CCL Products (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript CCL Products (India) Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
CCL Products reported Q4 FY26 group turnover of Rs 1,226.39 crore, up 46% year-on-year, with EBITDA of Rs 193.76 crore, up 16%, and net profit of Rs 114.53 crore, up 12%. For the full year, turnover grew 43% to Rs 4,465.80 crore and net profit grew 25% to Rs 388.11 crore, while net debt fell by more than Rs 750 crore to around Rs 1,073 crore. Management attributed the domestic business, including a Rs 440 crore branded business, and discussed volume growth, freeze-dried coffee proportions, and stable green coffee prices during the quarter.
Numbers mentioned
Group turnover: INR1,226.39 crores (Q4 FY26)
p. 3
“The group has achieved a turnover of INR1,226.39 crores for the fourth quarter as compared to INR839.65 crores for the corresponding quarter of the previous year, achieving a growth of 46%.”
Praveen Jaipuriar, page 3 of the filed PDF · View the filing
EBITDA: INR193.76 crores (Q4 FY26)
p. 3
“The EBITDA stands at INR193.76 crores as against INR167.1 crores, which is a growth of 16%, while the profit before tax is INR123.1 crores growing at 16% and the net profit stands at INR114.53 crores with a growth of 12%.”
Praveen Jaipuriar, page 3 of the filed PDF · View the filing
Full year turnover: INR4,465.80 crores (FY26)
p. 3
“As far as the full year is concerned, the group has achieved a turnover of INR4,465.80 crores as compared to INR3,114.2 crores for the corresponding previous year, achieving growth of 43%.”
Praveen Jaipuriar, page 3 of the filed PDF · View the filing
Full year EBITDA: INR741.38 crores (FY26)
p. 3
“The EBITDA stands at INR741.38 crores as against INR563.54 crores, which is a growth of 32%, while the profit before tax is INR460.74 crores, growing at 31% and the net profit stands at INR388.11 crores with a growth of 25%.”
Praveen Jaipuriar, page 3 of the filed PDF · View the filing
Domestic business gross turnover: INR650 crores (FY26)
p. 3
“The domestic business has achieved a gross turnover of INR650 crores, approximately out of which the brand sales were around about INR440 crores.”
Praveen Jaipuriar, page 3 of the filed PDF · View the filing
Net debt: INR1,073 crores (as of 31st March)
p. 4
“The net debt as of 31st March is around INR1,073 crores, a reduction of more than INR750 crores from last year.”
Chaithanya Agasthyaraju, page 4 of the filed PDF · View the filing
Debt to equity: 0.5 (FY26)
p. 4
“Debt to equity is at 0.5 compared to 0.92 a year ago.”
Chaithanya Agasthyaraju, page 4 of the filed PDF · View the filing
Net debt to EBITDA: 1.45 (FY26)
p. 4
“Net debt to EBITDA is at 1.45 right now compare to 3.1 a year ago.”
Chaithanya Agasthyaraju, page 4 of the filed PDF · View the filing
Volume growth: 18%-20% (FY26)
p. 4
“So our volume growth has been -- and I'm speaking on a little larger four quarter perspective has been in the range of 18%, 20% this year, and the quarter was also very similar.”
Praveen Jaipuriar, page 4 of the filed PDF · View the filing
UK Percol revenue: between INR25 crores-INR30 crores (FY26)
p. 13
“So yes, Percol now this year in U.K. alone is approximately anything between INR25 crores-INR30 crores and there is a bit of India business as well.”
Praveen Jaipuriar, page 13 of the filed PDF · View the filing
Capacity utilization: 65% (FY26)
p. 7
“So first and foremost our annual utilization would be around 65% or so, a couple of percentage here or there.”
Praveen Jaipuriar, page 7 of the filed PDF · View the filing
Average tax rate: closer to 17%
p. 13
“Having said that, the average tax rate should be somewhere closer to 17%.”
Chaithanya Agasthyaraju, page 13 of the filed PDF · View the filing
Small packs proportion: around 20%
p. 17
“So largely, it is around 20% or so.”
Praveen Jaipuriar, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Volume growth — around 15% · FY27
stated firmly by Praveen Jaipuriar
p. 5
“So the guidance is very similar. Probably we are giving a guidance of both volume at around 15% and even EBITDA at around 15%.”
Praveen Jaipuriar, page 5 of the filed PDF · View the filing
EBITDA growth — around 15% · FY27
stated firmly by Praveen Jaipuriar
p. 5
“So that will be the thing. While things have stabilized, quite a few things have stabilized since the last year. But keeping the other volatility in mind, we are sticking to the volume growth guidance of 15% and the resultant EBITDA growth will also be in the same region.”
