CCL Products (India) Limited announced its audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026, following a Board of Directors meeting held on May 07, 2026. The meeting commenced at 03:20 P.M. and concluded at 05:00 P.M. The statutory auditors, M/s. Ramanatham & Rao, Chartered Accountants, issued audit reports with unmodified opinions on both the standalone and consolidated financial results. The results have been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, and comply with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, the company formally filed the transcript of the conference call held on May 08, 2026 on May 11, 2026, with the document also uploaded on the company's official website at www.cclproducts.com . The management confirmed that no Unpublished Price Sensitive Information was discussed during the call.

Consolidated Financial Performance

The consolidated results encompass CCL Products (India) Limited along with its five subsidiaries — CCL Food and Beverages Private Limited, Continental Coffee Private Limited, Ngon Coffee Company Limited (Vietnam), Continental Coffee SA (Switzerland), and Jayanti Pte Limited (Singapore) — and its associate company, Mukkonda Renewables Private Limited. The group achieved a consolidated turnover of INR1,226.39 crores for Q4, representing a growth of 46% over the corresponding quarter of the previous year. For the full year, consolidated turnover stood at INR4,465.80 crores, a growth of 43% year-on-year. The following table summarises the key consolidated financial metrics:

Full-year consolidated EBITDA stood at INR741.38 crores against INR563.54 crores, a growth of 32%, while profit before tax grew 31% to INR460.74 crores and net profit rose 25% to INR388.11 crores. Q4 EBITDA margin contracted to 15.67% from 19.53% year-on-year; management clarified this is optical in nature as the business operates on a cost-plus model, and the relevant metric is EBITDA per kg, which improved on an annual basis. Consolidated cost of materials consumed for FY26 stood at Rs. 2,93,668.36 lakhs, compared to Rs. 1,91,454.32 lakhs in FY25. Employee benefits expense for the year was Rs. 19,281.87 lakhs, while depreciation was Rs. 15,192.65 lakhs and finance costs amounted to Rs. 12,874.99 lakhs.

Standalone Financial Performance

On a standalone basis, CCL Products reported a significant improvement across key financial parameters for FY26. The standalone operations relate to one reportable segment, and hence segmental reporting as per Ind AS 108 is not applicable.

Notably, standalone other income for FY26 was Rs. 17,386.46 lakhs, which includes Rs. 16,284.02 lakhs received from the company's wholly owned overseas subsidiary, M/s. Ngon Coffee Company Limited, Vietnam — comprising Rs. 7,042.12 lakhs for the quarter ended September 30, 2025, and Rs. 9,241.90 lakhs for the quarter ended March 31, 2026. Standalone employee benefit expenses for FY26 include Rs. 303.16 lakhs towards the CCL Employee Stock Option Scheme - 2022, accounted for as per Ind AS 102 - Share Based Payments.

Balance Sheet and Cash Flow Highlights

The company closed the financial year with a significantly strengthened balance sheet. Net debt as of March 31, 2026 stood at approximately INR1,073 crores, a reduction of more than INR750 crores from the prior year. Debt-to-equity improved to 0.5 from 0.92 a year ago, and net debt to EBITDA improved to 1.45 from 3.1 a year ago. The standalone net cash from operating activities for the year was Rs. 32,436.18 lakhs, compared to Rs. 14,769.50 lakhs in the prior year, with standalone cash and cash equivalents closing at Rs. 1,050.08 lakhs. On a consolidated basis, net cash from operating activities was Rs. 85,828.54 lakhs for FY26 versus Rs. 28,969.07 lakhs in FY25, with consolidated cash and cash equivalents closing at Rs. 21,651.56 lakhs.

Management Commentary and FY27 Guidance

During the earnings conference call hosted by Ashika Institutional Equities on May 08, 2026, CEO Praveen Jaipuriar noted that volume growth for FY26 was in the range of 18%–20%, and guided for approximately 15% volume growth and 15% EBITDA growth for FY27. Management attributed the apparent EBITDA margin contraction to the cost-plus business model, where rising green coffee prices inflate the top line without affecting per-kg profitability — noting that the 46% top-line growth reflected a combination of 18%–20% volume growth and approximately 20%–25% price increase built into the top line. On capacity, the company reported overall utilisation at approximately 65% for FY26, with freeze-dried capacity running at a higher rate. Management confirmed that existing capacity is sufficient for the next two years, with utilisation expected to rise to approximately 72%–73% in FY27 and 80%–85% in FY28, and gave an assurance that capacity would not be allowed to constrain growth. Maintenance capex for FY27 is expected at approximately INR25 crores to INR35 crores, with no major capital expenditure planned. CFO Chaithanya Agasthyaraju guided interest costs at approximately INR100 crores for FY27, with the cost of borrowing hovering between 7% to 7.5%, and the consolidated average tax rate guided at approximately 17%. Management also noted a movement towards long-term contracts, particularly for freeze-dried capacity, underpinning confidence in the guidance provided.

