CCL Products (India) Limited (CCL)

Fast Moving Consumer Goods · Agricultural Food & other Products · NSE · Updated 15 July 2026

₹1,223 ↑ 37.68% (1Y)

🎯 Key Takeaways

CCL Products (India) Limited is in a high-growth phase driven by strong volume expansion, premiumization, and international market penetration, particularly in the UK. Management is focused on sustaining 15% volume and EBITDA growth in FY27, supported by strategic capacity expansion and D2C channel development.
Revenue grew 2.7% QoQ to ₹758 in Q3FY25.
⚠️ 1) Input cost volatility, particularly in raw materials, could pressure margins despite current efficiency gains. 2) Execution risks in international

Market Cap

₹14,906

P/E Ratio

54.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

CCL Products (India) Limited is in a high-growth phase driven by strong volume expansion, premiumization, and international market penetration, particularly in the UK. Management is focused on sustaining 15% volume and EBITDA growth in FY27, supported by strategic capacity expansion and D2C channel development. The company has demonstrated consistent top-line growth and improving profitability, with net profit margins expanding over the past year despite cyclical input cost pressures.

📰 What's Happening

In Q4 FY26, CCL reported a 46% YoY revenue increase to ₹1,226.39 crores and a 12% YoY rise in net profit to ₹114.53 crores, with full-year revenue up 43% and net profit up 25%. Volume growth of 18-20% YoY was led by strong performance in the direct-to-consumer (D2C) segment, now contributing 20-25% of sales. Management highlighted ongoing capacity expansion, premium brand development, and international growth, especially in the UK. The company also exercised and granted new stock options in May-June 2026 as part of employee compensation strategy, and reaffirmed its focus on strategic acquisitions or partnerships for future growth without planned capex in the next two years.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	520	655	608	664	727	773	738	758
Operating Profit	115	107	111	112	122	132	138	127
OPM %	21.7%	16.2%	18.1%	16.7%	16.3%	16.9%	18.6%	16.4%
Net Profit	85	61	61	63	65	71	74	63
EPS	₹6.41	₹4.56	₹4.57	₹4.76	₹4.90	₹5.37	₹5.55	₹4.73

Revenue has grown consistently over the past four quarters, rising from ₹520 crores in Q4FY23 to ₹1,226.39 crores in Q4FY26, reflecting expanding market share and demand. Operating margins have stabilized around 16-18% in recent quarters, with EBITDA growing 32% YoY in FY26 to ₹741.38 crores, indicating improved operational efficiency. Net profit margins have shown resilience, supported by cost discipline and scale benefits, while EBITDA margins remain robust at 16% in Q4FY26. The company has reduced net debt to ₹1,073 crores, enhancing financial flexibility amid sustained growth.

🔮 Management Outlook & What's Next

Management has guided for 15% volume and EBITDA growth in FY27, with no planned capex in the next two years but potential for strategic acquisitions or capacity partnerships. Cash flow is expected to be allocated toward debt reduction or shareholder returns, underscoring a balanced capital allocation approach. International expansion, particularly in the UK, and continued premiumization of products are central to the growth strategy, with D2C channels playing an increasingly important role in distribution and margin enhancement.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Agricultural Food & other Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
TATA CONSUMER PRODUCTS LIMITED	1.22 L Cr	83.2	9.4%	7.3%	0.09
Marico Limited	1.09 L Cr	67.8	—	—	—
Patanjali Foods Limited	50,036	30.3	—	—	—
AWL Agri Business Limited	25,958	21.8	—	—	—
CCL Products (India) Limited	14,906	54.3	—	—	—
LT Foods Limited	14,215	23.9	—	—	—
Balrampur Chini Mills Limited	10,897	26.5	—	—	—
Triveni Engineering & Industries Limited	8,190	38.6	—	—	—
KRBL Limited	7,756	17.8	—	—	—
Gujarat Ambuja Exports Limited	7,467	24.2	—	—	—

🔗 Peer Stock Analyses

TATACONSUM MARICO PATANJALI AWL LTFOODS

⚠️ Risk Factors

1) Input cost volatility, particularly in raw materials, could pressure margins despite current efficiency gains. 2) Execution risks in international expansion, especially in the UK market, where competition and regulatory dynamics may differ. 3) Dependence on D2C growth as a margin driver introduces concentration risk if consumer adoption slows. 4) Strategic acquisition or partnership execution could face integration or valuation challenges if not managed prudently.

📋 Recent Filings

🧠 Analyst's Read

CCL is executing a clear growth strategy anchored in volume expansion, premiumization, and internationalization, supported by strong financial performance and a healthy balance sheet. Investors should monitor the pace of international revenue contribution and the realization of synergies from strategic initiatives, as these will be critical to sustaining growth momentum beyond FY26.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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