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Harrisons Malayalam Limited (HARRMALAYA)

₹167.84 -0.12% last close, 16 Oct

📊 NSE: HARRMALAYA 🏢 Rubber 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Harrisons Malayalam's revenue was ₹125 Cr (+7.3% year on year, -15.1% on the previous quarter), and net profit ₹3.9 Cr (-34.0% year on year); the operating margin was 4.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹125	+7.3%	-15.1%
Operating profit	₹5.7	-30.7%	-33.8%
Net profit	₹3.9	-34.0%	-56.8%
EPS (₹)	2.13	-34.1%	-56.7%
Operating margin	4.6%	—	—

Full quarterly financials → Results calendar →

HARRMALAYA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 66.96% of the HARRMALAYA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.89%. That is close to its usual level. Turnover was only ₹9 lakh, so a handful of trades can move this figure.

66.96%Delivery, 16 Oct

70.89%Own 20-session average

0.6×Volume vs its average

₹167.84NSE close · -0.12%

Delivery in the last 5 sessions: 60.5% · 68.9% · 78.7% · 71.3% · 67.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Harrisons Malayalam Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 03:43 PM

Harrisons Malayalam Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, on October 3, 2026, and received by the company on October 7, 2026. It confirms that all securities received for dematerialisation during the quarter were duly processed, cancelled, and substituted in records within prescribed timelines. This is a purely procedural regulatory filing with no operational or financial impact.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Pertains to the quarter ended September 30, 2026
Certificate issued by RTA MUFG Intime India Private Limited on October 03, 2026
Received and filed by Harrisons Malayalam on October 07, 2026

💡 No action required; investors should track upcoming Q2 FY27 earnings announcements for actual financial performance updates.

Harrisons Malayalam Shareholders Approve Re-appointment of Whole Time Director Cherian George

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Sep 2026, 07:54 PM

Shareholders of Harrisons Malayalam Limited approved the re-appointment of Mr. Cherian Manamel George as Whole Time Director at the 49th AGM held on September 29, 2026. His renewed term will run from February 13, 2027 to February 28, 2029. Mr. George has over 30 years of operational experience with the company and has led both the tea and rubber divisions since 2018. The filing ensures leadership continuity with zero impact on operational financials.

Re-appointment approved at the 49th AGM held on September 29, 2026
Term of re-appointment commences February 13, 2027 and ends February 28, 2029
Mr. Cherian Manamel George possesses over 30 years of experience within Harrisons Malayalam Limited
He joined HML in 1995 and has headed both Tea and Rubber businesses since April 2018

💡 Monitor upcoming quarterly financial releases to assess operational execution in tea and rubber plantations, alongside commodity price movements.

Harrisons Malayalam Shareholders Approve Re-appointment of Whole Time Director Cherian George

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 30 Sep 2026, 07:44 PM

Re-appointment approved at the 49th AGM held on September 29, 2026
Term of re-appointment commences February 13, 2027 and ends February 28, 2029
Mr. Cherian Manamel George possesses over 30 years of experience within Harrisons Malayalam Limited
He joined HML in 1995 and has headed both Tea and Rubber businesses since April 2018

💡 Monitor upcoming quarterly financial releases to assess operational execution in tea and rubber plantations, alongside commodity price movements.

Harrisons Malayalam Shareholders Approve All 4 Resolutions at 49th AGM with ~100% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 07:18 PM

Harrisons Malayalam Limited announced the voting results of its 49th Annual General Meeting held on September 29, 2026. All four resolutions presented to shareholders were approved with nearly 100% majority out of 99,54,912 valid votes cast. The approvals include the adoption of FY26 financial statements, the re-appointment of Director Rajat Bhargava, and the re-appointment of Whole-Time Director Cherian Manamel George for two years from February 13, 2027. Cost auditor remuneration for FY27 was also ratified.

