CCL Products' Q2FY27 performance was below our expectations on all fronts. Sales grew 7% YoY to Rs12.2bn on 1015% volume growth, partly offset by lower realisations as green coffee prices eased. Gross margin expanded 379bps YoY to 37.9% on lower input costs and improved mix. EBITDA rose 8% YoY to Rs2.2bn, trailing volume growth for the first time in nine quarters. Margin was broadly flat at 17.5% because other overheads rose 36% YoY on higher freight, insurance and A&P spends, while forex gains were lower than a year ago. PAT...