# FMCG - Coffee — company-by-company sector analysis > FMCG - Coffee: CCL Products (India) Ltd owns the largest revenue base; Vintage Coffee & Beverages Ltd has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice. ## Bottom line FMCG - Coffee has outperformed NIFTY 500 by 22.7% over 52 weeks and 13.2% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. CCL Products (India) Ltd leads with revenue of ₹4,458 crore, based on 2 of 2 comparable companies through Mar 2026. ### Is the FMCG - Coffee sector outperforming NIFTY 500? FMCG - Coffee has outperformed NIFTY 500 by 22.7% over 52 weeks and 13.2% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. ### Which FMCG - Coffee company is largest by revenue? CCL Products (India) Ltd leads with revenue of ₹4,458 crore, based on 2 of 2 comparable companies through Mar 2026. ### Which FMCG - Coffee company is growing fastest? Vintage Coffee & Beverages Ltd has the fastest current revenue growth at 79.3%, across 2 of 2 comparable companies. ### Which FMCG - Coffee company has the strongest 4-Factor Sector Score? Vintage Coffee & Beverages Ltd ranks first at 66.8/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which FMCG - Coffee company has the least gross debt? Vintage Coffee & Beverages Ltd has the lowest comparable gross debt at ₹124 crore. CCL Products (India) Ltd has the highest at ₹1,324 crore. ### Which FMCG - Coffee company has the lowest comparable PEG? CCL Products (India) Ltd has the lowest comparable Guarded PEG at 1.01, among 2 of 2 companies that pass the metric’s comparability rules. ### How much history does this FMCG - Coffee comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength FMCG - Coffee has outperformed NIFTY 500 by 22.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.2%. 2 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. CCL Products (India) Ltd is the strongest against the sector itself at +6.4%. 13-week sector return versus NIFTY 500: 13% 52-week sector return versus NIFTY 500: 23% Stocks leading NIFTY: 2/2 Stocks leading sector: 1/2 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 2 Combined market value: ₹18.1K Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Vintage Coffee & Beverages Ltd (VINCOFE): 67/100 — Favorable setup; evidence 91% - Growth & earnings 25.6/35 | Capital efficiency 17.6/25 | Valuation 15.6/20 | Relative strength 8.0/20 - Exact sum: 25.6 + 17.6 + 15.6 + 8 = 66.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. CCL Products (India) Ltd (CCL): 65/100 — Mixed-positive evidence; evidence 97% - Growth & earnings 26.3/35 | Capital efficiency 14.5/25 | Valuation 10.1/20 | Relative strength 14.0/20 - Exact sum: 26.3 + 14.5 + 10.1 + 14 = 64.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Revenue Scale & Growth Durability What the numbers say: CCL Products (India) Ltd is the scale leader at ₹4,458 crore, 704.7% ahead of Vintage Coffee & Beverages Ltd. Vintage Coffee & Beverages Ltd's growth is 79.3% from a ₹554 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: CCL Products (India) Ltd is the scale benchmark; Vintage Coffee & Beverages Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: CCL Products (India) Ltd's growth falls below Vintage Coffee & Beverages Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: CCL Products (India) Ltd · ₹4,458 crore | 704.7% versus #2 · Vintage Coffee & Beverages Ltd | 8/8 recent comparable periods | 2/2 companies · 40 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. CCL