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CCL Products Margin Trend — Quarter by Quarter

CCL Products's EBITDA margin moved from 17.6% in Q2 FY26 to 15.8% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2615.8%-420 bps
Q3 FY2617.8%+110 bps
Q2 FY2617.6%-100 bps

What management said about ebitda margin

G

Q4 FY26 · Volume growth of ~15% in FY27

Management guided for volume growth of around 15% for the next financial year, with EBITDA growth expected to be in the same range.

G

Q4 FY26 · EBITDA growth of ~15% in FY27

EBITDA is expected to grow in line with volume growth at approximately 15%, as efficiencies and product mix benefits are already in the base.

G

Q3 FY26 · FY26 EBITDA growth guidance revised to ~25%

Management revised the earlier 15-20% EBITDA growth guidance to approximately 25% for FY26, driven by strong volume growth and margin expansion.

G

Q2 FY26 · EBITDA growth of 15-20% for FY26, likely at higher end

Management expects full-year EBITDA growth to land at the upper end of the 15-20% guidance range, driven by volume growth and operational efficiencies.

G

Q1 FY26 · EBITDA growth guidance of 15-20% for FY26

Management reiterated 15-20% EBITDA growth for the full year, in line with volume growth.