why the market that set it stopped in 2006.
For close to two centuries, a compressed slab of tea was legal tender across Siberia, Mongolia, and Tibet, priced against horses and sheep, in places where gold and silver were not accepted. What actually ended it was a canal, a railway, and, in Tibet, a government buy-up, not a rival currency.
On 29 June 1998, a Ceylon Flowery Pekoe from a small Sri Lankan garden fetched the highest price the 319-year-old London tea auction had ever recorded, on the same day the sale closed for good. A 2025 Guinness record for a different charity tea sale shows the pattern was not a one-off.
A tea garden does not close on one bad season. It closes when the cost of producing a kilo of tea sits above what the auction will pay for long enough that debt outruns the harvest, and the numbers behind that threshold, from Assam's slow squeeze to Darjeeling's shuttered gates, are public.
In 1933, India, Ceylon, and the Dutch East Indies ran the one tea cartel that ever actually moved the price. The same years, a Kenyan law barred African farmers from growing the crop at all. Both restrictions ended within about a year of each other.
Tea's auction price has gone nowhere for 20 years and now sits below what was paid a century ago, in real terms. Here is what the figures say is actually happening, and who is absorbing the squeeze.
A peer-reviewed synthesis of decades of research puts real numbers on climate change's effect on tea yield and quality, and on the growing area itself. Here is what the figures say, region by region.
A 2019 field study traced a kilogram of Assam tea through five pairs of hands and found the factory keeps the largest cut, ahead of the farm. A 2021 study of Vietnam's Thai Nguyen chain found close to the opposite. The arithmetic behind both.
Fairtrade mandates a fixed 50 US cent per kilo premium on tea but only around 4 percent of eligible production is ever sold on those terms. Rainforest Alliance covers far more of the world's tea at a smaller, now-negotiable premium. Kenya's factories tried to opt out entirely in 2025. The figures behind all three.
Three producing countries pay tea labour on three different systems, a daily wage plus quota, a daily wage plus a government top-up, and a straight price per kilo. Here is what each one actually pays, and the one case where a wage rise cost more jobs than it raised.
Kenya, Sri Lanka, and India have each taxed a kilogram of tea leaving the country, at different rates, for different reasons, with different results. Here is what each levy actually does, and who really carries it.
Coffee has Nestle and JAB. Tea has no equivalent. Here is who actually moves the world's leaf, from a Kenyan cooperative managing 600,000 farmers to a private-equity-owned spinout carrying billions in debt, and why no one has consolidated the trade the way coffee's owners have.
Two Kenyan droughts, a dry Assam monsoon, and a Sri Lankan cyclone give four real, recent tests of what a weather shock does to the tea price. The answer is not the simple shortage story it looks like from outside.
A tea's grade, OP, BOP, PD, Dust, is a sorting code, not a quality score, and it is the single biggest reason two kilos of tea from the same garden sell for very different prices at auction.
Coffee has traded futures since 1882 and cocoa since the 1920s. Tea, which outsells them both, has never had one, anywhere. The reason is not price stability. It is that no two lots of tea are the same thing.
Irrigation, shade trees, and drought-tolerant cultivars all carry a real bill, and it lands on different people in India, Kenya, and Sri Lanka. Here is what the adaptation money actually buys, and who is short of it.
The tea bag began as a shipping accident, but what made it cheap enough to dominate the world market was a German packing machine, and what still shapes its cost today is the material of the sachet itself.
A handful of spring-plucked Darjeeling lots sell for the price of silver, but the season's real income comes two months later, from a flush that never makes the headlines.
India's Tea Research Association puts pest damage at 147 million kilograms of tea a year, about $318 million, and researchers now tie the rising toll to longer summers and shorter winters. Here is the mechanism, the regional split, and what growers are trying instead of more spray.
A licensed broker still takes roughly one percent of a tea auction's value for cataloguing, tasting, and vouching for a lot no algorithm grades, and one century-old exchange has brought its old open-outcry room back after going fully digital. Here is what the commission buys, and why regulators keep steering trade through it.
Global matcha demand grew several-fold in barely two years, driven by social media and a tourism surge, and hit a ceremonial-grade tencha supply that takes five years to plant and forty grams an hour to grind. Record auction prices and allocation-only sales followed, not a failure of the harvest.
Turkey and Ireland top the per-person tea rankings. China, India, and Kenya, which grow and export almost all of the world's leaf, sit far down the list. The gap is not about taste. It is about how much of a harvest a country keeps for itself.
Kenya split its tea sector into roughly 70 small, farmer-owned factories and never merged them, even as Assam's estates consolidated under debt and Sri Lanka's state gardens were carved into fewer corporate players. The reasons are structural, legal, and, once, deliberately blocked at a shareholder vote.
India's government wrote tea into a weather-based insurance scheme for the first time in 2025. Sri Lanka's smaller pilot dates to 2012 and stayed small. Kenya, the top exporter, still has no scheme built around the crop at all.
A tea garden is paid in its own currency for a crop sold against the US dollar, so the exchange rate can move a season's income more than the harvest does. Kenya and India lived through opposite versions of that mechanism in the same year.
The business of tea, read the way a market is read. Auction prices, harvests, trade, and the figures behind them, reported plainly and sourced to the record. We cover the trade, not the cup.