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Revenue
₹1,128.21 Cr
verified against source
Revenue YoY
52.7%
reported change
EBITDA
₹198.61 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 product mix. The domestic branded business grew to ₹110 crore in Q2, with market share gains across channels. Management maintained its EBITDA growth guidance of 15-20% for FY26, now expected at the higher end. Capacity utilization improved to 65-70% blended, with new capacities at 15-20%. Key risks include volatile green coffee prices and potential tariff disruptions, though the company has mitigated US tariff impact by diverting business to Vietnam. The company is transitioning towards an FMCG model, with plans to double retail outlet reach to 3 lakh in 3 years.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- CFO reiterated net debt target of ₹1,300-1,400 crore by year-end, despite being ahead of schedule, due to upcoming procurement season.
- Long-term volume growth guidance remains 10-20%, with H1 FY26 achieving ~15% volume growth.
- Management aims to double direct retail outlet coverage from ~1.5 lakh to 3 lakh within three years, supported by portfolio expansion.
Risks flagged
- Green coffee prices remain volatile due to conflicting crop reports from Vietnam and Brazil, impacting customer sentiment and contract duration.
- High US tariffs on Indian coffee persist, though mitigated by diverting business to Vietnam. Any escalation could affect competitiveness.
- New capacity utilization is only 15-20%, and full ramp-up may take 3-4 years, potentially limiting near-term margin expansion.
- B2C EBITDA margins are maintained at 5-6% as profits are reinvested into brand building and new categories, delaying margin improvement.
Key quotes
- We want to be an FMCG company. We are building distribution. We were the probably the only company six seven years ago when everybody was focusing on direct to consumer, we went the other way around and built distribution.
- The long-term guidance of 10 to 20% volume growth remains intact. We are currently closer to first half around 15%. So we're looking to maintain that kind of a thing going forward as well.
- We are already off the peak levels. If you remember last year we were at around 1,800-1,900 debt levels, which has now come to 1,580 and the net debt will be a little lower than that as well.
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