CCL Products Q2 FY27 results: net profit up 29.0% to ₹130.11 crore, revenue up 7.5%

How did CCL Products perform in Q2 FY27?

CCL Products reported consolidated revenue of ₹1,211 crore in Q2 FY27, up 7.5% from ₹1,127 crore in Q2 FY26 and 0.9% from ₹1,200 crore in Q1 FY27. EBITDA was ₹212.09 crore, up 7.6% year on year and 9.6% sequentially, while the margin was 17.5%, unchanged from Q2 FY26 and up 1.4 percentage points from Q1 FY27.

Profit before tax was ₹150.86 crore, against ₹127.09 crore in Q2 FY26 and ₹129.02 crore in Q1 FY27. Net profit was ₹130.11 crore, up 29.0% year on year and 11.3% sequentially, while basic EPS was ₹9.77 compared with ₹7.57 and ₹8.77, respectively. On the standalone basis, revenue was ₹685.05 crore and net profit was ₹43.06 crore.

What changed in CCL Products' costs and profit?

Total expenses were ₹1,065 crore in Q2 FY27, up ₹64.01 crore or 6.4% from Q2 FY26. Cost of materials fell ₹6.64 crore to ₹770.75 crore, employee cost rose ₹3.15 crore to ₹50.43 crore, finance costs fell ₹6.65 crore to ₹25.98 crore, and depreciation rose ₹1.58 crore to ₹40.47 crore.

Other expenses were the largest year-on-year increase among the reported cost lines, rising ₹51.97 crore or 35.9% to ₹196.71 crore. Other income increased ₹3.75 crore or 253.4% to ₹5.23 crore, while tax expense fell ₹5.46 crore or 20.8% to ₹20.77 crore. There was no exceptional item, and the filing did not state reasons for the changes in individual cost lines.

Against Q1 FY27, cost of materials fell ₹43.20 crore and finance costs fell ₹2.69 crore, while other expenses rose ₹20.10 crore. Total expenses declined ₹9.44 crore, other income increased ₹2.09 crore, and tax expense rose ₹8.62 crore, which limited the sequential rise in profit after tax.

How did the first half of FY27 go?

In the first half of FY27, CCL Products reported consolidated revenue of ₹2,411.21 crore, up 10.5% from ₹2,182.36 crore in H1 FY26. Total income was ₹2,419.58 crore, compared with ₹2,186.25 crore, while profit before tax rose 26.5% to ₹279.88 crore.

Net profit for H1 FY27 was ₹246.99 crore, compared with ₹173.31 crore in H1 FY26, an increase of 42.5%. Basic EPS rose to ₹18.54 from ₹13.01, also up 42.5%.

What do the balance sheet and cash flow show?

Total assets were ₹4,481.59 crore at 30 September 2026, compared with ₹4,326.29 crore at 31 March 2026. Total equity rose to ₹2,663.31 crore from ₹2,344.55 crore, while borrowings fell to ₹1,192.2 crore from ₹1,290.75 crore. Cash and cash equivalents increased to ₹449.63 crore from ₹216.52 crore.

Inventories declined to ₹984.71 crore from ₹1,042.12 crore, and trade receivables fell to ₹729.03 crore from ₹816.9 crore. Trade payables were ₹100.25 crore, compared with ₹253.71 crore at the previous balance-sheet date. In H1 FY27, operating cash flow was ₹438.77 crore, compared with ₹603.29 crore in H1 FY26; investing cash flow was negative ₹23.75 crore and financing cash flow was negative ₹215.67 crore, while capital expenditure was ₹25.3 crore.

How has CCL Products done over the last 8 quarters?

Revenue increased in each of the last eight quarters on a year-on-year basis. It reached its highest level in Q2 FY27 at ₹1,210.76 crore and its lowest level in Q3 FY25 at ₹758.41 crore, with the latest quarter showing continued growth from Q1 FY27.

Net profit reached ₹130.11 crore in Q2 FY27, the highest level in the reported series, compared with ₹63.04 crore in Q3 FY25, the lowest. EBITDA margin was 17.5% in Q2 FY27, equal to Q2 FY26, above Q1 FY27's 16.1% and below the 19.5% peak in Q4 FY25.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, following review by the Audit Committee and limited review by the statutory auditors. The board also accepted Sridevi Dasari's resignation as Company Secretary and Compliance Officer with effect from the closing business hours of 14 November 2026.

The company appointed Kallepally Bharath Kumar as Company Secretary and Compliance Officer effective 15 November 2026, based on the recommendation of the Nomination and Remuneration Committee. Sridevi Dasari said she was resigning for personal reasons and confirmed that there were no other material reasons. The same-day filings did not disclose any dividend, fund raise or other appointment.

What did CCL Products' management say?

CEO Praveen Jaipuriar said the company expected to end FY27 according to its starting-year guidance of around 15% volume growth and similar EBITDA growth. Management said gross debt was INR1,192 crore and net debt was INR742 crore at 30 September 2026, tracking the INR1,000-1,200 crore gross-debt band.

The CEO said FDC expansion would require underwriting before the company proceeded because the plants needed to run continuously. Management identified El Nino, floods in Southeast Asia, daily coffee-price movements of USD50-100, FDC capacity constraints and higher freight and fuel costs as risks; it said CIF pricing pass-through partly offset higher freight and fuel costs.

How did CCL Products shares react?

CCL Products' shares fell 1.4% within 5 minutes, 2.6% within 15 minutes and 3.7% within 30 minutes after the results appeared after market hours. By the close of the first session that could trade on the filing, the stock was down 7.5% from its pre-results close of ₹1,091.5.

By the next day's close, the stock was down 10.1% from the pre-results close, while the Tea & Coffee industry's median move was negative 0.7%. After five sessions, CCL Products was down 17.8%, compared with a median decline of 5.5% for the industry, leaving the stock 12.3 percentage points behind the sector median.

Earlier results-day reactions were mixed: the shares rose 9.3% on 5 November 2025 and 6.9% on 5 November 2024, but fell 6.7% on 7 May 2026, 5.2% on 5 August 2025 and 4.1% on 5 February 2025. The shares also rose 16.0% on 5 May 2025 and 1.5% on 27 July 2026.