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1 — At a Glance
Coffee Day Enterprises sells coffee through cafés, kiosks and machines placed in offices and hotels. Revenue in the three months to June 2026 was ₹289.90 crore, up 7.64% on a year earlier. Operating profit was ₹47.40 crore for the quarter, against ₹32.21 crore a year before. That works out at an operating margin of 16.35% of sales. Net profit was ₹4.52 crore, or 4 paise for each share in issue.
The company’s own financial highlights sheet frames the quarter differently, with revenue up 8%. It shows EBITDA, meaning operating profit before interest, tax and depreciation, down 32%. Net profit is shown on that sheet as down 96%. Both of those comparisons run against a base quarter carrying one-off gains of ₹18.58 crore on a loan settlement. A further ₹16.40 crore came from selling invoked shares, which are pledged shares a lender has taken over.
Venkatesh & Co., the statutory auditors, issued a disclaimer of conclusion on both the standalone and consolidated statements. A disclaimer of conclusion means the auditors say they cannot form a view. Their stated basis runs to five lettered paragraphs. One is ₹3,357.13 crore due to group entities from Mysore Amalgamated Coffee Estates Limited. Others are covenant breaches, defaults on interest and principal, and the going concern assumption itself. Going concern is the assumption that a company can carry on trading.
Behind all of that, 422 cafés and 54,100 vending machines sold coffee through the quarter. The vending machines, for their part, hold opinions on none of it.
Borrowings on the March 2026 balance sheet stood at ₹826.77 crore. That compares with ₹1,373.39 crore a year earlier. Net worth, counting equity capital and reserves, was ₹2,794 crore.
2 — Introduction
Coffee Day Enterprises was incorporated in 1996 and is the holding company of the Coffee Day Group. Its stated interests cover coffee and related business, integrated multimodal logistics and financial services. They also cover office leasing, hospitality services, and investment and other corporate functions. That is six lines of business, named in a single sentence.
The parent itself owns and operates a resort, offers consultancy services and trades coffee beans. Standalone revenue from operations in the three months to June 2026 was ₹5.42 crore. The cafés, the kiosks and the resorts all sit in subsidiaries rather than in the parent. The consolidated statement lists twenty entities, including associates and joint ventures.
The company states that it has faced liquidity issues since the death of V.G. Siddhartha in 2019. Malavika Hegde was appointed chief executive in December 2020. The company has reported losses in every year since the year to March 2021. It attributes the loss in the year to March 2023 to a write-off of ₹392 crore. That sum was due from Sical Logistics Limited. The write-off followed an order of the National Company Law Tribunal at Chennai on 8 December 2022, the tribunal being the court that hears company matters. Subsidiary Tanglin Developments Ltd paid a further ₹50 crore towards a Sical corporate guarantee obligation.
The two years since have been a sequence of settlements. Axis Bank approved a one-time settlement of ₹70 crore in December 2025. ₹35 crore fell due by 31 December 2025 and ₹15 crore by March 2026. A further ₹10 crore was due in June 2026, with ₹10 crore more by September 2026.
A separate settlement covered the debenture holders Credit Opportunities India Pte Ltd and India Special Situations Scheme-I. Debenture holders are lenders who hold bonds issued by the company. It ran in three tranches, with ₹28.90 crore paid in April 2025 and ₹82.32 crore in July 2025. A further ₹55 crore was realised by the lender through the sale of invoked shares. The company records that loan as completely settled. Another ₹50 crore falls due on 30 June 2028, if a share price or EBITDA milestone is achieved. The company discloses that payment as contingent, meaning it is owed only if the milestone is met.
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3 — Business Model: WTF Do They Even Do?
The flagship is Café Coffee Day, a chain of roughly 422 cafés spread across 152 cities. Alongside them sit 247 CCD Value Express kiosks. The group also runs 54,100 vending machines placed in corporate workplaces and hotels.
The café network numbered 1,752 in the year to March 2019. By the year to March 2025 it was 422. The vending fleet fell far less over the same period, from 56,799 machines to 54,100. A vending machine in an office pantry pays no rent and employs no barista.
The hospitality arm runs three luxury boutique resorts under The Serai name. One is held
