Vintage Coffee And Beverages Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Vintage Coffee And Beverages Ltd filed with BSE on 10 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Vintage Coffee and Beverages reported Q1 FY27 revenue of INR161 crores, up 58.4% year-on-year, with EBITDA of INR31.6 crores and profit after tax of INR20.8 crores. Management said the newly commissioned 4,500 metric ton capacity ran at full utilization during the quarter and discussed progress on the freeze-dried coffee expansion, including land acquisition and equipment orders. The company also confirmed NCLT approval for the amalgamation of its subsidiaries Vintage Coffee Private Limited and Delecto Foods Private Limited into the parent entity.
Numbers mentioned
Revenue: INR161 crores (Q1 FY27)
p. 3
“Revenue for the quarter stood at INR161 crores, registering a robust yearon-year growth of 58.4% compared to INR101.6 crores in Q1 FY26.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
EBITDA: INR31.6 crores (Q1 FY27)
p. 3
“EBITDA increased to INR31.6 crores from INR18 crores in the corresponding quarter last year, representing a growth of 75.2%.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
Profit after tax: INR20.8 crores (Q1 FY27)
p. 3
“Profit after tax stood at INR20.8 crores compared to INR14.2 crores in Q1 FY26, reflecting a healthy growth of 46.1%.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
PAT margin: 12.9% (Q1 FY27)
p. 3
“Our PAT margin remained strong at 12.9%, demonstrating our ability to sustain profitability while continuing to invest in future growth initiatives.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
Installed capacity: 11,000 metric tons (end of FY26)
p. 3
“Further, we increased the capacity by another 4,500 tons at the end of FY26, taking the total installed capacity to 11,000 metric tons, representing an increase of approximately 69%.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
EBITDA per kg: 157 (Q1 FY27)
p. 10
“Yes. EBITDA per kg for the Q1 is 157.”
Balakrishna Tati, page 10 of the filed PDF · View the filing
Sales volume: 1,856 metric tons (Q1 FY27)
p. 10
“1,856 metric tons.”
Balakrishna Tati, page 10 of the filed PDF · View the filing
Production volume: 2,402 metric tons (Q1 FY27)
p. 12
“Q1,1,856 is the sales, 2,402 is the production.”
Balakrishna Tati, page 12 of the filed PDF · View the filing
FDC capex spent to date: INR150 crores (cumulative till Q1 FY27)
p. 15
“Total is the one. Total till date is INR150 crores, correct.”
Balakrishna Tati, page 15 of the filed PDF · View the filing
FDC capex spent in quarter: INR25 crores (Q1 FY27)
p. 15
“Quarter 1, INR25 crores we spent.”
Balakrishna Tati, page 15 of the filed PDF · View the filing
Import/domestic bean mix: 20% imports, 80% domestic (Q1 FY27)
p. 15
“Product mix is that -- 20% is the imports and 80% is the domestic beans.”
Balakrishna Tati, page 15 of the filed PDF · View the filing
Bulk vs consumer pack mix: 45% bulk, 55% consumer packs (Q1 FY27)
p. 13
“No. We added the line. Now Q1, we did around 45-55 ratio. 45% bulk and 55% consumer packs.”
Balakrishna Tati, page 13 of the filed PDF · View the filing
Working capital days: 120 to 130 days
p. 17
“The working capital days are between 120 and 130 days.”
Kranthi Kumar Yerkali, page 17 of the filed PDF · View the filing
Delecto Foods revenue: INR42 crores to INR45 crores (per annum)
p. 18
“Revenue is that per annum basis it's INR42 crores to INR45 crores.”
Balakrishna Tati, page 18 of the filed PDF · View the filing
Delecto Foods capacity: 2,000 metric tons per annum
p. 18
“Delecto, we are doing the chicory things, we have the capacity of 2,000 metric tons per annum.”
Balakrishna Tati, page 18 of the filed PDF · View the filing
Geographical revenue mix: West Africa 30%, Russia/CIS 22%, Southeast Asia 20%, Europe 10%, Central America 15%, India 5%
p. 16
“So, continuing on my previous explanation, we are about -- 30% we are getting from West Africa, about 22% from Russia and CIS, 20% from Southeast Asia, and Europe about 10%, Central America about 15%, and India about 5%.”
Jawahar Conjeevaram, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin improvement — incremental growth of 0.5%-1%
stated conditionally by Balakrishna Tati
p. 5
“No, not 20%–21%. If you look at the current Q1 levels, I think it is more or less the same, but there may be an incremental growth of 0.5%–1%.”
