Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Ccl Products India Ltd.
NSE: CCLConsumer DefensivePackaged Foods
- Last close
- ₹907.50
- Day change
- −₹20.30 (−2.19%)vs
- Market cap
- ₹14,473 crIndian rupees
- Research updated
- 3 reports
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About Ccl Products India
Ccl Products India Ltd. is a prominent player in the global coffee industry, primarily engaged in the production and export of instant coffee. The company specializes in manufacturing a wide range of coffee products, including spray-dried, freeze-dried, and granulated coffee, catering to diverse taste preferences and market requirements. Ccl Products India Ltd. operates with a focus on quality and customization, offering its services to private label owners, leading coffee brands, and retailers across the globe. The organization's robust infrastructure, including state-of-the-art processing plants, enables it to deliver premium products competitively. Headquartered in India, Ccl Products plays a crucial role in the global supply chain of coffee, with a significant impact on the food and beverage industry due to its expansive international reach. Its ability to maintain high standards of production and adaptability contributes to its reputation and influence in the competitive coffee market.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: CCL
- Employees
- 1,336
- Headquarters
- Hyderabad, India
- ISIN
- INE421D01022
- Website
- cclproducts.com
Public research · Report of
Business model & financial foundation
CCL Products (NSE: CCL), Instant coffee manufacturing (B2B private label and contract) with a domestic branded business: revenue of ₹4,457 crore in FY26 (+43.5% on FY25), an EBITDA margin of 16.4%, net profit of ₹388.1 crore and net debt of ₹1,074 crore.
- Revenue, FY26 (₹ crore)
- 4,457
- consolidated
- Revenue growth, FY26
- +43.5%
- on FY25
- EBITDA margin, FY26
- 16.4%
- EBITDA (revenue less cogs, employee, other exp; excl other income) / revenue
- Net profit, FY26 (₹ crore)
- 388.1
- to owners
- Return on equity, FY26
- 18.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,074
- Net bank debt less eligible liquid assets, excluding leases
- Market capitalisation (₹ crore)
- 14,473
- at the close of 15 Oct 2026
Company profile
CCL Products is one of the world's largest private-label instant coffee manufacturers, making spray-dried, agglomerated and freeze-dried soluble coffee in India (Duggirala SEZ, Tirupati), Vietnam and Switzerland for global roasters and retailers in 110+ countries on a largely cost-plus, back-to-back green-coffee model. It also runs a growing domestic branded business (Continental Coffee) at about 5-6% EBITDA margin. Consolidated FY26 revenue was Rs4,457 crore and PAT Rs388 crore.
| Item | Value |
|---|---|
| Legal name | CCL Products (India) Limited |
| Exchange and ticker | NSE: CCL; BSE: 519600 |
| ISIN | INE421D01022 |
| CIN | L15110AP1961PLC000874 |
| Sector | Consumer Staples |
| Industry | Instant coffee manufacturing (B2B private label and contract) with a domestic branded business |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Ramanatham & Rao, Chartered Accountants (FRN 2934S) (since 2022) |
