CCL Products (India) Ltd logo

CCL Products (India) Ltd

CCL NSE

CCL Products (India) is engaged in the production, trading and distribution of Coffee. The Company has business operations mainly in India, Vietnam and Switzerland countries.(Source : 202003 Annual Report Page No:119)

AI Verdict: BUY Confidence: 6%

CCL Products delivers strong revenue growth (29% CAGR over 5 years) backed by consistent ROE of 18% and active debt reduction. However, at a PE of 39.6x and PB of 6.55x, valuations are stretched, warranting a moderate-confidence BUY for investors with a 2-3 year horizon.

Key Fundamentals

SmallcapTea & CoffeeConsumer Goods
Market Cap
₹15,565 Cr
Volatility
Moderate
P/E Ratio
40.01
EBITDA
₹733 Cr
Return on Equity
18.14%
Debt to Equity
0.94
Book Value
₹175.59
EPS
₹19.53
52W High
₹1,236.2
52W Low
₹809.25

Technical Indicators

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 21.8%

Weaknesses

1
  • Stock is trading at 6.65 times its book value

Growth Rate

Revenue Growth
43.13% ↗
Net Income Growth
27.59% ↗
Cash Flow Change
423.09% ↗
ROE
5.62% ↘
ROCE
13.98% ↗
EBITDA Margin (Avg.)
-9.34% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
BUY
Risk medium

CCL Products delivers strong revenue growth (29% CAGR over 5 years) backed by consistent ROE of 18% and active debt reduction. However, at a PE of 39.6x and PB of 6.55x, valuations are stretched, warranting a moderate-confidence BUY for investors with a 2-3 year horizon.

Bull Case 8
  • TTM sales growth of 44% indicates a strong demand acceleration in the instant coffee export market
  • 5-year compounded sales CAGR of 29% demonstrates sustained top-line momentum well above FMCG sector averages
  • Consistent ROE of 17-18% over 3, 5, and 10-year periods reflects efficient capital allocation and stable profitability
  • Stock CAGR of 40% over the past 1 year shows strong market confidence and price momentum
  • Company has actively reduced debt, improving balance sheet quality and lowering financial risk
  • 63.64% of analyst ratings are Buy (7 out of 11 analysts), reflecting broad Street consensus
  • 10-year compounded sales CAGR of 17% and profit CAGR of 12% demonstrate long-term structural growth in the global coffee outsourcing opportunity
  • Healthy dividend payout ratio of 21.8% signals management confidence in sustained cash generation
Bear Case 8
  • PE ratio of 39.6x is expensive relative to the 25% TTM profit growth, implying a PEG ratio above 1.5x
  • Price-to-book of 6.55x is elevated for a manufacturing-heavy business, leaving limited margin of safety
  • Profit CAGR of 11% over 3 years significantly lags sales CAGR of 29%, suggesting margin compression or rising input costs
  • Dividend yield of just 0.24% offers negligible income support at current elevated valuations
  • 9.09% of analysts rate the stock a Sell, indicating not all Street participants are convinced at current levels
  • 5-year profit CAGR of 16% versus sales CAGR of 29% shows operating leverage has not fully translated to bottom-line growth
  • Market cap of Rs 15,607 crore on what appears to be sub-Rs 400 crore annual profit implies the stock is pricing in several years of flawless execution
  • 10-year stock CAGR of 17% versus recent 1-year return of 40% suggests recent rally may have front-loaded future returns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 3
  • Freeze-dried capacity near full Jun 8

    Freeze-dried coffee capacity is already running at relatively high utilisation levels, limiting scope for a sharp increase in its higher-margin contribution.

  • Geopolitical logistics disruption risk Jun 8

    Geopolitical tensions are affecting logistics to some extent, though CCL's supply chain sourcing from Brazil and Southeast Asia remains relatively insulated.

  • EBITDA growth capped at 15% Jun 8

    CEO Praveen Jaipuriar indicated management is maintaining EBITDA growth guidance at ~15% for FY27 rather than pushing to 20-25% levels, suggesting a conservative ceiling.

Positives 8
  • Strong Q4FY26 revenue up 46% Jun 8

    Q4FY26 turnover reached ₹1,226.39 crore vs ₹839.65 crore YoY, with EBITDA up 16% to ₹193.76 crore and net profit up 12% to ₹114.53 crore on 18% volume growth.

  • Coffee prices down 23% from highs Jun 8

    Global coffee prices have declined over 23% from record highs with better Brazilian crop expected, easing raw material costs and encouraging customers to sign long-term contracts.

  • 15% volume & earnings growth guided Jun 8

    CEO confirmed ~15% growth guidance in both volumes and earnings for FY27, with capacity utilization at 65% providing significant headroom for expansion.

