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KAPC — Kapchorua Tea Kenya Plc

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria for industrial companies. Kapchorua grows and manufactures black tea at its Kapchorua and Kaimosi farms, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Its financial year runs to 31 March, not 30 September, which is its half-year date. The company is 39.56% owned by Williamson Tea Kenya Plc and shares its management, but the figures here are Kapchorua's own and none are taken from Williamson Tea. The share count doubled during the period: shareholders approved a one-for-one capitalisation issue at the August 2025 AGM, taking the shares in issue from 7,824,000 to 15,648,000 ordinary shares of Shs 5 each. Each year's per-share figures use the count in issue when that year's results were published, so FY2025 sits on 7,824,000 shares and FY2026 on 15,648,000; the company's own FY2026 statements restate the FY2025 earnings per share to 11.58 on the larger count. The counter trades rarely: it did not trade at all on 26 June 2025, the day the FY2025 results were released, so the NSE price list shows no high, low or VWAP for it and FY2025 carries no results-day price.

year to 31 Mar 2026

Showing FY2026

√(22.5 × 12.58 × 226.85) = 253.40

The Graham number for FY2026, from that year's EPS and BVPS. Tap a figure below for its source and date.

Discount to Graham number: −17.9% at the results-day price of 298.75. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS)
12.58

basic and diluted as printed; profit for the year 196,943k over 15,648,000 shares, against 181,177k in the year to 31 March 2025. The prior year is shown restated at 11.58 for the one-for-one capitalisation issue. Revenue fell but improved cost control, operating efficiencies and new markets lifted profit · basic · Annual Report and Financial Statements for the year ended 31 March 2026, statement of profit or loss and other comprehensive income (p.22) · 25 Jun 2026

Book value (BVPS)
226.85

share capital 78,240k, other reserves 1,859,189k and retained earnings 1,612,249k; no non-controlling interests. Shareholders' funds jumped from 2,099,193k mainly on a gain of 1,696,223k on the revaluation of leasehold land, net of deferred tax of 254,433k · attributable · computed: shareholders' funds 3,549,678k ÷ 15,648,000 shares, Annual Report and Financial Statements for the year ended 31 March 2026, statement of financial position (p.23) and share capital note 22 · 25 Jun 2026

Dividend (DPS)
30.00

first and final dividend of KShs 30 per share recommended by the directors (2025: 25.00), payable on 2 Sep 2026 subject to approval at the 84th AGM on 20 Aug 2026 · Annual Report and Financial Statements for the year ended 31 March 2026, chairman's statement, dividends (p.5); notice of the 84th Annual General Meeting · 25 Jun 2026

Price on results day
298.75

NSE daily price list VWAP, the exchange's official end-of-day price, on 1,478 shares. The board approved and authorised the financial statements for issue on 25 Jun 2026, the date the chairman signed them; the copy posted to the company's website was created on 29 Jun 2026 · NSE daily price list 2026-06-25, p.1 (agricultural section) · 25 Jun 2026

Size and balance sheet (KES m)

Revenue
1,662.7

revenue of 1,662,674k, down from 2,218,731k. Crop production was marginally lower on stricter quality controls on bought leaf and a dry spell in January and February 2026; the year also carried a new 0.8% Tea Board of Kenya levy · Annual Report and Financial Statements for the year ended 31 March 2026, statement of profit or loss and other comprehensive income (p.22) · 25 Jun 2026

Current assets
1,139.5

cash and bank balances 809,539k, trade and other receivables 138,938k, inventories 182,109k, unharvested green leaf 8,908k and 52k due from related parties · Annual Report and Financial Statements for the year ended 31 March 2026, statement of financial position (p.23) · 25 Jun 2026

Current liabilities
194.3

trade and other payables 157,776k, due to related parties 8,932k, dividends payable 9,337k and current income tax 18,221k · Annual Report and Financial Statements for the year ended 31 March 2026, statement of financial position (p.23) · 25 Jun 2026

Long-term debt
0.0

no borrowings at all are disclosed; the non-current liability block of 774,916k is deferred income tax 668,077k and the post-employment benefits obligation 106,839k · Annual Report and Financial Statements for the year ended 31 March 2026, statement of financial position (p.23) · 25 Jun 2026

