CCL Products Q2FY26 performance was above our expectations. Sales grew 53% YoY to Rs11.3bn, driven by 20+% YoY volume growth and 33% YoY increase in realization due to improved coffee blends and higher prices. Gross margin contracted by 524bps YoY to 34.5%, primarily due to higher input costs. Consequently, EBITDA margin contracted by 107bps YoY to 17.5%, despite operational efficiencies and a favorable product mix. PAT increased by 36% YoY to Rs1,009mn. CCL maintained its volume and EBITDA growth guidance of 1020% and 15-20%, respectively and expects to close FY26 toward the upper end of this range. We value the stock at a PER of 25x FY27E EPS, arriving at a target...