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Mcleod Russel India Limited (MCLEODRUSS)

₹51.51 +9.67% last close, 16 Oct

📊 NSE: MCLEODRUSS 🏢 Tea 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Mcleod Russel's revenue was ₹261 Cr (+21.0% year on year, +100.9% on the previous quarter), and net profit ₹-13.4 Cr (a smaller loss than a year earlier); the operating margin was 11.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹261	+21.0%	+100.9%
Operating profit	₹29.1	+306.3%	from loss
Net profit	₹-13.4	loss narrowed	loss narrowed
EPS (₹)	-1.28	loss narrowed	loss narrowed
Operating margin	11.2%	—	—

Full quarterly financials → Results calendar →

MCLEODRUSS delivery percentage

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

On Fri, 16 Oct 2026, 52.72% of the MCLEODRUSS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 64.44%. The price rose 9.67% on unusually low delivery, so more of the move than usual was intraday trading. It traded 4.5 times its average daily volume. It closed at its upper price band (circuit) on 16 Oct, one of 11 band closes in about the last 20 sessions.

52.72%Delivery, 16 Oct

64.44%Own 20-session average

4.5×Volume vs its average

₹51.51NSE close · +9.67%

Delivery in the last 5 sessions: 73.2% · 48.4% · 66.9% · 61.1% · 52.7%

Delivery across the market →Unusual volume today →Circuit stocks →

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

Mcleod Russel: Promoters Execute Share Pledge with NARCL Under Restructuring Agreement

🔵 WATCH ⭐ 6/10

OTHER 📅 09 Oct 2026, 11:28 PM

In line with its Master Restructuring Agreement (MRA) executed on September 29, 2026, Mcleod Russel announced that an Unattested Agreement of Pledge of Shares was signed on October 9, 2026. The agreement is between the company, promoters Mr. Aditya Khaitan and Mrs. Kavita Khaitan, and National Asset Reconstruction Company Limited (NARCL). This pledge creation is part of the ongoing resolution for the company's ₹1,345 crore debt burden. The exact quantum and percentage of promoter shares being pledged via the depository system will be disclosed subsequently.

Unattested Agreement of Pledge of Shares executed on 9th October, 2026
Parties include promoters Mr. Aditya Khaitan, Mrs. Kavita Khaitan, the company, and NARCL
Follows the Master Restructuring Agreement executed on 29th September, 2026
Current total promoter holding stands at just 6.25% against total debt of ₹1,345 Cr

💡 Track the upcoming depository disclosures to verify the exact number and percentage of promoter shares pledged, as well as operational implementation of the Master Restructuring Agreement with NARCL.

Mcleod Russel AGM: All 4 Resolutions Passed With ~91.1% Majority; 12.1% Voter Turnout

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Oct 2026, 05:18 PM

Mcleod Russel India Limited has released its voting results and Scrutinizer's Report for its 28th AGM held on September 30, 2026. All four ordinary resolutions were approved by shareholders with over 91% majority. The resolutions included the adoption of standalone and consolidated FY26 financial statements, the reappointment of retiring director Pradip Bhar, and ratification of cost auditor remuneration. Total voter participation remained low at 12.13% of outstanding shares, though institutional participation stood at 34.66%.

All 4 ordinary resolutions approved with ~91.1% votes in favour
Overall voter turnout stood at 12.13% (1,26,65,323 votes polled out of 10,44,55,735 shares)
Adoption of FY26 Standalone and Consolidated accounts passed with 91.13% approval
Reappointment of Mr. Pradip Bhar as Director passed with 91.08% votes in favour
Public Non-Institutional voters showed ~20.55% votes cast against the adoption of financial accounts

💡 Track the upcoming Q2 FY27 earnings and progress on debt resolution with lenders, given the company's high debt load of Rs 1,345 Cr and negative net worth.

Enters MRA with NARCL to Restructure ₹2,483.31 Cr Outstanding Debt

🟢 POSITIVE ⭐ 9/10

OTHER 📅 29 Sep 2026, 06:31 PM

McLeod Russel India Limited has entered into a Master Restructuring Agreement (MRA) with National Asset Reconstruction Company Limited (NARCL) and promoter Aditya Khaitan to restructure total outstanding debt of ₹2,483.31 crore. Under the agreement, the debt is bifurcated into ₹1,050 crore of sustainable debt and ₹1,433.31 crore of unsustainable debt. The sustainable portion is scheduled to be repaid by the financial year ending 2029. Terms also include the allotment of 10% equity shares to the lender with anti-dilution protection, lender nominee directorship, and the constitution of a Monitoring Committee.

