CCL Products (India) Limited — Q1 FY26
CCL Products reported a strong Q1 FY26 with revenue of ₹1,058 crore (up 37% YoY), crossing the ₹1,000 crore milestone for the first time.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
92%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
How to view volatile EBITDA margins given cost-plus model?
Asked by Akash
Management directly explained the cost-plus model and reiterated guidance to focus on EBITDA growth.
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Question
the huge variations in quarterly margins... what is the good way to see your margins sir because there's a huge volatility quarter on quarter.
Management (unidentified)
the right way is to look at your EBITDA growth numbers... we have given a guidance of 15 to 20% volume growth and EBITDA growth year on year... our EBITDA growth at a consolidated level which is at 23%.
Answered
Medium priority
Will Brazil tariffs divert coffee to India/Vietnam for processing?
Asked by Akash
Management acknowledged the possibility and explained their flexible sourcing advantage.
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Question
with Brazil having 50% tariff... is there any chances of you know those coffees getting diverted to countries like Vietnam and India for processing and therefore we stand at advantage?
Management (unidentified)
there is definitely a possibility... The good thing about us is that both at India and Vietnam, we are placed in such a manner that we can buy coffee from across the world.
Partial answer
Medium priority
Expectation for coffee price correction given supply-demand?
Asked by Aishoy, Noama
Management avoided giving a price forecast, instead discussing the impact on their business model.
no price forecast givenfocused on model resilience
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Question
international coffee has corrected 30% from the peak... what will be your sense if we ignore the tariff related noise and based on the supply demand what will be your expectation you expect more coffee correction?
Management (unidentified)
anyways we work on a costless model. So any lowering of prices... does not affect our margin profile... The good news is when the prices are stable... people are a little non-committal at this point of time.
Answered
High priority
Will depreciation and interest costs stabilize at current levels?
Asked by Aishoy, Noama
Management confirmed peak levels and provided timeline for reduction.
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Question
depreciation 45% y increase 24% quarteronquarter increase... does the number stabilize at this 34 crore number and... interest cost... should that hopefully reduce?
Management (unidentified)
these are peak levels of depreciation... after first quarter of last year we commissioned the both our India unit and Vietnam unit... interest cost... these are peak level... from next quarter end onwards we can start seeing some relief.
Answered
High priority
What are the utilization levels at India and Vietnam SDC capacities?
Asked by Abhishek Nalun, Sentrum Broking
Management provided specific utilization percentages.
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Question
possible to share broadly the utilization levels at both these capacities.
Management (unidentified)
our existing capacity which was there is running at full... new capacity we have started utilizing around 10 to 15% of that capacity. So at an aggregate level you could say 60% of the utilization is there.
Answered
Medium priority
What is the outlook for B2C business in UK?
Asked by Abhishek Nalun, Sentrum Broking
Management gave a specific revenue target for UK B2C.
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Question
you spoke about the B2C part also... possible to also give some color on the per call outlook in UK.
Management (unidentified)
we are looking to double the value from last year... last year... we were doing around... 15 16 crores. We are looking to double that this year.
Answered
High priority
What is the high-cost inventory holding in days?
Asked by Shirish Pradeshi, Motila Lwal
Management clarified inventory is sold, so no high-cost exposure.
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Question
what is the high cost inventory we are holding at this point of time in terms of number of days or in terms of sales.
Management (unidentified)
whatever inventory what we hold is what we have sold already... we would hold two to three months of stocks with us. But all of this is sold stocks.
Answered
Medium priority
Has customer behavior changed regarding order visibility?
Asked by Shirish Pradeshi, Motila Lwal
Management confirmed improved visibility and sentiment.
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Question
is there any behavioral change which has happened sentiment change have happened people are now giving you maybe maybe 90 days inventory visibility.
Management (unidentified)
our long-term clients they give us a visibility... we have a visibility and that is the reason we have expanded our capacity... there is a behavioral shift now people are breathing a sigh of relief.
Answered
High priority
Will branded business reach 400-500 crores by year end?
Asked by Bhagavia Sonavala, Samata Capital
Management confirmed the guidance and noted Q1 already at 400.
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Question
by the year end do you see the branded business around 4 500 crores Is that something that is on on the paper?
Management (unidentified)
you have given as broad guidance that we have been giving 400 to 500. Definitely first quarter itself we have done 400. So definitely we are going to touch 400.
Partial answer
High priority
What was the volume growth for Q1?
Asked by Deepak, Sundaran Mutual fund
Management gave only 'double digit' without specifics, citing competitive sensitivity.
no exact number givenbroad range only
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Question
could you please highlight what was our volume growth for Q1
Management (unidentified)
it was almost double digit... double digit volume was leading to around 23%.
Answered
Medium priority
Is the domestic branded business EBITDA positive?
Asked by Deepak, Sundaran Mutual fund
Management confirmed profitability and gave margin range.
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Question
in this domestic business which we clocked around 150 cr are we beta positive in that business or we are still to break even?
Management (unidentified)
last to last year itself we broke even last year we were positive and this year also we'll be in fact more positive... last year was around 4 to 5%... this year will be again between 5 to 10.
Answered
Medium priority
How do Brazil tariffs affect competition in China/Middle East?
Asked by Vign Ayar, Sequent Investments
Management directly addressed competitive impact.
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Question
how does this new setup competition that we foresee due to this tariff situation.
Management (unidentified)
I don't see Brazil having advantage in Asia... if this tariff was to continue for Brazil I think it will give us an advantage in US.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Domestic branded business revenue 150 crore in Q1 | ₹150 cr | ₹1,058 cr | Understated vs filing |
| Branded business Q1 revenue 400 crore | ₹400 cr | ₹1,058 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.