CCL Products Q2 FY27: consolidated PAT +29% YoY to ₹130 Cr as margins expand, debt falls

CCL Products' consolidated Q2 FY27 (quarter ended September 30, 2026) revenue rose 7.5% YoY to ₹1,210.76 Cr (from ₹1,126.73 Cr) and 0.9% QoQ (from ₹1,200.45 Cr), while consolidated PAT climbed 29.0% YoY to ₹130.11 Cr (from ₹100.86 Cr) and 11.3% QoQ (from ₹116.88 Cr). Basic consolidated EPS was ₹9.77 versus ₹7.57 a year ago and ₹8.77 last quarter. Net profit margin expanded 176 bps YoY to 10.70% (9.71% last quarter), while operating margin (EBITDA/revenue) was roughly flat YoY at 17.44% against 17.50%, though up sharply from 16.12% in Q1 — profit growth this quarter was driven more by below-the-line items than by core operating leverage. The NPM expansion traces mainly to a 23% YoY drop in consolidated finance costs (₹25.09 Cr vs ₹32.63 Cr) as the group paid down debt: consolidated net debt (borrowings ₹1,192.20 Cr less cash ₹449.63 Cr) stood at roughly ₹742.6 Cr at quarter-end, already under the ₹800 Cr FY27 target management set on the Q1 call, and down from ₹963 Cr at Q1-end. Standalone PAT, by contrast, fell 61.6% YoY to ₹43.06 Cr from ₹112.26 Cr — but that prior-year figure included a one-off ₹70.42 Cr dividend/income from the Vietnam subsidiary (Ngon Coffee) booked as standalone other income, which eliminates on consolidation; stripped of that one-off, standalone PAT would have risen roughly 3% YoY. The consolidated print, unaffected by this intercompany item, is the representative one. Quarter-level EBITDA grew just 7.1% YoY (₹211.2 Cr vs ₹197.1 Cr) — a deceleration from the H1 cumulative pace of +14.2% YoY (₹405.6 Cr vs ₹355.1 Cr), which still tracks close to management's 15% FY27 EBITDA growth target. No quarter-specific Street estimate for Q2 FY27 could be located; the closest available reference is a multi-analyst FY27 consensus of roughly ₹37.70 EPS and ₹4,860 Cr revenue (Sharpely, MarketScreener), against which H1 FY27 EPS of ₹18.54 tracks a broadly consistent run-rate. Management issued no accompanying press-release commentary with this filing. Against the FY27 guidance laid out on the Q1 call — 15% volume growth, 15% EBITDA growth, B2C revenue of ₹550-600 Cr (25-30% growth), EBITDA/kg of ₹135-140, and net debt of ₹800 Cr — this filing (single-segment reporting, no volume/B2C/per-kg disclosure) only lets the EBITDA and net-debt legs be checked: EBITDA growth is tracking close to plan on an H1 basis despite the Q2 deceleration, and the net-debt target has already been beaten. The prior concall's cautiously-optimistic short-term tone is broadly validated by this print. Separately, the company disclosed a Company Secretary transition — Sridevi Dasari's resignation effective November 14, 2026 and Kallepally Bharath Kumar's appointment from November 15, 2026 — a governance item unconnected to the quarter's financial performance.