Total debt under restructuring stands at ₹2,483.31 crore against the company's market cap of ₹455 crore.
Bifurcation into ₹1,050 crore sustainable debt and ₹1,433.31 crore unsustainable debt.
Sustainable debt repayment scheduled by Financial Year ended 2029.
Lender to receive a 10% equity share allotment with anti-dilution protection and a Nominee Director seat.
Pledge of existing and proposed promoter shareholding in lieu of debt-to-equity conversion.

💡 Track the upcoming corporate and regulatory approvals required for the 10% equity issuance, along with the specific treatment or write-off terms of the ₹1,433.31 crore unsustainable debt portion.

Mcleod Russel Appoints 30-Year Veteran Kevyn David as Head of Plantation Effective Oct 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 28 Sep 2026, 07:16 PM

Mcleod Russel India Limited has appointed Mr. Kevyn David as Head of Plantation, designating him as Senior Management Personnel effective October 1, 2026. Mr. David has been with the company since 1992 (over 30 years) and previously served as General Manager in 2012 and Advisor in 2020. In his prior role, he handled the operations of South Bank Estates in Assam and Dooars in West Bengal. The appointment brings long-tenured operational leadership to the tea producer's primary plantation assets.

Appointment of Mr. Kevyn David as Head of Plantation effective October 1, 2026
Designated as Senior Management Personnel under SEBI LODR Regulation 16(1)(d)
Mr. David joined the company in 1992, representing over 30 years of tenure
Previously appointed General Manager in 2012 and Advisor in 2020 overseeing Assam and Dooars estates

💡 Track whether operational management changes help control estate-level production costs in upcoming quarterly plantation output and margin reports.

Mcleod Russel Approves Assignment of Rupajuli Tea Estate Sale MOU to Group Entity

🟡 NEUTRAL ⭐ 4/10

M&A 📅 09 Sep 2026, 05:03 PM

Mcleod Russel India Limited has approved the assignment of the Memorandum of Understanding (MOU) dated 27th April 2026 for the disposal of assets of the Rupajuli Tea Estate. The original purchaser, Khona Tea Estate LLP, has transferred its rights, obligations, and entitlements to Rupajuli Tea Estate LLP. Both entities are under the same management, and the assignment is reported as an administrative step with all commercial terms remaining unchanged. The move is part of the debt-laden company's ongoing asset disposal initiatives to pare debt, which currently stands at ₹1,345 crore.

Original MOU dated 27th April 2026 for Rupajuli Tea Estate asset disposal assigned to Rupajuli Tea Estate LLP
Assignor Khona Tea Estate LLP and assignee Rupajuli Tea Estate LLP are under identical management and control
Commercial understanding and principal terms of the sale remain unchanged
Approval granted by Disposal of Assets of Tea Estates Committee on 9th September 2026 (concluded at 4:51 PM IST)

💡 Track subsequent disclosures for the final closing, consideration value received, and the actual quantum of debt reduction achieved from the sale.

Mcleod Russel Schedules 28th AGM for September 30, 2026; Releases FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 09:14 PM

Mcleod Russel India Limited has issued the notice for its 28th Annual General Meeting, scheduled to be held virtually on September 30, 2026. The meeting's agenda covers ordinary business, including the adoption of standalone and consolidated financial statements for FY2025-26, the re-appointment of retiring director Mr. Pradip Bhar, and ratification of cost auditors' remuneration for FY 2026-27. This is a standard statutory corporate filing following the conclusion of FY26, where the company reported an annual net loss of ₹123.42 crore.

28th Annual General Meeting scheduled for September 30, 2026, at 11:30 AM IST via VC/OAVM
Notice and Annual Report for FY 2025-26 dispatched to shareholders on September 8, 2026
Agenda includes re-appointment of Mr. Pradip Bhar (DIN: 01039198) as a Director liable to retire by rotation
Ratification of remuneration for Cost Auditors (M/s. Mani & Co, M/s. SPK Associates, and M/s. DGM & Associates) for FY 2026-27

💡 Track voting outcomes and management commentary during the AGM on September 30, 2026, particularly updates regarding ongoing debt resolution and operational turnaround efforts.

McLeod Russel to Sell Tarajulie Tea Estate for ₹22.75 Cr for Debt Reduction

🟢 POSITIVE ⭐ 6/10

M&A 📅 28 Aug 2026, 04:26 PM

McLeod Russel India Limited has entered into a Memorandum of Understanding (MoU) on August 28, 2026, to sell the assets of Tarajulie Tea Estate in Assam to Jaynath Tea Estate for ₹22.75 Cr. The estate generated revenue of ₹15.17 Cr in FY26, representing 1.57% of the company's total turnover. Proceeds will be utilized for part-repayment of debt under the restructuring framework approved by NARCL/IDRCL. The transaction is expected to conclude by October 31, 2026, subject to due diligence and requisite shareholder and regulatory approvals.

