Vintage Coffee and Beverages (538920) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was Rs 22,297.49 lakh, up 64.4% YoY; EBITDA rose 88.8% to INR 421.6 Mn and PAT increased 57.3% to Rs 2,805.76 lakh.

• H1 FY27 revenue from operations reached Rs 38,397.28 lakh, with EBITDA of INR 737.45 Mn and PAT of Rs 4,884.93 lakh; operating cash flow was Rs 5,116.37 lakh.

• Volume growth and full utilization of the expanded 11,000-ton instant coffee capacity supported performance; a 5,500-ton freeze-dried coffee plant is under construction.

Financial highlights

• Q2 revenue from operations was INR 2,229.75 Mn, up 64.4% YoY and 38.5% QoQ; gross profit was INR 614.5 Mn, up 84.0% YoY.

• Q2 EBITDA was INR 421.6 Mn, up 88.8% YoY; EBIT rose 93.8% to INR 387.1 Mn and PBT rose 91.8% to INR 379.7 Mn.

• Q2 PAT was Rs 2,805.76 lakh versus Rs 1,783.24 lakh; H1 PAT was Rs 4,884.93 lakh versus Rs 3,206.68 lakh. Prior-year comparisons are affected by merger accounting.

• H1 revenue from operations was Rs 38,397.28 lakh, up 61.9% YoY; EBITDA rose 82.7% to INR 737.45 Mn and EBIT rose 86.5% to INR 674.7 Mn.

Outlook and guidance

• FY27 spray-dried and agglomerated volume visibility was 10,500 tons, with customer commitments supporting full utilization of current 11,000-ton capacity; Q3 execution orders were secured.

• The first 5,500-ton freeze-dried line targets trial production in August and commercial production from September 2027; commissioning is guided for H1 FY28, with ~70% utilization expected over six to seven months.

• Management indicated 80%-85% growth in FY29 at full utilization of 16,500 tons; a second 5,500-ton freeze-dried line is targeted to begin commercial operations in FY30.

• Positive operating cash flows were expected through FY27; Q3 realizations were expected to remain stable, with slight improvement from pack mix.