CCL Products shares gained more than 3% in morning trade after Antique Stock Broking reiterated its bullish stance on the stock, maintaining a “Buy” rating with a revised target price of ₹1,040 compared to the earlier ₹1,030. The brokerage firm believes the company is well positioned for strong mid-to-long-term growth, supported by improving volumes, EBITDA recovery, and ongoing balance sheet deleveraging.
According to Antique, CCL is entering a new growth phase as its capex cycle nears completion, which is expected to enhance operational efficiency and boost profitability per kilogram. The company has guided for a robust 15% to 20% volume CAGR over the next two to three years, while gradual recovery in EBITDA per kilogram is expected to be driven by a superior product mix and operating leverage.
The correction in green coffee prices by nearly 25% to 30% between April and July 2025 has also provided a tailwind, allowing the company to deleverage its balance sheet significantly. Antique noted that CCL’s debt-to-equity ratio is set to improve from around 1x in FY24 to just 0.3x by FY28, strengthening its financial position.
CCL Products shares were up 2.08% at ₹913.85 apiece around 9.39 am. It has jumped 25.31% this year, so far.
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