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Nirmal Bang Report
We recently interacted with the management of CCL Products India Ltd. in order to get updates on demand outlook, commissioning of new capacities, order visibility and business-to-customer operations.
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The management maintained its ~20% volume growth guidance for FY24 and indicated that all the expansion plans are well on track.
We believe that underlying demand for spray dried coffee continues to be strong across geographies and CCL Products is in a position to clock 60,000 tonnes volume by FY26-end, which should translate into ~Rs 7.1 billion Ebitda, implying a three-year compound annual growth rate of ~21%.
CCL Products continues to be our top idea in the midcap space.
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