CCL Products Q1FY26 profitability was below our expectations. Sales grew 37% YoY to Rs10.7bn, driven by 9-10% YoY volume growth and 27-28% YoY increase in realization due to improved coffee blends. Gross margin contracted by 543bps YoY to 32.6%, driven by higher input cost. Consequently, EBITDA margin contracted by 178bps YoY to 15.1%. EBITDA grew 22% YoY to Rs1.6bn, driven by a favorable product mix in B2B and growth in the B2C category. PAT increased by 1% YoY to Rs724mn. CCL maintained its volume and EBITDA growth guidance of 10-20% and 15-20%, respectively. Management expects some price...