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LIMT — The Limuru Tea Co. 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. Limuru Tea grows green leaf on its estate in Kiambu and has it manufactured into black tea, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. It is the smallest counter on the exchange by turnover and one of the thinnest: 84 shares changed hands on the day the 2025 results were announced and 3 on the day the 2026 half-year results were signed. Per-share figures rest on the 2,400,000 ordinary shares of KShs 10 each printed on the face of the profit or loss statement, which reconciles with share capital of 24,000k. The company has been loss-making in both years shown, so neither period produces a Graham number. The half-year earnings per share is a six-month figure, not an annualised one: the loss of 21,140k over 2,400,000 shares gives the 8.81 printed.

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.

Showing FY2026

√(22.5 × -21.44 × 45.49) = no result

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. The formula multiplies earnings by book value and takes the square root, so it has no answer when either one is a loss or a deficit. Tap a figure below for its source and date.

The figures

Per share (KES)

Earnings (EPS) (6 months)
-8.81

six-month figure as printed, and confirmed as such: the loss attributable to shareholders of 21,140k over 2,400,000 shares gives 8.81, so it is not annualised. The directors do not recommend an interim dividend · basic · Announcement of unaudited results for the six months ended 30th June 2026, condensed statement of profit or loss and other comprehensive income (p.2) · 21 Aug 2026

Book value (BVPS)
45.49

share capital 24,000k and retained earnings 85,167k; no non-controlling interests and no proposed dividend at the period end · attributable · computed: total equity 109,167k ÷ 2,400,000 shares, Announcement of unaudited results for the six months ended 30th June 2026, statement of financial position (p.1) · 21 Aug 2026

Dividend (DPS)
Not compiled
Price on results day
525.00

NSE daily price list VWAP, the exchange's official end-of-day price, on a volume of just 3 shares. The chairperson signed the announcement on 21 Aug 2026 and that printed date is used; the PDF carries a creation stamp of the previous evening and a later modification stamp, so no intraday release time can be established · NSE daily price list 2026-08-21, p.1 (agricultural section) · 21 Aug 2026

Size and balance sheet (KES m)

Revenue (6 months)
69.9

turnover of 69,905k, up 23%; the company produced 2,212 tons of green leaf, manufactured into 492 tons of black tea, a 14% rise in made tea volumes · Announcement of unaudited results for the six months ended 30th June 2026, condensed statement of profit or loss and other comprehensive income (p.2) and commentary (p.3) · 21 Aug 2026

Current assets
52.8

receivables and prepayments 38,632k, cash and cash equivalents 8,255k, current income tax recoverable 3,056k, green leaf biological asset 2,683k and inventory 178k · Announcement of unaudited results for the six months ended 30th June 2026, statement of financial position (p.1) · 21 Aug 2026

Current liabilities
16.1

payables and accrued expenses 15,074k and the current portion of post-employment benefit obligations 1,050k · Announcement of unaudited results for the six months ended 30th June 2026, statement of financial position (p.1) · 21 Aug 2026

Long-term debt
0.0

no borrowings at all are disclosed; the whole non-current liability block of 18,251k is the post-employment benefit obligation · Announcement of unaudited results for the six months ended 30th June 2026, statement of financial position (p.1) · 21 Aug 2026

KES per US$
129.47

CBK daily exchange rates (mean) · 21 Aug 2026

Computed

EPS, trailing twelve months
-21.44

attributable · computed: H1 FY2026 EPS -8.81 + FY2025 -21.88 − H1 FY2025 -9.25 · 23 Apr 2026

Revenue, trailing twelve months
144.1

computed: H1 FY2026 revenue 69.9m + FY2025 131.0m − H1 FY2025 56.8m · 23 Apr 2026

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
11.54

computed: price ÷ BVPS · 21 Aug 2026

Dividend yield
Not compiled
Current ratio
3.28

computed: current assets ÷ current liabilities · 21 Aug 2026

Price ÷ Graham number
Not compiled
Discount to Graham number
Not compiled

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Interim
    Not met
  2. Financial strength

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

    Interim
    Met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    Interim
    Not met
  4. Dividend record

    A dividend paid in each of the past 20 years

    Interim
    Not met
  5. Earnings growth

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

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

    Price no more than 15 × three-year average EPS

    Interim
    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

    Interim
    No result: data not compiled

Sources and notes

  • Book value (BVPS): attributable · computed: total equity 109,167k ÷ 2,400,000 shares, Announcement of unaudited results for the six months ended 30th June 2026, statement of financial position (p.1) · 21 Aug 2026 (share capital 24,000k and retained earnings 85,167k; no non-controlling interests and no proposed dividend at the period end)
  • Price on results day: NSE daily price list 2026-08-21, p.1 (agricultural section) · 21 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on a volume of just 3 shares. The chairperson signed the announcement on 21 Aug 2026 and that printed date is used; the PDF carries a creation stamp of the previous evening and a later modification stamp, so no intraday release time can be established)
  • Current assets: Announcement of unaudited results for the six months ended 30th June 2026, statement of financial position (p.1) · 21 Aug 2026 (receivables and prepayments 38,632k, cash and cash equivalents 8,255k, current income tax recoverable 3,056k, green leaf biological asset 2,683k and inventory 178k)
  • Current liabilities: Announcement of unaudited results for the six months ended 30th June 2026, statement of financial position (p.1) · 21 Aug 2026 (payables and accrued expenses 15,074k and the current portion of post-employment benefit obligations 1,050k)
  • Long-term debt: Announcement of unaudited results for the six months ended 30th June 2026, statement of financial position (p.1) · 21 Aug 2026 (no borrowings at all are disclosed; the whole non-current liability block of 18,251k is the post-employment benefit obligation)
  • KES per US$: CBK daily exchange rates (mean) · 21 Aug 2026
  • EPS, 6 months to 2026-06-30: basic · Announcement of unaudited results for the six months ended 30th June 2026, condensed statement of profit or loss and other comprehensive income (p.2) · 21 Aug 2026 (six-month figure as printed, and confirmed as such: the loss attributable to shareholders of 21,140k over 2,400,000 shares gives 8.81, so it is not annualised. The directors do not recommend an interim dividend)
  • EPS, same 6 months a year earlier: basic · Announcement of unaudited results for the six months ended 30th June 2026, condensed statement of profit or loss and other comprehensive income (p.2) · 21 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 statements; loss of 22,207k)
  • Revenue, 6 months to 2026-06-30: Announcement of unaudited results for the six months ended 30th June 2026, condensed statement of profit or loss and other comprehensive income (p.2) and commentary (p.3) · 21 Aug 2026 (turnover of 69,905k, up 23%; the company produced 2,212 tons of green leaf, manufactured into 492 tons of black tea, a 14% rise in made tea volumes)
  • Revenue, same 6 months a year earlier: Announcement of unaudited results for the six months ended 30th June 2026, condensed statement of profit or loss and other comprehensive income (p.2) · 21 Aug 2026 (turnover for the six months to 30 Jun 2025 as printed in the 2026 statements)

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 Limuru Tea announcement of audited results for the year ended 31st December 2025 and announcement of unaudited results for the six months ended 30th June 2026, both signed by the chairperson (issuer filings 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.