Sale consideration fixed at ₹22.75 Cr (subject to due diligence adjustments for current assets/liabilities).
Tarajulie Tea Estate contributed ₹1,517 Lakhs (1.57%) to company turnover in FY26.
Buyer identified as Jaynath Tea Estate; transaction is at arm's length with no promoter group connection.
Sale is pursuant to the debt restructuring sanction letter from NARCL/IDRCL dated April 2, 2026.
Target completion date for definitive agreement execution is October 31, 2026.

💡 Track shareholder approval under Regulation 37A/Section 180(1)(a) and the execution of the final definitive agreement by October 31, 2026.

McLeod Russel Q1 Results: Auditor Issues Adverse Conclusion; Rs 149 Cr Asset Sales Approved

🔵 WATCH ⭐ 9/10

EARNINGS 📅 14 Aug 2026, 05:05 PM

McLeod Russel's Q1 FY27 results are marked by a severe adverse conclusion from auditors regarding Rs 414.21 Cr in unprovided Inter-Corporate Deposits (ICDs) and non-recognition of interest. To mitigate its Rs 1,345 Cr debt, the board has approved the sale of five tea estates for a total consideration of Rs 149.21 Cr. The company is currently undergoing a debt resolution process with NARCL, which is critical given its negative net worth of Rs -131 Cr. Operational pressures persist with a Rs 9.22 Cr impact from interim wage hikes in Assam.

Auditors flagged Rs 414.21 Cr in unprovided ICDs to promoter groups as doubtful of recovery.
Board approved sale of 4 tea estates for Rs 123.05 Cr, representing ~10.6% of TTM revenue.
Additional sale of Corramore Tea Estate approved for Rs 26.16 Cr with an expected profit of Rs 15.14 Cr.
Interim wage hike of Rs 30 per day in Assam resulted in a Rs 9.22 Cr increase in employee expenses.
Deferred Tax Assets of Rs 285.25 Cr are being carried forward despite continuous losses and uncertainty.

💡 Investors should closely monitor the execution of the Master Restructuring Agreement (MRA) with NARCL and the actual realization of cash from the tea estate sales to see if debt levels reduce.

Rs 26.16 Cr sale of Corramore Tea Estate for debt repayment to NARCL

🔵 WATCH ⭐ 6/10

M&A 📅 06 Aug 2026, 05:57 PM

Mcleod Russel India Limited has entered into a Memorandum of Understanding (MoU) to sell the assets of its Corramore Tea Estate in Assam for Rs 26.16 Cr. The buyer is Krishnabehari Tea Co Ltd, and the transaction is expected to conclude by October 31, 2026. This disposal is a strategic move for part-payment of debt under a restructuring plan sanctioned by the National Asset Reconstruction Company Limited (NARCL). The estate contributed Rs 17.44 Cr (1.80%) to the company's FY26 turnover.

Sale consideration of Rs 26.16 Cr for Corramore Tea Estate assets in Assam
Unit contributed 1.80% (Rs 17.44 Cr) to the total turnover of the company in FY26
Transaction is part of a debt restructuring plan sanctioned by NARCL on April 2, 2026
Expected completion date for the definitive agreement is October 31, 2026
Proceeds intended for part-payment of debt, which currently stands at Rs 1,345 Cr

💡 Investors should monitor the successful execution of the definitive agreement by October 31, 2026, and watch for further asset disposals as part of the broader NARCL debt resolution plan.

NCLT Dismisses NARCL Insolvency Petition Against McLeod Russel Following Restructuring Agreement

🟢 POSITIVE ⭐ 9/10

LEGAL 📅 21 Jul 2026, 01:16 PM

The National Company Law Tribunal (NCLT) Kolkata Bench has dismissed the insolvency petition filed by National Asset Reconstruction Company Limited (NARCL) against McLeod Russel. This follows a restructuring agreement based on proposals dated June 9, 2026, and modified through June 22, 2026. While the immediate threat of insolvency is averted, NARCL retains the liberty to revive the petition if the restructuring terms are not fulfilled. This is a significant development for the company, which carries a heavy debt burden of 1,345 Cr against a negative net worth of 131 Cr.

