CCL PRODUCTS (I) LTD

Manufactures instant coffee — both spray-dried and freeze-dried grades — selling bulk product to global coffee brand owners under long-term contracts while running a smaller branded retail business in India and the UK. FY26 turnover reached ₹4,466 crore, with the bulk/B2B instant coffee business accounting for the large majority of revenue and volume growth of 18-20% for the year. The Indian branded business is built around the Continental brand at ₹440 crore, ranked #3 nationally and #2 on select retail platforms, while UK brand Percol is currently at ₹25-30 crore and is targeted to reach ₹100 crore in 2-3 years. Online and D2C channels now contribute ~20-25% of branded sales, quick commerce is at a ₹100 crore run-rate, and the small-pack mix has risen to ~20% of branded volumes from ~15% earlier. Plant capacity utilisation averaged ~65% in FY26 (~70% in Q4), with freeze-dried utilisation running ahead of that average; management guides to 72-73% utilisation in FY27 and 80-85% in FY28 without major capex. Green coffee is the dominant input at 65.9% of revenue, and the balance sheet was strengthened in FY26 with net debt reduced by over ₹750 crore to ₹1,073 crore, taking Net Debt/EBITDA from 3.1 to 1.45.