CCL Products (India) Limited (CCL) share price

₹1050.60 on NSE as of 2026-10-08. -0.16% on the day. market cap ₹14,028 Cr. P/E 32.4. 52-week range ₹829.25 to ₹1229.70. Fast Moving Consumer Goods.

www.cclproducts.com

What the company does

CCL is engaged in the production, trading and distribution of coffee. The company has business operations mainly in India, Vietnam and Switzerland. it's the Hyderabad-headquartered company focuses on exports and manufactures a variety of soluble instant coffee, including spray-dried coffee, spray-dried agglomerated coffee, freeze-dried coffee and freeze-concentrated liquid coffee. It caters to B2B players through exports and B2C domestically. It has three manufacturing plants in Andhra Pradesh (India), one each in Vietnam and Switzerland.

Filed by India Ratings, page 4.

CCL Products Q1 FY27: PAT Up 61% While Revenue Moves 13.7%, and the Gap Is Mostly a Tax Line

At a glance

CCL Products makes instant coffee, most of it sold under other companies' labels. Consolidated revenue for the three months to June 2026 was ₹1,200 crore, against ₹1,056 crore a year earlier. That is a rise of 13.7 per cent. Operating profit reached ₹194 crore against ₹159 crore, up 21.7 per cent. Profit before tax was ₹129 crore, against ₹94 crore. Net profit came in at ₹117 crore against ₹72 crore, a rise of 61.3 per cent. Earnings per share, the profit attached to each single share, was ₹8.75 against ₹5.43.

The tax rate for the quarter was 9 per cent, against 23 per cent in the June 2025 quarter. Operating margin was 16 per cent, against 15 per cent a year earlier and 16 per cent in the March 2026 quarter.

Set against the March 2026 quarter, revenue was 2.0 per cent lower than ₹1,224 crore. Operating profit rose 0.9 per cent over those same three months, and net profit rose 2.1 per cent.

Management stated volume growth of around 20 per cent for the quarter. It retained full-year volume growth guidance for FY27 at 15 per cent. It confirmed operating profit of about ₹140 on each kilogram sold, and said that should hold through the year. Management reported net debt of ₹963 crore at June 2026, about ₹100 crore lower over the quarter. The peak was roughly ₹1,950 crore in December 2024.

FY26 revenue was ₹4,457 crore, with operating cash flow of ₹858 crore, a figure the CFO explicitly asked nobody to annualise. The board declared a final dividend of ₹3 per share for FY26, with a record date of 1 September 2026. The annual general meeting is set for 8 September 2026. In April 2026, India Ratings, a credit-rating agency, revised its outlook on the company to Stable from Negative, affirming the rating at IND AA-.

Introduction

CCL began in 1961 as The Sahayak Finance and Investment Corporation Limited, a name with no hint of coffee in it. It became Continental Coffee Limited in 1994, when it started making instant coffee. The present name followed in 2002. The 65th annual general meeting is scheduled for September 2026.

The company produces, trades and distributes coffee, with operations mainly in India, Vietnam and Switzerland. It manufactures for global coffee brands in more than 90 countries, which is the export side of the business. It is also one of the world's largest private label manufacturers, making goods that carry a customer's brand rather than its own. Installed capacity stands at 35,000 tonnes. That splits into 24,000 tonnes of spray-dried and 11,000 tonnes of freeze-dried, with agglomeration capacity in Switzerland on top.

India Ratings, a credit-rating agency, records a 6,000-tonne addition to Vietnam freeze-dried capacity in May 2025. The agency puts total Vietnam capacity at about 36,000 tonnes after that. It also records an India spray-dried addition of 16,000 tonnes under CCL Food & Beverages, taking the India total to 41,000 tonnes.

Recent corporate activity has clustered around capacity and finance rather than dealmaking. The Vietnam expansion was completed and reported in May 2025, alongside a ₹15 crore hybrid power investment. That went through an SPV, a separate company set up to hold a single project. In January 2026, the board approved a corporate guarantee of up to 20 million Swiss francs for Continental Coffee SA, the Swiss unit. The liability under it runs to 22 million francs, and it covers that unit's credit facilities.

In July 2023, CCL acquired Percol, Rocket Fuel, Plantation Wharf and The London Blend from Food Brands Group. Perk Up and Percol Fusion came in the same agreement. Food Brands Group is a subsidiary of Löfbergs Group. The company positioned the purchase as accelerating its global manufacturing and distribution in everyday consumer goods.

The management bench has seen movement. A CFO resignation and successor appointment were announced in January 2025, then announced again in February 2025. V. Lakshmi Narayana resigned and Chaithanya Agasthyaraju was appointed. In April 2025, Ngon Coffee's chief executive Venkataramana Prasad Alam resigned, a year after his April 2024 appointment. In November 2025, Srinivas Atla was appointed chief human resources officer, with 28 years in the field.

Business model

CCL makes coffee that ends up in a jar with somebody else's name on it. That is the business, and it has been at it for three decades.

The product list runs to spray-dried powder, spray-dried granules, freeze-dried coffee and freeze-concentrated liquid coffee. Roast and ground, roasted beans, premix and decaf fill out the rest. Making any of it takes storage, cleaning and grading, roasting and grinding. Extraction, clarification and evaporation with aroma recovery follow. Then come spray drying, agglomeration, freeze-drying and packing. Aroma recovery is a real engineering step, so a machine exists somewhere whose only job is catching smells before they escape.

The blend library held 500 to 600 recipes in the years from 2015 to 2020. It stood at roughly 1,000 as of FY25. Most restaurants manage twelve and call it a menu.

Four factories carry the work. Duggirala in Andhra Pradesh was India's first freeze-dried instant coffee plant, in 2005. A second freeze-dried unit at Kuvvakoli, in the same state, began commercial production in March 2024. Continental Coffee SA in Switzerland handles agglomeration and packing, which is the part where the granules are made to look nice. Ngon Coffee sits in Dak Lak province, the coffee capital of Vietnam, which is a useful address for anyone buying green beans.

Then there are the brands nobody outsourced. Spray-dried instant goes out as Continental Xtra and Continental Speciale. The 3-in-1 premix is Continental THIS, and the freeze-dried range is Continental Black Edition and Premium. Roast and ground carries the name Continental Malgudi. Continental Coffee is served on IndiGo and Air Asia. It also pours at Club Mahindra, Ibis, Radisson and Sarovar, as well as Sterling Resorts. Vending machines are going into corporates and cafés, and management says it plans to push that division aggressively.

Per India Ratings, a credit-rating agency, own-brand sales to shoppers were about 10 per cent of consolidated revenue across FY25 and the nine months to December 2025. That compares with about 8 per cent in FY24, with the remaining 90 per cent sold to other businesses. The company expects own-brand sales to reach 20 per cent of revenue over the medium term. Management reported domestic turnover of ₹180 crore in the June 2026 quarter, about ₹125 crore of it branded. It put branded growth near 26 per cent on a year earlier, with an FY27 branded revenue ambition of ₹550 to 600 crore.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for CCL Products (India) Limited.

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