All 4 resolutions passed with ~100% assent representing 99,54,844 to 99,54,879 votes each
Total valid e-votes cast stood at 99,54,912 across 97 voting instances
Approval granted for the re-appointment of Whole-Time Director Cherian Manamel George for 2 years effective February 13, 2027
Adoption of audited standalone and consolidated financial statements for FY ended March 31, 2026
Ratification of remuneration for Cost Auditors M/s. Shome & Banerjee for FY27

💡 Track the upcoming Q2 FY27 operational and financial results to gauge tea and rubber realization trends and profitability margins.

Harrisons Malayalam Schedules 49th AGM on Sep 29, 2026; Book Closure from Sep 23 to 29

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:37 PM

Harrisons Malayalam Limited has announced its 49th Annual General Meeting (AGM) scheduled for September 29, 2026, at 3:00 PM IST via video conferencing. The share transfer books and Register of Members will remain closed from September 23, 2026, to September 29, 2026 (both days inclusive). The cut-off date to determine shareholder eligibility for remote e-voting is set as September 22, 2026, with voting open from September 26 to September 28, 2026.

49th Annual General Meeting scheduled for September 29, 2026 at 3:00 PM IST via VC/OAVM
Book closure period set from September 23, 2026 to September 29, 2026 (both days inclusive)
Cut-off date for e-voting eligibility fixed as September 22, 2026
Remote e-voting window open from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)

💡 Eligible shareholders holding shares on the cut-off date of September 22, 2026, can participate in remote e-voting and attend the virtual AGM on September 29, 2026.

Harrisons Malayalam Announces Book Closure from Sept 23 to Sept 29, 2026 for 49th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:33 PM

Harrisons Malayalam Limited has announced its book closure dates and AGM schedule pursuant to Regulation 42 of SEBI LODR. The Register of Members and Share Transfer Books will be closed from September 23, 2026, to September 29, 2026 (both days inclusive). The company's 49th Annual General Meeting is scheduled for September 29, 2026, via Video Conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is September 22, 2026.

Book closure set from September 23, 2026 to September 29, 2026 (both days inclusive)
49th Annual General Meeting scheduled for September 29, 2026 at 03:00 PM IST via VC/OAVM
Cut-off date for e-voting eligibility fixed as September 22, 2026
Remote e-voting window open from September 26, 2026 (09:00 AM) to September 28, 2026 (05:00 PM)

💡 Shareholders seeking to vote should ensure shareholding is settled by the cut-off date of September 22, 2026, and monitor AGM proceedings/resolutions on September 29, 2026.

Harrisons Malayalam Sets September 22, 2026 as Record Date for 49th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:30 PM

Harrisons Malayalam Limited has announced that its 49th Annual General Meeting (AGM) will be held on Tuesday, September 29, 2026, at 3:00 PM IST via Video Conferencing. The company has fixed September 22, 2026, as the Record Date for the purpose of determining shareholder eligibility for e-voting. This is a standard corporate administrative compliance filing under SEBI LODR Regulations.

49th Annual General Meeting scheduled for September 29, 2026, at 03:00 P.M. IST
AGM to be conducted via Video Conferencing / Other Audio-Visual Means (VC/OAVM)
Record date fixed as September 22, 2026, to determine eligibility for e-voting

💡 Shareholders holding equity shares as of the record date (September 22, 2026) are eligible to participate and vote in the 49th AGM on September 29, 2026.

Harrisons Malayalam Schedules 49th AGM on September 29, 2026; Issues FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 07:27 PM

Harrisons Malayalam Limited has issued the notice for its 49th Annual General Meeting (AGM) scheduled for September 29, 2026, at 3:00 PM IST via Video Conferencing. Alongside the notice, the company released its complete Annual Report for FY 2025-26 pursuant to SEBI Listing Regulations. The report details operational highlights, sustainability frameworks across tea and rubber estates supporting over 6,500 employees, and audited full-year financial accounts. This is a standard statutory and procedural annual compliance filing.

49th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 03:00 PM IST via VC/OAVM.
Company released its comprehensive Annual Report and audited financial statements for FY 2025-26.
Report highlights workforce scale spanning 6,500+ employees and ~30,000 dependents across plantation estates.
Employee benefits expense for FY26 stood at Rs 17,957.52 lakhs (after Rs 663.29 lakhs capitalized to bearer plants).

