Vintage Coffee And Beverages Ltd

Issue Overview

• Type: preferential issue of equity shares and fully convertible warrants.
• Size and proceeds: partially subscribed; net proceeds revised downward.
• Main objectives: capex in WOS, working capital, issue-related expenses, and general corporate purposes.
• Deviation: portion used for land purchase, not aligned with stated objects.
• Deviation scope: range up to ten percent.
• Allocation revised proportionately due to partial subscription.

Utilisation of Proceeds

• Utilisation not as per disclosure; material deviation observed.
• Shareholder approval for deviation not obtained.
• Means of finance for disclosed objects unchanged.
• Object 1: completed; object 2: ongoing; object 3: completed; object 4: ongoing.
• Unutilised funds: none.
• GCP usage: allocated for roasted coffee beans.
• Progress: object 1 completed; object 2 ongoing; object 3 completed; object 4 ongoing.

Governance and Compliance

• Approvals: statutory approvals obtained.
• Material deviation from objects observed; shareholder approval not obtained.
• Regulatory approval obtained for amalgamation of subsidiaries; details not specified.
• No events reported that adversely affect viability.

General Corporate Purpose (GCP)

• GCP usage: allocated for roasted coffee beans.
• Board approval for GCP allocation not clearly stated.

Financial Performance

• Q1 FY27 revenue INR161 crores, up 58.4% YoY from INR101.6 crores.
• EBITDA INR31.6 crores, up from INR18 crores YoY.
• PAT INR20.8 crores, up 46.1% YoY from INR14.2 crores.
• PAT margin 12.9% in Q1 FY27.
• Incremental capacity of 4,500 MT fully utilized in Q1 FY27.
• Total installed capacity 11,000 MT after FY26 expansion.
• NCLT approved amalgamation of Vintage Coffee Private Limited and Delecto Foods Private Limited; effective July 21, 2026.
• Q1 volume: 1,856 MT sold; production 2,402 MT; EBITDA per kg 157.

Capacity Expansion and Run-rate

• Commissioned 2,000 MT in January 2025; expanded to 11,000 MT by end FY26.
• Freeze-dried coffee added 5,500 MT, taking total to 16,500 MT.
• Trial for freeze-dried expected to complete by June; production to start in the second quarter.
• Freeze-dried capacity LOIs cover ~70%–80% of installed capacity.
• Packaging: 5,000 MT capacity; mix 45% bulk, 55% consumer packs.

Capex and Projects

• FDC capex INR 550 crores; INR 114 crores spent to date; Q1 spend INR 25 crores.
• Delecto Foods Private Limited capacity 2,000 MT; revenue INR 42–45 crores; profitable.
• 5,500 MT FDC expansion linked to land in Telangana; initial construction underway.

Market Dynamics and Mix

• Customer retention reported around 98%.
• Export geography mix: West Africa 30%, Russia & CIS 22%, Southeast Asia 20%, Europe 10%, Central America 15%, India 5%.
• LD/visibility: annual volume commitments from customers; LOIs for freeze-dried volumes.

Guidance and Outlook

• FY27 revenue guidance INR 850–900 crores.
• FY28: 60–65% utilization for 5,500 MT FDC; 8–9 months; 2,400 MT FDC addition.
• Consolidated EBITDA margins targeted around 23–24% in next 2 years.
• FY27 operating cash flow expected to be positive; working-capital days around 120–125.

Q&A Highlights

• Volumetric visibility: freeze-dried LOIs indicate 70%–80% commitments.
• Press release to include Q1 volume and EBITDA per kg (1,856 MT and 157).
• US/Europe targets under freeze-dried via LOIs; new customers added for FD as well.
• Debt: Phase 1 FDC peak around INR 450 crores; Phase 2 funded by incremental cash flow if possible; no further equity dilution planned.

Meeting Details

• Date: 29 July 2026; Time: not disclosed.
• Location: registered office of Vintage Coffee and Beverages Limited.

Key Agenda Items

• Un-audited standalone and consolidated financial results with Limited Review Report for quarter ended 30.06.2026.
• Any other business with the permission of the Chair.

Other Notes

• Trading window closed from 01.07.2026 until 48 hours after unaudited results declaration.

Dematerialisation status

• Dematerialisation requests received in the quarter ended Jun 2026 were processed (accepted/rejected) and listed.
• Security certificates received for dematerialisation were mutilated and cancelled after verification.
• Depository name substituted as registered owner in the records within prescribed timelines.
• Securities dematerialised have been listed on the stock exchanges.

Board re-appointments

• Mr. Sanjiban Brata Roy re-appointed as Independent Director from 18 May 2026 for two years, subject to shareholder approval.
• Mr. Ajay Poonia re-appointed as Independent Director from 12 July 2026 for two years, subject to shareholder approval.
• Mr. Roy is a commerce graduate, CAIIB, insolvency professional, and has 34 years' banking and finance experience.
• Mr. Poonia is Economics graduate, Director and CEO of Evolving Edutainment Pvt Ltd, and authored children's books.
• Both directors reported nil shareholding and nil relationships with other directors or management.
• Company affirmed both appointees are not debarred from holding directorships by any authority.