CCL Q1: consolidated PAT +61% YoY to ₹117 Cr as coffee margins expand, EBITDA beats guide

CCL Products delivered a strong, clean quarter on a consolidated basis: revenue rose 13.7% YoY to ₹1,200.4 Cr and net profit jumped 61.3% to ₹116.9 Cr (EPS ₹8.77 vs ₹5.45), with the profit growth running well ahead of the topline because margins expanded sharply. Net margin widened to 9.7% from 6.9% a year ago and operating margin (EBITDA ₹193.6 Cr) to ~16.1% from ~15.1%, driven by softer green-coffee input costs and lower finance costs (₹28.7 Cr vs ₹33.7 Cr YoY on the debt-reduction path). Importantly, this is genuine underlying growth — unlike the Q4-FY26 standalone print, there is no dividend/exceptional one-off in the consolidated numbers on either side of the YoY comparison.

Sequentially the quarter looks flat (revenue -2.0% QoQ, PAT +2.1% QoQ), but the March quarter is a seasonally heavy period for the group, so the near-flat QoQ is not a stall — the YoY step-up is the signal. The result also validates management's May concall guidance of ~15% volume and ~15% EBITDA growth for FY27: Q1 EBITDA is up ~21.7% YoY, tracking ahead of that bar, consistent with the confident tone and the tailwind from India's coffee export volume surge and lower Arabica/robusta prices that brokerage previews had flagged.

The stock went into the print at ₹1,174.4, up 0.9% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters.

Alongside the result the board fixed Sep 1, 2026 as the record date for the ₹3/share final FY26 dividend and set the AGM for Sep 8. Standalone (₹576.8 Cr revenue, ₹22.4 Cr PAT) tells a much smaller and weaker story because value and profit now sit in overseas subsidiaries (Vietnam, Switzerland, Singapore) — readers should anchor on the consolidated figures, which capture the group's true earnings.