Vintage Coffee & Beverages Ltd(VINCOFE)

NSE: VINCOFEBSE: 538920

₹ 150.8-2.74%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,209 crWebsite: www.vcbl.coffeeUpdated: 24 Oct 2026

About

Vintage Coffee & Beverages Ltd (VCBL) manufactures and exports spray-dried, agglomerated, and instant chicory coffee from its plant near Hyderabad, Telangana, selling almost entirely to institutional buyers across more than 20 countries. In FY26 the company reported consolidated revenue of ₹553.05 cr, nearly doubling year-on-year, as it ran its 11,000 MTPA installed capacity at 100% utilisation. A greenfield freeze-dried coffee plant (5,500 MTPA) is under construction at Wargal Village, Siddipet, with commercial production targeted from July 2027.^[1][2][3]

Products and manufacturing

The company makes spray-dried and agglomerated instant coffee at its subsidiary Vintage Coffee Pvt Ltd (6,500 MTPA base capacity, expanded to 11,000 MTPA in FY26) and instant chicory at subsidiary Delecto Foods Pvt Ltd (1,700 MTPA), near Hyderabad.^[4][2]
A 4,500 MTPA brownfield spray-dried line was commissioned during FY26, raising total installed capacity from 6,500 MT to 11,000 MTPA - a ~69% increase - funded entirely from internal accruals.^[2]
Products are sold in two forms: consumer/packed (doy-packs, tins, glass jars) and bulk. Consumer pack share rose from ~35% in FY25 to ~53% in FY26.^[2][5]
Raw material sourcing is 80 - 85% domestic Indian coffee beans and 15 - 20% imported beans as of Q3 FY26.^[5]

Capacity and utilisation

Total installed instant coffee capacity stands at 11,000 MTPA as of Q4 FY26, running at 100% utilisation in Q4 FY26.^[2]
Production volume was 1,924 MT in Q4 FY26 and 1,802 MT in Q3 FY26.^[2]
Packing capacity stood at 3,000 MT/yr in Q2 FY26 and was expanded to 5,000 MT with one additional line being added to support the targeted 60% consumer-pack mix in FY27.^[4][2]

Key operating metrics

EBITDA per kg was ~₹159/kg in Q4 FY26, up more than 20% year-on-year, driven by the shift toward consumer packs and operating leverage at fuller utilisation.^[2]
Gross profit per kg improved from ₹202/kg in Q2 FY26 to ₹240/kg in Q3 FY26 as agglomerated consumer-pack volumes grew.^[5]
Top-5 customer revenue concentration fell from 49% in Q1 FY25 to 41% in Q1 FY26 and further to 27.41% in Q2 FY26, reflecting broadening of the customer base.^[6][4]
Working capital cycle was approximately 130 days in Q3 FY26.^[5]
Volume and price risk is managed by locking annual volume commitments with quarterly price fixation; coffee beans are purchased outright upon order receipt, insulating margins from bean-price moves.^[4]

Customers and distribution

Approximately 95% of production is exported; domestic sales account for roughly 5% of volumes as of FY27 guidance.^[2]
Geographic mix in FY26: Africa 31%, CIS/Russia 22%, South-East Asia 22%, Americas/Europe 18%, domestic India ~5%.^[2]
Established export markets include South-East Asia, Europe, Africa, Russia/CIS, China, and Latin America; USA, New Zealand, South Korea, and Australia are identified as next target geographies.^[4][5]
A Premium Café Lounge was opened in Navi Mumbai on 14 September 2024, marking an initial step into domestic B2C engagement.^[6]

Freeze-dried expansion project

Total Phase 1 project cost is ₹550 cr; ₹150 cr had been incurred as of the Q4 FY26 call, with the remaining ~₹400 cr to be funded via ₹300 cr external commercial borrowing (ECB) at ~5 - 6% and ~₹100 cr working-capital debt.^[2]
Commissioning is targeted by March 2027, followed by a three-month trial run; commercial production is expected from July 2027 (Q1 FY28). Phase 1 is guided to contribute ~2,570 - 2,600 MT in FY28 at ~70% utilisation.^[2]
Phase 2 (additional 5,500 MTPA freeze-dried) is planned for commissioning in FY29 - 30 at an estimated capex of ~₹370 - 400 cr; land and building preparation is already underway.^[2]

Corporate actions and recent developments

The company proposes to issue up to 42,00,000 convertible warrants to promoters at ₹164 per warrant (total up to ₹68.88 cr) for capex, working capital, and general corporate purposes.^[3]
The proposed amalgamation of wholly owned subsidiaries Vintage Coffee Pvt Ltd and Delecto Foods Pvt Ltd with VCBL was pending before the NCLT during FY26.^[3]
VCBL ESOS 2026 was proposed in FY26, authorising the issue of up to 30 lakh equity options to employees.^[3]
Purchase orders for freeze-dried plant machinery were issued to European suppliers during Q3 FY26; ₹102 cr had been raised via equity instruments for the FDC project as of Q3 FY26.^[5]

Market Cap

₹2,209 Cr

High / Low

₹192 / 121

Stock P/E

32.6

Price / Book

4.5

Book Value

₹39

EPS

₹5.0

No. of Shares

14.57 Cr

ROCE

18.2%

ROE

16.6%

OPM

17.5%

Debt / Equity

0.22

Sales

₹553 Cr

Net Profit

₹72 Cr

Promoter holding

35.0%

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