  • Stock surged 9%, hit 52-week high Jun 8

    Shares jumped 9% to ₹1,171.50 with 12x average volume (3.16 million shares traded); stock hit 52-week high of ₹1,216.80 on May 7 and is up 32% over the past year.

  • Cost-plus model shields margins Jun 8

    CCL procures coffee against confirmed customer orders on a cost-plus basis, preserving EBITDA per kilogram rather than percentage margins amid commodity volatility.

  • Continental brand gaining share Jun 8

    Domestic Continental brand continues to gain market share with expansion into key markets like Delhi and Mumbai; small-pack business expected to continue supporting profitability.

  • Axis Direct Buy at ₹1,185 target Jun 8

    Axis Direct maintains a Buy rating with a target price of ₹1,185 per share, citing margin recovery and improved supply conditions.

  • Q1 demand remained strong Jun 8

    CCL Products reported strong demand during Q1 FY27 as highlighted by CNBC TV18, reflecting positive business momentum continuing from Q4FY26.

Neutral 1
  • Multiple investor meets scheduled Jun 16

    CCL Products participating in three investor conferences between Jun 15-19: NBIE Virtual (Jun 15), Systematix Forum Mumbai (Jun 16), and Ashika Group virtual meet (Jun 19).

TL;DR: CCL Products is firing on most cylinders with 46% Q4FY26 revenue growth, 18% volume growth, and a 15% guidance for FY27 supported by 65% capacity utilization and a protective cost-plus model. The 23% decline in global coffee prices from highs is a clear tailwind for margins and customer contract visibility. Key risks are limited to freeze-dried capacity constraints and a conservative management ceiling on EBITDA growth. The trend is improving with easing input costs and strong demand continuing into Q1 FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
520
655
608
664
727
773
738
758
836
1,056
1,127
1,051
1,224
Expenses
407
549
498
554
609
643
601
634
673
897
930
866
1,033
Operating Profit
113
106
110
111
118
130
137
124
163
159
197
185
192
OPM %
22%
16%
18%
17%
16%
17%
19%
16%
20%
15%
18%
18%
16%
Other Income
2
0
1
1
4
1
1
3
4
2
1
3
2
Interest
11
15
18
23
21
21
27
31
34
34
33
32
30
Depreciation
10
22
23
22
31
23
24
25
27
34
39
39
40
PBT
95
69
70
67
70
87
87
72
106
94
127
116
123
Tax %
10%
13%
13%
5%
7%
18%
15%
12%
4%
23%
21%
14%
7%
Net Profit
85
61
61
63
65
71
74
63
102
72
101
100
115
EPS in Rs
6.41
4.56
4.57
4.76
4.88
5.35
5.54
4.72
7.63
5.43
7.55
7.51
8.58
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
881
932
976
1,138
1,081
1,139
1,242
1,462
2,071
2,654
3,106
4,457
Expenses
709
727
744
899
836
853
945
1,131
1,671
2,208
2,551
3,724
Operating Profit
171
205
232
239
245
286
298
331
400
445
555
733
OPM %
19%
22%
24%
21%
23%
25%
24%
23%
19%
17%
18%
16%
Other Income
3
1
1
5
3
4
3
4
3
6
8
8
Interest
14
11
11
8
8
18
17
16
34
78
113
129
Depreciation
27
28
33
34
32
47
49
57
64
98
98
152
PBT
134
167
189
202
209
225
235
261
305
276
352
461
Tax %
30%
27%
29%
27%
26%
26%
22%
22%
7%
9%
12%
16%
Net Profit
94
122
135
148
155
166
182
204
284
250
310
388
EPS in Rs
7.06
9.18
10.12
11.14
11.64
12.47
13.7
15.36
21.35
18.73
23.24
29.07
Div. Payout %
21%
27%
25%
22%
30%
40%
29%
33%
26%
24%
22%
20%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
27
27
27
27
27
27
27
27
27
27
27
27
Reserves
395
483
602
713
812
902
1,061
1,224
1,471
1,647
1,941
2,318
Borrowings
229
210
142
311
416
469
559
655
920
1,622
1,815
1,324
Other Liabilities
111
81
78
83
166
112
142
164
180
240
459
657
Total Liabilities
762
801
848
1,134
1,422
1,509
1,788
2,070
2,597
3,536
4,241
4,326
Fixed Assets
340
417
393
371
383
724
798
882
1,257
1,252
1,622
2,027
CWIP
53
0
0
226
424
100
149
160
54
501
450
3
Investments
2
2
2
1
1
1
0
0
0
0
0
3
Other Assets
367
382
453
535
613
684
841
1,028
1,286
1,783
2,169
2,293
Total Assets
762
801
848
1,134
1,422
1,509
1,788
2,070
2,597
3,536
4,241
4,326
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
105
161
102
145
162
91
171
116
173
55
290
858
Investing
-19
-87
-20
-247
-175
-88
-153
-192
-307
-527
-415
-70
Financing
-93
-82
-84
129
42
-37
64
9
164
559
53
-757
Net Cash Flow
-8
-8
-2
27
29
-35
82
-67
30
86
-72
32
Free Cash Flow
84
74
84
-78
-80
2
16
-74
-159
-458
-128
788
CFO/OP
86
97
67
84
89
50
66
47
52
19
57
124
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
47
50
61
58
79
86
88
80
78
68
81
67
Inventory Days
116
99
121
97
123
170
198
262
187
185
208
131
Days Payable
29
8
8
5
35
16
13
23
24
23
44
32
Cash Conversion Cycle
134
142
174
150
168
240
272
319
241
230
246
166
Working Capital Days
45
37
81
89
43
103
59
77
58
40
42
41
ROCE %
23%
26%
27%
23%
19%
18%
17%
16%
16%
12%
13%
16%

