☕ At a Glance:
CMP: ₹33
Coffee Day Enterprises Ltd (CDEL) just posted a standalone loss of ₹2,415 Cr for FY25.
The company says it’s a going concern. Auditors say, “We don’t know.”
Meanwhile, ₹3,373 Cr is still chilling in MACEL’s fridge like cold brew nobody touches.
🏢 About the Company
- Coffee Day Enterprises Ltd (CDEL) is the holding company of Coffee Day Global Ltd, which operates Café Coffee Day (CCD), India’s once-loved Starbucks clone.
- In its prime, it had 1,700+ cafés. Now? Just 435.
- After founder VG Siddhartha’s tragic demise, the company has been busy fighting lawsuits, debt recalls, SEBI penalties, and… reality.
💼 Key Managerial Personnel (KMP)
| Name | Role |
|---|---|
| Malavika Hegde | CEO (Coffee Day Global) |
| Adananda Poojary | Company Secretary |
| Hrishikesh D | Auditor, Venkatesh & Co (w/Disclaimer™) |
📉 FY25 Financials (Standalone)
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | ₹20.26 Cr | ₹19.64 Cr | ⬆️ 3% |
| Net Loss | ₹2,415 Cr | ₹12,049 Cr | 🔻Improved |
| Exceptional Losses | ₹596 Cr | ₹12,052 Cr | – |
| Investments in Subsidiaries (Impairment) | ₹59.6 Cr | ₹1,181 Cr | 😵 |
| Outstanding Loans | ₹4,394 Cr | ₹4,245 Cr | 🚨 |
| Net Worth | ₹16,171 Cr | ₹18,594 Cr | ⚠️ Down |
📢 Earnings Per Share (EPS): ₹(57.03)
💰 FY25 Financials (Consolidated)
| Metric | FY25 | FY24 | YoY |
|---|---|---|---|
| Revenue | ₹1,078 Cr | ₹1,013 Cr | ⬆️ 6% |
| EBITDA | ₹223 Cr | ₹(208) Cr | 🟢 Turnaround |
| Net Loss | ₹143 Cr | ₹307 Cr | 🧯 Lower loss |
| PAT (Owners) | ₹(58) Cr | ₹(322) Cr | 🩹 |
| Deferred Tax Hit | ₹132 Cr | – | 🚨 |
📉 Auditor Says… “Nope.”
Both standalone and consolidated auditors have issued a disclaimer of opinion.
⚠️ Key Reasons:
- ₹1,630 Cr of unconfirmed loans to subsidiaries
- ₹3,373 Cr stuck with MACEL (VG Siddhartha’s other company)
- No balance confirmations for loans
- Covenant breaches, defaulted loans, NCLT drama
- Interest waivers “verbally” claimed but no documentary proof
Basically: “We didn’t get evidence, so we can’t confirm anything.”
📍 Business Metrics (Coffee Day Global Ltd)
| Metric | Q4 FY25 | Q4 FY24 |
|---|---|---|
| Revenue | ₹260 Cr | ₹240 Cr |
| EBITDA | ₹37 Cr | ₹41 Cr |
| PAT | ₹(142) Cr | ₹63 Cr |
| Café Count | 435 | 450 |
| Vending Machines | 54,100 | 52,581 |
| SSSG (Same Store Sales Growth) | -1.1% | -1.2% |
⚖️ Legal Drama & SEBI Action
- SEBI has slapped ₹26 Cr penalty for diversion of funds to MACEL.
- Arbitration is ongoing. No money has come back yet.
- NCLT Bangalore had admitted insolvency proceedings. NCLAT stayed it. Supreme Court got involved. Now settled… for now.
🧾 Major One-Time Hits
| Event | Amount (Cr) |
|---|---|
| Loss on CDGL Share Invocation by RBL Bank | ₹240 Cr |
| Impairment of Investment in CDGL (FY25) | ₹596 Cr |
| De-recognition of Financial Asset due to share loss | ₹1,710 Cr |
| Deferred Tax Provision (thanks to new tax regime) | ₹132 Cr |
📦 Balance Sheet Breakdown
Standalone Assets: ₹20,798 Cr
Liabilities: ₹4,627 Cr
But hold on — most assets are “investments” or “loans to subsidiaries”.
Translation: We’re rich on paper, broke in the bank.
🧮 EduInvesting Take
Is this the worst FY report in Indian history?
No. But it’s comfortably in the top 10.
Despite the ₹2,415 Cr loss, the company’s market cap is still over ₹700 Cr.
Retail investors are still holding, maybe hoping Malavika Hegde will lead a turnaround like Natarajan Chandrasekaran did at Tata.
But…
☠️ ₹3,373 Cr stuck with MACEL
📉 Café count falling
💣 Auditors say “We can’t give an opinion”
📉 No interest confirmations, default history
This isn’t consolidation. This is controlled demolition.
🚩 Red Flags & Risks
- Unconfirmed receivables and loans
- Going concern assumption under threat
- Massive impairment charges
- Ongoing legal and regulatory battles
- Café business no longer growing
- ₹3,373 Cr receivable has no timeline for recovery
🧠 Should You Track This Stock?
Only if:
- You’re writing a book on corporate collapses.
- You’re into financial crime drama.
- Or, you enjoy charting “how not to run a conglomerate.”
For the rest of us — this espresso is burnt, bitter, and overpriced.
Tags: Coffee Day FY25, Coffee Day Global, Coffee Day Loss, CDEL Results, MACEL scam, SEBI penalty, CCD collapse, auditor disclaimer, Indian stock fraud, corporate governance India
Author: Prashant Marathe
Date: May 29, 2025