💡 Eligible shareholders may participate in remote e-voting and review resolutions in the AGM notice prior to September 29, 2026. Track upcoming Q2 FY27 operational performance and tea/rubber price realization trends.

Harrisons Malayalam Q1 Net Profit Drops 34% YoY to ₹3.93 Cr; New Chairman Appointed

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 07:37 PM

Harrisons Malayalam reported a 7.3% YoY increase in revenue to ₹124.92 Cr for Q1 FY27, up from ₹116.46 Cr. However, net profit declined significantly by 34% to ₹3.93 Cr compared to ₹5.96 Cr in the previous year's corresponding quarter. The profitability was weighed down by the Tea segment, where results plummeted to ₹0.86 Cr from ₹3.84 Cr YoY. The board also appointed Mr. Corattiyil Vinayaraghavan as Chairman for a short transition period until October 1, 2026.

Revenue from operations grew 7.3% YoY to ₹124.92 Cr for the quarter ended June 30, 2026.
Net profit for the quarter fell to ₹3.93 Cr from ₹5.96 Cr in Q1 FY26, a 34% decline.
Tea segment profitability (PBIT) dropped sharply to ₹0.86 Cr from ₹3.84 Cr in the same period last year.
Rubber segment performed steadily with revenue of ₹63.48 Cr and PBIT of ₹5.71 Cr.
Current liabilities exceeded current assets as of June 30, 2026, requiring management to rely on future cash flows and credit facilities.

💡 Monitor the recovery of margins in the tea segment and the impact of monsoon patterns on rubber productivity in the upcoming quarters. Investors should also note the short-term nature of the new Chairman's appointment, ending October 2026.

Harrisons Malayalam Q1 PBT at ₹3.93 Cr; New Chairman Appointed for Short Term

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 13 Aug 2026, 07:08 PM

Harrisons Malayalam reported a consolidated Profit Before Tax (PBT) of ₹3.93 Cr for Q1 FY27, a sequential decline from ₹9.11 Cr in the March 2026 quarter. Revenue for the quarter stood at ₹124.92 Cr, with the Rubber segment contributing ₹63.48 Cr and Tea contributing ₹60.73 Cr. The board appointed Mr. Corattiyil Vinayaraghavan as Chairman for a brief transition period from August 13 to October 1, 2026. Additionally, the company recommended the re-appointment of Mr. Cherian Manamel George as Whole Time Director for a two-year term starting February 2027.

Consolidated Revenue for Q1 FY27 reached ₹124.92 Cr, compared to ₹116.46 Cr in the same quarter last year.
Profit Before Tax (PBT) for the quarter was ₹3.93 Cr, down from ₹9.11 Cr in the previous quarter (Mar 2026).
Rubber segment revenue of ₹63.48 Cr outperformed the Tea segment revenue of ₹60.73 Cr.
Mr. C. Vinayaraghavan (71 years) appointed as Chairman for a short 49-day term ending October 1, 2026.
Re-appointment of Whole Time Director Mr. Cherian Manamel George approved for the period Feb 2027 to Feb 2029.

💡 Monitor the appointment of a permanent Chairman after October 1, 2026, and track rubber and tea price realizations which are the primary drivers of the company's cyclical margins.

₹3.93 Cr PBT: Harrisons Malayalam Reports 34% YoY Profit Decline in Q1 FY27

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 06:56 PM

Harrisons Malayalam reported a 7.3% YoY increase in revenue to ₹124.92 Cr for Q1 FY27, up from ₹116.46 Cr. However, Profit Before Tax (PBT) fell significantly by 34% to ₹3.93 Cr compared to ₹5.96 Cr in the same quarter last year. The Rubber segment remains the primary profit driver with a segment result of ₹5.71 Cr, while the Tea segment's profitability remains thin at ₹0.86 Cr. Notably, the company's current liabilities exceed its current assets as of June 30, 2026, though management maintains they can meet obligations through existing credit lines and cash flows.

