CCL Products Q3 Results Review: Systematix Maintains 'Buy' On The Stock, Lowers Target Price — Here's Why

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Systematix Research Report

While there is some uncertainty on near-term volume growth, the ramp-up in recently commissioned India SDC (at ~30% utilization now) and upcoming Vietnam freeze-dried coffee capacity should drive strong growth in FY26E, by when we expect some softness in coffee prices, which should drive an uptick in long term contracts.

Margins should sustain around current levels of Rs 100/kg and start improving over FY26E-FY7E with higher contribution from FDC, small packs and specialty coffee.

Cash flows will likely remain pressured near-term given higher working capital requirements (led by coffee inflation).

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