KES per US$
129.63

CBK daily exchange rates (mean) · 25 Jun 2026

Computed

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
1.32

computed: price ÷ BVPS · 25 Jun 2026

Dividend yield
10.0%

computed: DPS ÷ price · 25 Jun 2026

Current ratio
5.86

computed: current assets ÷ current liabilities · 25 Jun 2026

Price ÷ Graham number
1.18×

computed: price ÷ Graham number · 25 Jun 2026

Discount to Graham number
−17.9%

computed: (Graham number − price) ÷ Graham number · 25 Jun 2026

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Not met
  2. Financial strength

    Current ratio of at least 2; long-term debt no more than working capital

    Met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    No result: data not compiled
  4. Dividend record

    A dividend paid in each of the past 20 years

    No result: data not compiled
  5. Earnings growth

    EPS up at least one-third over 10 years, on three-year averages

    No result: data not compiled
  6. Moderate P/E

    Price no more than 15 × three-year average EPS

    No result: data not compiled
  7. Moderate P/B

    Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5

    Met

Sources and notes

  • Earnings (EPS): basic · Annual Report and Financial Statements for the year ended 31 March 2026, statement of profit or loss and other comprehensive income (p.22) · 25 Jun 2026 (basic and diluted as printed; profit for the year 196,943k over 15,648,000 shares, against 181,177k in the year to 31 March 2025. The prior year is shown restated at 11.58 for the one-for-one capitalisation issue. Revenue fell but improved cost control, operating efficiencies and new markets lifted profit)
  • Book value (BVPS): attributable · computed: shareholders' funds 3,549,678k ÷ 15,648,000 shares, Annual Report and Financial Statements for the year ended 31 March 2026, statement of financial position (p.23) and share capital note 22 · 25 Jun 2026 (share capital 78,240k, other reserves 1,859,189k and retained earnings 1,612,249k; no non-controlling interests. Shareholders' funds jumped from 2,099,193k mainly on a gain of 1,696,223k on the revaluation of leasehold land, net of deferred tax of 254,433k)
  • Dividend (DPS): Annual Report and Financial Statements for the year ended 31 March 2026, chairman's statement, dividends (p.5); notice of the 84th Annual General Meeting · 25 Jun 2026 (first and final dividend of KShs 30 per share recommended by the directors (2025: 25.00), payable on 2 Sep 2026 subject to approval at the 84th AGM on 20 Aug 2026)
  • Price on results day: NSE daily price list 2026-06-25, p.1 (agricultural section) · 25 Jun 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on 1,478 shares. The board approved and authorised the financial statements for issue on 25 Jun 2026, the date the chairman signed them; the copy posted to the company's website was created on 29 Jun 2026)
  • Revenue: Annual Report and Financial Statements for the year ended 31 March 2026, statement of profit or loss and other comprehensive income (p.22) · 25 Jun 2026 (revenue of 1,662,674k, down from 2,218,731k. Crop production was marginally lower on stricter quality controls on bought leaf and a dry spell in January and February 2026; the year also carried a new 0.8% Tea Board of Kenya levy)
  • Current assets: Annual Report and Financial Statements for the year ended 31 March 2026, statement of financial position (p.23) · 25 Jun 2026 (cash and bank balances 809,539k, trade and other receivables 138,938k, inventories 182,109k, unharvested green leaf 8,908k and 52k due from related parties)
  • Current liabilities: Annual Report and Financial Statements for the year ended 31 March 2026, statement of financial position (p.23) · 25 Jun 2026 (trade and other payables 157,776k, due to related parties 8,932k, dividends payable 9,337k and current income tax 18,221k)
  • Long-term debt: Annual Report and Financial Statements for the year ended 31 March 2026, statement of financial position (p.23) · 25 Jun 2026 (no borrowings at all are disclosed; the non-current liability block of 774,916k is deferred income tax 668,077k and the post-employment benefits obligation 106,839k)
  • KES per US$: CBK daily exchange rates (mean) · 25 Jun 2026

Disclaimer: This profile is published for educational purposes only and does not constitute financial advice. It presents reported company data and arithmetic derived from it — not a recommendation to buy, hold or sell. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.

Profile compiled 2026-09-25 from Kapchorua Tea Kenya signed Annual Report and Financial Statements for the year ended 31 March 2026, audited by PricewaterhouseCoopers LLP and approved by the board on 25 Jun 2026, and the notice of the 84th AGM (williamsontea.com, the group's own site), and the audited results for the year ended 31st March 2025 (issuer filing hosted by NSE, nse.co.ke), with NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only. No figure is taken from Williamson Tea Kenya Plc.