V G Siddhartha's financials stayed weak after selling his Mindtree stake

Promoter's pledge has been above 70% since December 2018

A complicated holding structure that depressed valuations, and the absence of coffee-stock euphoria seen elsewhere in the world weighed on a promoter group already laden with debt. A recent exit from the information technology segment hasn’t helped enough.

Coffee Day Enterprises has operations in logistics, financial services and office leasing. It hasn’t been able to get premium valuations despite almost 91 per cent of the stores it operated already having broken even, according to a recent earnings call.  

“There is a Chinese company which went public one week back… an 18-month-old company, $125 million revenue, $250 million losses last year and valuation