NSE: VINCOFE · BSE: 538920
VINTAGE COFFEE N BVRGS L
Manufactures and exports instant coffee and chicory, with FY26 revenue of ₹553.0 crore (+79.3% YoY) and PAT of ₹72.2 crore, earning a 19.4% EBITDA margin and 13.1% net margin. Operates a single business segment covering trading, manufacturing and export of instant coffee and chicory. A brownfield expansion lifted production capacity from 6,500 MT to 11,000 MT, fully operational from Q1 FY27, and a 5,500 MT freeze-dried coffee (FDC) plant is set to commission by Q2 FY28, taking total capacity to 16,500 MT. Sales are heavily export-oriented and diversified by geography — Africa 31%, CIS/Russia 22%, SE Asia 22%, Americas/Europe 18%, with local India at only 5%. The customer base is concentrated: ~19-20 global buyers, with the top 5-6 contributing 45-50% of revenue. Product mix is shifting from ~53% consumer packs in FY26 toward a targeted 60% packs / 40% bulk in FY27 to lift realisation. Raw materials (coffee beans and chicory) are the dominant cost at 74.7% of revenue, with pricing on a cost-plus basis; capex of ₹156.9 crore (28.4% of revenue) is funding the ongoing FDC build-out. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Instant coffee and chicory (manufacturing and export) (100%). Asset-heavy, export-oriented instant coffee manufacturer in a capacity-ramp-up phase
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 37 | 63 | 131 | 309 | 553 |
| EBITDA (ex other income) | (4) | 15 | 25 | 53 | 100 |
| margin % | (12.2) | 24.5 | 19.2 | 17.2 | 18.0 |
| Owners' profit | 0 | 0 | 12 | 0 | 72 |
| EPS, as reported (₹) | (1.76) | 0.55 | 0.11 | 3.19 | 4.96 |
| ROE % · ROCE % | (11.7) · (3.9) | 3.6 · 5.9 | 7.2 · 8.5 | 13.3 · 13.9 | 12.7 · 15.5 |
| Debt / equity (x) | 1.05 | 0.94 | 0.58 | 0.27 | 0.22 |
| Cash from operations | (77) | 5 | (44) | (26) | 15 |
| Capex | (84) | (0) | (2) | (9) | (157) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 72 | 88 | 105 | 102 | 136 | 151 | 165 | 161 |
| Profit before tax | 8 | 14 | 17 | 16 | 20 | 25 | 28 | 28 |
| Net profit | 8 | — | 16 | 14 | 18 | 19 | 21 | 21 |
| EPS (₹) | 0.06 | 1.01 | 1.24 | 1.09 | 1.23 | 1.31 | 1.44 | 1.43 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSUMER PRODUCT LTD | 98,980 | 60.5 | 4.27 | 33.4 | 6.7 | 7.8 | 11.8 | 14.9 |
| CCL PRODUCTS (I) LTD | 12,529 | 28.9 | 5.34 | 18.4 | 16.6 | 16.2 | 29.1 | 16.4 |
| VINTAGE COFFEE N BVRGS L ◆ | 2,229 | 28.3 | 3.92 | 21.1 | 12.7 | 14.0 | — | 20.6 |
| ANDREW YULE & CO. LTD. | 1,109 | — | 3.41 | — | (5.9) | (9.5) | (2.2) | (44.3) |
| GOODRICKE GROUP LTD. | 457 | 17.9 | 1.51 | — | 8.4 | 5.0 | — | (22.7) |
| JAYSHREE TEA & INDUSTRIES | 233 | — | 0.59 | 20.3 | (6.3) | (5.1) | 3.0 | 4.9 |
| THE P K TEA PROD CO LTD | 206 | 38.1 | 1.08 | 17.7 | 2.8 | 3.2 | — | 50.0 |
| UNITED NILGIRI TEA LTD | 202 | 10.0 | 0.84 | — | 9.1 | 10.4 | — | 43.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.3 | 14.7 | 13 of 18 | 29% |
| P/B | 3.9 | 0.6 | 23 of 27 | 15% |
| ROCE | 14.0 | 3.0 | 3 of 26 | 92% |
| ROE | 12.7 | 2.3 | 4 of 27 | 89% |
| Debt / Equity | 0.2 | 0.2 | 13 of 26 | 52% |
| EBITDA margin | 20.6 | 11.9 | 10 of 26 | 64% |
| Revenue growth | 58.5 | 1.6 | 3 of 25 | 92% |
| Profit growth | 46.1 | 18.5 | 10 of 27 | 65% |
| Market cap | 2229 | 112 | 3 of 27 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 20 Oct 2026 · Board approves higher borrowing limits and up to Rs 325 crore fundraising | corporate actions | medium | — | — |
| 15 Oct 2026 · Vintage Coffee board to consider fund raising on Oct 20 | fund raising | low | — | — |
| 10 Oct 2026 · Filing of Regulation 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Promoters fully release pledged shares across PAC group | ownership changes | high | — | — |
| 9 Oct 2026 · Promoters fully unpledge shares worth about 8.95 percent in Vintage Coffee | ownership changes | medium | — | — |
| 9 Oct 2026 · Promoters fully release all pledged shares with PNB | ownership changes | medium | — | — |
| 9 Oct 2026 · Promoters release pledged shares in Vintage Coffee and Beverages | ownership changes | high | — | — |
| 30 Sept 2026 · AGM results: dividend cleared, ESOP and promoter warrants approved | compliance | minimal | — | — |
| 30 Sept 2026 · AGM outcome: all 10 resolutions passed, final dividend declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.