Revenue Growth and Operating Performance
Over the period ending March 2025, Vintage Coffee's net sales surged from ₹36.59 crores in 2022 to ₹308.52 crores in 2025, reflecting a robust compound growth trajectory. This substantial increase in turnover was accompanied by a corresponding rise in raw material costs, which grew from ₹14.77 crores to ₹207.33 crores, indicating scaling operations. Despite the rising costs, the company managed to improve its operating profit (PBDIT) from a negative ₹4.45 crores in 2022 to a positive ₹52.99 crores in 2025, excluding other income. Including other income, operating profit reached ₹56.99 crores in the latest fiscal year, underscoring improved operational efficiency and revenue quality.
Operating profit margins, while declining slightly from a peak of 24.46% in 2023 to 17.18% in 2025, remain healthy and positive compared to the negative margin in 2022. Gross profit margins also improved significantly from a negative 22.47% in 2022 to 16.53% in 2025, reflecting better cost management and pricing power.
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Profitability and Earnings Metrics
Vintage Coffee's profit after tax (PAT) has shown a striking recovery, moving from a loss of ₹12.27 crores in 2022 to a profit of ₹40.15 crores in 2025. This turnaround is reflected in the PAT margin, which improved from a negative 33.53% to a positive 13.01% over the same period. Earnings per share (EPS) followed a similar trend, rising from a negative ₹1.46 in 2022 to ₹3.19 in 2025, signalling enhanced shareholder value creation.
Interest expenses have remained relatively stable, with a slight decrease from ₹7.05 crores in 2024 to ₹5.99 crores in 2025, helping to support net profitability. Depreciation charges increased moderately, consistent with asset base expansion and capital investments.
Balance Sheet Strength and Capital Structure
The company’s shareholder funds have nearly tripled from ₹104.64 crores in 2022 to ₹302.95 crores in 2025, driven by equity capital infusion and accumulated reserves. The book value per share has more than doubled, rising from ₹10.25 to ₹22.32, reflecting improved net asset value per share.
Total liabilities increased from ₹246.13 crores in 2022 to ₹409.45 crores in 2025, with a notable reduction in total debt from ₹109.74 crores to ₹81.95 crores, indicating prudent debt management amid growth. Long-term borrowings decreased, while short-term borrowings remained relatively stable, suggesting a balanced approach to financing.
On the asset side, total assets grew from ₹246.13 crores to ₹409.45 crores, supported by increases in current assets such as inventories and sundry debtors, which rose substantially, signalling higher operational scale and working capital requirements.
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Cash Flow and Liquidity Trends
Cash flow from operating activities has been volatile, with negative cash flows of ₹22 crores in 2025 and ₹35 crores in 2024, contrasting with a positive ₹11 crores in 2023. This fluctuation is largely due to significant changes in working capital, which saw a sharp increase in outflows, particularly in 2025. Investing activities consistently showed cash outflows, reflecting ongoing capital expenditure and asset investments.
Financing activities have been a key source of cash, with a substantial inflow of ₹188 crores in 2025, supporting the company’s growth and liquidity. The net cash inflow for 2025 was ₹120 crores, a marked improvement from previous years, resulting in a closing cash and cash equivalent balance of ₹125 crores, up from ₹4 crores in 2024.
Overall, Vintage Coffee’s historical performance reveals a company that has successfully navigated early losses to establish a solid growth and profitability platform, supported by a strengthening balance sheet and improving cash position. Investors may find this trajectory encouraging as the company continues to expand its market presence and operational scale.
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