VINCOFE - Vintage Coffee

📊 NSE: VINCOFE 🏢 Trading 📅 Last Updated: 12/14/2025 15:09

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue grew 135.4% from INR 131.04 Cr in FY 2023-24 to INR 308.52 Cr in FY 2024-25. Consolidated revenue for Q2 FY26 reached INR 105.14 Cr, representing a 154% YoY increase compared to Q2 FY25.

Geographic Revenue Split

Not disclosed in available documents, though the company mentions selling locally in India and monitoring global green coffee production.

Profitability Margins

Net Profit Ratio improved from 4.44% in FY 2023-24 to 5.23% in FY 2024-25. Consolidated Net Profit for Q2 FY26 was INR 17.83 Cr, up 143% YoY from Q2 FY25.

EBITDA Margin

EBITDA levels for the freeze-dried coffee segment are estimated between 22% and 25%. Operating profit for Q2 FY26 was INR 21.38 Cr, a 142% YoY increase.

Capital Expenditure

The company is funding expansion through equity and debt, including a brownfield project to add 4,500 MT in the spray and agglo segment and a new freeze-dried coffee plant. Specific historical INR Cr values for CapEx were not disclosed.

Credit Rating & Borrowing

Monitoring Agency Report issued by Infomerics Valuation and Rating Ltd. Total debt stood at INR 10.07 Cr in FY 2024-25 with a Debt Service Coverage Ratio of 67.95.

⚙️ Operational Drivers

Raw Materials

Green coffee beans represent the primary raw material; specific percentage of total cost not disclosed.

Import Sources

Sourced from global green coffee production markets to cover requirements at optimal prices.

Capacity Expansion

Currently adding 4,500 MT in the spray and agglo segment as a brownfield project. Planned expansion to reach a total production facility of 20,000 MT within the next 3 to 4 years (by FY28-FY29).

Raw Material Costs

Procurement strategy involves taking cognizance of global production to cover requirements at optimal prices. A cost-plus-profit model is used to mitigate the impact of raw material price volatility on the bottom line.

Manufacturing Efficiency

Capacity utilization is expected to be high, with visibility of good utilization by the second month of new plant operations.

📈 Strategic Growth

Expected Growth Rate

154%

Growth Strategy

Growth will be driven by expanding production capacity to 20,000 MT, launching high-margin freeze-dried coffee products, and expanding the domestic footprint through e-commerce, quick commerce, and a master franchisee-led cafe model.

Products & Services

Instant coffee (Spray-dried, Agglomerated, and Freeze-dried), 100% Pure Instant Coffee, and coffee cafe services.

Brand Portfolio

Vintage Coffee

New Products/Services

Launched 100% Pure Instant Coffee in India; venturing into e-commerce and quick commerce platforms.

Market Expansion

Opening physical cafe outlets (e.g., Navi Mumbai) via master franchisees and signing an MoU with the Government of Telangana for future development.

Strategic Alliances

MoU signed with the Government of Telangana on December 9, 2025, at the Telangana Rising Global Summit.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward premium freeze-dried coffee and increased domestic consumption in India. VINCOFE is positioning itself by increasing capacity and entering the B2C segment via e-commerce.

Competitive Landscape

Increasing competition as new players enter the market to cater to growing coffee demand.

Competitive Moat

Sustainable competitive advantage derived from a cost-plus pricing model that insulates the bottom line from bean price volatility and a brownfield expansion strategy that lowers incremental fixed costs.