NSE: CCL · BSE: 519600
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bulk instant coffee (B2B), Domestic branded — Continental, International branded — Percol UK, D2C / online branded. Asset-heavy instant coffee manufacturing with a growing branded retail overlay in India and the UK.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,462 | 2,071 | 2,654 | 3,106 | 4,457 |
| EBITDA (ex other income) | 331 | 400 | 445 | 555 | 733 |
| margin % | 22.6 | 19.3 | 16.8 | 17.9 | 16.4 |
| Owners' profit | 204 | 0 | 250 | 310 | 388 |
| EPS, as reported (₹) | 15.36 | 20.21 | 18.80 | 23.31 | 29.15 |
| ROE % · ROCE % | 16.3 · 19.3 | 18.1 · 19.3 | 14.9 · 15.7 | 15.8 · 17.9 | 16.6 · 20.8 |
| Debt / equity (x) | 0.45 | 0.62 | 0.97 | 0.92 | 0.55 |
| Cash from operations | 101 | 198 | 55 | 290 | 858 |
| Capex | (190) | (332) | (513) | (418) | (70) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 738 | 758 | 836 | 1,056 | 1,127 | 1,051 | 1,224 | 1,200 |
| Profit before tax | 87 | 72 | 106 | 94 | 127 | 116 | 123 | 129 |
| Net profit | 74 | 63 | 102 | 72 | 101 | 100 | 115 | 117 |
| EPS (₹) | 5.55 | 4.73 | 7.65 | 5.45 | 7.57 | 7.53 | 8.60 | 8.77 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSUMER PRODUCT LTD | 98,980 | 60.5 | 4.27 | 33.4 | 6.7 | 7.8 | 11.8 | 14.9 |
| CCL PRODUCTS (I) LTD ◆ | 12,529 | 28.9 | 5.34 | 18.4 | 16.6 | 16.2 | 29.1 | 16.4 |
| VINTAGE COFFEE N BVRGS L | 2,229 | 28.3 | 3.92 | 21.1 | 12.7 | 14.0 | — | 20.6 |
| ANDREW YULE & CO. LTD. | 1,109 | — | 3.41 | — | (5.9) | (9.5) | (2.2) | (44.3) |
| GOODRICKE GROUP LTD. | 457 | 17.9 | 1.51 | — | 8.4 | 5.0 | — | (22.7) |
| JAYSHREE TEA & INDUSTRIES | 233 | — | 0.59 | 20.3 | (6.3) | (5.1) | 3.0 | 4.9 |
| THE P K TEA PROD CO LTD | 206 | 38.1 | 1.08 | 17.7 | 2.8 | 3.2 | — | 50.0 |
| UNITED NILGIRI TEA LTD | 202 | 10.0 | 0.84 | — | 9.1 | 10.4 | — | 43.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.9 | 14.7 | 14 of 18 | 24% |
| P/B | 5.3 | 0.6 | 26 of 27 | 4% |
| ROCE | 16.2 | 3.0 | 2 of 26 | 96% |
| ROE | 16.6 | 2.3 | 2 of 27 | 96% |
| Debt / Equity | 0.6 | 0.2 | 20 of 26 | 24% |
| EBITDA margin | 16.4 | 11.9 | 11 of 26 | 60% |
| Revenue growth | 13.7 | 1.6 | 8 of 25 | 71% |
| Profit growth | 61.3 | 18.5 | 7 of 27 | 77% |
| Market cap | 12529 | 112 | 2 of 27 | 96% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Q2 FY27 Earnings Call Transcript Filed | investor communications | medium | — | — |
| 16 Oct 2026 · Audio recording of Q2 FY26-27 results call uploaded | investor communications | low | — | — |
| 16 Oct 2026 · CCL Products: Company Secretary resigns, successor appointed | management changes | medium | — | — |
| 16 Oct 2026 · CCL Products Company Secretary resigns; successor appointed | management changes | medium | — | — |
| 15 Oct 2026 · CCL Products appoints new Company Secretary, predecessor quits | management changes | medium | — | — |
| 15 Oct 2026 · Company Secretary resigns, successor named effective Nov 15 | management changes | medium | — | — |
| 15 Oct 2026 · CCL Products Q2 FY27 results - revenue up 22.5%, consol PAT up 29% | results | high | — | — |
| 15 Oct 2026 · Q2 FY27 results: consolidated PAT up 29 percent, standalone dips on base effect | results | high | — | — |
| 12 Oct 2026 · CCL Products Q2FY27 results call scheduled for 16 Oct 2026 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Routine quarterly dematerialisation compliance certificate filing | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.