| Market capitalisation | ₹14,473 crore (15 Oct 2026) |
| Shares outstanding | 13.35 crore shares (FY26) |
| Price | ₹1,101 (close, 15 Oct 2026) |
| 52-week range | ₹823.9 - ₹1,242 (to 15 Oct 2026) |
| Website | https://www.cclproducts.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Ngon Coffee Company Limited (Vietnam) | 100% | Instant coffee manufacturing; capacity expanded to 36,000 tpa, operational FY26; material subsidiary |
| Continental Coffee SA (Switzerland) | 100% | Agglomeration and packing unit |
| CCL Food and Beverages Private Limited (India) | 100% | Spray-dried instant coffee manufacturing (Tirupati unit) |
| Continental Coffee Private Limited (India) | 100% | Food and beverage kiosks incl. Coffee on Wheels |
| Jayanti Pte Limited (Singapore) | 100% | Investment vehicle, no operations |
| Mukkonda Renewables Private Limited (associate) | 26% | Captive hybrid renewable power SPV, 10 MW; Rs12.12 cr investment |
Single reportable segment (coffee and coffee products) per Ind AS 108.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 46.11% | 46.11% | 46.14% | 46.16% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 11.01% | 11.24% | 12.07% | 12.12% |
| Domestic institutions | 21.53% | 21.43% | 21.11% | 21.41% |
| of which mutual funds | 19.22% | 19.02% | 18.66% | 18.89% |
| Retail | 9.54% | 9.42% | 9.23% | 8.98% |
| Other | 11.81% | 11.80% | 11.45% | 11.33% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Coffee — only reportable operating segment | 4,457 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tata Consumer Products (TATACONSUM) | Largest Indian listed coffee/tea player incl. instant coffee extraction (ex-Tata Coffee) and branded beverages |
| Nestle India (NESTLEIND) | Leader of Indian branded instant coffee (Nescafe); competitor to Continental in domestic retail |
| Hindustan Unilever (HINDUNILVR) | |
| LT Foods (LTFOODS) | Indian agri-commodity processor and exporter with cost-plus private label and branded mix |
| Mrs Bectors Food Specialities (BECTORFOOD) | Food manufacturer combining B2B/private label exports with domestic brands |
| Hindustan Foods (HNDFDS) | Contract manufacturer for FMCG brands; comparable B2B manufacturing economics |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,462 | 2,071 | 2,654 | 3,106 | 4,457 |
| Cost of revenue (vendor classification) * | 815.4 | 1,230 | 1,709 | 1,843 | 3,080 |
| Other operating costs (vendor classification) * | 221.5 | 337.9 | 366.2 | 706.0 | 522.9 |
| EBITDA (vendor classification) * | 332.2 | 400.0 | 449.0 | 563.6 | 737.8 |
| EBIT | 274.8 | 336.3 | 347.6 | 456.6 | 581.0 |
| Finance costs | 13.4 | 31.3 | 77.7 | 112.8 | 128.7 |
| Profit before tax | 261.3 | 305.0 | 276.2 | 352.3 | 460.7 |
| Tax expense (current + deferred) | 57.0 | 21.0 | 26.2 | 41.9 | 72.6 |
| Profit after tax before associates | 204.4 | 284.0 | 250.1 | 310.3 | 388.1 |
| Diluted EPS (INR) | 15.36 | 21.35 | 18.76 | 23.26 | 29.10 |
| Cost of materials consumed incl. change in inventories | 1,552 | 1,843 | 2,904 | ||
| Employee benefits expense | 145.6 | 172.0 | 192.8 | ||
| Other expenses | 510.8 | 536.1 | 627.7 | ||