Products (India) Ltd (CCL): ₹4.5K Cr 2. Vintage Coffee & Beverages Ltd (VINCOFE): ₹554 Cr ### Revenue growth — fastest growers 1. Vintage Coffee & Beverages Ltd (VINCOFE): 79% 2. CCL Products (India) Ltd (CCL): 44% ### 20-quarter Revenue history - CCL: Jun 2021 ₹326 Cr | Sep 2021 ₹337 Cr | Dec 2021 ₹424 Cr | Mar 2022 ₹379 Cr | Jun 2022 ₹510 Cr | Sep 2022 ₹507 Cr | Dec 2022 ₹535 Cr | Mar 2023 ₹520 Cr | Jun 2023 ₹655 Cr | Sep 2023 ₹608 Cr | Dec 2023 ₹664 Cr | Mar 2024 ₹727 Cr | Jun 2024 ₹773 Cr | Sep 2024 ₹738 Cr | Dec 2024 ₹758 Cr | Mar 2025 ₹836 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr - VINCOFE: Jun 2021 ₹0 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹42 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹105 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹151 Cr | Mar 2026 ₹165 Cr ### 20-quarter Revenue growth history - CCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 50% | Dec 2022 26% | Mar 2023 37% | Jun 2023 28% | Sep 2023 20% | Dec 2023 24% | Mar 2024 40% | Jun 2024 18% | Sep 2024 21% | Dec 2024 14% | Mar 2025 15% | Jun 2025 37% | Sep 2025 53% | Dec 2025 39% | Mar 2026 46% - VINCOFE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 171% | Mar 2023 19% | Jun 2023 91% | Sep 2023 100% | Dec 2023 100% | Mar 2024 121% | Jun 2024 110% | Sep 2024 140% | Dec 2024 132% | Mar 2025 150% | Jun 2025 132% | Sep 2025 89% | Dec 2025 72% | Mar 2026 57% ## Operating Economics & Margin Trend What the numbers say: Vintage Coffee & Beverages Ltd leads both opm at 18% and margin change at 0 percentage points. Investor read: Vintage Coffee & Beverages Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Vintage Coffee & Beverages Ltd · 18% | 12.5% versus #2 · CCL Products (India) Ltd | 3/8 recent comparable periods | 2/2 companies · 40 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Vintage Coffee & Beverages Ltd (VINCOFE): 18% 2. CCL Products (India) Ltd (CCL): 16% ### Margin change — fastest expanders 1. Vintage Coffee & Beverages Ltd (VINCOFE): 0.0 pp 2. CCL Products (India) Ltd (CCL): −4.0 pp ### 20-quarter OPM history - CCL: Jun 2021 22% | Sep 2021 24% | Dec 2021 22% | Mar 2022 22% | Jun 2022 17% | Sep 2022 19% | Dec 2022 19% | Mar 2023 22% | Jun 2023 16% | Sep 2023 18% | Dec 2023 17% | Mar 2024 16% | Jun 2024 17% | Sep 2024 19% | Dec 2024 16% | Mar 2025 20% | Jun 2025 15% | Sep 2025 18% | Dec 2025 18% | Mar 2026 16% - VINCOFE: Jun 2021 10% | Sep 2021 -3.5% | Dec 2021 14% | Mar 2022 -30% | Jun 2022 28% | Sep 2022 24% | Dec 2022 25% | Mar 2023 22% | Jun 2023 26% | Sep 2023 19% | Dec 2023 18% | Mar 2024 17% | Jun 2024 18% | Sep 2024 14% | Dec 2024 18% | Mar 2025 18% | Jun 2025 18% | Sep 2025 16% | Dec 2025 19% | Mar 2026 18% ### 20-quarter Margin change history - CCL: Jun 2021 +0.3 pp | Sep 2021 +0.4 pp | Dec 2021 −1.4 pp | Mar 2022 −3.3 pp | Jun 2022 −4.7 pp | Sep 2022 −5.2 pp | Dec 2022 −2.9 pp | Mar 2023 −0.4 pp | Jun 2023 −1.4 pp | Sep 2023 −1.3 pp | Dec 2023 −2.0 pp | Mar 2024 −6.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +4.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 −4.0 pp - VINCOFE: Jun 2021 +10.0 pp | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +18.1 pp | Sep 2022 +27.1 pp | Dec 2022 +11.4 pp | Mar 2023 +52.5 pp | Jun 2023 −2.1 pp | Sep 2023 −4.5 pp | Dec 2023 −7.0 pp | Mar 2024 −5.0 pp | Jun 2024 −8.0 pp | Sep 2024 −5.