Vintage Coffee And Beverages Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Vintage Coffee And Beverages Ltd filed with BSE on 29 May 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 Q4 FY26 revenue of INR165.3 crores, up 57.2% year-on-year, with EBITDA margin of 18.5% and PAT margin of 12.7%. For FY26, consolidated revenue grew 79.3% to INR553.1 crores with EBITDA margin at 18%, and the company completed a brownfield expansion taking installed capacity from 6,500 to 11,000 metric tons per annum. Management also discussed progress on a freeze-dried coffee facility, capital allocation, and outlook for capacity utilization and margins in FY27 and beyond.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR165.3 crores (Q4 FY26)
p. 3
“Revenue for the quarter stood at INR165.3 crores, registering growth of 57.2% year-on-year and 9.8% sequentially.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
EBITDA: INR30.6 crores (Q4 FY26)
p. 3
“Gross profit increased to INR46.7 crores, while EBITDA stood at INR30.6 crores, translating into EBITDA margin of 18.5%.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
PAT: INR21 crores (Q4 FY26)
p. 3
“Profit after tax for the quarter came in at INR21 crores, with PAT margin maintained at 12.7%, reflecting continued profitability while supporting future growth initiatives.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
Consolidated revenue: INR553.1 crores (FY26)
p. 3
“Consolidated revenue increased by 79.3% year-on-year to INR553.1 crores.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
EBITDA: INR99.6 crores (FY26)
p. 3
“EBITDA grew by 88.1% to INR99.6 crores, with EBITDA margin expanding to 18%, while EBIT increased by 95.5% to INR90.2 crores.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
PAT: INR72.2 crores (FY26)
p. 3
“Profit after tax for the year stood at INR72.2 crores, representing growth of 79.8% year-on-year, with PAT margin maintained at 13.1%.”
Balakrishna Tati, page 3 of the filed PDF · View the filing
Dividend: INR0.15 per equity share (FY26)
p. 4
“the Board has also recommended a dividend of INR0.15 per equity share for FY26, subject to approval of shareholders.”
Balakrishna Tati, page 4 of the filed PDF · View the filing
Installed capacity: 11,000 metric tons per annum (FY26)
p. 4
“increasing production capacity further from 6,500 metric tons to 11,000 annually, representing an increase of approximately 69%.”
Balakrishna Tati, page 4 of the filed PDF · View the filing
Sold quantity: 1,802 metric tons (Q3 FY26)
p. 15
“So we sold almost 1,924 metric tons during Q4 as against 1,802 metric tons in Q3.”
Balakrishna Tati, page 15 of the filed PDF · View the filing
FDC project capex: INR550 crores
p. 6
“It is around INR550 crores.”
Balakrishna Tati, page 6 of the filed PDF · View the filing
Capex incurred to date on FDC: INR150 crores
p. 6
“Yes, we have almost INR150 crores.”
Balakrishna Tati, page 6 of the filed PDF · View the filing
Debt interest rate: 8.3% to 8.4% (FY27)
p. 9
“FY27 debt level will be more or less in line with FY26, with a marginal increase of around INR 30–40 crores. The debt interest rate will be approximately 8.3% to 8.4%.”
Kranthi Kumar Yarkali, page 9 of the filed PDF · View the filing
Top five to six customer contribution: 45% to 50%
p. 18
“Out of these, the top five to six customers contribute approximately 45% to 50% of the business.”
Balakrishna Tati, page 18 of the filed PDF · View the filing
Sales mix - Africa: 31%
p. 14
“Currently, the mix is as follows: Africa accounts for about 31%, CIS and Russia about 22%, Southeast Asia around 22%, the Americas and Europe around 18%, and local sales about 5%.”
Jawahar Conjeevaram, page 14 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.
Capacity utilization — 95% of 11,000 metric tons · FY27
stated firmly by Balakrishna Tati
p. 5
“Around 95% capacity utilization will be there this year out of the 11,000 metric tons, and 95% of whatever production we are doing, the entire thing will be exported because we see visibility for the orders and sales.”
Balakrishna Tati, page 5 of the filed PDF · View the filing
FDC plant capacity — 5,500 metric tons annual capacity · Q2 FY27-'28
stated firmly by Balakrishna Tati
p. 4
“I am happy to share that execution remains on track and we currently expect 5,500 metric tons annual capacity facility to be completed by Q2 FY27-'28.”
Balakrishna Tati, page 4 of the filed PDF · View the filing
Peak debt level — INR400 crores additional debt · FY28
stated firmly by Kranthi Kumar Yarkali
p. 7
“An additional debt component of around INR 300 crores will be added to the existing debt for FY28, along with INR 100 crores for working capital. That will be the peak debt level.”
Kranthi Kumar Yarkali, page 7 of the filed PDF · View the filing
EBITDA margin — around 19% · FY27
stated as an aspiration by Balakrishna Tati
p. 12
“Currently, it is approximately around 18.5%; it may go up by another 0.5% to up to 19%.”
Balakrishna Tati, page 12 of the filed PDF · View the filing
EBITDA margin — 20% to 21% · FY28
stated conditionally by Balakrishna Tati
p. 14
“If we are going to take nine months of production for freeze-dried coffee, around eight to nine months of production, it will be in the region of around 20% to 21%.”