| EBITDA (revenue less cogs, employee, other exp; excl other income) | 445.3 | 555.1 | 732.9 | ||
| Other income | 6.32 | 8.45 | 8.43 | ||
| Depreciation | 97.7 | 98.5 | 151.9 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Share of profit of associates | 0.00 | 0.00 | -0.01 | ||
| Profit attributable to owners | 250.1 | 310.3 | 388.1 | ||
| Cost of materials consumed | 1,629 | 1,915 | 2,937 | ||
| Changes in finished goods and WIP inventories | -77.3 | -72.0 | -32.8 | ||
| Current income tax | 22.9 | 29.1 | 64.8 | ||
| Deferred income tax | 3.26 | 12.8 | 7.81 | ||
| Basic EPS INR per share | 18.80 | 23.31 | 29.15 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,251 | 1,497 | 1,674 | 1,967 | 2,345 |
| Gross borrowings (current + non-current) | 655.1 | 919.6 | 1,621 | 1,813 | 1,291 |
| Unrestricted cash and cash equivalents | 52.8 | 82.6 | 169.1 | 96.9 | 216.5 |
| Trade receivables | 319.6 | 441.4 | 496.8 | 690.3 | 816.9 |
| Inventories | 519.1 | 578.3 | 788.4 | 1,052 | 1,042 |
| Trade payables | 45.7 | 73.8 | 99.7 | 221.1 | 253.7 |
| Net property, plant and equipment | 3.89 | 4.02 | 1,250 | 1,620 | 1,994 |
| Capital work in progress | 160.0 | 54.0 | 501.1 | 450.5 | 3.46 |
| Total assets | 2,070 | 2,597 | 3,536 | 4,241 | 4,326 |
| Net bank debt less eligible liquid assets, excluding leases | 1,452 | 1,716 | 1,074 | ||
| Non-current bank borrowings | 518.6 | 556.3 | 376.7 | ||
| Current bank borrowings including current maturities | 1,102 | 1,256 | 914.0 | ||
| Other bank balances restricted/unclaimed dividends | 0.72 | 0.77 | 1.04 | ||
| Lease liabilities current plus non-current | 1.50 | 2.17 | 33.6 | ||
| Non-current strategic equity investments | 0.00 | 0.00 | 2.87 | ||
| Right-of-use assets | 1.28 | 2.03 | 33.2 | ||
| Other intangible assets | 0.01 | 0.01 | 0.01 | ||
| Non-current other financial assets | 11.6 | 50.1 | 54.5 | ||
| Other non-current assets | 30.7 | 31.2 | 28.8 | ||
| Current other financial assets | 4.49 | 3.93 | 1.21 | ||
| Other current assets | 281.5 | 243.4 | 131.5 | ||
| Total non-current assets | 1,795 | 2,153 | 2,117 | ||
| Total current assets | 1,741 | 2,088 | 2,209 | ||
| Reported equity share capital | 26.6 | 26.7 | 26.7 | ||
| Other equity | 1,647 | 1,941 | 2,318 | ||
| Non-current lease liabilities | 1.01 | 1.68 | 33.2 | ||
| Current lease liabilities | 0.49 | 0.49 | 0.45 | ||
| Non-current provisions | 3.29 | 4.86 | 4.09 | ||
| Deferred tax liabilities net | 62.0 | 74.2 | 81.9 | ||
| Total non-current liabilities | 584.9 | 637.1 | 495.9 | ||
| Trade payables MSME | 12.8 | 15.4 | 21.4 | ||
| Trade payables other creditors | 86.9 | 205.8 | 232.3 | ||
| Other current financial liabilities | 41.1 | 96.5 | 252.3 | ||
| Current provisions | 5.42 | 38.1 | 21.4 | ||
| Other current liabilities | 28.2 | 24.2 | 44.0 | ||
| Total current liabilities | 1,277 | 1,637 | 1,486 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 60.3 | 127.7 | 55.4 | 289.7 | 858.3 |
| Free cash flow (vendor definition) * | -73.7 | -159.0 | -457.9 | -128.3 | 788.5 |
| Dividends paid cash outflow negative | -66.5 | -66.5 | -66.5 | -26.7 | -103.5 |
| Cash purchase of PPE/CWIP including advances and creditors | -189.9 | -332.3 | -513.3 | -418.0 | -69.8 |
