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CCL Products (India) Limited
(CCL)
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Rating:68Neutral
Price Target:
₹985.00
▲(5.94% Upside)
Action:Reiterated
Date:10/16/26
The score is primarily driven by strong financial performance (revenue growth, healthy profitability, improved leverage) but tempered by historically volatile cash conversion. Technical signals are mixed (negative MACD and high stochastic despite support above key moving averages), while valuation is a headwind given the high P/E and low yield. Earnings-call commentary supports the outlook via reaffirmed growth guidance and a robust order book, partially offset by input-cost volatility and capacity/expense pressures.
Positive Factors
Strong revenue and profit growth
CCL has substantially scaled revenue while retaining solid profitability, demonstrating meaningful demand for its coffee products and operating capability. Continued growth at this base can support reinvestment, strengthen customer relationships, and build earnings power over the next several quarters.
Negative Factors
Historically volatile cash conversion
The sharp variation in free cash flow shows that reported earnings do not always translate consistently into cash. Working-capital and capital-spending swings could therefore constrain internally funded expansion, increase financing needs, and make financial performance less predictable over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and profit growth
CCL has substantially scaled revenue while retaining solid profitability, demonstrating meaningful demand for its coffee products and operating capability. Continued growth at this base can support reinvestment, strengthen customer relationships, and build earnings power over the next several quarters.
Read all positive factors
CCL Products (India) Limited (CCL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹126.34B
Dividend Yield0.61%
Average Volume (3M)8.29K
Price to Earnings (P/E)27.2
Beta (1Y)0.32
Revenue Growth24.08%
EPS Growth36.81%
CountryIN
Employees999
SectorGeneral
Sector StrengthN/A
IndustryPackaged Foods
Share Statistics
EPS (TTM)34.70
Shares Outstanding133,527,920
10 Day Avg. Volume14,110
30 Day Avg. Volume8,295
Financial Highlights & Ratios
PEG Ratio1.43
Price to Book (P/B)5.91
Price to Sales (P/S)3.11
P/FCF Ratio17.58
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)37.79
Revenue Forecast (FY)₹48.88B
CCL Products (India) Limited Business Overview & Revenue Model
Company Description
CCL Products (India) Limited, an Indian firm, specializes in the production, distribution, and sale of instant coffee and various coffee-related products within India. Its extensive product line includes spray-dried, agglomerated, and freeze-dried...
How the Company Makes Money
CCL makes money mainly by manufacturing and selling coffee products—most prominently instant coffee—to other businesses rather than primarily through a direct-to-consumer retail model. Its core revenue stream comes from B2B/private-label contracts...
CCL Products (India) Limited Earnings Call Summary
Earnings Call Date:Oct 15, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Feb 14, 2027
Earnings Call Sentiment Positive
The call was broadly positive, supported by strong Q2 and H1 revenue and profit growth, 25% growth in the domestic branded business, a robust Q3-Q4 order book, reaffirmed full-year guidance, improving customer traction, and a comfortable balance sheet. The main challenges were coffee-price volatility, higher other expenses, Q2 EBITDA growth slightly below volume growth, upcoming freeze-dried capacity needs, and near-term losses in the Percol business. Management nevertheless maintained its growth and profitability outlook.Positive Updates
Strong Q2 FY2027 Financial Performance
Q2 turnover increased to INR 1,215.99 crores from INR 1,128.21 crores, representing 7.8% value growth backed by double-digit volume growth. EBITDA rose 9.5% to INR 217.3 crores, profit before tax increased 18.7% to INR 150.86 crores, and net profit grew almost 29% to INR 130 crores.
Negative Updates
Value Growth Trailed Volume Growth
Q2 value growth was 7.8%, below the double-digit volume growth, because green coffee prices had come down.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Q2 FY2027 Financial Performance
Q2 turnover increased to INR 1,215.99 crores from INR 1,128.21 crores, representing 7.8% value growth backed by double-digit volume growth. EBITDA rose 9.5% to INR 217.3 crores, profit before tax increased 18.7% to INR 150.86 crores, and net profit grew almost 29% to INR 130 crores.