Withdrawal of Section 7 IBC application by NARCL (acting through IDRCL) following a restructuring arrangement.
Restructuring proposals were finalized between June 9, 2026, and June 22, 2026.
NARCL retains the right to restore the petition if the restructuring does not fructify as per agreed terms.
Company faces significant financial distress with a debt of 1,345 Cr and TTM PAT of -123 Cr.
NCLT order was officially uploaded on July 20, 2026, following a hearing on July 14, 2026.

💡 Investors should closely monitor the company's progress in meeting the specific terms of the restructuring agreement with NARCL, as any default could lead to the immediate revival of insolvency proceedings.

McLeod Russel Delists from Calcutta Stock Exchange Effective July 17, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jul 2026, 03:43 PM

McLeod Russel India Limited has completed the voluntary delisting of its equity shares from the Calcutta Stock Exchange (CSE) effective July 17, 2026. This follows the board's decision on August 14, 2025, to streamline its exchange listings. The company's shares will continue to be listed and traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). This administrative move has no impact on the liquidity or trading rights of shareholders on the primary national exchanges.

Delisting from the Calcutta Stock Exchange (CSE) is effective from July 17, 2026
The board originally approved the delisting application on August 14, 2025
Shares remain listed and traded on both the NSE and BSE
Company continues to manage a high debt load of ₹1,345 Cr and negative net worth of ₹-131 Cr

💡 No action is required from retail investors as the stock remains liquid on the NSE and BSE. Focus should remain on the company's ongoing debt resolution plan and operational turnaround given the TTM PAT of ₹-123 Cr.

Rs 444.55 Cr Insolvency Case Withdrawn by NARCL Against McLeod Russel

🟢 POSITIVE ⭐ 9/10

LEGAL 📅 15 Jul 2026, 04:25 PM

National Asset Reconstruction Company Limited (NARCL) has withdrawn its Section 7 insolvency application against McLeod Russel for an alleged default of Rs 444.55 crores. The withdrawal follows a debt restructuring sanction letter issued by NARCL on April 2, 2026. The NCLT Kolkata bench dismissed the application on July 14, 2026, providing significant relief to the company, which currently carries a negative net worth of Rs 131 crore. However, the creditor retains the right to revive the application if the restructuring process fails.

Withdrawal of Rs 444.55 crore insolvency application originally filed by NARCL (assignee of HDFC Bank debt).
Restructuring sanction letter dated April 2, 2026, and subsequent modifications enabled the settlement.
NCLT Kolkata bench dismissed the case on July 14, 2026, with liberty to revive if restructuring fails.
The default amount represents approximately 38.5% of the company's TTM revenue of Rs 1,154 crore.
Company remains under heavy debt of Rs 1,345 crore with a negative net worth of Rs 131 crore.

💡 Investors should monitor the execution of the debt restructuring plan and the company's ability to service its remaining Rs 1,345 crore debt. Watch for the certified NCLT order and any reduction in finance costs in upcoming quarterly results.

McLeod Russel Submits Regulation 74(5) Compliance Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 04:48 PM

McLeod Russel India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Maheshwari Datamatics Pvt Ltd, confirms that share certificates received for dematerialization between April 1, 2026, and June 30, 2026, have been processed. It further verifies that physical certificates were mutilated or cancelled and the names of the depositories were substituted in the register of members. This is a standard administrative filing required for all listed entities.

Compliance certificate issued for the quarter ended June 30, 2026
Covers the reporting period from April 1, 2026, to June 30, 2026
Registrar and Share Transfer Agent (RTA) confirmed as M/s Maheshwari Datamatics Pvt Ltd
Confirms destruction or mutilation of physical share certificates after dematerialization within stipulated timelines

💡 This is a routine procedural filing. Investors should monitor the company's upcoming quarterly financial results for material updates on debt restructuring or operational performance.

McLeod Russel Shareholders Approve Re-appointment of MD Aditya Khaitan for 3 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Jun 2026, 03:32 PM

Shareholders of McLeod Russel have approved the re-appointment of Aditya Khaitan as Managing Director and the appointment of Pradip Bhar as Whole-Time Director, both for three-year terms. The resolutions were passed via postal ballot with over 93% of votes in favor across all items. This leadership continuity occurs while the company faces severe financial distress, including a negative net worth of ₹-131 Cr and a high debt burden of ₹1,345 Cr. While the promoter holding is low at 6.25%, the management secured necessary approvals to continue their debt resolution efforts.

Aditya Khaitan re-appointed as Managing Director for 3 years effective May 17, 2026, with 94.02% votes in favor.
Pradip Bhar appointed as Whole-Time Director for 3 years effective April 27, 2026, with 93.99% votes in favor.
A total of 61,400 shareholders were eligible to vote as of the record date of May 22, 2026.
Public non-institutional shareholders cast approximately 9.46% of their polled votes against the MD's re-appointment.
The company continues to operate with a significant debt of ₹1,345 Cr and negative net worth of ₹-131 Cr.

