1. At a Glance – Espresso Shot of Reality
Vintage Coffee & Beverages Ltd is trading at ₹147, with a market cap of ₹2,122 Cr, pretending to be a global coffee powerhouse while quietly juggling promoter dilution, pledged shares, and a caffeine-fuelled capex binge.
In Q3 FY26, the company posted:
- Revenue: ₹151 Cr (+70.8% YoY)
- PAT: ₹19.1 Cr (+53.4% YoY)
- EPS: ₹1.32 for the quarter
- ROCE: 15.4%
- Debt: ₹89.3 Cr with Debt/Equity at a manageable 0.17
Sounds tasty, right?
But wait — promoters are down to 34.6% holding, with 26% pledged, while public shareholders are doing a caffeine overdose at 54.7% ownership.
This stock smells like Vietnamese Robusta with Italian pricing. Let’s open the jar.
2. Introduction – From Commodity Coffee to Capital Market Cappuccino
Founded in 1980, Vintage Coffee slept through liberalisation, woke up late to exports, and suddenly sprinted post-FY23 like it discovered espresso shots.
Between FY22 and FY25:
- Revenue exploded from ₹37 Cr → ₹309 Cr
- PAT flipped from ₹-12 Cr loss → ₹40 Cr profit
- TTM Sales hit ₹493 Cr
- TTM PAT reached ₹67 Cr
That’s not growth — that’s a balance sheet redemption arc.
But before you declare it Starbucks of Telangana, remember:
- Cash flows are ugly
- Promoters are selling
- Working capital still behaves like it’s drunk on chicory
So the question is — real brand or just export arbitrage with fancy packaging?
3. Business Model – WTF Do They Even Do?
Vintage Coffee is
not a café chain. It’s a B2B caffeine factory.
What they actually do:
- Manufacture instant coffee & chicory
- Export heavily (86.5% of Q4FY25 revenue)
- Operate as a private-label supplier
- Sell under Neocafe and Vintage brands (minor contribution)
Manufacturing is through subsidiaries:
- Vintage Coffee Pvt Ltd (VCPL) – main instant coffee unit (23 acres, Telangana)
- Delecto Foods Pvt Ltd – chicory & blended products (2 acres)
This is a commodity-plus model, not FMCG glamour. Margins depend on:
- Coffee bean prices
- Forex
- Capacity utilisation (currently at 100%)
If coffee prices sneeze, Vintage catches pneumonia.
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 151 | 88 | 136 | 70.8% | 11.0% |
| EBITDA | 29 | 16 | 22 | 81.3% | 31.8% |
| PAT | 19.1 | 12 | 18 | 53.4% | 6.1% |
| EPS (₹) | 1.32 | 1.01 | 1.23 | 30.7% | 7.3% |
Annualised EPS (Q3 Rule):
Average of Q1, Q2, Q3 EPS = (1.09 + 1.23 + 1.32) / 3 × 4 ≈ ₹4.88
That matches TTM EPS. Rare W.
But margins are volatile, and tax rates are suspiciously low (single digit for
1 thought on “Vintage Coffee & Beverages Ltd Q3 FY26 – ₹151 Cr Quarterly Revenue, 100% Capacity Utilisation, Promoters Selling Coffee Not Confidence”
Peer comparision with Redington & MSTC ??? where is CCL & other beverage companies ?
Your report is completely based on secondary notes ?