Read all positive updates
Company Guidance
Management expects to end FY2027 as per guidance of around 15% volume growth and a similar EBITDA growth as well, with volume growth in the range of 10%-15%, EBITDA growth around 10% for Q2, and “15% and 15% type of growth” for the year; domestic branded business growth is 25%, with full-year branded sales guidance of INR 550 crores-INR 600 crores, while Percol is expected at INR 25 crores-INR 30 crores with a INR 1 crore or INR 2 crores annualized loss, and international branded business at around INR 30 crores. Gross debt guidance remains between INR 1,000 crores-INR 1,200 crores and net debt around INR 800 crores. Overall capacity utilization is closer to 70-odd%, with freeze-dried utilization potentially very close to full utilization in a year or year and a half; capacity expansion is generally initiated at 80%, 85%, or 88%, with a likely addition of 6,000 tons, a 9-12 months project lead time, and CapEx around INR 500-odd crores, while at least 30%-50% of FDC capacity needs to be underwritten.CCL Products (India) Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 46.86B | 44.57B | 31.06B | 26.54B | 20.71B | 14.62B |
| Gross Profit | 15.19B | 12.09B | 11.34B | 9.44B | 8.41B | 6.47B |
| EBITDA | 7.87B | 7.41B | 5.59B | 4.49B | 4.00B | 3.32B |
| Net Income | 4.62B | 3.88B | 3.10B | 2.50B | 2.84B | 2.04B |
Balance Sheet | ||||||
| Total Assets | 44.82B | 43.26B | 42.41B | 35.36B | 25.97B | 20.70B |
| Cash, Cash Equivalents and Short-Term Investments | 4.51B | 2.19B | 969.43M | 1.70B | 825.99M | 527.81M |
| Total Debt | 12.26B | 13.24B | 18.15B | 16.22B | 9.20B | 6.55B |
| Total Liabilities | 18.18B | 19.82B | 22.74B | 18.62B | 11.15B | 8.19B |
| Stockholders Equity | 26.63B | 23.45B | 19.67B | 16.74B | 14.82B | 12.51B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 7.88B | -1.28B | -4.58B | -1.34B | -891.91M |
| Operating Cash Flow | 0.00 | 8.58B | 2.90B | 553.78M | 1.98B | 1.01B |
| Investing Cash Flow | 0.00 | -696.19M | -4.16B | -5.14B | -3.32B | -1.92B |
| Financing Cash Flow | 0.00 | -7.57B | 530.02M | 5.59B | 1.64B | 87.05M |
CCL Products (India) Limited Technical Analysis
Negative
929.75
Price Trends
1051.44
Negative
1107.33
Negative
1074.96
Negative
Market Momentum
-38.84
Positive
37.15
Neutral
22.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CCL, the sentiment is Negative. The current price of 929.75 is below the 20-day moving average (MA) of 1006.20, below the 50-day MA of 1051.44, and below the 200-day MA of 1074.96, indicating a bearish trend. The MACD of -38.84 indicates Positive momentum. The RSI at 37.15 is Neutral, neither overbought nor oversold. The STOCH value of 22.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:CCL.
CCL Products (India) Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ₹1.13T | 43.06 | ― | 1.93% | 6.63% | 18.70% | |
68 Neutral | ₹126.34B | 27.20 | ― | 0.61% | 24.08% | 36.81% | |
64 Neutral | ₹2.29T | 56.20 | ― | 1.00% | 21.68% | 38.17% | |
64 Neutral | ₹1.01T | 59.43 | ― | 0.98% | 14.68% | 24.77% | |
63 Neutral | ₹115.58B | 44.62 | ― | 0.27% | 13.81% | 27.77% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹412.36B | 20.91 | ― | 1.71% | 19.32% | 61.42% |
* General Sector Average
IN:CCL
CCL Products (India) Limited
946.15
94.92
11.15%
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CCL Products (India) Limited Corporate Events
CCL Products files SEBI demat compliance certificate for Q2 FY2026
Oct 9, 2026
CCL Products (India) Limited has submitted a compliance certificate to the National Stock Exchange and BSE for the quarter ended 30 September 2026 under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The registrar ...
CCL Products Sets September 8, 2026 Virtual AGM, Publishes FY26 Annual Report Online
Aug 17, 2026
CCL Products (India) Limited has scheduled its 65th Annual General Meeting for 10:00 a.m. IST on September 8, 2026, to be conducted via video conferencing and other audio-visual means. The meeting will enable shareholders to review and engage on t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.