NSE: CELLO · BSE: 544012
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumerware (steelware, glassware, hydration, opalware), Writing Instruments, Moulded Furniture. Diversified multi-category consumer durables and houseware
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2,000 | 2,136 | 2,324 |
| EBITDA (ex other income) | 510 | 510 | 464 |
| margin % | 25.5 | 23.9 | 20.0 |
| Owners' profit | 85 | 339 | 332 |
| EPS, as reported (₹) | 4.00 | 15.50 | 14.70 |
| ROE % · ROCE % | 26.0 · 33.7 | 15.1 · 20.3 | 12.3 · 16.1 |
| Debt / equity (x) | 0.27 | 0.00 | 0.01 |
| Cash from operations | 234 | 262 | 255 |
| Capex | (265) | (167) | (219) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 490 | 557 | 589 | 529 | 587 | 554 | 654 | 527 |
| Profit before tax | 117 | 124 | 130 | 108 | 121 | 94 | 116 | 95 |
| Net profit | 87 | 92 | 96 | 81 | 91 | 69 | 90 | 73 |
| EPS (₹) | 3.69 | 3.99 | 4.03 | 3.31 | 3.87 | 2.88 | 4.00 | 3.25 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CELLO WORLD LIMITED ◆ | 7,408 | 24.0 | 2.74 | 14.1 | 12.3 | 16.1 | — | 22.2 |
| HAWKINS COOKERS LTD | 4,010 | 30.6 | 9.01 | — | 29.5 | 37.2 | — | 15.8 |
| BOROSIL LIMITED | 2,905 | 41.5 | 3.28 | 15.6 | 8.4 | 9.9 | 15.4 | 16.2 |
| ALL TIME PLASTICS LIMITED | 1,343 | 37.1 | 2.19 | 14.4 | 5.8 | 6.9 | — | 16.7 |
| Maruti Interior Products Limit | 203 | 3.4 | — | — | — | 21.6 | — | — |
| Inflame Appliances Limited | 170 | 73.2 | — | — | — | 10.0 | — | — |
| GOTHI PLASCON (INDIA) LTD. | 41 | 17.8 | 3.74 | — | 16.6 | 16.4 | — | 63.6 |
| Riddhi Display Equipments Limi | 26 | 4.6 | — | — | — | 14.3 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.0 | 30.6 | 4 of 9 | 63% |
| P/B | 2.7 | 3.0 | 3 of 6 | 60% |
| ROCE | 16.1 | 14.3 | 4 of 9 | 63% |
| ROE | 12.3 | 10.3 | 3 of 6 | 60% |
| Debt / Equity | 0.0 | 0.1 | 1 of 6 | 100% |
| EBITDA margin | 22.2 | 16.4 | 2 of 6 | 80% |
| Revenue growth | (0.4) | 9.0 | 6 of 7 | 17% |
| Profit growth | (9.0) | (7.8) | 4 of 6 | 40% |
| Market cap | 7408 | 203 | 1 of 9 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Quarterly compliance certificate from registrar under SEBI Reg 74(5) | compliance | minimal | — | — |
| 7 Oct 2026 · Cello World Clarifies No Undisclosed Info Behind Volume Spike | regulatory legal | medium | — | — |
| 7 Oct 2026 · Exchange seeks clarification on volume movement; reply awaited | regulatory legal | high | — | — |
| 6 Oct 2026 · Cello World clarifies on recent volume surge | regulatory legal | medium | — | — |
| 6 Oct 2026 · NSE flags unusual trading volume in Cello World, seeks clarification | regulatory legal | high | — | — |
| 24 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · Cello World completes fractional share compensation for Wim Plast merger | strategic transactions | medium | — | — |
| 9 Sept 2026 · Appointment of Nodal Officer under IEPF Rules | compliance | low | — | — |
| 14 Aug 2026 · Cello World Q1 FY27: Revenue Rs 527 cr, PAT Rs 73 cr, guides margin stability | investor communications | medium | — | — |
| 11 Aug 2026 · AGM voting results: all 4 resolutions approved including dividend and director | compliance | minimal | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.