CCL Products (India) (CCL) Q2 26/27 earnings summary

Executive summary

• Q2 turnover rose 7.8% YoY to INR 1,215.99 crore; EBITDA increased 9.5% to INR 217.3 crore and net profit grew ~29% to INR 130 crore.

• H1 turnover grew 11.6% to INR 2,419.58 crore, EBITDA rose ~15% to INR 414 crore and net profit increased 42% to INR 246.96 crore.

• Consolidated Q2 revenue was INR 1,210.7624 crore and PAT was INR 130.0940 crore; H1 revenue was INR 2,411.2086 crore and PAT was INR 246.9611 crore.

Financial highlights

• Q2 PBT was INR 150.86 crore, up 18.7% YoY; EBITDA was INR 217.3 crore versus INR 198.6 crore.

• H1 PBT reached INR 279.88 crore, up 26.48% YoY; H1 EBITDA was INR 414 crore versus INR 360 crore.

• Consolidated basic EPS was INR 9.77 in Q2 and INR 18.54 in H1, versus INR 7.57 and INR 13.01 in the prior-year periods.

• Q2 other expenses rose with freight, fuel, insurance, marketing and volume-related costs; CIF freight pass-through can raise revenue and expenses without changing operational profit per kg.

• Standalone H1 revenue from operations was INR 1,261.8047 crore versus INR 1,093.9909 crore; net profit was INR 65.4613 crore versus INR 143.6263 crore.

Outlook and guidance

• FY guidance remains ~15% volume growth and similar EBITDA growth; Q3-Q4 order position is robust, and management is on track to meet targets.

• Volume growth through Q2 was 10%-15%; EBITDA growth is expected to track volume, with EBITDA per kg broadly stable.

• Domestic branded sales guidance remains INR 550-600 crore for FY, supported by expected seasonal increases in Q3 and Q4.

• FDC capacity decision or strategic capacity tie-up expected by late Q4 or early Q1; medium-term volume growth aspiration remains ~15%.