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp ## Profit Scale & Acceleration What the numbers say: CCL Products (India) Ltd leads with ₹388 crore of TTM profit, 438.9% above Vintage Coffee & Beverages Ltd. Vintage Coffee & Beverages Ltd shows 75.6% growth from a ₹72 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: CCL Products (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: CCL Products (India) Ltd · ₹388 crore | 438.9% versus #2 · Vintage Coffee & Beverages Ltd | 7/8 recent comparable periods | 2/2 companies · 40 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. CCL Products (India) Ltd (CCL): ₹388 Cr 2. Vintage Coffee & Beverages Ltd (VINCOFE): ₹72 Cr ### Profit growth — fastest growers 1. Vintage Coffee & Beverages Ltd (VINCOFE): 76% 2. CCL Products (India) Ltd (CCL): 25% ### 20-quarter Net profit history - CCL: Jun 2021 ₹44 Cr | Sep 2021 ₹49 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹73 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹101 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹115 Cr - VINCOFE: Jun 2021 ₹0 Cr | Sep 2021 ₹-2 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹21 Cr ### 20-quarter Profit growth history - CCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 18% | Dec 2022 26% | Mar 2023 60% | Jun 2023 15% | Sep 2023 5.2% | Dec 2023 -14% | Mar 2024 -24% | Jun 2024 16% | Sep 2024 21% | Dec 2024 0.0% | Mar 2025 57% | Jun 2025 1.4% | Sep 2025 36% | Dec 2025 59% | Mar 2026 13% - VINCOFE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 100% | Dec 2023 300% | Mar 2024 300% | Jun 2024 150% | Sep 2024 300% | Dec 2024 200% | Mar 2025 300% | Jun 2025 180% | Sep 2025 125% | Dec 2025 58% | Mar 2026 31% ## Capacity Spending & Returns On It What the numbers say: There is not enough comparable evidence to name a reliable capex leader. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: No comparable leader | Not enough peers | Not enough history | 0/2 companies · 0 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders ### CAPEX intensity — highest reinvestment intensity ### 20-quarter CAPEX history ### 20-quarter CAPEX intensity history ## Debt Load & Balance-Sheet Headroom What the numbers say: Vintage Coffee & Beverages Ltd has the clearest covered balance-sheet capacity with ₹38 crore and gross debt of ₹124 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Vintage Coffee & Beverages Ltd · ₹124 crore | 90.6% versus #2 · CCL Products (India) Ltd | 2/8 recent comparable periods | 2/2 companies · 40 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Vintage Coffee & Beverages Ltd (VINCOFE): ₹124 Cr 2. CCL Products (India) Ltd (CCL): ₹1.3K Cr ### Net debt — lowest net debt 1. Vintage Coffee & Beverages Ltd (VINCOFE): ₹38 Cr 2. CCL Products (India) Ltd (CCL): ₹1.1K Cr ### 20-quarter Gross debt history - CCL: Jun 2021 ₹590 Cr | Sep 2021 ₹484 Cr | Dec 2021 ₹484 Cr | Mar 2022 ₹655 Cr | Jun 2022 ₹561 Cr | Sep 2022 ₹810 Cr | Dec 2022 ₹810 Cr | Mar 2023 ₹920 Cr | Jun 2023 ₹920 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.3K Cr - VINCOFE: Jun 2021 ₹0 Cr | Sep 2021 ₹104 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹110 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹104 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹82 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹124 Cr ### 20-quarter Net debt history - CCL: Jun 2021 ₹470 Cr | Sep 2021 ₹427 Cr | Dec 2021 ₹427 Cr | Mar 2022 ₹602 Cr | Jun 2022 ₹505 Cr | Sep 2022 ₹741 Cr | Dec 2022 ₹741 Cr | Mar 2023 ₹837 Cr | Jun 2023 ₹837 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.1K Cr - VINCOFE: Jun 2021 ₹0 Cr | Sep 2021 ₹101 Cr | Dec 2021 ₹101 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹101 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹-63 Cr | Dec 2025 ₹-63 Cr | Mar 2026 ₹38 Cr ## Return On Capital Employed What the numbers say: Vintage Coffee & Beverages Ltd leads ROCE at 18.2%, 2.4 percentage points above CCL Products (India) Ltd. CCL Products (India) Ltd has the strongest latest improvement at +3.