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1 — At a Glance
Coffee Day Enterprises reported June-quarter revenue of ₹289.90 Cr, up 7.64% over the year-ago quarter. Operating profit came in at ₹47.40 Cr, against ₹32.21 Cr a year earlier, for an OPM of 16.35%. Net profit was ₹4.52 Cr; EPS ₹0.04.
The company’s own financial highlights sheet describes the quarter as revenue up 8%, EBITDA down 32%, net profit down 96% — the last two comparisons measured against a base quarter that carried one-time gains of ₹18.58 Cr on a loan settlement and ₹16.40 Cr from the sale of invoked shares.
Venkatesh & Co., the statutory auditors, issued a disclaimer of conclusion on both the standalone and the consolidated statements. Their stated basis runs to five lettered paragraphs and includes ₹3,357.13 Cr due to group entities from Mysore Amalgamated Coffee Estates Limited, covenant breaches with interest and principal repayment defaults, and the going concern assumption itself.
Borrowings on the March 2026 balance sheet stood at ₹826.77 Cr, down from ₹1,373.39 Cr a year earlier. Net worth was ₹2,794 Cr across equity capital and reserves. Market capitalisation is ₹609 Cr.
Somewhere in there, 422 cafés and 54,100 vending machines quietly sold coffee. The vending machines have opinions about none of this.
2 — Introduction
Incorporated in 1996, Coffee Day Enterprises Ltd is the holding company of the Coffee Day Group, with interests spanning coffee and related business, integrated multimodal logistics, financial services, leasing of commercial office space, hospitality services, and investment and other corporate functions. That is six businesses listed in a single sentence, which is roughly how the group has behaved for a decade.
The parent itself owns and operates a resort, renders consultancy services, and trades coffee beans. Standalone revenue from operations for the June quarter was ₹5.42 Cr. Everything else — the cafés, the kiosks, the resorts — sits in subsidiaries, of which the consolidated statement lists twenty entities including associates and joint ventures.
The company states it has faced liquidity issues since the demise of V.G. Siddhartha in 2019. Malavika Hegde was appointed CEO in December 2020. The company has reported losses since FY21; the FY23 loss is attributed to a write-off of ₹392 Cr of balances due from Sical Logistics Limited following the NCLT Chennai order of 8 December 2022, with a further ₹50 Cr paid by subsidiary Tanglin Developments Ltd towards a Sical corporate guarantee obligation.
The last two years have been a sequence of settlements. Axis Bank approved a one-time settlement of ₹70 Cr in December 2025, structured as ₹35 Cr by 31 December 2025, ₹15 Cr by March 2026, ₹10 Cr by June 2026 and ₹10 Cr by September 2026. A separate settlement with debenture holders Credit Opportunities India Pte Ltd and India Special Situations Scheme-I ran in three tranches: ₹28.90 Cr paid in April 2025, ₹82.32 Cr in July 2025, plus ₹55 Cr realised by the lender through sale of invoked shares. That loan is recorded as completely settled. A third tranche of ₹50 Cr falls due on 30 June 2028, but only if a share price or EBITDA milestone is achieved — disclosed as a contingent payment.
The word “settlement” appears more often in the notes than the word “coffee.”
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3 — Business Model: WTF Do They Even Do?
The flagship is Café Coffee Day: approximately 422 cafés across 152 cities, plus 247 CCD Value Express kiosks and 54,100 vending machines placed in corporate workplaces and hotels. The café network was 1,752 in FY19 and 422 by FY25. The vending machine fleet went the other way — 56,799 in FY19, 54,100 in FY25 — which is one way of noticing that the machine in your office pantry has better unit economics than a storefront on a high street.
The hospitality arm runs three luxury boutique resorts under ‘The Serai’ — one held directly, two through wholly-owned subsidiary Coffee Day Hotels & Resorts Private Limited — at Chikmagalur, Bandipur and Kabini, all in Karnataka. The group also holds an equity interest, with management control, in a luxury resort in the Andaman and Nicobar islands.
The FY25 revenue split: sale of food, beverages and other items ~84%, service income from coffee vending machines ~11.6%, income from operations of resort ~3.6%, advertisement income ~0.7%. So the group that lists logistics, financial services and office leasing among its verticals earns roughly ninety-six paise of every rupee from selling
