NSE: CELLO · BSE: 544012 · ISIN INE0LMW01024
Cello World Limited stock analysis
Cello World Limited ranks #2062 in the TickerSutra evidence-ranked universe with a score of 49/100 and 87% data confidence. The latest captured fundamentals show ROCE of 17.4%, quarterly sales growth of -0.4% and quarterly profit growth of 0.5%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.01×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- CFO/EBITDA is below 0.6×
- Operating margin has compressed materially
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,359cr | ₹334cr | ₹220cr | 25.0% |
| 2023 | ₹1,797cr | ₹421cr | ₹285cr | 23.0% |
| 2024 | ₹2,000cr | ₹509cr | ₹356cr | 25.0% |
| 2025 | ₹2,136cr | ₹510cr | ₹365cr | 24.0% |
| 2026 | ₹2,324cr | ₹471cr | ₹332cr | 20.0% |
| TTM | ₹2,321cr | ₹461cr | ₹324cr | 20.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
I think it's a substantial degrowth in the steel segment which has contributed to a degrowth in the Consumer Ware segment overall. And in terms of the CAPEX plans for FY27? Gaurav Rathod: I think CAPEX plan, there is nothing major coming in this year.
I will be sharing the financial details for the quarter gone by: Revenues from Q1 FY27 stood at Rs. Our gross margin for the quarter stood at a healthy level of 52.4%, a sequential margin improvement. 117.1 Cello World Limited August 10, 2026 Page 4 of 18 crores, translating into an EBITDA margin of 22.2%.
During Financial Year ‘27, we will continue to strengthen our operational efficiency, rationalize our product portfolio, realign our distribution strategy, deepen market penetration and improve our working capital discipline. With a focus on maintaining strong balance sheet health and a robust operational structure, we remain confident of steadily improving our performance as demand conditions normalize and the benef
Steelware, as we ramp up, it will contribute very well to the top line because a lot of imports have now been curbed. So, I think we are going to see a market share gain there over the next couple of years. And I think these categories are something that are also trend-based.
In our previous earnings call, we indicated that we would see a soft patch. In response to the rising input cost environment, we implemented price increases across most of our product categories. These price revisions enabled us to fetch better gross margins in a weak demand environment.
2023 Successfully listed on the National Stock Exchange (NSE) and BSE through its Initial Public Offering (IPO). 2024 Raised ~`737 Crore through a Qualified Institutional Placement (QIP), reducing promoter shareholding to ~75%. 2024 Commissioned Glassware Manufacturing Facility, expanding in-house manufacturing capabilities.
Structural drivers such as housing initiatives, increasing urban households, and MSME formalisation are expanding demand, particularly in mid- range segments. Regulatory measures like the Furniture Quality Control Order (February 2026) are improving product standards and encouraging formalisation, while government procurement platforms are boosting institutional demand. India remains one of the fastest-growing furnit
Exploring ways to reduce carbon footprints, Engaging with stakeholders, Staying informed about the relevant regulations Negative: Fines, Legal issues, reputational damage 6 Product Responsibility Opportunity NA Positive: Improving product quality, will lead to better customer relations and building trust which will in turn help us to increase our market share in consumer products sector Business Responsibility and Su
Additionally, targeted promotions, discounts, and consumer schemes support demand across segments. Raw Material Price Risk Raw material costs form a major share of our expenditure and are influenced by factors such as policy changes, regulatory shifts and global developments. Variations in input prices may adversely affect profitability.
The growing contribution of modern trade, e-commerce and quick commerce, which now accounts for nearly 17% of our revenue, complements our robust General Trade network and expands our market reach. While the glassware business operated at around 60% capacity utilisation due to pricing pressures from low-cost imports, we remain confident in its long-term growth potential and continue to invest in building a stronger,
In response to the rising input cost environment, we implemented price increases across most of our product categories. These price revisions enabled us to fetch better gross margins in a weak demand environment. The Writing Instrument division delivered a healthy performance during Cello World Limited August 10, 2026 Page 3 of 18 the quarter, registering 52% year-on-year growth, driven by a healthy contribution from
We also maintain contingency plans to address unforeseen funding requirements. Distribution Network Risk We utilised our distribution channels across domestic and international markets to ensure efficient product reach. Inability to maintain and strengthen this network may hinder product availability, potentially resulting in reduced market presence and share.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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