Revenue from operations grew 7.3% YoY to ₹124.92 Cr in Q1 FY27.
Profit Before Tax (PBT) dropped 34.1% YoY to ₹3.93 Cr from ₹5.96 Cr.
Rubber segment revenue stood at ₹63.48 Cr with a segment result of ₹5.71 Cr.
Tea segment revenue was ₹60.73 Cr but contributed only ₹0.86 Cr to segment results.
Earnings Per Share (EPS) for the quarter decreased to ₹2.13 from ₹3.23 in Q1 FY26.

💡 Investors should monitor the tea segment's margin recovery and the company's ability to manage its working capital deficit, as current liabilities currently exceed current assets.

Harrisons Malayalam Submits Q1 FY27 Share Dematerialization Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 12:00 PM

Harrisons Malayalam Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing, covering the quarter ended June 30, 2026, confirms that physical share certificates received for dematerialization were processed, mutilated, and cancelled by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited. The name of the depository has been substituted in the company's records as the registered owner for these shares. This is a standard administrative procedure to ensure the integrity of electronic shareholding records.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar MUFG Intime India Private Limited confirmed processing of all demat requests within stipulated time
Physical certificates were mutilated and cancelled after due verification by the registrar
Confirmation that dematerialized securities are listed on the relevant Stock Exchanges

💡 This is a routine regulatory filing. No action is required from investors; focus should remain on the company's upcoming quarterly financial performance.

Harrisons Malayalam to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jun 2026, 03:33 PM

Harrisons Malayalam Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the unaudited financial results for the first quarter ending June 30, 2026. The window will remain closed for designated persons and their relatives until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be shared at a later time.

Trading window closure effective from Wednesday, July 1, 2026
Closure pertains to the first quarter (Q1) financial results ending June 30, 2026
Window to reopen 48 hours after the declaration of unaudited financial results
Applies to all Designated Persons and their immediate relatives as per SEBI regulations

💡 This is a routine regulatory announcement and requires no immediate action from investors. Monitor future filings for the specific board meeting date to assess the company's Q1 financial performance.

Saregama India Discloses Nil Encumbrance on Harrisons Malayalam Shares for FY 2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jun 2026, 11:53 AM

Saregama India Limited, a member of the promoter group for Harrisons Malayalam Limited, has submitted its annual disclosure under Regulation 31(4) of the SEBI SAST Regulations. The filing confirms that Saregama held NIL shares in the company as of March 31, 2026. Furthermore, it declared that no encumbrances were created on any shares, directly or indirectly, during the 2025-26 financial year. This is a standard regulatory compliance filing required by all promoter group entities annually.

Disclosure made under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Saregama India Limited reported holding 0 shares of Harrisons Malayalam Limited as of March 31, 2026.
Declaration confirms no encumbrances were made on shares during the Financial Year 2025-26.
The filing is a routine annual compliance requirement for promoter group entities.

💡 No action is required as this is a routine regulatory filing confirming a zero-holding and zero-encumbrance status by a promoter group entity.

Harrisons Malayalam Appoints Ms. Sandhya Gopi as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 08 May 2026, 11:08 AM

Harrisons Malayalam Limited has announced the appointment of Ms. Sandhya Gopi as the new Company Secretary and Compliance Officer, effective May 8, 2026. She succeeds Mr. Binu Thomas, who resigned from the position on April 18, 2026. Ms. Gopi brings over seven years of experience in corporate secretarial compliance and governance from various financial and industrial firms. Additionally, she will serve as the Nodal Officer for IEPF and the primary contact for NFRA communications.

Ms. Sandhya Gopi (A62510) appointed as Company Secretary and Compliance Officer effective May 8, 2026
The appointee has over 7 years of experience in regulatory affairs and corporate governance
Mr. Binu Thomas resigned from the post effective close of business hours on April 18, 2026
Ms. Gopi will also handle IEPF liaisoning and NFRA-related communications for the company

💡 This is a routine administrative update and does not require any immediate action from investors. Monitor for any further changes in the senior management team.

