CCL Products Ltd — Q4 FY26
CCL Products delivered a strong Q4 FY26 with revenue of ₹1,226 crore (+46% YoY), driven by 18-20% volume growth and higher coffee prices.
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.
75%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Volume growth, EBITDA per kg, and strong realizations this quarter.
Asked by Abhishek Matur, Systematics
Management gave a range for volume growth but did not confirm the specific AITA per kg number asked.
no exact quarterly volume growth givenAITA per kg not quantified for this quarter
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Question
what would be our volume growth for the quarter also. Uh has the AIDA per kg which is a key metric you track has it uh come down to a level of about 130...
Management (unidentified)
volume growth you know has been... in the range of 18 20%... AITA per kilo again probably this quarter was a little bit of a down... on an annual basis in fact the AITA per kilos has improved from previous year.
Answered
High priority
Guidance for FY27 volume and EBITDA growth.
Asked by Abhishek Matur, Systematics
Management provided specific guidance numbers for volume and EBITDA growth.
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Question
we have earlier given the guidance for 10 to 20% volume growth and maybe a 15 to 20% eida growth anything changing for fi27 how is our guidance looking now
Management (unidentified)
the guidance is very similar probably we are giving a guidance of both uh volume at around 15% and even a 15% so that's uh that will be the thing...
Partial answer
Medium priority
Guidance on India business and capex thoughts.
Asked by Abhishek Matur, Systematics
Management gave a general capacity outlook but did not provide specific India business guidance.
no specific India business guidancecapacity expansion plans vague
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Question
the guidance on the India business and also any capex thoughts that we have capacity expansion thoughts that you have right now
Management (unidentified)
as far as next two years are concerned we are generally you know good for our growth aspirations our capacities are good... we could look at you know uh not necessarily a capacity expansion but maybe a strategic tie up...
Answered
High priority
Outlook on D2C business and margin contraction due to coffee prices.
Asked by Abhai, Carelian Capital
Management directly addressed margin contraction and coffee price impact, explaining it is optical.
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Question
I just wanted your outlook on the D2C business admin. Firstly uh secondly is the exp the margin contraction can that entirely be attributed to the coffee prices and in general also what's your outlook on coffee prices in the coming quarters
Management (unidentified)
there actually is no margin contraction... it is only optical in nature... Our business works on you know per kilo vita where there is no contraction... the volatility in coffee prices does not affect our margins...
Partial answer
Medium priority
Inventory days improvement and use of strong cash flows.
Asked by Raj, Feden AMC
Management declined to guide on inventory days and gave vague plans for cash use.
no commitment on inventory days improvementno specific plan for cash utilization
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Question
do you see any further improvement in inventory days over the next two years... what is the management thinking about u going forward for utilizing these funds
Management (unidentified)
I don't think so we're giving in guidance to uh of lowering of inventory cycles from here on... there is no commitment as of now but... if there's an opportunity in the areas of any good acquisition that comes our way would definitely uh love to evaluate those...
Partial answer
High priority
Capacity utilization and future capex plans.
Asked by Raj, Feden AMC
Management gave overall utilization but did not break down by geography or commit to capex type.
no specific capacity utilization by geographycapex details vague
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Question
what is our capac capacity utilization on a console basis globally and... for a new plant would it be green field or brownfield... what time will it take for a new capeex to come on board
Management (unidentified)
our annual utilization would be around 65%... it does take uh you know uh one and a half to two years to uh to materialize a capeex... whether it will be green field, brownfield, we go into a strategic uh tie up it will all depend...
Answered
High priority
Capex for FY27 and debt reduction assumptions.
Asked by Kashab Zeri, MK Investment Managers
Management clearly stated no major capex for FY27 and quantified maintenance capex.
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Question
I missed out on the number of capex for FI27 if that was discussed. Uh if you can repeat that number.
Management (unidentified)
there's no capeex for 27... next two years there'll be some maintenance capeex of maybe uh 25 to 30 35 crores...
Partial answer
Medium priority
Plans to shift demand to freeze-dried and roasted blends, brand visibility.
Asked by Pritesh Kirk, Nwama Wealth
Management gave general strategy but no concrete plans for shifting demand or brand visibility.
no specific plan for demand shiftbrand visibility plans vague
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Question
what do you believe uh would be your plan to shift that demand uh in the company as well and... what is your plans on brand visibility?
Management (unidentified)
there is always a uh premiumization that happens... we are pretty well equipped to cater to that demand... we are building the brand... we have developed certain strengths in certain categories...
Answered
High priority
Interest cost not reducing despite debt reduction.
Asked by Vive Ganguli, TCG AMC
Management explained the reason for interest cost not reducing proportionately.
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Question
Your balance debt in the balance sheet has come off very significantly... but we do not see a corresponding reduction in uh the interest the finance cost. Uh can you shed some light on that?
Management (unidentified)
last year we had lot of interest capitalized because uh our Vietnam facility was not at up and running last year... if we take that interest there is a significant reduction in the interest as well
Answered
High priority
Reason for 15% EBITDA growth guidance vs 30% this year.
Asked by Bhavya Sonana, Samasa Cassidy
Management explained the reasons for lower guidance, citing base effects and mix.
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Question
this year uh we ended up at 30% growth in AIA and the next year we adding 15. So is that considering some conservatism...
Management (unidentified)
this year our proportion of freeze-dried was much higher... that proportion may not get even higher next year... some of these things are already there in the base and therefore may not come as an additional thing going forward.
Partial answer
Medium priority
Utilization at FDC capacity in Vietnam and India.
Asked by Rich, Equity Master
Management gave overall utilization but did not provide separate figures for Vietnam and India.
no breakdown by geographyno specific run rate
Read the exchange
Question
what is the annual utilization? What is the run rate currently?
Management (unidentified)
at a broad level annually uh we have... at approximately 65% capacity utilization... freeze-dried was uh higher than the average utilization but average utilization remained at 65%, last quarter was a little better at around 70%.
Answered
Medium priority
Discount levels and margin improvement in B2C quick commerce.
Asked by Deepak Saha, Ashika Institutional Equities
Management directly addressed the relationship between brand equity and discounts.
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Question
what broad understanding currently we have that say we are giving 30 35% discount... are there levers to grow that particular number or or uh improve our stake rate...
Management (unidentified)
Brands with higher equity will command better pricing uh lesser discounts... as the markets mature as the brands get you know uh stronger in terms of its equity your margin profiles keep improving...
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Volume growth 18-20% for the quarter | 20% | 46% | Understated vs filing |
| Guidance: volume growth ~15% for FY27 | 15% | 46% | Understated vs filing |
| Guidance: EBITDA growth ~15% for FY27 | 15% | 193.76% | Understated vs filing |
| India branded business revenue 440 crores | ₹440 cr | ₹1,226.39 cr | Understated vs filing |
| India business total revenue 650 crores | ₹650 cr | ₹1,226.39 cr | Understated vs filing |
| UK brand Percol revenue 25-30 crores | ₹30 cr | ₹1,226.39 cr | Understated vs filing |
| B2C EBITDA margin 4-5% | 5% | 15.8% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.