FMCG stocks · Large cap · NSE
CCL Products (India) Limited manufactures and sells instant coffee globally, operating in both B2B (private label) and B2C (branded) segments. Its key brands include Continental Coffee in India and Percol internationally. The company focuses on volume growth, premiumization, and expanding its branded presence.
full bear SMA stack · SMA20 -4.7% / mo · RSI oversold · MACD − · sector -5.7pp vs Nifty 500 (3M)
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +7.4% · PAT +28.8% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
margin compression · Rev +7% YoY · PAT +29% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,210.8 Cr | +7.4% | +0.9% |
| EBITDA | ₹212.1 Cr | +7.7% | +9.3% |
| Operating margin | 17.5% | -48 bps | +152 bps |
| PAT | ₹130.1 Cr | +28.8% | +11.2% |
| PAT margin | 10.8% | +179 bps | +100 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 21/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 29.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q4 FY26 turnover grew 46% YoY to INR1,226.39 crores, with EBITDA up 16% to INR193.76 crores and Net Profit up 12% to INR114.53 crores. Full year FY26 turnover increased 43% to INR4,465.80 crores, EBITDA rose 32% to INR741.38 crores, and Net Profit grew 25% to INR388.11 crores.
CCL delivered strong top-line and EBITDA growth for FY26, driven by volume expansion and coffee price increases. Management guides for continued 15% volume and EBITDA growth for FY27. The balance sheet has significantly strengthened with substantial debt reduction. Focus on domestic branded business and international B2C expansion remains key, though margin expansion in branded business is being reinvested.
Continental Coffee is a well-established number 3 player, aiming to strengthen position and drive 25% volume growth in coming years.
Doing extremely well, contributing 20%-25% of domestic sales with strong market share on most platforms.
Consumers are upgrading to better coffee, and the company is well-equipped with capacity to cater to this demand.
Percol brand in the U.K. is approximately INR25-30 crores, actively looking to expand this brand into other geographies like the U.S. and Vietnam.
Capacities are good for growth aspirations for the next 2 years. Annual utilization is around 65%.
No planned big capex for the next 2 years, only maintenance capex of INR25-35 crores. Evaluating strategic tie-ups, underwriting, or brownfield expansion for future needs.
Green coffee prices remain stable and are believed to soften further in coming months with positive news of good Brazilian crop supplies.
With stable coffee prices, there is a movement towards long-term contracts, especially for freeze-dried capacity, providing a long-term picture.
Poses a challenge with some supply disruptions and energy price increases, though the situation has been managed well.
Certain increases in logistics and energy costs, especially for CIF contracts, are not always fully passed through to customers.
While the cost-plus model insulates margins, rising coffee prices can optically inflate top-line growth, making EBITDA as a percentage of top-line appear contracted.
Aggressive growth in the branded segment has led to heightened competitive activity, requiring continuous effort to maintain market share.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is primary for overall financial performance due to annual reporting and potential seasonality. QoQ is relevant for understanding sequential trends in metrics like EBITDA per kg and product mix, which management noted can vary quarter-to-quarter.
Q4 and FY26 volume growth was in the range of 18%-20%. FY27 guidance is around 15%.
Improved on an annual basis for FY26. Q4 was a sequential drop due to proportion of coffee sold, but management aims to maintain it by negating impacts.
Remain stable as of now. Expected to soften in coming months with positive news of good Brazilian crop supplies.
Achieved INR440 crores out of INR650 crores India business. Continental is the number 3 player nationally, and number 2 in some regions/platforms.
Management guides for approximately 15% volume growth and 15% EBITDA growth for FY27.
Net debt reduced by over INR750 crores to INR1,073 crores as of March 31, 2026, with Debt to Equity at 0.5 and Net Debt to EBITDA at 1.45.
Strong operating cash flows will be used to evaluate acquisitions, increase dividend payouts, and further reduce debt, aiming for INR1,100-1,200 crores net debt next year.
Will continue to invest back into the B2C business for the next 3-4 years, maintaining EBITDA levels at around 4%-5% to fund growth and expansion into new regions/categories.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Volume Growth | 18%-20% (FY26) | Sustaining 15% growth as guided for FY27, and capacity utilization reaching 72%-73% in FY27. |
| EBITDA Growth | 32% (FY26) | Achieving 15% EBITDA growth in line with volume guidance for FY27, despite potential product mix shifts. |
| Net Debt to EBITDA | 1.45x | Further reduction in net debt towards the INR1,000-1,200 crores range, indicating efficient cash flow management. |
| Domestic Branded Sales Growth | 25%-30% volume growth | Sustained momentum and successful expansion into new regions (North, West) and categories, while maintaining profitability levels. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 98th percentile within FMCG. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · FMCG: 98th pctile, median 79 · Large: 98th pctile, median 73
94 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse