PunThai Coffee is Growing Rapidly, but Dependency on Stations Creates a New Risk

PunThai Coffee, one of Thailand's fastest-growing coffee chains, is facing an unusual dilemma. While it continues to strongly increase the number of chain stores and total revenue, one of the key advantages supporting its growth is also turning into a new source of risk: high dependency on fuel stations.

According to a news report from World Coffee Portal dated August 18, 2026, approximately 70% of PunThai stores are located within the fuel station network of its parent company, PTG Energy. Other major coffee chains in Thailand, such as Café Amazon and Inthanin, also use a similar model; however, PunThai's ratio of stores within stations is higher.

This structure has accelerated growth for years. PTG already has a wide network of roadside real estate, customer traffic, and a loyalty ecosystem across the country. When PunThai opens new stores, it can add to existing traffic flows instead of creating destinations from scratch.

However, when fuel prices rise and consumers use their vehicles less, the same advantage can work in the opposite direction.

High energy prices have affected travel behavior

PTG Energy clearly acknowledged this impact during an analyst meeting following the first quarter results of 2026.

According to the company's investor relations Q&A document, volatility in global oil prices continued throughout March. During the Songkran holiday in April, high energy prices affected consumer behavior, leading to a temporary slowdown in travel activity and fuel consumption. The company notes that consumption gradually recovered from the end of April to May. No direct sales loss for coffee has been reported.

However, since a significant portion of PunThai stores are located at stations dependent on vehicle traffic, fewer trips can mean fewer potential coffee customers. World Coffee Portal's assessment that "PunThai is more affected than its competitors" is also based on this location structure.

The important distinction here is that the fuel price can affect demand not because it increases the cost of coffee, but because it changes the customer's behavior in reaching the store.

Despite this, total revenue grew by 61.5%

Looking at the headline, one might think that PunThai's overall sales have declined. However, current financial data presents a more complex picture.

According to Thai sources reporting PTG's first half results, PunThai Coffee's revenue for the first six months of 2026 increased by 61.5% year-on-year to 3.518 billion baht. The number of stores in the chain also increased by 825 to reach 2,467, representing a 50.2% annual growth.

Therefore, it cannot be said that the shock of fuel prices has halted the overall growth of the chain.

The main issue is how the traffic performance of existing stores has changed behind the rising total revenue due to the impact of new stores.

When a café chain opens 800 new stores, total sales growth can be expected. However, to understand healthy growth, same-store sales, cups per store, and transaction counts must also be monitored.

In the first quarter, PunThai was still strong

The first quarter of 2026 provides a strong basis for this comparison.

According to PTG's first quarter management report submitted to the Thai SEC, PunThai Coffee's sales volume reached 41.9 million cups. This represents an 82.7% increase compared to 22.9 million cups in the same period the previous year. During the same period, the PunThai network expanded to 2,308 locations.

PTG also states that despite opening approximately 800 PunThai stores in the past year, daily sales per store have reached around 200 cups. The company interprets this as evidence that new stores are not merely dividing existing demand. This is a company assessment; an independent store-based sales set has not been published.

This growth indicates that PunThai's core business model is still functioning.

However, very rapid network expansion may render the real effects of traffic shocks invisible within total revenue.

Why is the station model so attractive?

Fuel stations are not just roadside locations for coffee chains.

They provide three significant advantages.

First, ready customer traffic. Drivers are already coming to the facility to refuel, and there is no need to create an extra destination in terms of coffee purchase cost.

Second, location network. PTG Energy currently operates over 2,200 service stations across Thailand. With a network of over 2,300 stores, PunThai has become one of the important non-oil revenue sources of this infrastructure.

Third, the loyalty ecosystem. PTG's membership base, which exceeds 25 million, allows for cross-selling between fuel and non-oil services.

This system can scale faster than traditional independent café growth.

However, if location diversity remains limited, risk increases

According to World Coffee Portal data, PunThai's dependency on stations is about 70%, which is higher than Café Amazon and Inthanin. The three chains collectively have over 8,500 stores and hold around 66% of the Thai branded coffee shop market by the end of 2025.

While this model creates strong network advantages, it also creates channel concentration.

If fuel prices rise, vehicle traffic may decrease. If tourism weakens, long-distance travel may decline. The increasing use of electric vehicles in the coming years may also change charging times and location habits, reshaping customer behavior regarding the station format.

Therefore, for chains like PunThai, the second phase of growth may not just be about opening more stores at gas stations.

City centers, shopping malls, office areas, hospitals, or independent street locations could diversify traffic sources in the network.

PTG is already placing coffee at the center of non-oil growth

The importance of PunThai for its parent company is increasing.

In the first quarter of 2026, PTG's gross profit from non-oil businesses increased by 50.6% year-on-year, surpassing 2 billion baht. PunThai Coffee was highlighted as one of the main sources of this growth.

In the first half, non-oil revenues also increased by 21.7% to reach 13.34 billion baht. PunThai has become one of the fastest-growing brands within this portfolio.

This trend indicates a broader transformation for energy companies.

Fuel stations are no longer just points where gasoline is sold. Coffee, restaurants, convenience retail, vehicle maintenance, and other services are increasingly making up a larger portion of the station economy.

Therefore, PunThai's performance is indicative not only of the Thai coffee market but also of the non-oil transformation of fuel retail.

Lessons for the roadside café model in Turkey

In Turkey, coffee, bakery, fast-service restaurants, and convenience retail offerings within fuel stations are gaining increasing importance.

The key lesson from the PunThai example is that a strong location partner can create rapid scale.

However, if a large portion of the chain's revenue is tied to a single traffic source, sensitivity to external shocks also increases.

Therefore, it is crucial for in-station café businesses to monitor not only total sales but also the following indicators:

coffee conversion per vehicle entering the station, transaction count per store, the ratio of non-fuel customer visitors, daily cup sales, average basket size, and performance differences between urban/highway locations.

This way, it can be clearer how much the coffee business is affected when fuel demand decreases.

Stafflink's view

The situation at PunThai Coffee is not as simple as "fuel has become expensive, coffee sales have dropped."

The chain increased its revenue by 61.5% in the first half of 2026 and grew its store network by over 50%. Nevertheless, the reduction in travel traffic due to high energy prices poses a real structural risk for a brand with about 70% of its stores located at fuel stations.

In our view, the key indicator to monitor is not the total chain revenue but performance per store.

The rapid opening pace can keep total sales elevated for a long time. However, without new stores, what existing locations are doing better reflects the true resilience of the business.

The PunThai example offers a simple lesson for café chains: a strong location network accelerates growth; however, excessive dependence on the same traffic source directly transfers external shocks to the coffee business.