| Net cash from investing activities | -513.6 | -415.9 | -69.6 | ||
| Net cash from financing activities | 558.5 | 53.0 | -756.9 | ||
| Cash-flow working capital movement release positive | -359.6 | -228.3 | 245.3 | ||
| Cash-flow movement in receivables | -42.1 | -174.3 | -48.8 | ||
| Cash-flow movement in inventories | -210.1 | -263.8 | 10.1 | ||
| Cash-flow movement in trade payables | 25.9 | 121.4 | 32.6 | ||
| Cash-flow movement in other financial assets | 4.05 | -38.0 | -1.71 | ||
| Cash-flow movement in other current assets | -164.7 | 38.1 | 103.0 | ||
| Cash-flow movement in other non-current assets | 0.88 | -0.54 | 2.41 | ||
| Cash-flow movement in other financial liabilities | 7.88 | 54.4 | 162.3 | ||
| Cash-flow other current liabilities and provisions | 18.7 | 34.4 | -14.6 | ||
| Operating cash profit before working capital changes | 444.0 | 543.2 | 660.8 | ||
| Cash generated from operations before tax paid | 84.4 | 314.9 | 906.1 | ||
| Income taxes paid cash outflow negative | -29.0 | -25.3 | -47.8 | ||
| CFO plus signed cash capex | -457.9 | -128.3 | 788.5 | ||
| Cash-flow starting profit before tax including associates | 276.2 | 352.3 | 460.7 | ||
| CF depreciation addback | 97.7 | 98.5 | 151.9 | ||
| CF provisions and expected credit loss addback | 3.88 | 0.96 | 0.39 | ||
| CF share-based payments addback as printed | 6.12 | 0.92 | 0.54 | ||
| CF net foreign exchange loss or gain adjustment | -17.2 | -20.1 | -78.2 | ||
| CF interest income removed from operating activities | -0.50 | -2.10 | -3.31 | ||
| CF finance cost addback | 77.7 | 112.8 | 128.7 | ||
| Interest income investing cash inflow | 0.50 | 2.10 | 3.31 | ||
| Movement in restricted other bank balances | -0.86 | -0.05 | -0.27 | ||
| Purchase of investment cash outflow | 0.00 | 0.00 | -2.87 | ||
| Proceeds from issue of share capital | 0.00 | 0.10 | 0.00 | ||
| Proceeds from non-current borrowings | 487.6 | 248.0 | 0.00 | ||
| Net current borrowings draw positive repayment negative | 295.7 | 55.6 | -343.9 | ||
| Repayment non-current borrowings cash outflow | -78.6 | -111.8 | -178.0 | ||
| Reported lease principal cash-flow movement | -2.00 | 0.67 | -2.82 | ||
| Finance costs paid cash outflow | -77.7 | -112.8 | -128.7 | ||
| Net change in cash before translation | 100.3 | -73.2 | 31.7 | ||
| Effect of currency translation on cash | -13.8 | 1.07 | 87.8 | ||
| Cash and cash equivalents opening | 82.6 | 169.1 | 96.9 | ||
| Cash and cash equivalents closing | 169.1 | 96.9 | 216.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued paid-up equity shares including ESOP trust | 13.30 | 13.30 | 13.35 | 13.35 | 13.35 |
| Primary weighted diluted EPS denominator (crore shares) | 13.33 | 13.34 | 13.34 | ||
| Primary weighted basic EPS denominator (crore shares) | 13.30 | 13.32 | 13.32 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 758.4 | 835.8 | 1,056 | 1,127 | 1,051 | 1,224 | 1,200 | 1,211 |
| Cost of revenue (vendor classification) * | 454.0 | 465.1 | 711.1 | 661.2 | 794.1 | 778.4 | ||
| Other operating costs (vendor classification) * | 135.8 | 158.3 | 143.6 | 157.0 | 182.3 | 176.6 | ||
| EBITDA (vendor classification) * | 127.2 | 167.1 | 161.4 | 187.6 | 193.8 | 196.7 | ||
