AI-generated · cited to primary sources · not investment advice
Vintage Coffee (538920) Nov 2025 Filing Analysis
How durable is the business?
The business became increasingly export-led during the reported period. Export revenue rose from INR 78.01 crore in Q3 FY24 to INR 119.69 crore in Q2 FY26, while domestic revenue rose from INR 7.32 crore to INR 15.92 crore. Export revenue therefore expanded faster and remained the dominant revenue stream. (2 expanding)
“Q3FY24 exports 78.01 and domestic 7.32; Q2FY26 exports 119.69 and domestic 15.92”
Production capacity expanded from 6,500 metric tons to 11,000 metric tons through a further 4,500-ton brownfield project targeted for completion by March 2026. Management expected the new line to reach 70%–80% utilisation in its first month and full utilisation from the second month, supported by existing customer demand. The capacity expansion was expected to improve profit per unit because fixed factory costs would be spread over more output. (1 expanding)
“The installed capacity... scaled up to 6,500 metric tons during January 2025... one more project... 4,500 metric tons of additional expansion... complete by the end of March 2026... able to produce around 11,000 metric tons.”
Freeze-dried coffee was a new planned product line with no current revenue, but the company had finalised the project and placed purchase orders for the main European equipment. The planned capacity was approximately 5,000 metric tons, with commissioning targeted for the end of FY27 or Q1 FY28. Management expects this product to command 30%–40% higher pricing than spray-dried/agglomerated coffee and an EBITDA margin of about 22%–25%, compared with 16%–18% for spray-dried coffee. (2 new)
“Now, the Company has a plan to set up a freeze-dried coffee... The FDC plant is a greenfield project... another 5,000 tons... freeze-dry coffee market is growing around 10% to 12% year-on-year... price levels... almost 30% to 40% is higher... around 22% to 25% of EBITDA level.”
The company shifted from mainly selling spray-dried coffee in bulk to focusing more on agglomerated coffee in consumer packs. Consumer packs now represent 50% of coffee sales, with bulk at 50%. This is a favorable mix change because management says consumer packs generate higher margins; EBITDA per metric ton improved from roughly Rs. 105–120 last year to about Rs. 130–135 currently. (3 shifted, 1 expanding)
“Earlier, we were mainly focus on spray-dried coffee and also in a bulk coffee supply. Now, if you see the current year, we are focusing more on a agglomeration coffee in a consumer packs... the EBITDA level was 110 and 105... come to 130... 50% consumer pack and 50% bulk.”
See the full cited Business Model analysis of Vintage Coffee
Where does growth come from?
The current coffee and chicory facilities total approximately 8,200 MT and are reported to be fully utilized. A further 4,500 MT brownfield expansion is targeted for completion by March 2026, raising coffee capacity from 6,500 MT to approximately 11,000 MT. Management expects 70%-80% utilization in the first month and full utilization from the second month, supported by existing customer demand. This is a new, clearly accelerating capacity-led revenue opportunity, but the document does not quantify incremental revenue. (3 accelerating, 2 new trend across 5 signals)
“The installed capacity of the plant is around 4,500 metric tons and subsequently, it is scaled up to 6,500 metric tons during January 2025... Both companies put together the capacities of around 8,200 metric tons as of today and both companies are fully 100% capacity utilized... one more project... 4,500 metric tons of additional expansion... complete by the end of March 2026... produce around 11,000 metric tons.”
See the full cited Future Growth analysis of Vintage Coffee
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