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Vintage Coffee & Beverages Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Vintage Coffee & Beverages Ltd · 18.2% | 15.2% versus #2 · CCL Products (India) Ltd | 8/8 recent comparable periods | 2/2 companies · 30 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Vintage Coffee & Beverages Ltd (VINCOFE): 18% 2. CCL Products (India) Ltd (CCL): 16% ### ROCE change — fastest improvers 1. CCL Products (India) Ltd (CCL): +3.8 pp 2. Vintage Coffee & Beverages Ltd (VINCOFE): +1.1 pp ### 20-quarter ROCE history - CCL: Jun 2021 — | Sep 2021 18% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 18% | Dec 2023 21% | Mar 2024 15% | Jun 2024 19% | Sep 2024 15% | Dec 2024 19% | Mar 2025 17% | Jun 2025 20% | Sep 2025 18% | Dec 2025 22% | Mar 2026 21% - VINCOFE: Jun 2021 — | Sep 2021 -1.1% | Dec 2021 — | Mar 2022 -3.9% | Jun 2022 — | Sep 2022 -1.0% | Dec 2022 — | Mar 2023 5.7% | Jun 2023 — | Sep 2023 6.2% | Dec 2023 7.9% | Mar 2024 8.2% | Jun 2024 11% | Sep 2024 7.4% | Dec 2024 13% | Mar 2025 13% | Jun 2025 20% | Sep 2025 12% | Dec 2025 18% | Mar 2026 14% ### 20-quarter ROCE change history - CCL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 — | Mar 2023 −0.3 pp | Jun 2023 — | Sep 2023 −1.0 pp | Dec 2023 — | Mar 2024 −3.6 pp | Jun 2024 — | Sep 2024 −2.9 pp | Dec 2024 −2.6 pp | Mar 2025 +2.1 pp | Jun 2025 +1.1 pp | Sep 2025 +3.1 pp | Dec 2025 +2.9 pp | Mar 2026 +3.8 pp - VINCOFE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 — | Mar 2023 +9.6 pp | Jun 2023 — | Sep 2023 +7.2 pp | Dec 2023 — | Mar 2024 +2.5 pp | Jun 2024 — | Sep 2024 +1.2 pp | Dec 2024 +4.9 pp | Mar 2025 +4.9 pp | Jun 2025 +9.7 pp | Sep 2025 +4.3 pp | Dec 2025 +5.5 pp | Mar 2026 +1.1 pp ## Valuation Against Growth & Quality What the numbers say: CCL Products (India) Ltd has the lowest comparable Guarded PEG at 1.01×, 7.3% below Vintage Coffee & Beverages Ltd. Only 2 of 2 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: CCL Products (India) Ltd · 1.01× | 7.3% versus #2 · Vintage Coffee & Beverages Ltd | 0/8 recent comparable periods | 2/2 companies · 15 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. CCL Products (India) Ltd (CCL): 1.0 2. Vintage Coffee & Beverages Ltd (VINCOFE): 1.1 ### P/E — lowest P/E 1. Vintage Coffee & Beverages Ltd (VINCOFE): 31.5 2. CCL Products (India) Ltd (CCL): 40.7 ### 20-quarter Guarded PEG history - CCL: Jun 2021 1.8 | Sep 2021 — | Dec 2021 3.7 | Mar 2022 1.8 | Jun 2022 1.2 | Sep 2022 2.3 | Dec 2022 1.3 | Mar 2023 1.8 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 2.