CP

CCL Products (India) Ltd

Q2 FY26

CCL Products (India) Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,008

Market cap₹13.5K Cr

P/E31.1

Updated16 Oct 2026

Read4 min read

The short version

Volume growth guidance is around 15% year-on-year, with the first half of the current year showing a blended growth of ~15%. The company expects EBITDA growth of 15% to 20% year-on-year, likely towards the higher end of this range.

From CCL Products (India) Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Volume growth guidance is around 15% year-on-year, with the first half of the current year showing a blended growth of ~15%.
The company aims to maintain this volume growth going forward.
Revenue growth depends significantly on green coffee prices; if prices remain stable, revenue could double from INR2,000 crores to around INR4,000 crores in FY '26.
EBITDA growth guidance is maintained at 15%-20% year-on-year, with potential to end closer to the higher end.
Growth is expected from multiple fronts including product mix changes, increased small pack sales, and additional domestic volume.
New capacity utilization will improve gradually, potentially increasing volumes and margins over the next 3-4 years.

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Profitability & Margins

The company expects EBITDA growth of 15% to 20% year-on-year, likely towards the higher end of this range.
Growth will be driven by a mix of volume increase, product mix improvement (more freeze-dried and small packs), and operational efficiencies.
Volume growth guidance remains around 10% to 20%, with recent quarters showing over 20% growth.
Long-term focus is on steady growth with structural improvements in margins and efficiencies.
B2C segment is expected to continue growing aggressively, with EBITDA margins around 5-6%, reinvesting for future growth.
Debt levels expected to remain stable or reduce depending on Vietnam crop and market conditions.

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Capital Expenditure Plans

No immediate plans for new capacity expansion; capacity additions will be considered when utilization approaches 80%-85%, expected 2-3 years down the line (Page 17).
Investment in Mukkonda Renewables (26% stake) to secure green energy: hybrid project with 12-18 months commissioning timeline; expected to supply 50%-60% of energy needs (Page 14).
Focus on operational efficiencies and green energy to reduce costs; capital expenditure largely behind as recent assets have been capitalized (Pages 12, 14).

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Fundraising & Capital Structure

The company plans to fund growth primarily through internal accruals and cash flows; no immediate need for new debt or equity funding is indicated.
The B2C vertical and the old coffee business are expected to generate sufficient internal funds to support growth in new categories.
Debt levels are anticipated to remain stable or reduce, with guidance to close the year-end gross debt around INR 1,300 crores to INR 1,400 crores.

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Order Book & Pipeline

The transcript does not explicitly mention details about the current or expected order book or pending orders for CCL Products (India) Limited. However, relevant insights given include: - Demand sentiment remains robust despite price volatility in coffee commodities. - Customers remain tentative about committing to long-term contracts due to price fluctuations, leading to cautious order patterns. - The company sees ongoing volume growth of around 20% in B2B and 25-30% in B2C segments.

- Market share gains continue in both domestic and international markets, indicating healthy order inflow. - Management prefers long-term contracts for stability but acknowledges customers’ reluctance because of price uncertainty. In summary, while exact order book figures are not provided, the company experiences strong demand and volume growth but cautious ordering due to volatile coffee prices.

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CCL Products (India) Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.2K Cr, net profit ₹115 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What CCL Products (India) Ltd's management said in earlier quarters

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Frequently Asked Questions

What were CCL Products (India) Ltd Q2 FY26 results?

Volume growth guidance is around 15% year-on-year, with the first half of the current year showing a blended growth of ~15%. The company expects EBITDA growth of 15% to 20% year-on-year, likely towards the higher end of this range.

What is CCL Products (India) Ltd share price analysis?

CCL Products (India) Ltd currently shows a neutral. The stock trades at a P/E of 31.1 with a market cap of ₹13,464 Cr. Investors should review the full earnings analysis for detailed insights.

Is CCL Products (India) Ltd planning capital expenditure?

No immediate plans for new capacity expansion; capacity additions will be considered when utilization approaches 80%-85%, expected 2-3 years down the line (Page 17).

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.