CCL Products (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Instant Coffee: 99.4% • Trade Licences: 0.6%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has delivered good sales growth of 22.8% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.13x)
- Stock looks reasonably valued - P/E of 53.0 is below its historical median
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (69.4% of PBT)
- Operating margins have contracted to 10.5% from 19.1%
- Stock is trading at 10.2x its book value
- Expensive relative to growth - PEG of 3.0
- Rich enterprise valuation - EV/EBITDA of 30.5x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TATACONSUM | 1003.50 | 60.74 | 99315.39 | 1.00 | 427.19 | 28.77 | 5348.88 | 11.93 | 10.10 | 13.21 |
| CCL | 1103.60 | 34.07 | 14736.14 | 0.52 | 116.88 | 61.33 | 1200.45 | 13.72 | 15.90 | 16.12 |
| ANDREWYU | 26.78 | 0.00 | 1309.41 | 0.00 | -2.34 | -111.60 | 58.30 | 5.08 | -1.45 | 8.66 |
| GOODRICKE | 222.20 | 7.59 | 479.95 | 0.90 | 40.87 | 1181.19 | 211.30 | 21.08 | 8.28 | 17.90 |
| MCLEODRUSS | 44.57 | 0.00 | 465.56 | 0.00 | -13.38 | 69.23 | 261.11 | 21.02 | -1.03 | 11.16 |
| PKTEA | 1136.30 | 65.93 | 351.78 | 0.07 | 3.69 | 370.56 | 11.60 | -1.11 | 1.28 | 5.17 |
| JAYSREETEA | 95.24 | 0.00 | 275.03 | 0.00 | -5.94 | 33.85 | 206.17 | 8.61 | 1.20 | 2.68 |
| UNITEDTEA | 439.90 | 18.64 | 219.80 | 0.73 | 6.38 | -20.51 | 19.83 | -10.49 | 11.28 | 25.60 |
| ROSSELLIND | 57.22 | 15.55 | 215.70 | 0.70 | 24.30 | 88.37 | 749.30 | 6.51 | 8.99 | 10.68 |
| NEAGI | 3335.00 | 5.65 | 207.46 | 0.60 | 15.33 | -80.10 | 6.41 | -0.33 | 9.64 | 218.32 |
| GROBTEA | 945.95 | 14.34 | 109.95 | 0.21 | 3.27 | 142.07 | 22.86 | 28.04 | 6.96 | 18.05 |
| NORBTEAEXP | 67.20 | 0.00 | 104.46 | 0.00 | 3.23 | 1033.33 | 12.90 | 946.23 | 2.98 | 51.40 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 372 | 352 | 327 | 405 | 432 | 437 | 402 | 448 | 535 | 559 | 564 | 558 | 577 | |
| 315 | 292 | 285 | 352 | 366 | 368 | 354 | 396 | 455 | 464 | 490 | 508 | 546 | |
| Operating Profit | 57 | 60 | 42 | 53 | 65 | 69 | 47 | 52 | 80 | 96 | 74 | 50 | 31 |
| OPM % | 15.31% | 17.05% | 12.71% | 13.09% | 15.14% | 15.81% | 11.78% | 11.68% | 14.99% | 17.09% | 13.19% | 8.97% | 5.39% |
| 0 | 1 | 1 | 4 | 3 | 2 | 2 | 8 | 3 | 73 | 5 | 93 | 6 | |
| Interest | 10 | 10 | 12 | 13 | 14 | 18 | 19 | 19 | 19 | 18 | 17 | 16 | 15 |
| Depreciation | 11 | 11 | 11 | 19 | 12 | 12 | 12 | 12 | 13 | 14 | 14 | 14 | 15 |
| Profit before Tax | 37 | 39 | 20 | 24 | 42 | 41 | 18 | 30 | 51 | 137 | 48 | 113 | 37 |
| Tax % | 23.81% | 21.03% | 18.07% | 17.54% | 40.07% | 32.22% | 47.94% | -1.38% | 39.08% | 17.78% | 24.67% | 5.03% | 39.05% |
| Net Profit | 28 | 31 | 16 | 20 | 25 | 28 | 9 | 30 | 31 | 112 | 36 | 107 | 22 |
| 2.10 | 2.34 | 1.21 | 1.51 | 1.89 | 2.07 | 0.70 | 2.26 | 2.36 | 8.43 | 2.72 | 8.06 | 1.68 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 707 | 823 | 809 | 823 | 795 | 923 | 1,356 | 1,456 | 1,718 | 2,216 | 2,258 | |
| 538 | 659 | 640 | 622 | 613 | 734 | 1,147 | 1,264 | 1,513 | 1,984 | 2,007 | |
| Operating Profit | 169 | 164 | 169 | 200 | 182 | 189 | 209 | 192 | 205 | 232 | 251 |
| OPM % | 23.95% | 19.98% | 20.85% | 24.35% | 22.89% | 20.51% | 15.44% | 13.20% | 11.93% | 10.46% | 11.12% |
| 1 | 4 | 30 | 140 | 71 | 39 | 50 | 25 | 43 | 242 | 177 | |
| Interest | 7 | 6 | 8 | 17 | 16 | 14 | 27 | 45 | 69 | 69 | 65 |
| Depreciation | 11 | 11 | 12 | 25 | 27 | 31 | 36 | 52 | 49 | 56 | 58 |
