Vintage Coffee Q2 Revenue Jumps 64% YoY

Revenue from Operations: INR222.97 crores, up 64.4% YoY (from INR135.61 crores in Q2 FY26) and up 38.5% QoQ
Gross Margin: 27.6%, improved by 293 basis points YoY but moderated by 133 basis points QoQ
EBITDA: INR42.16 crores, up 88.8% YoY (from INR22.33 crores) and up 33.5% QoQ
EBITDA Margin: 18.9%, improved by 244 basis points YoY
Profit After Tax (PAT): INR28.06 crores, up 57.3% YoY (from INR17.83 crores) and up 34.9% QoQ
PAT Margin: 12.6%
Effective Tax Rate: 26.1%

Revenue from Operations: INR383.97 crores, up 61.9% YoY
Gross Margin: 28.1%, improved by 266 basis points YoY
EBITDA: INR73.74 crores, up 82.7% YoY
EBITDA Margin: 19.2%, expanded by 219 basis points YoY
Profit After Tax: INR48.85 crores, up 52.3% YoY (from INR32.07 crores in H1 FY26)
PAT Margin: 12.7%
Effective Tax Rate: 25.8% (compared to 9.3% in H1 FY26)

Current Installed Capacity: 11,000 metric tons per annum (spray-dried and agglomerated coffee)
Freeze-Dried Coffee (FDC) Project: 5,500 metric tons capacity under development
Total Project Cost: INR550 crores
Capex Incurred to Date: INR220 crores
Remaining Capex: INR330 crores (INR150 crores planned in FY27, balance in H1 FY28)
Expected Commissioning: Trial production in August 2027, commercial production from September 2027
Expected Utilization in FY28: ~70% of installed capacity
Expected Revenue Potential: INR670-710 crores at full capacity
Customer Commitments: Letters of intent received for 100% of planned capacity

Phase 2 FDC Expansion: Additional 5,500 metric tons capacity planned as brownfield project
Expected Capex: ~INR350 crores
Timeline: Construction to complete by FY29, commercial operations expected to commence in April 2029 (FY30)
Total Planned Capacity: 22,000 metric tons (11,000 spray-dried/agglomerated + 11,000 freeze-dried)

Subsidiary Amalgamation: Vintage Coffee Private Limited and Delecto Foods Private Limited amalgamated with parent company effective October 1, 2025
B2C Strategy: Plans to enter B2C segment on larger scale from FY30 onwards, potentially through franchisee model
Geographic Expansion: Exploring markets in South Korea, Japan, Europe, US, Russia, and Southeast Asia

Operating Cash Flow: Generated INR51.16 crores during H1 FY27, positive trend expected to continue
Promoter Share Pledge: 1.3 crore promoter shares (50% of total pledged shares) released from pledge with Punjab National Bank during Q2 FY27
Funding Strategy: Exploring equity dilution option (INR325 crores approved by Board) due to negative pledge clause in foreign currency loans; alternative funding options being explored

Current EBITDA Margin: ~19%
FDC Margin Impact: Expected to be 2-3% higher than current agglomerated coffee margins
Long-term Margin Target: 3-4% improvement expected at full capacity utilization of 22,000 metric tons

FY28-FY29 Growth Target: 80-85% growth expected
FY27 Volume Guidance: 10,500 metric tons visibility for spray-dried/agglomerated coffee
FY28 Expectations: 30-40% utilization of FDC capacity, 5-10% YoY growth in H1 FY28

Coffee Bean Sourcing: 65-70% from India, 30-35% from Uganda and Indonesia
Price Outlook: Expected to remain stable with slight potential decline
Chicory Production: Fully utilized capacity with 5% volume increase and 4-5% price increase due to crop shortage

Geopolitical Risks: Potential impact on international logistics and container availability
ESG Compliance: Slight delay in FDC project due to ESG formalities with European banks