Balakrishna Tati, page 5 of the filed PDF · View the filing
Freeze-dried coffee commercialization — start production in Q2 · middle of next year
stated conditionally by Balakrishna Tati
p. 5
“By June, we should be able to complete the trials and then start from the second quarter onwards.”
Balakrishna Tati, page 5 of the filed PDF · View the filing
Consolidated EBITDA margin — 23%-24% · FY28 or FY29
stated as an aspiration by Balakrishna Tati
p. 11
“And the consolidation should be in the region of around 23%–24%, if I'm not mistaken.”
Balakrishna Tati, page 11 of the filed PDF · View the filing
FY27 Revenue — INR890 crores to INR905 crores · FY27
stated conditionally by Balakrishna Tati debdebak debak debt Peak debt level frameworks placeholder
p. 23
“With this addition, the incremental revenue we are going to get is around INR 360 crores to INR 380 crores, which will bring the total revenue to approximately INR 890 crores to INR 905 crores.”
Balakrishna Tati debdebak debak debt Peak debt level frameworks placeholder, page 23 of the filed PDF · View the filing
Peak debt — maximum of INR450 crores · post Phase 1 FDC commercialization
stated firmly by Kranthi Kumar Yarkali
p. 20
“Correct. We are in the same range, at a maximum of INR 450 crores. That is the maximum peak debt that we are expecting.”
Kranthi Kumar Yarkali, page 20 of the filed PDF · View the filing
FY27 operating cash flow — positive · FY27
stated firmly by Kranthi Kumar Yerkali
p. 17
“Yes, yes, sure. The operating cash flow for FY27 overall will be positive..”
Kranthi Kumar Yerkali, page 17 of the filed PDF · View the filing
FY28 working capital days — around 125 days · FY27 end
stated firmly by Kranthi Kumar Yerkali
p. 17
“So, we will maintain the same levels, or it will be at a slightly lower level, around 125 days or so. Next question.”
Kranthi Kumar Yerkali, page 17 of the filed PDF · View the filing
FDC capacity utilization — 60%-65% of installed capacity · FY28
stated conditionally by Balakrishna Tati
p. 16
“We are targeting to around 60%-65% of the installed capacity.”
Balakrishna Tati, page 16 of the filed PDF · View the filing
FDC additional volume in FY28 — 2,300 to 2,400 metric tons · FY28
stated conditionally by Balakrishna Tati
p. 17
“it should be in the region of around 2,300 metric tons to 2,400 metric tons FDC will add in FY28.”
Balakrishna Tati, page 17 of the filed PDF · View the filing
Total capacity expansion — 16,500 metric tons, potentially 22,000 metric tons · FY29
stated as an aspiration by Balakrishna Tati
p. 19
“The current capacity is 11,000 metric tons. We are adding 5,500 tons, so it will be 16,500 metric tons. Another additional line is likely to come soon after the completion of the first 5,500-ton line.”
Balakrishna Tati, page 19 of the filed PDF · View the filing
Capacity utilization for FY27 — 95% of installed capacity · FY27
stated conditionally by Kranthi Kumar Yarkali
p. 21
“Whole year we are expecting that 95% of the capacity utilization.”
Kranthi Kumar Yarkali, page 21 of the filed PDF · View the filing
FDC EBITDA premium over spray-dried — 28% to 32% differential, later stated 20% to 30%
stated conditionally by Balakrishna Tati
p. 13
“As per the current price levels, because now I am not doing any FDC right, but as per the current market prices and all, if I take that into consideration, it is around 28% to 32% difference is there between SDC and FDC.”
Balakrishna Tati, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed the capacity was commissioned in March 2026 and ran at full utilization in Q1, in the 90-95% range
Answered by Balakrishna Tati
Asked by Priyanshu Jain: Whether the new 4,500 MT capacity contributed to Q1 revenue and at what utilization
p. 5
“Yes, Jain, we commenced these 4,500 metric tons of capacity in March 2026. So, in Q1 FY27, we had full capacity utilization of this additional 4,500 metric tons.”
Balakrishna Tati, page 5 of the filed PDF · View the filing
Management attributed differences in EBITDA per kg to product mix, pack mix and geography, not a fixed advantage
Answered by Balakrishna Tati
Asked by Vibhanshi Jain: What drives the company's higher EBITDA per kg versus a peer
p. 6
“It all depends, as I mentioned to you, on the product mix and pack mix. Combined, they will make some change in the realization, obviously, and then EBITDA proportionately will change.”
