CCL Products (India) is one of the world's largest B2B coffee exporters, and its Q2 FY 2026-2027 print arrives with green coffee prices elevated and the rupee averaging ~₹95.5/USD versus ~₹84/USD a year ago. The quarter will speak to two things: whether the cost-plus pass-through lag kept margins intact as high-cost coffee flowed through, and whether India's 25% H1 export volume momentum translated into another strong quarter for the country's largest coffee exporter.
| Results date | October 15, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Market cap | Rs. 14,040.46 Cr |
| CMP | Rs. 1,051.5 |
CCL Products (India) Limited is scheduled to report its Q2 FY 2026-2027 financial results on October 15, 2026.
The key question for Q2 FY27 is whether CCL's ~130-day inventory buffer and B2B cost-plus pass-through absorbed the elevated green coffee prices — Arabica ICE futures hit a six-month high above $3.50/lb in July 2026 and Indian Robusta differentials ran at $1,300–1,500/tonne — within management's flagged risk band of ₹3,300–3,800/kg. Export demand momentum is firmly in CCL's favour: India's H1 FY27 coffee exports grew 25% to 2.42 lakh tonnes, with instant coffee shipments up 25.5% to 1.34 lakh tonnes, and CCL was the country's largest exporter by volume. The rupee's ~₹95.5/USD average versus ~₹84/USD a year ago provides a structural ~12% forex tailwind to export realisations, while net debt fell from ₹1,073 Cr at FY26 exit to ₹963 Cr by Q1 end with finance costs down 14.9% YoY. Q1 FY27 revenue of ₹1,200 Cr grew 13.7% YoY on ~20% volume growth with EBITDA/kg at ~₹140, already at the top of the guided ₹135–140 range, so the call will focus on whether the cost-of-materials ratio — up 649 bps YoY to 67.8% in Q1 on an inventory-timing effect — normalises in Q2.
B2B cost-plus pass-through lag: The single biggest swing factor for H2 margin trajectory.
Domestic branded revenue trajectory
Debt reduction progress
Standalone business recovery and tax normalisation
EUDR compliance and export momentum
Q1 FY27 revenue was ₹1,200 Cr, up 13.7% YoY, on roughly 20% volume growth, with EBITDA margin expanding 106 bps YoY to 16.12%. EBITDA/kg held at ~₹140, in line with management's guided ₹135–140 range.
Management guided FY27 volume growth of 15%, and Q1's ~20% volume growth already beat that pace. H1 export momentum — India's coffee exports up 25% in volume — suggests the 15% full-year guide looks conservative.
Green coffee prices were elevated through the quarter, with Arabica above $3.50/lb in July and Indian Robusta differentials at $1,300–1,500/tonne, and management had flagged a ₹3,300–3,800/kg price band as a risk. Under the cost-plus model these costs pass through to customers with roughly a one-quarter lag, while CCL's ~130-day inventory buffer smooths spot-market volatility.
Net debt stood at ₹963 Cr at the end of Q1 FY27, down from ₹1,073 Cr at FY26 exit, with finance costs down 14.9% YoY to ₹28.67 Cr in Q1. Management has confirmed no major capex is needed for 2–3 years, with capacity utilisation at 65–70%.
Management has guided domestic branded revenue of ₹550–600 Cr for FY27, with Q1 delivering ₹125 Cr. Q2 branded revenue needs to step up from Q1 levels for the company to stay on that path.