Balakrishna Tati, page 14 of the filed PDF · View the filing
EBITDA margin — 22% to 24% · FY29
stated as an aspiration by Balakrishna Tati
p. 14
“But going forward, in FY29, it will be much better. It should be in the region of around 22% to 24%.”
Balakrishna Tati, page 14 of the filed PDF · View the filing
Realization improvement — 2% to 3% · FY27
stated as an aspiration by Balakrishna Tati
p. 6
“Yes, it should be in the region of around 2% to 3%.”
Balakrishna Tati, page 6 of the filed PDF · View the filing
Working capital / operating cash flow — FY27
stated firmly by Kranthi Kumar Yarkali
p. 9
“FY27 will be, because Q1 is a lean season, slightly negative. But Q3 and Q4 will be positive. Overall, FY27 will definitely have positive operating cash flows.”
Kranthi Kumar Yarkali, page 9 of the filed PDF · View the filing
Second FDC phase capex — INR370 crores to INR400 crores
stated as an aspiration by Balakrishna Tati
p. 18
“Yes, it should be in the region of around INR 370 crores to INR 400 crores, since the land and building are already available because we are now also taking care of the second line in our land and building plans.”
Balakrishna Tati, page 18 of the filed PDF · View the filing
Phase 2 FDC commissioning — FY29-'30
stated firmly by Balakrishna Tati
p. 12
“No, not '28. In '29-'30.”
Balakrishna Tati, page 12 of the filed PDF · View the filing
Revenue growth trajectory
stated as an aspiration by Kranthi Kumar Yarkali
p. 19
“Yes, similar performance.”
Kranthi Kumar Yarkali, page 19 of the filed PDF · View the filing
Q1 FY27 performance — Q1 FY27
stated firmly by Balakrishna Tati
p. 20
“Yes, it will be better than the Q4. Yes, you're right.”
Balakrishna Tati, page 20 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 said the plant is operating at full capacity as part of the total 11,000 metric ton installed base.
Answered by Balakrishna Tati
Asked by Priyanshu: What is the current utilization of the new 4,500 metric ton plant?
p. 5
“Yes, okay. The current utilization of the plant is at full capacity. We have installed an additional capacity of 4,500 metric tons, bringing the total capacity to 11,000 metric tons, and we are now operating at the full capacity of 11,000 metric tons.”
Balakrishna Tati, page 5 of the filed PDF · View the filing
Management outlined phased capacity utilization across FY27-29 and expected margin improvement driven by premium product mix.
Answered by Kranthi Kumar Yarkali
Asked by Harshit: What are the top line and EBITDA margin targets for FY27-29?
p. 8
“Margins in the current financial year are showing a slight improvement over the last financial year. In FY28, there will definitely be improvement due to the premium product mix, and it will be quite better than FY27.”
Kranthi Kumar Yarkali, page 8 of the filed PDF · View the filing
Management clarified the commissioning timeline including a trial run period before commercial operations begin.
Answered by Balakrishna Tati
Asked by Ankush Agrawal: Has the FDC plant commissioning been delayed by six months?
p. 10
“It is not a six-month kind of thing. From March ’27, we will complete the commissioning, and the first three months will be a trial run. From July ’27 onwards, commercial operations will definitely start.”
Balakrishna Tati, page 10 of the filed PDF · View the filing
Management attributed EBITDA per kg growth to product mix shift toward packed form and customer blends, expecting further growth in FY27.
Answered by Kranthi Kumar Yarkali
Asked by Karan Gupta: What is driving EBITDA per kg growth and how will it trend going forward?
p. 17
“EBITDA per kg depends on two factors. One is realization, which is increasing because of the product mix. The other is customer blends; different customers have different blends, and based on that, EBITDA per kg varies.”
Kranthi Kumar Yarkali, page 17 of the filed PDF · View the filing
Management cited customer visibility and market size as reasons for confidence in absorbing new capacity.
Answered by Balakrishna Tati
Asked by Mahesh Atal: How confident is management in selling the additional capacity, and what is the freeze-dried competitive landscape?
p. 17
“It is not really about optimizing, but the fact is that we are very confident because of the customers we have, the markets we are currently focused on, and the regions where we are selling.”
Balakrishna Tati, page 17 of the filed PDF · View the filing
Management said funding the second phase through internal accruals may be difficult and ECB financing may be needed.
Answered by Balakrishna Tati
Asked by Mahesh Atal: How will the second phase of FDC capex be funded?
p. 18
“At this point in time, it is very difficult for me to comment on the second phase because funding it through internal accruals may be difficult. We may have to go for ECB only.”
Balakrishna Tati, page 18 of the filed PDF · View the filing
Risks flagged
Slight increase in packaging material input costs due to geopolitical situation
p. 5
“Yes, I agree that there is a slight increase in packaging material costs due to the geopolitical situation, which we are passing on to customers.”
Balakrishna Tati, page 5 of the filed PDF · View the filing
Loss of production during annual maintenance period
p. 8
“Having said that, normally in the first quarter we undertake annual maintenance, which usually lasts around 15–20 days. As a result, there will be some loss of production during this maintenance period.”
Balakrishna Tati, page 8 of the filed PDF · View the filing
Difficulty funding second FDC phase through internal accruals
p. 18
“At this point in time, it is very difficult for me to comment on the second phase because funding it through internal accruals may be difficult.”
Balakrishna Tati, page 18 of the filed PDF · View the filing
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