CCL
Large CapCCL Products (India) Limited
Consumer
CCL Products (India) Limited manufactures and sells instant coffee globally, operating in both B2B (private label) and B2C (branded) segments. Its key brands include Continental Coffee in India and Percol internationally. The company focuses on volume growth, premiumization, and expanding its branded presence.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +46% YoY · PAT +13% YoY · +16% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,224 Cr | +46.4% | +16.5% |
| EBITDA | ₹192 Cr | +17.8% | +3.8% |
| Operating margin | 16.0% | -400 bps | -200 bps |
| PAT | ₹115 Cr | +12.8% | +15.0% |
| PAT margin | 9.4% | -280 bps | -11 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 turnover grew 46% YoY to INR1,226.39 crores, with EBITDA up 16% to INR193.76 crores and Net Profit up 12% to INR114.53 crores. Full year FY26 turnover increased 43% to INR4,465.80 crores, EBITDA rose 32% to INR741.38 crores, and Net Profit grew 25% to INR388.11 crores.
CCL delivered strong top-line and EBITDA growth for FY26, driven by volume expansion and coffee price increases. Management guides for continued 15% volume and EBITDA growth for FY27. The balance sheet has significantly strengthened with substantial debt reduction. Focus on domestic branded business and international B2C expansion remains key, though margin expansion in branded business is being reinvested.
Domestic Branded Business
Continental Coffee is a well-established number 3 player, aiming to strengthen position and drive 25% volume growth in coming years.
D2C/Online Channel Expansion
Doing extremely well, contributing 20%-25% of domestic sales with strong market share on most platforms.
Premiumization (Freeze-Dried Coffee)
Consumers are upgrading to better coffee, and the company is well-equipped with capacity to cater to this demand.
International B2C Expansion
Percol brand in the U.K. is approximately INR25-30 crores, actively looking to expand this brand into other geographies like the U.S. and Vietnam.
Current Capacity Sufficiency
Capacities are good for growth aspirations for the next 2 years. Annual utilization is around 65%.
Future Capacity Strategy
No planned big capex for the next 2 years, only maintenance capex of INR25-35 crores. Evaluating strategic tie-ups, underwriting, or brownfield expansion for future needs.
Stable Green Coffee Prices
Green coffee prices remain stable and are believed to soften further in coming months with positive news of good Brazilian crop supplies.
Shift to Long-Term Contracts
With stable coffee prices, there is a movement towards long-term contracts, especially for freeze-dried capacity, providing a long-term picture.
Middle East Crisis
Poses a challenge with some supply disruptions and energy price increases, though the situation has been managed well.
Logistics and Energy Cost Pressures
Certain increases in logistics and energy costs, especially for CIF contracts, are not always fully passed through to customers.
Coffee Price Volatility
While the cost-plus model insulates margins, rising coffee prices can optically inflate top-line growth, making EBITDA as a percentage of top-line appear contracted.
Heightened Competition in Branded Business
Aggressive growth in the branded segment has led to heightened competitive activity, requiring continuous effort to maintain market share.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for overall financial performance due to annual reporting and potential seasonality. QoQ is relevant for understanding sequential trends in metrics like EBITDA per kg and product mix, which management noted can vary quarter-to-quarter.
Volume Growth
Q4 and FY26 volume growth was in the range of 18%-20%. FY27 guidance is around 15%.
EBITDA per kg
Improved on an annual basis for FY26. Q4 was a sequential drop due to proportion of coffee sold, but management aims to maintain it by negating impacts.
Green Coffee Prices
Remain stable as of now. Expected to soften in coming months with positive news of good Brazilian crop supplies.
Domestic Branded Sales
Achieved INR440 crores out of INR650 crores India business. Continental is the number 3 player nationally, and number 2 in some regions/platforms.
FY27 Growth Guidance
Management guides for approximately 15% volume growth and 15% EBITDA growth for FY27.
Balance Sheet Strengthening
Net debt reduced by over INR750 crores to INR1,073 crores as of March 31, 2026, with Debt to Equity at 0.5 and Net Debt to EBITDA at 1.45.
Cash Flow Utilization
Strong operating cash flows will be used to evaluate acquisitions, increase dividend payouts, and further reduce debt, aiming for INR1,100-1,200 crores net debt next year.
Branded Business Investment
Will continue to invest back into the B2C business for the next 3-4 years, maintaining EBITDA levels at around 4%-5% to fund growth and expansion into new regions/categories.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Volume Growth | 18%-20% (FY26) | Sustaining 15% growth as guided for FY27, and capacity utilization reaching 72%-73% in FY27. |
| EBITDA Growth | 32% (FY26) | Achieving 15% EBITDA growth in line with volume guidance for FY27, despite potential product mix shifts. |
| Net Debt to EBITDA | 1.45x | Further reduction in net debt towards the INR1,000-1,200 crores range, indicating efficient cash flow management. |
| Domestic Branded Sales Growth | 25%-30% volume growth | Sustained momentum and successful expansion into new regions (North, West) and categories, while maintaining profitability levels. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +10.0% / mo · near 52W high
Technical chart
CCLweekly · 3Y+66.1%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 64.
- SMA20 rising (~9.1% over last month) — short-term momentum positive.
- RSI(14) at 64 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 47% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 5.0%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 49.3%.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 14/30; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Consumer: 98th pctile, median 67 · Large: 95th pctile, median 74
92 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 40.50
- P/B
- 6.66
- EV/EBITDA
- 19.24
- Market Cap
- 15707.00Cr
Profitability
- ROE
- 18.00%
- ROCE
- 15.80%
- ROA
- 8.97%
- Dividend Y
- 0.43%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 29.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.56
- Interest Coverage
- 5.68×
- Altman Z
- 7.29
- Book Value
- 176.00
Cash Flow
- FCF Yield
- 5.02%
- FCF Positive Y
- 6/5
- OCF
- 858.00 Cr
- EPS TTM
- 29.07
Shareholding
- Promoter Hold
- 46.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.