Praveen Jaipuriar, page 5 of the filed PDF · View the filing
Capex — no major capex planned · next 2 years
stated firmly by Praveen Jaipuriar
p. 8
“So, there is no capex for '27. We didn't say there would be any capex.”
Praveen Jaipuriar, page 8 of the filed PDF · View the filing
Debt level — INR1,100 crores, INR1,200 crores · next year
stated conditionally by Praveen Jaipuriar
p. 7
“And maybe CFO saying that, probably with a 15% growth, probably INR1,100 crores, INR1,200 crores is the level that we probably could be seeing in the next year.”
Praveen Jaipuriar, page 7 of the filed PDF · View the filing
Capacity utilization — around 72%, 73% · FY27
stated firmly by Praveen Jaipuriar
p. 16
“Yes. 65% will go to around 72%, 73%, If I were to be very specific.”
Praveen Jaipuriar, page 16 of the filed PDF · View the filing
Capacity utilization — 80%, 82%, 85% · FY28
stated as an aspiration by Praveen Jaipuriar
p. 17
“We are in the range of 78%, so that will around 80%, 82%, 85% maybe.”
Praveen Jaipuriar, page 17 of the filed PDF · View the filing
Branded business volume growth — 25% kind of volume growth
stated firmly by Praveen Jaipuriar
p. 11
“But we are still committed to driving 25% kind of volume growth, which means that the value growth also will be in the same lines.”
Praveen Jaipuriar, page 11 of the filed PDF · View the filing
India branded business scale — double this · every 3 years
stated as an aspiration by Praveen Jaipuriar
p. 12
“Now we are looking to kind of every 3 years, we would love to kind of double this and say that, okay, where do we go from there.”
Praveen Jaipuriar, page 12 of the filed PDF · View the filing
UK Percol revenue — INR100 crores · within 2 years or 3 years
stated as an aspiration by Praveen Jaipuriar
p. 17
“But if I were to say U.K., let's say, it's already a INR30 crores, INR25 crores, INR30 crores kind of revenue, we probably are looking to kind of get to INR100 crores within 2 years or 3 years or so.”
Praveen Jaipuriar, page 17 of the filed PDF · View the filing
B2C EBITDA level — around 4%, 5% EBITDA level · next 2-3 years
stated firmly by Praveen Jaipuriar
p. 18
“As far as the profitability, I already mentioned that we probably are at around 4%, 5% EBITDA level. We'll keep the EBITDA levels there so that all the additional profits are plowed back into building the brand and growing the business.”
Praveen Jaipuriar, page 18 of the filed PDF · View the filing
Interest cost — around INR100 crores · next year
stated conditionally by Chaithanya Agasthyaraju
p. 14
“So somewhere around INR100 crores would be an appropriate number is what I can give you.”
Chaithanya Agasthyaraju, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Volume growth was 18-20% for the year and quarter; EBITDA per kilo dipped sequentially due to product mix but improved on an annual basis.
Answered by Praveen Jaipuriar
Asked by Abhishek Mathur: What was volume growth and EBITDA per kg for the quarter, and what drove the strong realizations?
p. 4
“So our volume growth has been -- and I'm speaking on a little larger four quarter perspective has been in the range of 18%, 20% this year, and the quarter was also very similar.”
Praveen Jaipuriar, page 4 of the filed PDF · View the filing
Management said there is no real margin contraction, as the business runs on per-kilo EBITDA; the apparent contraction is optical due to rising coffee prices inflating the topline.
Answered by Praveen Jaipuriar
Asked by Abhay: Is the margin contraction attributable to coffee prices, and what is the outlook for coffee prices?
p. 5
“So the margin contraction that you see is basically because we are seeing EBITDA as a percentage to top line, and therefore, it is only optical in nature as we have always maintained that our business works on per kilo EBITDA where there is no contraction.”
Praveen Jaipuriar, page 5 of the filed PDF · View the filing
Management said long-term debt would be reduced but no firm commitment on use of funds, with evaluation of acquisition opportunities ongoing.
Answered by Praveen Jaipuriar
Asked by Raj: Will operating cash flow be used for debt reduction, dividends, or acquisitions?
p. 7
“It is actually, yes, yes, yes. So yes, of course, it won't come to 0, but definitely, there is a certain reduction that has already happened and a significant reduction.”
Praveen Jaipuriar, page 7 of the filed PDF · View the filing
No major capex planned, only maintenance capex of Rs 25-35 crore.
Answered by Praveen Jaipuriar
Asked by Kashyap Javeri: Was there a planned capex number for FY27?
p. 8
“As we have been maintaining next 2 years, there will be some maintenance capex of maybe INR25 crores to INR30 crores, INR35 crores, but these are very small capex.”
