1. Opening Hook
While most FMCG players were busy counting sugar-free calories, CCL Products was counting crores — ₹1,128 crore, to be precise. A 52.7% revenue surge later, caffeine addicts across Dalal Street were wide awake. The management sounded calm even as green coffee prices danced like a caffeinated squirrel — Brazil’s rain, Vietnam’s floods, and traders’ speculation brewed a perfect storm ☕️.
Yet, CCL’s leadership team somehow managed to blend volatility, volume, and vision into one frothy quarter. Read on — things get spicier when the CFO starts discussing working capital and the CEO dreams of turning this coffee giant into a full-blown FMCG powerhouse.
2. At a Glance
- Revenue up 52.7% YoY to ₹1,128 crore– Apparently, caffeine works better than steroids.
- EBITDA ₹199 crore, up 44.3%– Brewed strong, no sugar added.
- PAT ₹101 crore, up 36.4%– The bean counters are smiling.
- Volume growth 20%+– The espresso shot was clearly double.
- EBITDA/kg ₹130 (↑₹10 QoQ)– Margin magic per kilo, one cup at a time.
- B2C revenue ₹110 crore (₹210 crore H1)– The “Continental” dream is now domestic.
- Debt down to ₹1,580 crore; net debt lower– CFO finally slept well.
- Capacity utilization ~70%– Old plants maxed, new ones warming up.
3. Management’s Key Commentary
“Turnover grew 52.7% YoY to ₹1,128 crore; volume growth 20%+.”(Coffee beans doing more heavy lifting than ChatGPT prompts.)
“EBITDA per kilo improved ₹10–₹12 this quarter.”(Inflation-proof, caffeine-backed pricing power 😏)
“Domestic branded business at ₹210 crore in H1; we’re #2 in AP & Telangana.”(Filter coffee loyalists are now brand-conscious — miracles do happen.)
“Working capital improved via faster receivables, better inventory use.”(Translation: We finally made customers pay on time.)
“Capacity utilization at 70%; 100% on old units, 15–20% on new.”(Machines brewing harder than HR emails on appraisal day.)
“Vision is to be an FMCG company, not just a coffee manufacturer.”(Today: beans. Tomorrow: biscuits?)
“EBITDA growth guidance of 15–20%, but closer to upper end.”(CFO flexing without saying it directly.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | What It Really Means |
|---|---|---|---|
| Revenue | ₹1,128 Cr | +52.7% | Sales brewing faster than instant coffee. |
| EBITDA | ₹199 Cr | +44.3% | Profit with extra froth. |
| PAT | ₹101 Cr | +36.4% | Beans turned to gold. |
| EBITDA Margin | 17.6% | -100 bps | Inflation sipped a little of the foam. |
| EBITDA/kg | ₹130 | +₹10 QoQ | A fine-tuned blend. |
| Volume Growth | 20%+ | — | Beans flying off faster than IPOs. |
| Debt | ₹1,580 Cr | ↓ | CFO’s meditation working. |
| B2C Revenue (Q2) | ₹110 Cr | +40% YoY | Consumers are sipping the story. |
| Capacity Utilization | ~70% | ↑ | Ready for the next brewing cycle. |
Margins steady, costs contained, caffeine levels dangerously high.
5. Analyst Questions (and Management Spin)
Q:“Coffee prices are volatile — what’s next?”A:“We’ll wait till December for Vietnam’s crop clarity.”(Translation: Your guess is as good as ours.)
Q:“Working capital improved — sustainable?”A:“Efficiencies are long-term; prices are moody.”(CFO basically said, ‘Don’t jinx it.’)
Q:“Will tariffs hurt exports?”A:“We shifted U.S. orders to Vietnam. No caffeine jitters here.”
Q:“Capacity expansion soon?”A:“Not till we hit 85% utilization — maybe buy, not build.”(Pragmatic or just cautious? Jury’s brewing.)
Q:“Domestic market share?”A:“Double-digit in e-com & modern trade; #2 in South.”(Bruh, even coffee’s got FOMO now.)