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.5 | Sep 2025 2.0 | Dec 2025 1.6 | Mar 2026 1.0 - VINCOFE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.1 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — ### 20-quarter P/E history - CCL: Jun 2021 25.0 | Sep 2021 27.8 | Dec 2021 30.1 | Mar 2022 26.7 | Jun 2022 23.3 | Sep 2022 31.4 | Dec 2022 31.8 | Mar 2023 32.0 | Jun 2023 32.9 | Sep 2023 31.0 | Dec 2023 30.6 | Mar 2024 28.9 | Jun 2024 31.5 | Sep 2024 35.7 | Dec 2024 35.7 | Mar 2025 27.1 | Jun 2025 36.6 | Sep 2025 38.1 | Dec 2025 37.2 | Mar 2026 37.6 - VINCOFE: Jun 2021 197.9 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -46.4 | Sep 2022 -79.2 | Dec 2022 -70.3 | Mar 2023 49.7 | Jun 2023 51.8 | Sep 2023 54.8 | Dec 2023 73.7 | Mar 2024 63.3 | Jun 2024 59.1 | Sep 2024 92.6 | Dec 2024 66.5 | Mar 2025 40.5 | Jun 2025 38.2 | Sep 2025 37.5 | Dec 2025 33.6 | Mar 2026 27.1 ## Enterprise Value & Book Value What the numbers say: Vintage Coffee & Beverages Ltd leads both ev/ebitda at 19.9× and p/bv at 3.99×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Vintage Coffee & Beverages Ltd · 19.9× | 7.9% versus #2 · CCL Products (India) Ltd | 0/8 recent comparable periods | 2/2 companies · 36 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Vintage Coffee & Beverages Ltd (VINCOFE): 19.9 2. CCL Products (India) Ltd (CCL): 21.6 ### P/BV — lowest P/BV 1. Vintage Coffee & Beverages Ltd (VINCOFE): 4.0 2. CCL Products (India) Ltd (CCL): 6.7 ### 20-quarter EV/EBITDA history - CCL: Jun 2021 16.6 | Sep 2021 18.2 | Dec 2021 19.5 | Mar 2022 17.2 | Jun 2022 15.5 | Sep 2022 21.1 | Dec 2022 21.2 | Mar 2023 21.7 | Jun 2023 23.4 | Sep 2023 22.4 | Dec 2023 22.0 | Mar 2024 19.8 | Jun 2024 19.3 | Sep 2024 22.6 | Dec 2024 23.1 | Mar 2025 17.8 | Jun 2025 22.7 | Sep 2025 22.9 | Dec 2025 21.2 | Mar 2026 21.6 - VINCOFE: Jun 2021 — | Sep 2021 — | Dec 2021 18,195.6 | Mar 2022 — | Jun 2022 — | Sep 2022 318.1 | Dec 2022 148.5 | Mar 2023 52.2 | Jun 2023 19.5 | Sep 2023 21.3 | Dec 2023 29.2 | Mar 2024 29.7 | Jun 2024 35.7 | Sep 2024 57.0 | Dec 2024 43.8 | Mar 2025 29.8 | Jun 2025 29.9 | Sep 2025 32.7 | Dec 2025 27.2 | Mar 2026 19.9 ### 20-quarter P/BV history - CCL: Jun 2021 4.9 | Sep 2021 4.8 | Dec 2021 4.9 | Mar 2022 4.6 | Jun 2022 4.4 | Sep 2022 5.0 | Dec 2022 5.2 | Mar 2023 6.0 | Jun 2023 7.1 | Sep 2023 5.7 | Dec 2023 5.4 | Mar 2024 4.9 | Jun 2024 5.2 | Sep 2024 5.6 | Dec 2024 5.4 | Mar 2025 4.1 | Jun 2025 6.8 | Sep 2025 6.0 | Dec 2025 6.0 | Mar 2026 6.8 - VINCOFE: Jun 2021 6.3 | Sep 2021 5.5 | Dec 2021 6.9 | Mar 2022 7.4 | Jun 2022 5.9 | Sep 2022 7.4 | Dec 2022 4.4 | Mar 2023 2.3 | Jun 2023 1.9 | Sep 2023 2.6 | Dec 2023 3.3 | Mar 2024 3.8 | Jun 2024 4.9 | Sep 2024 7.9 | Dec 2024 5.2 | Mar 2025 4.4 | Jun 2025 6.9 | Sep 2025 6.2 | Dec 2025 4.2 | Mar 2026 3.7 ## Market action CCL Products (India) Ltd has the strongest one-year price move in FMCG - Coffee at +35.8%. It also leads on Mansfield relative strength against NIFTY at +18.6%. 2 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24. ### Strongest one-year price performers 1. CCL Products (India) Ltd (CCL): 36% 2. Vintage Coffee & Beverages Ltd (VINCOFE): 10% ### Strongest relative strength versus NIFTY 500 1. CCL Products (India) Ltd (CCL): 19% 2. Vintage Coffee & Beverages Ltd (VINCOFE): 6.1% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Thin comparisons: Capital expenditure have fewer than three usable current readings. ## Every company - CCL Products (India) Ltd (CCL) — market value ₹15.8K Cr; latest fundamentals Mar 2026 - Vintage Coffee & Beverages Ltd (VINCOFE) — market value ₹2.3K Cr; latest fundamentals Mar 2026 ## Source standing of each company Cross-checked: 2. Unverified: 0. Withheld: 0. Graded companies: 2. Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld. ## Methodology and freshness Fundamentals through Mar 2026; prices through 2026-07-24. