CCL Products (India) Limited — Q2 FY26
CCL Products reported a strong Q2 FY26 with revenue of ₹1,128 crore (+52.7% YoY) and EBITDA of ₹199 crore (+44.3% YoY), driven by robust volume growth of 20%+ and improved produ...
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.
88%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Coffee crop indication and pricing outlook for next 3 months.
Asked by Shroy, Nama
Management gave no concrete pricing outlook, only cited uncertainty and deferred to December.
no specific forecastdeferred to December
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Question
if you could tell us till now what is the indication? ... what is the sense you are getting in terms of pricing in the next 3 months.
Pravin (Management)
there has been conflicting reports ... it's become very very difficult to predict ... no other way but to wait till December to see how the crop flows happen and where does the price settle in.
Answered
High priority
Branded coffee market share performance in e-commerce and modern trade.
Asked by Shroy, Nama
Management provided specific growth percentages and confirmed double-digit market shares in e-commerce and modern trade.
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Question
in the e-commerce and commerce what kind of share performance you have had ... which channels you have a good presence
Pravin (Management)
we almost growing at you know 40 to 50% at least in the first half ... we are gaining market shares ... in e-commerce modern trade we are double digit market shares
Partial answer
Medium priority
Working capital changes: sustainable or one-time due to prices?
Asked by Siddhan Mantri, Invest Investments
Management explained actions but did not clearly state if improvements are sustainable, instead reiterated debt guidance.
no clear sustainability answerdeferred to guidance
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Question
There has been some cash release on the inventory side ... is this a one time thing due to the prices or like could you some could you like throw some picture on this?
CFO (Chaitanya)
we are pushing for early realization ... renegotiating the contracts ... this has led to a drop in the receivables. Inventory has come down because there is better utilization ... we'll retain our guidance of 1350 crores by December and 1200 crores by March.
Answered
High priority
Tariff situation impact and outlook.
Asked by Siddhan Mantri, Invest Investments
Management explained current mitigation strategy and expressed hope for tariff reduction, directly addressing the question.
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Question
the whole tariff situation and how is that fared till now and going forward how do you think the situation is going to be?
Pravin (Management)
India is at high tariff levels. But considering our facilities in India and Vietnam, we were able to divert quite a bit of the US business to Vietnam ... we continue to grow in that market.
Answered
High priority
Blended capacity utilization including new capacities.
Asked by Bhavia Sonawala, Samasa Capital
Management provided specific utilization percentages for both old and new capacities.
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Question
Can you give us a blended capacity utilization what's been in this quarter?
Pravin (Management)
this quarter was around 65 to 70% because we had good volume growth this quarter. So almost 100% on the previous capacity around 15 20% on the newer ones.
Answered
High priority
Volume growth for the quarter and sustainability.
Asked by Bhavia Sonawala, Samasa Capital
Management gave a specific volume growth figure and reiterated long-term guidance.
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Question
can you just hint on the volume growth overall what's been on this quarter?
Pravin (Management)
This quarter was 20 plus%. ... the long-term guidance of 10 to 20% volume growth remains intact. We are currently closer to first half around 15%.
Answered
High priority
EBITDA per kg improvement and indicative range.
Asked by Abishek Mur, systematics
Management provided a specific range (120 + 10-12) and explained factors like mix and efficiencies.
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Question
it seems that our eida per kg seems to have improved materially ... if you can give an indicative range but also if you can talk about what seems to have led to this improvement
Pravin (Management)
last quarter we had mentioned that it was around 120 probably this quarter there is an increase of 10 12 rupees. So that is where it is.
Answered
Medium priority
Customer reaction to price increases and demand sentiment.
Asked by Shir Pardesi, Motilos
Management directly described customer sentiment and ordering behavior changes.
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Question
how the customers are reacting because now the price increases are given so obviously is there any change in ordering is there any change in sentence from the customer
Pravin (Management)
last quarter there was a little change in the sentiment because prices had softened ... but very quickly subsequently that whole softening kind of went away ... people are still not willing to accept that this is the real price ... still tentiveness is there
Answered
High priority
Domestic branded revenue and B2B/B2C split.
Asked by Shir Pardesi, Motilos
Management provided specific revenue numbers for domestic and branded segments.
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Question
in domestic what is the business we have and in that what is the branded?
Pravin (Management)
domestic we did around 310 315 crores of business and out of that branded is 210 in the first half. ... this quarter was out of 210 it was 110 ... last quarter was 100 so it is 110 this quarter.
Answered
Medium priority
Vision: coffee company or FMCG company?
Asked by Nityasha, Kamakia
Management clearly stated the vision to become an FMCG company.
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Question
do you plan to be just a coffee company or an FMCG company in the future?
Pravin (Management)
We want to be an FMCG company. We want to build more and more brands. That's our long-term vision.
Answered
Medium priority
Depreciation peak and normalized tax rate.
Asked by Sadhar Kurohit, Invescue Investment Advisers
Management confirmed depreciation at peak and provided a specific tax rate guidance.
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Question
is it the current rate of depreciation will be at the peak and ... is it the normal tax rate that we should be considering going ahead.
CFO (Chaitanya)
depreciation is at peak level. ... average it could be around 17%. We so we can take 17% as the average tax rate.
Answered
High priority
Margin profile of B2C segment.
Asked by Nihal Sha, Prudent Corporate Advisory Services
Management provided a specific EBITDA margin range for B2C and explained reinvestment strategy.
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Question
can you some color on the margin profile that we are managing right now in that segment?
Pravin (Management)
We are at around 5 to 6% AITA level for this B2C setup and we will continue to be at these levels going forward because we want to reinvest.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Domestic revenue 310-315 crores in H1 | ₹315 cr | ₹1,128.21 cr | Understated vs filing |
| Branded revenue 210 crores in H1, 110 in Q2 | ₹110 cr | ₹1,128.21 cr | Understated vs filing |
| B2C EBITDA margin 5-6% | 6% | 17.6% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.