Shareholding Pattern

As of Mar 2026
Promoters 46.11%
DIIs 21.43%
FIIs 11.24%
Others 11.19%
Public 10.03%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
46.19%
46.19%
46.19%
46.20%
46.26%
46.26%
46.26%
46.26%
46.26%
46.26%
46.26%
46.26%
46.26%
46.09%
46.09%
46.09%
46.09%
46.09%
46.11%
46.11%
46.11%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.77%
8.12%
9.76%
10.17%
10.13%
10.20%
10.65%
10.53%
11.01%
11.24%
DIIs
11.98%
14.66%
15.75%
16.45%
18.55%
21.24%
20.81%
21.81%
21.05%
20.06%
21.39%
21.44%
21.74%
20.57%
21.01%
21.05%
20.88%
21.20%
21.83%
21.53%
21.43%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
14.84%
14.84%
15.42%
14.72%
14.74%
14.35%
13.07%
13.24%
13.73%
13.71%
13.31%
13.04%
12.65%
12.35%
11.48%
11.35%
11.27%
10.63%
10.28%
10.16%
10.03%
Others
26.99%
24.30%
22.64%
22.63%
20.45%
18.15%
19.86%
18.69%
18.95%
19.97%
19.04%
11.49%
11.23%
11.23%
11.25%
11.37%
11.55%
11.43%
11.25%
11.19%
11.19%
No. of Shareholders
38,188
42,717
63,301
63,444
67,717
61,483
51,508
53,541
57,394
60,918
64,003
61,202
55,495
58,890
53,645
52,651
52,970
54,988
55,690
60,552
62,293

Documents

Frequently Asked Questions about CCL Products (India) Ltd

What does CCL Products (India) Ltd do?
CCL Products (India) is engaged in the production, trading and distribution of Coffee. The Company has business operations mainly in India, Vietnam and Switzerland countries.(Source : 202003 Annual Report Page No:119)
Where is CCL Products (India) Ltd (CCL) listed?
CCL Products (India) Ltd is listed on the Indian stock exchanges. It is listed on NSE: CCL and BSE: 519600. You can view its live share price, financials, and ratios on Tapetide.
Which sector does CCL Products (India) Ltd belong to?
CCL Products (India) Ltd operates in the Fast Moving Consumer Goods sector within the Agricultural Food & other Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of CCL Products (India) Ltd?
CCL Products (India) Ltd has a market capitalisation of approximately ₹15565.35 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of CCL Products (India) Ltd?
The Price-to-Earnings (PE) ratio of CCL Products (India) Ltd is 40.01. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of CCL Products (India) Ltd?
Over the past 52 weeks, CCL Products (India) Ltd has traded between a low of ₹809.25 and a high of ₹1,236.2. This range helps investors understand the stock's price volatility and recent trading levels.
Does CCL Products (India) Ltd pay dividends?
Yes, CCL Products (India) Ltd has a dividend yield of 0.24%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of CCL Products (India) Ltd?
CCL Products (India) Ltd has a Return on Equity (ROE) of 18.14%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research CCL Products (India) Ltd on Tapetide?
On Tapetide, you can view CCL Products (India) Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

CCL Products (India) is engaged in the production, trading and distribution of Coffee. The Company has business operations mainly in India, Vietnam and Switzerland countries.(Source : 202003 Annual Report Page No:119)

Website cclproducts.com
CEO Mr. Challa Rajendra Prasad B.E
Employees 1,358
Listed 2004-06-07
Face Value ₹ 2
Issued Size 13,35,27,920

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