CCL Products Q2 FY27 Results Analysis: PAT Jumps 29%, EBITDA Margin Recovers 140 bps

Cofacto Research Published October 15, 2026 2 min read

Neutral

CCL Products (India) Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,210.76 Cr (+7.46% YoY) and PAT growth of +28.99% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 15, 2026
Quarter	Q2 FY 2026-2027
Revenue (Q2)	Rs. 1,210.76 Cr (+7.46% YoY)
PAT (Q2)	Rs. 130.09 Cr (+28.99% YoY)
EBITDA margin	17.52% (+2 bps YoY)
EPS (Q2)	Rs. 9.77 (+29.06% YoY)
Market cap	Rs. 14,499.05 Cr
CMP	Rs. 1,085.40

Quarter Snapshot

Consolidated PAT grew 29% YoY to Rs.130.09 Cr with EBITDA margin recovering 140 bps QoQ to 17.52%, while revenue growth slowed to 7.5% from 13.7% in Q1. The Vietnam subsidiary swung from a Rs.11.41 Cr drag to a Rs.87.05 Cr contribution and net debt fell 7.6% with H1 free cash flow of Rs.413.47 Cr. Key caveats are the unsustainably low 13.77% effective tax rate and the standalone entity's 61.6% PAT decline on a 465 bps margin compression.

Key Investment Insights

Key Positives

Consolidated PAT grew 29% YoY to Rs.130.09 Cr (EPS Rs.9.77 vs Rs.7.57); H1 PAT rose 42.5% YoY to Rs.246.96 Cr
EBITDA margin recovered 140 bps QoQ to 17.52% from 16.12% in Q1; materials-to-revenue ratio improved to 63.66% from 69.0% YoY and 67.8% QoQ
Subsidiaries (primarily Ngon Coffee, Vietnam) swung from a Rs.11.41 Cr drag in Q2FY26 to a Rs.87.05 Cr contribution in Q2FY27
Finance costs fell 20.4% YoY to Rs.25.98 Cr; net debt reduced 7.6% to Rs.1,192 Cr; Debt/Equity improved to 0.45x from 0.55x
H1 operating cash flow of Rs.438.77 Cr was 1.78x PAT; free cash flow of Rs.413.47 Cr; cash and equivalents more than doubled to Rs.449.63 Cr
Standalone revenue grew 22.5% YoY to Rs.685.05 Cr
Trade receivables fell 10.8% to Rs.729.03 Cr and inventories fell 5.5% to Rs.984.71 Cr, releasing working capital
H1 revenue of Rs.2,411 Cr (+10.5% YoY) keeps the ~15% annual growth guidance within reach

Risk Factors

Revenue growth decelerated to 7.5% YoY from 13.7% in Q1, below the guided ~15% full-year pace
Other expenses rose 35.9% YoY to 16.25% of revenue (vs 12.85% a year ago), partially offsetting the materials-cost benefit
Standalone PAT fell 61.6% YoY to Rs.43.06 Cr, with EBITDA margin compressing 465 bps to 12.44% and ETR rising to 30.9%
Consolidated ETR of 13.77% is unsustainably low; normalisation toward ~20% would reduce H2 PAT by ~Rs.9-10 Cr per quarter
EUDR compliance costs (effective Dec 30, 2026) may begin to accrue in H2