SYSTEMATIX ON CCL PRODUCTS ; UPGRADE TO BUY FROM HOLD | TP ₹1,270

• FY27 guidance maintained at ~15% YoY volume and EBITDA growth. • Management expects an FDC capacity expansion update by Q4FY27 / early Q1FY28; existing FDC capacity is nearing full utilisation. • Green coffee prices remain range-bound; longer-term client contracts are returning, improving visibility. • India branded business grew ~27% YoY to ₹1.4 Bn in Q2; medium-term growth guidance remains 20–25%. • Company remains in a low-capex phase with improving free cash flow and lower debt. • Systematix expects FY26–29 revenue / EBITDA / PAT CAGR of ~14% / 15% / 20% and upgrades the stock to BUY.

CCL PRODUCTS (I) LTD

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