Domestic Branded Business and Strategic Developments

The domestic business achieved a gross turnover of approximately INR650 crores, of which branded sales were approximately INR440 crores. Continental as a brand is now established as the number 3 player in the country, and the number 2 player in select regions and platforms. Online channels account for approximately 20%–25% of domestic sales, with the company holding double-digit market share on most quick commerce platforms. The branded business recorded volume growth of approximately 25%–30% for the year, with management targeting approximately 25% volume growth going forward. Small packs now constitute approximately 20% of overall business, up from approximately 15% in the prior year. The B2C business is operating at approximately 4%–5% EBITDA, with management intending to reinvest incremental profits into brand building and geographic expansion over the next 3–4 years, keeping the EBITDA percentage at the same level. Approximately 70% of the company's exports are on an FOB basis, providing insulation against freight and logistics cost fluctuations; management noted some cost pressures on CIF-based contracts due to the Middle East situation but indicated no significant disruption to shipping routes.

Brand and Product Expansion

The Malgudi snacks brand, launched as a pilot across 100–150 stores, has received positive consumer response, with a broader launch expected in the coming months following product tweaking based on consumer feedback. The Percol brand in the U.K. generated approximately INR25 crores–INR30 crores in revenue, with management targeting approximately INR100 crores within 2–3 years and actively evaluating expansion into additional geographies. The company is also evaluating entry into the U.S. market and exploring B2C opportunities in Vietnam, given its existing manufacturing presence there, though management noted it is premature to provide scale guidance for these markets at this stage.

Dividend and Other Key Disclosures

The Board of Directors has recommended a final dividend of Rs. 3.00 per equity share (150%) of nominal value Rs. 2/- each for the financial year ended March 31, 2026, subject to approval by members at the ensuing Annual General Meeting. Additionally, during FY26, the company declared an interim dividend of Rs. 2.75 per equity share (137.50%) of nominal value of Rs. 2.00 each. The company also recognised an incremental impact on retiral benefits of Rs. 205.03 lakhs for the Group and Rs. 187.24 lakhs for the standalone entity for the year ended March 31, 2026, following the Government of India's notification on November 21, 2025, of four Labour Codes consolidating 29 existing labour laws. The paid-up equity share capital as at March 31, 2026 stood at Rs. 2,670.56 lakhs (face value Rs. 2/- per equity share).

CCL Products (India) Limited's Nomination and Remuneration Committee, at its meeting held on 07th May 2026, approved the grant of 1,61,850 stock options and the vesting of 1,48,473 options under the CCL Employee Stock Option Scheme-2022. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the same meeting, the committee also approved structural and organisational changes to the company's Senior Management Personnel.

ESOP Grant and Vesting Details

The CCL Employee Stock Option Scheme-2022 is compliant with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The newly granted options carry an exercise price of Rs.2/- per share at face value, and eligible employees may exercise their options within 2 years from the respective date of vesting. Vesting is contingent upon employees achieving earmarked targets for the respective years, as determined by the Nomination and Remuneration Committee.

The following table summarises the key details of the ESOP activity disclosed under Annexure-1:

It was also noted that 6,475 options have lapsed or been forfeited following the resignation of eligible employees. Options exercised, money realised by exercise, and total shares arising from exercise were reported as not applicable at this stage.

Revised Senior Management Personnel

In addition to the ESOP-related decisions, the Nomination and Remuneration Committee took note of structural and organisational changes within the company. The committee approved the redefinition and reclassification of Senior Management Personnel in accordance with Regulation 16(1)(d) read with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, aligned with the current organisational structure and reporting hierarchy.

The revised list of Senior Management Personnel is as follows:

The intimation was signed by Sridevi Dasari, Company Secretary & Compliance Officer, on behalf of CCL Products (India) Limited, and submitted to both the National Stock Exchange of India Limited and BSE Limited as required under the applicable SEBI regulations.