CCL Products (CCL) is one of the largest instant coffee manufacturers in the world. The company's key strength lies in its long-standing relationships with clients, expertise in coffee blends, cost efficiency and its pass-through mechanism to ensure margin protection. Over FY03-18, CCL has successfully scaled up its total capacity from 3,600 tonnes to 30,000 tonnes. Looking ahead, CCL remains well-poised to ramp up volumes from its recently set up 5,000 tpa freeze dried plant in Andhra Pradesh. We expect CCL's sales to grow at a CAGR of 17% over FY18-21E. We initiate coverage on the stock with a...