Balakrishna Tati, page 6 of the filed PDF · View the filing
Management said volume commitments for FY27 are largely secured, with LOIs covering 70-80% of freeze-dried capacity, and cited customer-specific blends and 98% customer retention as differentiators
Answered by Balakrishna Tati
Asked by Ganesh Rao: What visibility exists for FY27 and FY28 volumes, and what is the competitive advantage
p. 9
“Because our customer retention is almost 98%. For the last so many years, they have been with us. I have never seen a customer going to somebody else for the same blend.”
Balakrishna Tati, page 9 of the filed PDF · View the filing
Management confirmed the business plan targets 23-24% consolidated EBITDA margin as freeze-dried coffee ramps up
Answered by Balakrishna Tati
Asked by Onkar Ghugardare: Whether consolidated margins could reach 22-23% by FY28/FY29
p. 11
“Yes. That's what we have considered it in our business plan.”
Balakrishna Tati, page 11 of the filed PDF · View the filing
Management said INR150 crores has been spent cumulatively, with INR25 crores spent in Q1
Answered by Balakrishna Tati
Asked by Deepali Bansal: How much of the INR550 crore FDC capex has been spent and quarterly spend
p. 15
“Yes, INR114 crores we have paid till now.”
Balakrishna Tati, page 15 of the filed PDF · View the filing
Management agreed the estimate was reasonable at current realization levels
Answered by Balakrishna Tati
Asked by Paras Chheda: Whether FY27 revenue could reach INR850-900 crores based on Q1 pricing and 10,500 MT volumes
p. 16
“Yes, yes. If you take the Q1 average realization, realization it should be the same what you are saying is that same, it should be in the region of around INR850 crores to INR900 crores.”
Balakrishna Tati, page 16 of the filed PDF · View the filing
Sales head explained the company has diversified its geographic mix over several years across West Africa, Russia/CIS and Southeast Asia
Answered by Jawahar Conjeevaram
Asked by Pranay Chatterjee: Where is demand coming from given competitors also have available capacity
p. 14
“So, we are more or less, say, for example, about 30% in West Africa, Russia/CIS about 22%, and Southeast Asia about 20%.”
Jawahar Conjeevaram, page 14 of the filed PDF · View the filing
Management estimated the global FDC market at 250,000 metric tons, with 5,500 tons representing about 2.2% share, and said LOIs from Russia, Europe, US and Southeast Asia were signed subject to quality and price
Answered by Balakrishna Tati
Asked by Nirvana Laha: Details on the freeze-dried coffee market size, target geographies and LOI basis
p. 26
“Okay. As per the information available, I can say that it is around 2,50,000 metric tons for the freeze-dried coffee market, out of which our 5,500 metric tons is around 2.2%.”
Balakrishna Tati, page 26 of the filed PDF · View the filing
CFO said working capital cycle for the instant coffee industry generally runs 100-130 days and the company is in line with industry norms
Answered by Kranti Kumar Yerkali
Asked by Kumar Saurabh: Why working capital days are higher than a larger listed peer despite both being B2B
p. 24
“So, normally, the working capital cycle in the entire instant coffee industry is around 100 to 120 days, or 130 days. We are also in line with that.”
Kranti Kumar Yerkali, page 24 of the filed PDF · View the filing
Risks flagged
Weather-related risks could affect coffee crop production
p. 4
“On the other hand, weather-related risks, including their potential impact, could affect production.”
Balakrishna Tati, page 4 of the filed PDF · View the filing
Geopolitical tensions in the Middle East led to higher LPG and diesel prices and increased transit times
p. 4
“On the logistics front, geopolitical tensions in the Middle East resulted in higher LPG and diesel prices and led to a modest increase in transit times during the disruption.”
Balakrishna Tati, page 4 of the filed PDF · View the filing
Coffee prices are fixed quarterly, creating revenue uncertainty even with volume commitments
p. 8
“More or less, we have a volume commitment from the customers for the entire quantity. But then again, as I mentioned to you, it depends upon the prices, how the market prices escalate and all, because we fix the price on a quarterly basis.”
Balakrishna Tati, page 8 of the filed PDF · View the filing
Acute shortage of chicory crop this year affecting availability
p. 23
“But since the chicory crop is not available this year, there will be some incremental profitability in chicory because of the acute shortage of chicory.”
Balakrishna Tati, page 23 of the filed PDF · View the filing
Freeze-dried coffee LOIs are subject to quality and price conditions, not guaranteed
p. 26
“So, we have signed an agreement, a letter, that we will supply them with freeze-dried coffee as soon as we start, subject to developing the blend as per their requirements and agreeing on the prices.”
Balakrishna Tati, page 26 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.