CCL Products India Ltd. share price target

Quarterly Update Q2FY26

With a 17% upside from the CMP, we maintain our BUY rating on the stock.

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...

Quarterly Update Q1FY26

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...

With a 12% upside from the CMP, we maintain our BUY rating on the stock.

Quarterly Update Q4FY25

With a 15% upside from the CMP, we maintain our BUY rating on the stock

Quarterly Update Q3FY25

With a 13% upside from the CMP, we maintain our BUY rating on the stock.

Quarterly Update Q2FY25

With a 14% upside from the CMP, we maintain our BUY rating on the stock.

Initiating Coverage Report

With a 15% upside from the CMP, we maintain our BUY rating on the stock.

With a 17% upside from the CMP, we maintain our BUY rating on the stock.