| Profit before Tax | 153 | 151 | 179 | 298 | 210 | 184 | 196 | 120 | 130 | 349 | 334 |
| Tax % | 35.36% | 35.37% | 29.76% | 19.91% | 24.58% | 30.75% | 10.65% | 20.69% | 29.25% | 17.74% | 16.80% |
| Net Profit | 99 | 98 | 125 | 239 | 159 | 127 | 175 | 95 | 92 | 287 | 278 |
| EPS | 7.44 | 7.35 | 9.43 | 17.96 | 11.93 | 9.56 | 13.18 | 7.16 | 6.91 | 21.51 | — |
| Dividend Payout % | 33.60% | 34.02% | 37.12% | 27.84% | 33.53% | 52.29% | 41.72% | 62.81% | 72.33% | 26.73% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 23%
- 3 Years:
- 18%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- 13%
- 3 Years:
- 18%
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- 22%
- 3 Years:
- 17%
- 1 Year:
- 20%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 14%
- 3 Years:
- 13%
- Last Year:
- 23%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 |
| 511 | 568 | 622 | 766 | 902 | 967 | 1,041 | 1,071 | 1,139 | 1,327 | |
| 98 | 308 | 364 | 371 | 328 | 392 | 497 | 749 | 788 | 608 | |
| Trade Payables | 6 | 8 | 54 | 17 | 18 | 33 | 48 | 45 | 119 | 213 |
| 63 | 71 | 145 | 167 | 192 | 197 | 182 | 150 | 292 | 393 | |
| Total Liabilities | 705 | 982 | 1,213 | 1,348 | 1,466 | 1,616 | 1,795 | 2,041 | 2,365 | 2,568 |
| 215 | 212 | 220 | 567 | 662 | 656 | 817 | 860 | 882 | 918 | |
| Capital Work in Progress | 0 | 213 | 424 | 97 | 78 | 147 | 44 | 14 | 28 | 3 |
| 154 | 158 | 159 | 159 | 157 | 157 | 157 | 237 | 242 | 250 | |
| 137 | 145 | 145 | 188 | 250 | 419 | 429 | 460 | 546 | 623 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 306 | 423 | 516 | |
| Cash & Bank | 6 | 8 | 39 | 18 | 69 | 17 | 32 | 33 | 18 | 12 |
| 193 | 246 | 226 | 319 | 251 | 220 | 316 | 130 | 227 | 247 | |
| Total Assets | 705 | 982 | 1,213 | 1,348 | 1,466 | 1,616 | 1,795 | 2,041 | 2,365 | 2,568 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 109 | 129 | 173 | 37 | 165 | 60 | 137 | 63 | 148 | 324 | |
| Cash from Investing | -22 | -240 | -136 | 70 | -32 | -66 | -55 | -156 | -144 | 104 |
| Cash from Financing | -32 | 170 | 30 | -52 | -58 | -7 | -32 | 95 | -20 | -435 |
| 1 | 2 | 8 | 2 | 51 | -52 | 15 | 2 | -16 | -7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - CCL Products (India) Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 08, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-08 - CCL Products (India) Limited has informed the Exchange about the link of the recording of the 65th Annual General Meeting
2026-09-08 - CCL Products (India) Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 08, 2026
2026-08-17 - CCL Products (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on Tuesday, September 08, 2026, at 10:00 A.M. (IST) through Video Conferencing (VC)/ Other Audio-Visual Means.
2026-08-05 - CCL Products (India) Limited has informed the Exchange about Schedule of meet
2026-08-03 - CCL Products (India) Limited has informed the Exchange regarding Allotment of 4200 Shares.
2026-07-30 - Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that ICRA Limited has assigned credit ratings to the fund-based and non-fund-based bank facilities of CCL Products (India) Limited.
2026-07-30 - CCL Products (India) Limited has informed the Exchange about Transcript
2026-07-28 - CCL Products (India) Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for CCL
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CCL Products (India) Ltd.
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