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CARE Reaffirms Harrisons Malayalam Ratings; Outlook Upgraded to Stable on Improved Performance
CARE Ratings has reaffirmed Harrisons Malayalam's long-term rating at 'CARE BBB' while upgrading the outlook from 'Negative' to 'Stable'. This shift reflects a significant financial turnaround, with the company reporting a PAT of ₹14.90 crore in FY25 compared to a loss of ₹7.29 crore in FY24. Performance was bolstered by a 20% increase in tea realisations to ₹169/kg and a 14.5% rise in rubber realisations. The company maintains a comfortable capital structure with an overall gearing of 0.67x as of March 2025.
Key Highlights
Long-term rating for ₹107.22 crore bank facilities reaffirmed at CARE BBB with outlook revised from Negative to Stable.
Company achieved a PAT of ₹20.01 crore in 9MFY26, significantly exceeding the full-year FY25 PAT of ₹14.90 crore.
Tea yields improved to 1,970 kg/ha in H1FY26 from 1,560 kg/ha in H1FY25, supported by favorable weather.
Overall gearing remains comfortable at 0.67x, with expected cash accruals of ~₹26 crore in FY26 against debt obligations of ₹14.02 crore.
Diversification into tourism is underway with four new experiential bungalows being developed in tea estates.
💼 Action for Investors
The outlook upgrade to Stable signals a recovery in the tea segment and sustained strength in rubber prices. Investors should monitor the company's ability to manage high labor costs (44% of total cost) and the expected improvement in rubber mature areas starting FY27.
Harrisons Malayalam Q3 PAT Drops 32% YoY to ₹7.64 Cr; 9M Profit Surges 106% to ₹20.02 Cr
Harrisons Malayalam reported a standalone net profit of ₹7.64 crore for the quarter ended December 31, 2025, a 31.8% decline from ₹11.21 crore in the same quarter last year. Revenue from operations remained nearly flat at ₹141.09 crore. However, the nine-month performance shows significant strength, with PAT doubling to ₹20.02 crore compared to ₹9.71 crore in the previous year. The company is currently facing a new legal challenge from the Government of Kerala regarding land ownership in the Wayanad district.
Key Highlights
Q3 Revenue from operations stood at ₹141.09 crore versus ₹142.25 crore in the year-ago period.
Net Profit for the quarter decreased to ₹7.64 crore from ₹11.21 crore YoY, with EPS falling to ₹4.14.
Nine-month (9M) PAT surged 106% to ₹20.02 crore, driven by improved operational efficiencies earlier in the year.
Rubber segment remained the primary profit contributor with ₹9.50 crore, while the Tea segment posted a profit of ₹1.05 crore.
A new civil suit was filed by the Kerala Government in October 2025 challenging ownership of several tea estates.
💼 Action for Investors
Investors should weigh the strong nine-month profit growth against the quarterly decline and the ongoing legal risks regarding land titles in Kerala. The stock remains sensitive to commodity price fluctuations in rubber and tea, as well as regulatory developments concerning labour codes.