CCL Products (India) Limited — Q3 FY26
CCL Products delivered a strong Q3 FY26 with consolidated revenue of ₹1,053 crore (+38% YoY) and PAT of ₹100.26 crore (+59% YoY), driven by ~20% volume growth and stable pricing.
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 auditedConsistentNumbers vs filing
Answered
High priority
Outlook on coffee prices and volume growth breakdown for the quarter.
Asked by Shirish Paresi, Motila Losal
Management provided both price outlook and volume/value growth breakdown directly.
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Question
Pravin if you can give the outlook on the coffee prices because the new crop has just come in... and my related question is that in the quarter of 38 and a half% revenue growth what is the volume momentum we would have and maybe if number you can share.
Pravin (Management)
the green coffee prices the outlook as of now looks much better than what it was an year ago... out of this 38% the volume is close to you know 20% or so there is another 18 to 20% of value growth that we got for this quarter
Evasive
Medium priority
Impact of price stability on customer orders and price reduction.
Asked by Shirish Paresi, Motila Losal
Management deflected from price reduction specifics, reiterating cost-plus model and volume focus.
reframed the questionno number given
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Question
will this price stability will come down and therefore to follow is the customer is now giving you a steady order or there is also a wait and watch mode and second how much price increase reduction on the account of all this situation now panning out we will have to take
Pravin (Management)
it's actually not right to look at the price growth because that is determined on the green coffee prices considering we do costless model. So the real marer would be to see the volume growth and the actor growth
Answered
Medium priority
Whether customer inventory restocking due to tariff stability is reflected in January.
Asked by Shirish Paresi, Motila Losal
Management directly denied any tariff-related inventory effect and explained their flexibility.
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Question
with the stability in the US tariff and other thing does that customer which was holding the inventory or maybe they were lower inventory is that reflected in the month of January.
Pravin (Management)
Not really you know I don't think so people have been holding finished goods inventory across the globe... this tariff impact is going to impact much of the trade and especially for for us because we had good flexibility to supply from Vietnam so it did not affect us.
Answered
High priority
Expectation of Q4 volume growth exceeding 20%.
Asked by Shirish Paresi, Motila Losal
Management clearly stated Q4 volume growth will not be much more than 20%.
Read the exchange
Question
is there expectation that quarter 4 volume will be much more than 20% what you pay about this quarter
Pravin (Management)
no no not really not really see quarter four we have already you know for the next subsequent quarters our contracts are almost done we are kind of we know how it will be so there won't be any you know undue advantage
Answered
High priority
Debt level at quarter end and interest cost.
Asked by Vive Ganguli, TCG AMC
Management provided specific debt figures and interest rate.
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Question
what would be the debt level as of the quarter end and if you can give the debt level for the corresponding period and also the interest cost rate of interest.
Pravin (Management)
The gross debt which used to be around 2,000 crores a year ago has come down to,448 crores as 31st December 25. This is the gross debt net debt would be around,248 crores... interest rate would be around 7% on an average
Answered
High priority
Market share at peak capacity and branded retail business progress.
Asked by Kesha Zaviri, MK investment manager
Management gave specific market share estimate and branded sales figures.
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Question
once we hit the full capacity which is to be about 77 78,000 tons when we do the peak utilization what would we be as a market share of the outsourced instant coffee globally... second question is on our retail business in India the branded coffee if you can give some idea on how that business has progressed in third quarter this year
Pravin (Management)
when we are at peak capacity utilization... we probably will hit at 12 13% global market share of the outsource market... branded retail sales continue to grow at a very good momentum. We are growing at almost 40 50% this year. and this year we are likely to close at around 430 440 crores of only branded sales
Answered
Medium priority
Clarification on branded sales at MRP levels.
Asked by Kesha Zaviri, MK investment manager
Management clarified the MRP uplift percentage.
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Question
when you say 430 crores at MRP levels this would be what about 800 to,000 crores?
Pravin (Management)
No no no we are not now at 50% discount. So you may add 30% in any retail loan approximately considering the retail margin and the schemes you build 30 to 35% you can add at MRP levels.
Partial answer
Medium priority
Why Vietnam sales growth lags gross block increase.
Asked by Kesha Zaviri, MK investment manager
Management acknowledged growth but did not quantify sales contribution from new capacity.
no number givenreframed the question
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Question
if I look at the sales we are not seeing that kind of growth which we are seeing in the gross block there. What could be the reason there?
Pravin (Management)
we are getting growth from Vietnam as well. But utilization even today would be in the new capitalization would be less than 50%... Utilization of 25 30% is in fact a very very healthy utilization and that's what we had planned
Answered
High priority
EBITDA per kg metric and impact of declining coffee prices.
Asked by Abhishek Mat, Group
Management confirmed EBITDA per kg range and stated no impact from coffee price changes.
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Question
my first question was on our EIDA per kg which is a key metric for us. if I'm not wrong it would have been approaching about rupees 140 for the quarter... with coffee prices probably on a downtrend what should we expect in terms of the response on the aida per kg
Pravin (Management)
Absolutely there will be no impact on because you know a lot of people ask this questions. We don't you know speculate on coffee prices. It's a costless model... We now improved our AITA per kilo. It's now at 135 140 levels and we'll continue to maintain
Answered
Medium priority
Impact of foreign exchange changes and hedging.
Asked by Abhishek Mat, Group
Management explained natural hedge and stated FX impact is not material.
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Question
just wanted to understand if there is any contribution or impact from the foreign exchange changes... if you can talk about any other kind of hedging that we follow
Pravin (Management)
we have a natural hedge sort of thing most of our imports most of our raw material procurement happens only from imports and since you have exports and you have imports it is supposed to get naturally hedged... this is not material to call out.
Answered
Medium priority
Operating margins for India branded business.
Asked by Abhishek Mat, Group
Management confirmed the 5-8% margin range.
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Question
Our operating margins would be in the range of 5 to 8% or any other range that you want to specify.
Pravin (Management)
Yeah. Yeah. Yeah. That is there and we keep loying that to the business so that we can grow this business... we'll maintain at these levels.
Answered
High priority
Small pack capacity, utilization, and expansion plans.
Asked by Deepak, Sundaram Mutual Fund
Management provided specific capacity, utilization levels, and expansion intent.
Read the exchange
Question
could you please highlight it? what is the small pack capacity we have right now and what is the utilization level and is there any expansion plan let's say in the next 12 months
Pravin (Management)
our capacity is 12 to 14,000 metric tons of small packs we can do already we are running out of capacity in the small units like six and the baches so we are going to expand this in the near future... sticks and pouches we are almost running at full capacity and in glass jars and cans we are at 50 to 60% of capacity utilization.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue growth 38.5% with 20% volume and 18-20% value | 38.5% | 38% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.