CCL International Limited

Industrials — Engineering & Construction · BSE

₹21.00+₹0.05 (+0.24%)

DalalBaazaar Score

52 / 100

🟡 Moderate

Verdict

CAUTION

Risk

High

Driven by the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:57 pm

Understanding the Business

Company site ↗

The 60-second version of CCL International Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

CCL International Limited engages in executing civil engineering works in India. The company operates through Trading and Infrastructure segments. It constructs roads, bridges, and highways.

IndustryEngineering & Construction

SectorIndustrials

Employees12

Annual revenue₹50 Cr

How does it make money?

Turns over ₹50 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 12 employees supports ₹4.20 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹4.20 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 5.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE14.1%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +206% while net margin moved -122% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+206%

Margin effect-122%

DalalBaazaar Score

52/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROCE of 5.6% is below 10% — capital is not working hard
✓ ROCE has improved by 8.4 points over the period — returns are strengthening
✗ EBITDA margin of 10.6% is thin — little cushion if costs rise
✗ The business is lossmaking at the net level
• Revenue has compounded at 45.2% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

54/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

44/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

11.5x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 3.5% to 10.6% over 3 years.
Cash generation is improving
Free cash flow is up 86% over 3 years.
Return on equity is rising
ROE has improved from -3.1% to 2.0%.
Return on capital is rising
ROCE has improved from -2.8% to 5.6%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Debt is increasingFinancial
Total debt is up 46% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 3.5% to 10.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹4 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 4.0x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 34% a year✓ 45.2% CAGR
Latest reported year was -27.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 9%✓ 10.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.0x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 2.0x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 2 neutral · 5 weak

Market Cap

₹40 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

0.83x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-0.03

Loss-making

Negative earnings per share — the business is losing money

ROE

2.0%

Weak

Weak capital efficiency

ROCE

5.6%

Weak

Low return on total capital employed

Debt/Equity

0.44x

Low

Conservative leverage

Revenue Growth (YoY)

-27.0%

Shrinking

Sales are contracting

Profit Growth (YoY)

32.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-7.1%

Weak

Thin margins leave little room for error

Net Margin

-0.2%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.46

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.16

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

21.8 / 22.4

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

41.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹16 Cr	₹36 Cr	₹46 Cr	₹50 Cr	+45.2%
EBITDA	₹1 Cr	₹5 Cr	₹5 Cr	₹5 Cr	+110.9%
EBITDA Margin	3.5%	12.8%	10.8%	10.6%	—
PAT (Net Profit)	-₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	—
EPS	₹-0.72	₹0.76	₹0.37	₹0.49	—
ROE	-3.1%	3.2%	1.5%	2.0%	—
ROCE	-2.8%	4.6%	4.8%	5.6%	—
Total Debt	₹14 Cr	₹24 Cr	₹24 Cr	₹21 Cr	+13.5%
Free Cash Flow	₹2 Cr	-₹6 Cr	₹0 Cr	₹4 Cr	+22.9%

🟢 Revenue has grown at 45.2% a year over 3 years.

🟢 EBITDA has grown at 110.9% a year over 3 years.

🟢 EBITDA Margin has risen from 3.5% to 10.6% over 3 years (+7.2 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-0.72 to ₹0.49.

🟢 ROE has risen from -3.1% to 2.0% over 3 years (+5.1 pts).

🟢 ROCE has risen from -2.8% to 5.6% over 3 years (+8.4 pts).

🔴 Total Debt has grown at 13.5% a year over 3 years.

🟢 Free Cash Flow has grown at 22.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹72 Cr

Total Liabilities

₹24 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹5 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

73.7%

Corporate Actions

Ex-Dividend Date

18 Sept 2015

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

1 mixed5 general

CCL Products Prepares U.S. And Middle East B2C Expansion, Targeting 25% To 30% Growth

Sahi, 16 OctCapacity

🟡Mixed / dependsCapacity additions can raise revenue over two to three years, but the capital spend usually pressures free cash flow first. Worth checking whether the capex is funded from operations or from borrowing.

CCL Industries (TSX:CCL.B) Stock May Be 31% Undervalued As Smart Label Demand Builds

Yahoo Finance, 17 Oct

CCL International appoints N K Solanki & Co as internal auditor for FY27

scanx.trade, 31 Aug

CCL Products India Share Pros and Cons 2026 | CCL Instant Coffee Export

Univest, 12 Aug

Volumes soar at CCL Products (India) Ltd counter

Business Standard, 08 Jun

Market Trading Guide: CCL Products among 2 stock recommendations for Wednesday

The Economic Times, 09 Jun

Watch Items

Revenue growth is negative (-27.0%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingValuation

WeakBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