In , CCL Products (India) Ltd (FMCG - Coffee) is outperforming Nifty 500 with +14.7% relative strength. Fundamentals: Average. On a 10-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: EBITDA per kg: ₹135-140
“We have now improved our EBITDA per kilo. It's now at INR135, INR140 levels, and we'll continue to maintain -- try and continue to maintain at these levels.”
What: Domestic Branded Revenue: ₹430-440 Cr (FY26 target)
“And this year, we are likely to close at around INR430 crores, INR440 crores of only branded sales. And the India sales will be around INR650 crores.”
What: Capacity Utilization: 65-70%
“utilization of 25%, 30% is, in fact, a very, very healthy utilization. And that's what we had planned, and that's what we are completely on target on that.”
What: Net Debt: ₹1,248 Cr
“The gross debt, which used to be around INR2,000 crores a year ago, has come down to INR1,448 crores as at 31st December '25.”
What: UK Brand Growth: 30-40%
“That's progressing quite well in spite of the hugely competitive market... So we should get a 30%, 40% growth in that business as well.”
What: 9M EBITDA growth of 38% vs 15-20% guidance.
“we have now improved our EBITDA per kilo. It's now at INR135, INR140 levels, and we'll continue to maintain -- try and continue to maintain at these levels.”
What: 15% to 20% → Approximately 25%
“the guidance gets revised for this year at approximately 25% or so. So that we are very definite about.”
Earnings deceleration risks from management commentary
Trigger: Supply uncertainties in Vietnam (flooding) and speculative trading.
Management view: Cost-plus model protects margins; focus on volume and EBITDA per kg rather than revenue.
Monitor: commodity
Trigger: High tariff levels in India for certain markets.
Management view: Flexibility to supply from Vietnam facility to bypass U.S. tariffs on Indian goods.
Monitor: geopolitical
Trigger: Company is a net exporter but imports raw materials.
Management view: Natural hedge as both imports and exports are in foreign currency.
Monitor: fx
Key quotes from recent conference calls
“We had given a guidance of EBITDA growth of around 15% to 20%. It looks like we'll end up -- end the year towards the higher end [Previous EBITDA Growth guidance]”
“So the long-term guidance of 10% to 20% volume growth remains intact. We are currently closer to first half around 15%. [Previous Volume Growth guidance]”
“So in next 3, 4 years, 3 years, at least, we'll try and double it. It will all depend on some of our other initiatives. [Initiative: Domestic Distribution Expansion]”
“And almost 50% to 60% of our energy requirements will be suffice to this arrangement. And this would mean that 50%, 60% of our energy requirement will be green energy. [Initiative: Renewable Energy Investment]”
Headline numbers from the latest earnings call
Revenue
₹1,053 Cr
Why: Growth was driven by a combination of 20% volume growth and 18% to 20% value growth due to green coffee pricing.
Revenue growth remains high due to the pass-through of elevated green coffee costs.
EBITDA
₹187.56 Cr
Why: Margin improvement was driven by better capacity utilization of freeze-dried facilities in Vietnam and a favorable product mix.
EBITDA growth outpaced revenue growth, indicating margin expansion from value-added products.
PAT
₹100.26 Cr
Why: Profitability increased due to higher EBITDA and operational efficiencies, despite higher interest and depreciation from new capacities.
PAT growth was exceptionally high on a YoY basis due to the low base and improved mix.
Other Highlights
• Interim dividend of ₹2.75 per share declared for FY25-26.
• Branded sales contributed ₹120 Cr to the domestic business in Q3.
• Net debt reduced to ₹1,248 Cr as of December 31, 2025.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Blended Capacity Utilisation
65-70%
Why: Driven by good volume growth during the quarter.
EBITDA per Kilogram
₹135-140
Why: Improved product mix with more freeze-dried coffee and small packs.
Domestic Branded Sales (9M)
₹330 Cr
Why: Gaining market share in South India and expanding e-commerce reach.
Net Debt
₹1,248 Cr
Why: Better working capital management and operational efficiencies.
Small Pack Capacity
12,000-14,000 MT
Why: High demand for unit price pouches in Africa and India.
Total Group Capacity
77,000 MT
Why: Includes 40,000 MT in India and 37,000 MT in Vietnam.
Direct Retail Outlets
1,40,000
Why: Expansion into non-South markets and deeper penetration in Tamil Nadu.
Average Tax Rate
17%
Why: Derivative of profit mix between India and Vietnam facilities.
Forward-looking targets from management for FY26
OPM Guidance
25%
₹4,000 Cr
EBITDA growth guidance revised upward for the full year.
Maintaining long-term trajectory.
Guidance Changes
EBITDA Growth: 15% to 20% → Approximately 25%
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +46% | +29% | Stable |
| PAT (Net Profit) | +13% | +11% | Stable |
| OPM | 16.0% | -400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
CCL Products (India) Ltd's latest quarterly results (Mar 2026) show
CCL Products (India) Ltd's profit is growing with an stable trend.
CCL Products (India) Ltd's revenue growth trend is stable.
CCL Products (India) Ltd's operating margin is volatile.
CCL Products (India) Ltd's long-term compounding rates
CCL Products (India) Ltd's earnings growth is stable with mixed signals on a sequential basis.
CCL Products (India) Ltd's trailing twelve month (TTM) performance
CCL Products (India) Ltd appears slightly undervalued based on our fair value analysis.
CCL Products (India) Ltd's current PE ratio is 38.6x.
CCL Products (India) Ltd's current PE is 38.6x.
CCL Products (India) Ltd's price-to-book ratio is 6.4x.
CCL Products (India) Ltd is rated Average with a fundamental score of 56.12/100. This score is calculated from objective financial metrics
CCL Products (India) Ltd has a debt-to-equity ratio of N/A.
CCL Products (India) Ltd's return ratios over recent years
CCL Products (India) Ltd's operating cash flow is positive (FY2026).
CCL Products (India) Ltd's current dividend yield is 0.45%.
CCL Products (India) Ltd's shareholding pattern (Mar 2026)
CCL Products (India) Ltd's promoter holding has remained stable recently.
CCL Products (India) Ltd has been outperforming Nifty 500 for 10 consecutive weeks, indicating consistent outperformance.
CCL Products (India) Ltd is an established outperformer with 10 weeks of consecutive Nifty 500 outperformance.
CCL Products (India) Ltd has 7 key growth catalysts identified from recent earnings analysis
CCL Products (India) Ltd has 3 key risks worth monitoring
In Q3 FY26, CCL Products (India) Ltd's management highlighted
CCL Products (India) Ltd's management has provided the following forward guidance for FY26
CCL Products (India) Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why CCL Products (India) Ltd may be worth studying
CCL Products (India) Ltd investment thesis summary:
CCL Products (India) Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
