Vintage Coffee Q1 FY27 Results (NSE: VINCOFE)
Signal: Growth reaccelerated
The read
Q1FY27 marks a continuation of strong revenue (+98.5% YoY) with 3rd consecutive quarter of EBITDA margin expansion (now 18.1%, +60bps YoY), driven by input cost tailwind and operating leverage on employee costs. However, revenue decelerated from +150% YoY in Q4FY26, and PAT fell 10.9% sequentially due to seasonal Q4 surge. The trajectory remains solid but the pace of growth is normalising.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹161 Cr | 98.5% | -2.6% |
| EBIT | ₹31.14 Cr | 89.2% | |
| Net profit | ₹14.23 Cr | 94.8% | |
| EPS | ₹0.98 | 92.2% | |
| EBIT margin | 18.1% |
P&L walk
Revenue grew 98.5% YoY to ₹16,099.78 lakh, decelerating from the +150% YoY in Q4FY26 and +71.6% in Q3FY26. Gross margin improved 230bps YoY (input cost ratio fell to 64.6% from 66.9%), marking a 4th consecutive quarter of gross margin tailwind. EBITDA margin expanded 60bps YoY to 18.1% as employee costs fell 130bps to 4.2% of revenue, demonstrating operating leverage (EBITDA grew ~99% vs revenue +98.5%). PAT at ₹1,423.44 lakh, +94.8% YoY, slightly lagging EBITDA growth due to higher tax; EPS ₹0.98, +92.2% YoY, in line with PAT.
Segments
Single-segment business – no segment table; all revenue and profit from instant coffee and chicory operations.
Key positives
- Revenue ₹16,099.78 lakh, +98.5% YoY – 4th consecutive quarter of near-doubling revenue.
- Gross margin expanded 230bps YoY to 35.4% – 4th straight quarter of input cost tailwind.
- EBITDA margin at 18.1%, +60bps YoY – 3rd consecutive expansion.
- Employee cost ratio improved 130bps to 4.2%, showing operating leverage.
- Finance cost grew only +18.3% vs revenue +98.5%, indicating deleveraging.
- PAT at ₹1,423.44 lakh, +94.8% YoY – second-highest quarterly profit ever.
Key concerns
- Revenue decelerated from +150% YoY in Q4FY26 to +98.5% in Q1FY27 – pace of growth is slowing.
- PAT declined 10.9% sequentially due to higher tax expense and normalised margins vs Q4FY26.
- EPS growth (92.2%) slightly lagged PAT growth (94.8%) – minor dilution not material.
Research and educational content only. Not investment advice.