Cello World
CELLO NSE
Cello World
Consumer GoodsNSE: CELLO BSE: 544012 Houseware
Key Fundamentals
MicrocapHousewareConsumer GoodsMarket Cap
₹7,362 Cr
Volatility
Moderate
P/E Ratio
23.62
EBITDA
₹526 Cr
Return on Equity
12.27%
Debt to Equity
0.01
Book Value
₹101.71
EPS
₹15.22
52W High
₹673.8
52W Low
₹336
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is almost debt free.
Growth Rate
Revenue Growth
9.06% higher than
3Y
Net Income Growth
-9.08% lower than
3Y
Cash Flow Change
-2.55% lower than
3Y
ROE
-18.96% lower than
3Y
ROCE
-20.35% higher than
3Y
EBITDA Margin (Avg.)
-13.05% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk high
Cello World Ltd is an almost debt-free consumer discretionary company with a market cap of ₹8,206 crore trading at a PE of 24.4x. Revenue has grown at a 9% CAGR over 3 years, but FY26 consolidated net profit declined ~9% YoY to ₹332 crore while operating margins contracted from 23.4% to 19.8%, and the stock has fallen ~43% over the past year.
Bull Case 8
- Almost debt-free balance sheet with negligible interest costs (₹1.5 crore in FY26), providing financial flexibility and low solvency risk
- Consumerware segment delivered ~24% YoY revenue growth in Q4 FY25 to ₹400 crore, demonstrating strong brand pull in household products
- Revenue scaled from ₹1,359 crore in FY22 to ₹2,324 crore in FY26, reflecting a 5-year compounded sales growth of 17%
- Promoter holding stable at 75% with no dilution over recent quarters, signalling long-term owner commitment
- 3-year average ROE of 21% indicates historically efficient capital deployment relative to peers in the consumer space
- Q4 FY26 revenue of ₹654 crore was the highest-ever quarterly revenue, up 11% YoY, showing continued top-line momentum
- Dividend payout initiated post-IPO with 0.41% yield; payout ratio of ~10% leaves ample room for reinvestment or future dividend increases
- DII holding increased from 13.8% in Mar 2025 to 14.6% in Jun 2025, reflecting institutional confidence in the franchise
Bear Case 8
- Stock has declined 43% over the past year, significantly underperforming the broader market and indicating sustained loss of investor confidence
- Operating profit margin contracted sharply from 25.2% in FY24 to 23.4% in FY25 and further to 19.8% in FY26, a 540 bps erosion in two years
- Working capital days deteriorated from 190 days to 279 days, tying up significantly more cash in operations and pressuring free cash flow
- Consolidated net profit fell from ₹365 crore in FY25 to ₹332 crore in FY26 (down ~9% YoY), with TTM profit growth at -1%
- Writing Instruments segment revenue declined ~10.3% YoY in Q4 FY25 to ₹78 crore, missing estimates by 17.7% and showing category weakness
- Last year ROE dropped to 14% from a 3-year average of 21%, suggesting declining return efficiency as margins compress
- Gross margins contracted 105 bps YoY to 51.9% in Q4 FY25, reflecting input cost and pricing pressures across segments
- FII holding declined from 6.5% in Mar 2025 to 5.4% in Dec 2025, indicating foreign institutional selling pressure
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 472 | 489 | 527 | 512 | 501 | 490 | 557 | 589 | 529 | 587 | 554 | 654 | 527 |
| Expenses | 353 | 369 | 395 | 380 | 372 | 371 | 430 | 454 | 420 | 460 | 448 | 525 | 428 |
| Operating Profit | 119 | 120 | 132 | 133 | 129 | 119 | 127 | 135 | 109 | 128 | 106 | 129 | 99 |
| OPM % | 25% | 25% | 25% | 26% | 26% | 24% | 23% | 23% | 21% | 22% | 19% | 20% | 19% |
| Other Income | 8 | 11 | 4 | 7 | 6 | 13 | 12 | 13 | 17 | 14 | 9 | 8 | 18 |
| Interest | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Depreciation | 12 | 13 | 15 | 18 | 14 | 15 | 15 | 18 | 19 | 20 | 20 | 20 | 22 |
| PBT | 115 | 118 | 121 | 121 | 120 | 117 | 124 | 130 | 108 | 121 | 94 | 116 | 95 |
| Tax % | 28% | 26% | 25% | 21% | 26% | 26% | 26% | 26% | 25% | 25% | 26% | 23% | 22% |
| Net Profit | 83 | 87 | 91 | 96 | 89 | 87 | 92 | 96 | 81 | 91 | 69 | 90 | 73 |
| EPS in Rs | 3.97 | 4.1 | 4 | 4.18 | 3.89 | 3.7 | 3.91 | 3.99 | 3.31 | 3.88 | 2.88 | 4.08 | 3.25 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 1,049 | 1,359 | 1,797 | 2,000 | 2,136 | 2,324 | 2,321 |
| Expenses | 773 | 1,026 | 1,376 | 1,491 | 1,626 | 1,852 | 1,860 |
| Operating Profit | 277 | 334 | 421 | 509 | 510 | 471 | 461 |
| OPM % | 26% | 25% | 23% | 25% | 24% | 20% | 20% |
| Other Income | 10 | 16 | 17 | 25 | 45 | 48 | 48 |