View All HARRMALAYA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 5.28% YoY to INR 513.91 Cr in FY 2024-25 from INR 488.12 Cr. Total revenue including other income reached INR 525.73 Cr, up 5.81% YoY. Growth was primarily driven by increased realizations in the tea and rubber segments due to favorable product prices.

Profitability Margins

The company achieved a significant turnaround, reporting a Total Comprehensive Income of INR 10.26 Cr in FY 2024-25 compared to a loss of INR 12.27 Cr in the previous year. Return on Net Worth improved from -5.20% to 9.85% due to enhanced operational performance and effective cost management.

EBITDA Margin

Operating profit before working capital changes for the period ended September 30, 2025, was INR 10.64 Cr, a 94.8% increase from INR 5.46 Cr in the previous period. This improvement reflects higher realizations from tea and rubber sales.

Capital Expenditure

Historical capital expenditure includes INR 5.02 Cr for the purchase of property, plant, and equipment and INR 6.37 Cr for replanting expenses. Capital work-in-progress as of September 30, 2025, stood at INR 97.50 Cr.

Credit Rating & Borrowing

Liquidity is rated as 'Adequate' by credit agencies. The company raised INR 12.50 Cr through Inter-Corporate Deposits (ICDs) to support liquidity. Finance costs for the period were INR 6.43 Cr, down slightly from INR 6.56 Cr YoY.

⚙️ Operational Drivers

Raw Materials

Key operational inputs include land for plantations (Cultivation rent: INR 1.72 Cr) and biological assets for replanting (Replanting expenses: INR 6.37 Cr).

Capacity Expansion

Current Property, Plant, and Equipment (PPE) is valued at INR 291.69 Cr. Capital work-in-progress of INR 97.50 Cr indicates ongoing development and maintenance of plantation assets.

Raw Material Costs

Replanting expenses represent a significant operational cost at INR 6.37 Cr. Cultivation rent decreased 19.2% YoY to INR 1.72 Cr from INR 2.13 Cr.

Manufacturing Efficiency

Operational performance improved significantly, leading to a turnaround in Return on Net Worth to 9.85% from -5.20%.

📈 Strategic Growth

Growth Strategy

Growth is targeted through improved operational performance, effective cost management, and leveraging favorable price cycles in the tea and rubber markets. The company also focuses on replanting (INR 6.37 Cr spent) to maintain long-term productivity.

Products & Services

The company produces and sells Tea and Rubber.

Brand Portfolio

Harrisons Malayalam (HML).

Strategic Alliances

The company derives financial flexibility from being part of a strong promoter group (RP-Sanjiv Goenka Group), which provides funding support through ICDs.

🌍 External Factors

Industry Trends

The plantation industry is currently seeing favorable product prices for tea and rubber, though it remains cyclical and dependent on weather conditions and global demand-supply balances.

Competitive Moat

The company's moat is built on its established plantation assets (INR 291.69 Cr in PPE) and its strong parentage, which provides critical liquidity support (INR 12.50 Cr ICD raised) during periods of continued losses.

Macro Economic Sensitivity

Highly sensitive to international commodity prices and domestic rainfall patterns. Rainfall variability directly impacts crop yields and quality.

Geopolitical Risks

Domestic commodity prices are influenced by international market trends, making the company vulnerable to global trade dynamics and price volatility.

⚖️ Regulatory & Governance

Industry Regulations

The company complies with SEBI Listing Regulations, specifically Regulations 16, 24, and 33, regarding material subsidiaries and financial reporting standards (Ind AS 34).

Taxation Policy Impact

The company follows Ind AS 12 'Income Taxes', recognizing deferred tax assets and liabilities on temporary differences. Direct taxes paid (net of refunds) were nil in the current period vs INR 0.38 Cr in the previous period.

Legal Contingencies

The company has recorded provisions of INR 30.38 Cr as of September 30, 2025, up from INR 29.76 Cr in the previous year. Specific pending court case values are not detailed.

⚠️ Risk Analysis

Key Uncertainties

Key risks include weather-related productivity drops (rainfall) and international commodity price volatility, which lead to variability in profitability and cash flows.