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### What is the Nifty FMCG - Coffee index? The Nifty FMCG - Coffee index tracks India's listed FMCG - Coffee companies as a single basket. This page follows the same 2 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Coffee sector rather than to its largest constituent. Figures are as of Mar 2026. ### Which are the best FMCG - Coffee stocks in India? Ranked by this page's four-factor score, Vintage Coffee & Beverages Ltd places first among 2 listed FMCG - Coffee companies, followed by CCL Products (India) Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many FMCG - Coffee stocks are listed in India? This comparison covers 2 listed FMCG - Coffee companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026. ### Which FMCG - Coffee company is the biggest? CCL Products (India) Ltd is the largest, with trailing-twelve-month revenue of ₹4,458 crore, ahead of Vintage Coffee & Beverages Ltd at ₹554 crore. That covers 2 of 2 companies with comparable reporting through Mar 2026. ### Which FMCG - Coffee company is growing fastest? Vintage Coffee & Beverages Ltd has the fastest revenue growth at 79.3% year on year, across 2 of 2 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which FMCG - Coffee company has the best profit margins? Vintage Coffee & Beverages Ltd has the highest operating margin at 18%, from 2 of 2 comparable companies. Vintage Coffee & Beverages Ltd shows the biggest recent improvement, at 0 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which FMCG - Coffee company makes the most profit? CCL Products (India) Ltd earns the most, at ₹388 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. Vintage Coffee & Beverages Ltd has the fastest profit growth at 75.6%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which FMCG - Coffee company earns the highest return on capital? Vintage Coffee & Beverages Ltd leads on return on capital employed at 18.2%, across 2 of 2 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which FMCG - Coffee stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — CCL Products (India) Ltd screens cheapest at 1.01×. Only 2 of 2 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which FMCG - Coffee company has the strongest balance sheet? Vintage Coffee & Beverages Ltd carries the lowest comparable gross debt at ₹124 crore, from 2 of 2 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Is the FMCG - Coffee sector beating the market? FMCG - Coffee has outperformed NIFTY 500 by 22.7% over the last 52 weeks and 13.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which FMCG - Coffee stock has the strongest price momentum? CCL Products (India) Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which FMCG - Coffee company scores highest for research priority? Vintage Coffee & Beverages Ltd scores 66.8 out of 100 with 91% evidence confidence, from 25.6 points on growth and earnings, 17.6 on capital efficiency, 15.6 on valuation and 8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many FMCG - Coffee companies does this comparison cover, and over what period? It compares 2 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the FMCG - Coffee sector? The 2 FMCG - Coffee companies on this page carry ₹18,079 crore of combined market value. CCL Products (India) Ltd is the largest at ₹15,804 crore, about 87% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29. ### How is the FMCG - Coffee sector performing? 2 of the 2 covered FMCG - Coffee companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 22.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/fmcg-coffee