| Interest | 2 | 3 | 2 | 3 | 1 | 2 | 2 |
| Depreciation | 49 | 48 | 50 | 57 | 62 | 78 | 81 |
| PBT | 236 | 299 | 385 | 475 | 491 | 440 | 427 |
| Tax % | 30% | 27% | 26% | 25% | 26% | 25% | — |
| Net Profit | 166 | 220 | 285 | 356 | 365 | 332 | 324 |
| EPS in Rs | 1,51,200 | 2,04,000 | 13.65 | 15.6 | 16.5 | 15.01 | 14.09 |
| Div. Payout % | 0% | 0% | 62% | 10% | 9% | 10% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 0.01 | 0.01 | 98 | 106 | 110 | 110 |
| Reserves | -107 | 88 | 239 | 1,043 | 2,298 | 2,591 |
| Borrowings | 334 | 463 | 335 | 371 | 5 | 38 |
| Other Liabilities | 917 | 780 | 875 | 450 | 226 | 263 |
| Total Liabilities | 1,144 | 1,331 | 1,547 | 1,970 | 2,640 | 3,002 |
| Fixed Assets | 259 | 259 | 272 | 362 | 616 | 711 |
| CWIP | 4 | 15 | 26 | 180 | 19 | 66 |
| Investments | 120 | 150 | 177 | 170 | 600 | 620 |
| Other Assets | 761 | 908 | 1,073 | 1,258 | 1,406 | 1,606 |
| Total Assets | 1,144 | 1,331 | 1,547 | 1,970 | 2,640 | 3,002 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | 194 | 187 | 227 | 231 | 262 | 255 |
| Investing | -53 | -262 | -557 | -256 | -553 | -176 |
| Financing | -133 | 94 | 324 | 26 | 311 | -5 |
| Net Cash Flow | 8 | 20 | -6 | 2 | 20 | 75 |
| Free Cash Flow | 169 | 136 | 124 | -22 | 98 | 37 |
| CFO/OP | 95 | 81 | 78 | 68 | 75 | 77 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 129 | 109 | 94 | 111 | 112 | 118 |
| Inventory Days | 236 | 233 | 197 | 199 | 210 | 191 |
| Days Payable | 76 | 78 | 62 | 62 | 51 | 54 |
| Cash Conversion Cycle | 290 | 265 | 230 | 248 | 271 | 255 |
| Working Capital Days | -120 | -57 | 90 | 108 | 184 | 185 |
| ROCE % | — | 53% | 48% | 36% | 24% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Cello World insights
63 extracted metrics + investor summaries across FY21–FY26.
Documents
1
Clarification sought from Cello World Ltd
5 Aug - Exchange has sought clarification from Cello World Ltd on August 05, 2026, with reference to news appeared in https://www.livemint.com/ dated August 4, 2026 quoting "Bain … 5 Aug - Exchange has sought clarification from Cello World Ltd on August 05, 2026, with reference to news appeared in https://www.livemint.com/ dated August 4, 2026 quoting "Bain …
2
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
7 Apr - Regulation 74(5) certificate filed for quarter ended March 31, 2026; no demat or remat requests. 7 Apr - Regulation 74(5) certificate filed for quarter ended March 31, 2026; no demat or remat requests.
3
Closure of Trading Window
26 Mar - Trading window closed from April 1, 2026 until 48 hours after audited Q4 and FY2026 results. 26 Mar - Trading window closed from April 1, 2026 until 48 hours after audited Q4 and FY2026 results.
5
Announcement under Regulation 30 (LODR)-Newspaper Publication
17 Feb - Copy of Newspaper Publication is attached herewith. 17 Feb - Copy of Newspaper Publication is attached herewith.
Frequently Asked Questions about Cello World
What does Cello World Ltd do?
Cello World is a leading Indian consumer product company mainly dealing in writing instruments and stationery, molded furniture, consumer housewares, and related products. [1]
Where is Cello World Ltd (CELLO) listed?
Cello World Ltd trades as CELLO on the NSE and under code 544012 on the BSE.
Which sector does Cello World Ltd belong to?
Cello World Ltd is classified under the Consumer Goods sector, in the Houseware industry.
What is the market capitalisation of Cello World Ltd?
Cello World Ltd has a market capitalisation of ₹7,362 Cr, which places it in the Mid Cap band.
What is the PE ratio of Cello World Ltd?
Cello World Ltd trades at a PE ratio of 23.62, on earnings per share of ₹15.22, against a book value of ₹101.71 per share.
What is the 52-week high and low of Cello World Ltd?
Over the last 52 weeks Cello World Ltd has traded between ₹336 and ₹673.8.
Does Cello World Ltd pay dividends?
Cello World Ltd has a dividend yield of 0.44%.
What is the Return on Equity (ROE) of Cello World Ltd?
Cello World Ltd reported a return on equity of 12.27%. Its debt-to-equity ratio is 0.01.
Company Information
Cello World is a leading Indian consumer product company mainly dealing in writing instruments and stationery, molded furniture, consumer housewares, and related products. [1]
CEO Mr. Pradeep Ghisulal Rathod
Employees 5,701
Listed 2023-11-06
Face Value ₹ 5
Issued Size 22,08,85,034
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