CELLO WORLD LIMITED

Makes and sells houseware and consumer durables across three segments: Consumerware (steelware, glassware, hydration bottles, opalware), Writing Instruments (Unomax plus the newly acquired Cello stationery brand), and Moulded Furniture. In Q3 FY26 it reported revenue of INR553.7 cr at a 22.1% EBITDA margin, with PAT of INR63.6 cr (after a INR7.4 cr one-time gratuity charge from new labour codes). Channel mix in Q3 FY26 was general trade 75.2%, export 9.1%, online 15.7%, modern trade 5.1%. Steelware revenues fell roughly 40% QoQ in Q3 because of stock-outs at the existing plant while a new Rajasthan plant ramps (2 lines live, balance by H1 FY27). Glassware ran at about 60% utilization and was at breakeven. Writing Instruments was the standout, with Q3 revenue of INR86 cr (+11% YoY) and Q4 FY26 segment growth of 63.6%, supported by the addition of the Cello brand. The biggest cost line is raw materials at 34.0% of revenue, followed by other operating expenses at 19.1% and employee cost at 10.4%. Capex is capped at INR150 cr a year.