Praveen Jaipuriar, page 8 of the filed PDF · View the filing
Last year interest was partly capitalized due to the Vietnam facility not yet running; excluding that, interest reduced significantly.
Answered by Chaithanya Agasthyaraju
Asked by Vivek Ganguly: Why hasn't finance cost reduced despite lower debt?
p. 10
“Sure. Vivek, last year we had a lot of interest capitalized because our Vietnam facility was not yet running last year, right? The interest was getting capitalized.”
Chaithanya Agasthyaraju, page 10 of the filed PDF · View the filing
Management explained this year's proportion of freeze-dried and efficiencies are now built into the base, so incremental growth won't repeat, hence the guidance aligns with volume growth.
Answered by Praveen Jaipuriar
Asked by Bhavya Sonawala: Is the 15% EBITDA growth guidance conservative given this year's higher growth?
p. 11
“So therefore, we have always guided that our EBITDA growth will be in line of volume growth. Since we have guided a volume growth of 15%, and we already have built the efficiencies into the bases and proportions into the bases, I don't see this adding onto anything that we have already built.”
Praveen Jaipuriar, page 11 of the filed PDF · View the filing
Management acknowledged the possibility but said they aim to offset any negative impact through efficiency measures.
Answered by Praveen Jaipuriar
Asked by Richa: Could EBITDA per kg moderate as coffee prices soften and low-margin customers enter?
p. 12
“So although technically, you are bang on when you say that there could be a situation where my proportion of FDC could increase.”
Praveen Jaipuriar, page 12 of the filed PDF · View the filing
Confirmed the higher cost of goods sold this quarter was due to a higher proportion of lower-margin contracts, not inventory losses.
Answered by Praveen Jaipuriar
Asked by Naeem Patel: Was the cost of goods sold spike this quarter due to the cost-plus model and not inventory loss?
p. 13
“So this quarter, we did a little bit of the proportion of lower margin contracts are higher. So the cost of good proportion is higher this quarter.”
Praveen Jaipuriar, page 13 of the filed PDF · View the filing
Management said as brand equity strengthens, better pricing and lower discounts become possible.
Answered by Praveen Jaipuriar
Asked by Dipak Saha: Are there levers to improve take rate/discounts on quick commerce as markets mature?
p. 14
“So having said so, on a thumb rule basis as the markets mature, as the brands get stronger in terms of its equity, your margin profiles keep improving because then you are able to command a better pricing, right?”
Praveen Jaipuriar, page 14 of the filed PDF · View the filing
Management said not all costs can be passed through in CIF contracts, creating stress on the company.
Answered by Praveen Jaipuriar
Asked by Deepak: Are cost increases in CIF contracts being passed on to customers?
p. 16
“So any increase or any this thing in cost in CIF contract is not a backlash it is a actually a stress on us.”
Praveen Jaipuriar, page 16 of the filed PDF · View the filing
Management said 100% cost-plus model and 70% FOB basis insulate the company from such fluctuations, so no major margin impact expected.
Answered by Praveen Jaipuriar
Asked by Kenneth Mendonca: Will freight and insurance cost increases impact margins despite guidance?
p. 18
“So we don't see much of -- because since 100% of our business is on cost plus and 70% is on FOB, a lot of our -- these kind of fluctuations we are insulated against.”
Praveen Jaipuriar, page 18 of the filed PDF · View the filing
Risks flagged
Middle East crisis causing supply disruptions and energy price increases
p. 4
“The Middle East crisis does pose a challenge with a bit of supply disruptions and energy price increase, but we have managed the situation well and do not see much of disruption going forward.”
Praveen Jaipuriar, page 4 of the filed PDF · View the filing
Increases in logistics and energy costs affecting exports
p. 16
“And yes, there has been certain increases in the logistics cost. There has been certain increases in the energy cost.”
Praveen Jaipuriar, page 16 of the filed PDF · View the filing
Inability to pass through all costs in CIF contracts
p. 16
“So not all the costs can get passed through especially in CIF contracts.”
Praveen Jaipuriar, page 16 of the filed PDF · View the filing
Possible moderation in EBITDA per kg from product mix shifts and low-margin customers entering when coffee prices soften
p. 12
“And as you rightly said, if the coffee prices are down, a lot of low-margin customers also come into the picture.”
Praveen Jaipuriar, page 12 of the filed PDF · View the filing
Volatility in subsidiary-level performance due to centralized production planning
p. 15
“The business development teams at subsidiary levels could be doing a higher margin business in some quarter, lower margin business in some other.”
Praveen Jaipuriar, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.