CCL Products (India) Ltd(CCL)

NSE: CCLBSE: 519600

₹ 895.8-1.28%refreshed 26 Oct, 01:49 pm ISTMarket cap: ₹ 11,961 crWebsite: www.cclproducts.comUpdated: 24 Oct 2026

About

CCL Products (India) Ltd describes itself as the world's largest private label manufacturer of instant coffee. Coffee and coffee-related products made up 99.43% of its turnover, and its products reach customers in more than 110 countries. Consolidated revenue was 4457.37 crore rupees in FY26. It runs plants in Andhra Pradesh, Vietnam and Switzerland, and sells under its own Continental Coffee brand in India.^[1][2]

Business segments

Coffee and coffee-related products made up 99.43% of turnover in FY26.^[1]
The company reports a single segment, coffee. Its FMCG division fell below the Ind AS 108 reporting thresholds as of FY25.^[3]
Domestic gross turnover was INR210 cr in Q2 FY27, of which ~INR140 cr was brand sales. India branded sales grew 25%, all from volume, across general trade, modern trade and e-commerce.^[4]
India branded B2C sales were ~INR 440 crores in FY26. The FY27 target is INR 550 - 600 crores.^[5]
Percol is expected to bring in INR25-30 cr in FY27, and total international branded revenue is ~INR30 cr (Q2 FY27 call). Percol is expected to turn profitable next year.^[4]

Products and brands

CCL offers more than 1,000 unique brewing blends of instant coffee (FY26), in spray-dried, agglomerated and freeze-dried formats.^[1]
Continental Coffee is the domestic retail brand. As of FY25 it was sold in over 150,000 retail outlets through more than 700 distribution partners.^[3]
The Malgudi snacks brand was still in test market in Q2 FY27 and added banana chips to its range. The Continental tea entry is seeing decent offtake.^[4]
Subsidiary Continental Coffee Pvt Ltd runs food and beverage kiosks, including 'Coffee on Wheels' (FY26).^[1]
Its sourcing holds Fair-trade, Organic and Rainforest Alliance certifications.^[3]

Manufacturing footprint

Duggirala plant, Guntur District, Andhra Pradesh: the main multi-format plant. It houses India's first freeze-dried unit (est. 2005) and makes spray-dried, agglomerated and freeze-dried coffee.^[3]
Kuvvakolli plant, Andhra Pradesh: makes only freeze-dried coffee, aimed at premium instant coffee demand (FY26).^[1]
Vietnam subsidiary Ngon Coffee Company: after its expansion, 36,000 tonnes per annum of capacity became operational during FY 2025-26. The plant makes spray-dried and freeze-dried coffee.^[1]
Continental Coffee SA, Switzerland: runs an agglomeration and packing unit that serves premium private-label clients in Europe (FY26).^[1]
In FY26, Vietnam served as a fungible second manufacturing base to work around US tariff disruptions.^[1]

Key operating numbers

Consolidated capacity utilisation was ~70% in Q2 FY27, up from 65 - 70% in Q1 FY27. Freeze-dried utilisation was higher than the average.^[4][6]
Volume grew 10-15% in Q2 FY27, while value grew 7.8% because green coffee prices were lower. Volume had grown ~20% in Q1 FY27.^[4][6]
EBITDA per kg was INR135-140 in Q2 FY27. Management does not expect it to change materially, even at full capacity.^[4]
Global freeze-dried demand ran ahead of spray-dried in Q2 FY27, but CCL's freeze-dried/spray-dried mix was unchanged from the previous 2-3 quarters.^[4]
As a rule of thumb, freeze-dried coffee earns 30 - 40% more EBITDA per kg than spray-dried.^[6]
Small packs made up ~20% of volumes in FY26, up from ~15% the year before.^[5]
Green coffee comes from a supplier base spread across 15 - 20 countries (FY26).^[1]

Customers and distribution

Exports were 72.69% of standalone turnover in FY26. Products reach customers in more than 110 countries.^[1]
Customers include brand owners, retailers, manufacturers, traders and re-packers, both in India and overseas (FY26).^[1]
In Q2 FY27, lower coffee prices were bringing back medium- and long-term contracts. The company was gaining wallet share with existing clients and adding new clients in the Far East.^[4]
Continental Coffee ranked #3 nationally in India's branded instant coffee market in FY26, and #2 in some regions and platforms.^[5]
Urban South India market share passed 6% in Q1 FY27. The brand held double-digit share in both Reliance and DMart chains.^[6]
Online/D2C contributed ~20 - 25% of India sales in FY26. Quick commerce alone brought in ~INR 100 crores.^[5]
Direct distribution reached 140,000 outlets as of Q3 FY26. The target is to double this to ~300,000 over three years.^[7]

Expansion and capex

A decision is due by Q4 FY27 or Q1 FY28 on adding ~6,000 MT of brownfield freeze-dried capacity in India or Vietnam, or on bridging the gap with a strategic tie-up.^[4]
Capex for a freeze-dried expansion is expected to be similar to last time: ~INR500 cr plus inflation (Q2 FY27 call).^[4]
In Q2 FY27, spray-dried capacity had headroom for 2-3 years, and freeze-dried could be near full utilisation within 1-1.5 years.^[4]
CCL bought a 26% stake in Mukkonda Renewables for a hybrid renewable project expected to cover 50 - 60% of its energy needs within 12 - 18 months of Q2 FY26.^[8]
As of Q2 FY27, distribution deals with a couple of US chains were finalised and the brand had launched in Nepal. Vietnam test marketing is expected within about a quarter, and the Middle East is being explored.^[4]

Recent developments

Kallepally Bharath Kumar was appointed Company Secretary and Compliance Officer from 15 Nov 2026, after Sridevi Dasari's resignation effective 14 Nov 2026 (filed 16 Oct 2026).^[9]
Net debt was INR742 cr in Q2 FY27, down from INR 963 crores at 30 June 2026.^[4][6]
Revenue grew 43.52% in FY26. The annual report attributes this mainly to higher coffee prices, along with export demand and product mix.^[1]
The plant-based meat category was discontinued in Q3 FY26. The Malgudi snacks brand was launched as the new category.^[7]
As of FY25, the promoter group held 46.09% of shares, mutual funds 18.38% and Category I foreign portfolio investors 9.31%.^[3]

Market Cap

₹11,961 Cr

High / Low

₹1,242 / 833

Stock P/E

26.2

Price / Book

4.5

Book Value

₹176

EPS

₹29.1

No. of Shares

13.35 Cr

ROCE

15.8%

ROE

18.0%

OPM

13.2%

Debt / Equity

0.55

Sales

₹4,457 Cr

Net Profit

₹388 Cr

Promoter holding

46.2%

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