| EBIT | 99.7 | 136.3 | 125.5 | 158.2 | 145.9 | 151.4 | 154.5 | 171.6 |
| Finance costs | 30.5 | 34.3 | 33.7 | 32.6 | 32.2 | 30.2 | 28.7 | 26.0 |
| Profit before tax | 71.9 | 105.9 | 94.2 | 127.1 | 116.3 | 123.1 | 129.0 | 150.9 |
| Tax expense (current + deferred) | 8.83 | 4.01 | 21.7 | 26.2 | 16.0 | 8.61 | 12.2 | 20.8 |
| Profit after tax before associates | 63.0 | 101.9 | 72.4 | 100.9 | 100.3 | 114.5 | 116.9 | 130.1 |
| Diluted EPS (INR) | 4.73 | 7.64 | 5.44 | 7.56 | 7.52 | 8.59 | 8.76 | 9.75 |
| Cost of materials consumed incl. change in inventories | 454.0 | 465.1 | 711.1 | 737.6 | 661.2 | 794.1 | 778.4 | 751.5 |
| Employee benefits expense | 44.2 | 49.1 | 41.8 | 47.3 | 47.4 | 56.3 | 51.9 | 50.4 |
| Other expenses | 135.8 | 158.3 | 143.6 | 144.7 | 157.0 | 182.3 | 176.6 | 196.7 |
| EBITDA (revenue less cogs, employee, other exp; excl other income) | 124.4 | 163.3 | 159.0 | 197.1 | 185.0 | 191.8 | 193.5 | 212.1 |
| Other income | 2.77 | 3.81 | 2.40 | 1.48 | 2.60 | 1.95 | 3.14 | 5.23 |
| Depreciation | 24.8 | 27.0 | 33.6 | 38.9 | 39.1 | 40.4 | 39.0 | 40.5 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.01 | 0.01 | 0.02 |
| Profit attributable to owners | 63.0 | 101.9 | 72.4 | 100.9 | 100.3 | 114.5 | 116.9 | 130.1 |
| Cost of materials consumed | 385.5 | 538.2 | 647.3 | 777.4 | 668.7 | 843.3 | 814.0 | 770.8 |
| Changes in finished goods and WIP inventories | 68.5 | -73.1 | 63.8 | -39.8 | -7.53 | -49.2 | -35.5 | -19.2 |
| Current income tax | 4.32 | 2.95 | 17.0 | 18.8 | 15.8 | 13.2 | 8.31 | 19.0 |
| Deferred income tax | 4.51 | 1.06 | 4.72 | 7.48 | 0.21 | -4.59 | 3.84 | 1.80 |
| Basic EPS INR per share | 4.73 | 7.65 | 5.45 | 7.57 | 7.53 | 8.60 | 8.77 | 9.77 |
| Paid-up share capital as reported on P&L | 26.6 | 26.6 | 26.7 | 26.6 | 26.6 | 26.7 | 26.7 | 26.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.7% | 41.7% | 28.1% | 17.0% | 43.5% |
| EBITDA margin | 16.8% | 17.9% | 16.4% | ||
| Net margin | 9.4% | 10.0% | 8.7% | ||
| Return on equity | 15.8% | 17.0% | 18.0% | ||
| Return on capital employed | 15.5% | 15.6% | 12.2% | 12.9% | 15.7% |
| Return on assets | 8.2% | 8.0% | 9.1% | ||
| Net debt (₹ crore) | 1,452 | 1,716 | 1,074 | ||
| Net debt / EBITDA | 3.26x | 3.09x | 1.47x | ||
| Interest cover | 20.4x | 10.8x | 4.47x | 4.05x | 4.51x |
| Asset turnover | 0.76x | 0.89x | 0.87x | 0.80x | 1.04x |
| Receivable days | 80 | 78 | 68 | 81 | 67 |
| Inventory days (on revenue) | 130 | 102 | 108 | 124 | 85 |
| Payable days (on revenue) | 11 | 13 | 14 | 26 | 21 |
| Cash conversion | 0.22x | 0.93x | 2.21x | ||
| Capex intensity | 13.0% | 16.0% | 19.3% | 13.5% | 1.6% |
| Free cash flow (₹ crore) | -129.6 | -204.6 | -457.9 | -128.3 | 788.5 |
| Dividend payout | 26.6% | 8.6% | 26.7% | ||
| EPS, diluted (₹) | 15.36 | 21.35 | 18.76 | 23.26 | 29.10 |
| Book value per share (₹) | 94.02 | 112.6 | 125.4 | 147.3 | 175.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee, other exp; excl other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net bank debt less eligible liquid assets, excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee, other exp; excl other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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