💡 Investors should monitor the management's progress on the debt resolution plan and operational cost rationalization, as leadership continuity is now confirmed for the next three years.

McLeod Russel to Close Trading Window from July 1, 2026 for Q1 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 12:46 PM

McLeod Russel India 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 company's unaudited standalone and consolidated financial results for the quarter ending June 30, 2026. The restriction applies to all designated persons and their immediate relatives. The trading window will remain closed until 48 hours after the financial results are officially released to the exchanges.

Trading window closure starts from Wednesday, July 1, 2026
Closure is for the purpose of declaring Unaudited Financial Results for the quarter ending June 30, 2026
Restriction applies to all Designated Persons and their immediate relatives as per SEBI regulations
The window will reopen 48 hours after the announcement of standalone and consolidated results

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor the upcoming Q1 results for actual performance indicators.

View All MCLEODRUSS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Not disclosed in available documents. However, the consolidated Net Profit Before Tax declined by 121.97% YoY, moving from a profit of INR 6,473 Lakhs in H1 FY25 to a loss of INR 1,422 Lakhs in H1 FY26.

Geographic Revenue Split

Not disclosed in percentage terms. The group operates through subsidiaries in India, Borelli Tea Holding Limited (UK), McLeod Russel Uganda Limited (Uganda), McLeod Russel Africa Limited (Kenya), and McLeod Russel Middle East DMCC (Dubai).

Profitability Margins

Net Profit Margin improved by 33.37% from -0.29 in FY24 to -0.19 in FY25, though it remains negative. Operating Margin improved from -0.13 in FY24 to 0.86 in FY25. Profitability is severely impacted by high finance costs of INR 9,262 Lakhs in H1 FY26.

EBITDA Margin

EBITDA for H1 FY26 was INR 10,838 Lakhs, representing a 43.45% decrease compared to INR 19,167 Lakhs in H1 FY25. This decline is driven by a shift from profit to loss before tax despite a 4.16% reduction in finance costs.

Credit Rating & Borrowing

Not disclosed in available documents. However, the company has current borrowings of INR 1,81,203 Lakhs and is currently undergoing a debt resolution process with lenders.

⚙️ Operational Drivers

Raw Materials

Green leaf purchased from external sources represents the primary raw material cost. Specific percentage of total cost is not disclosed.

Import Sources

India, Uganda, and Kenya, where the company and its subsidiaries operate tea plantations and sourcing units.

Key Suppliers

External green leaf growers and small tea enterprises (Micro and Small Enterprises dues of INR 1,374 Lakhs reported).

Raw Material Costs

Not disclosed as a percentage of revenue. The company relies on external green leaf purchases to supplement its own production.

📈 Strategic Growth

Growth Strategy

The company aims to achieve stability through a debt resolution plan with lenders. Growth will be supported by rationalizing operational costs and leveraging its global footprint in India, Africa, and the Middle East to manage supply and distribution.

Products & Services

Bulk tea and value-added tea products produced from plantations in India and Africa.

Brand Portfolio

McLeod Russel.

Strategic Alliances

D1 Williamson Bio Fuel Limited (Associate, though carrying value is currently Nil).

🌍 External Factors

Industry Trends

The tea industry is facing sluggish demand in certain international markets. The company is positioning itself for a turnaround by focusing on debt restructuring and cost control.

Competitive Moat

The company's moat is its position as one of the world's largest tea producers with a diversified geographic footprint across India and Africa, providing a hedge against regional crop failures.

Macro Economic Sensitivity

Sensitive to global tea prices and sluggish market conditions in East Africa, which led to losses in the Uganda subsidiary.

Geopolitical Risks

Operations in Uganda, Kenya, and Dubai expose the company to regional economic volatility and trade barrier risks in the tea export market.

⚖️ Regulatory & Governance

Industry Regulations

The company is subject to the Companies Act, 2013, with specific concerns raised by auditors regarding Section 185 compliance related to Inter-Corporate Deposits.

Taxation Policy Impact

Current tax liability (net) stood at INR 2,770 Lakhs as of September 30, 2025.

Legal Contingencies

Pending resolution of Inter-Corporate Deposits (ICDs) given to group companies. Predecessor auditors issued an adverse opinion in FY19 regarding the nature of these book entries and potential non-compliance with Section 185.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the successful resolution of the parent company's debt and the potential impairment of investments in the Uganda subsidiary (MRUL), which has negative working capital.