CELLO

Cello World share price & financials

Price
₹390.2
Market cap
₹8.3k Cr
Sector
Consumer Durables
Calls analysed
8
Latest concall · Q1 FY27 · call held 10 Aug 2026

Cello World Q1 FY27

Revenue ₹527 cr EBITDA ₹117.1 cr EBITDA Margin 22.2% PAT ₹73.4 cr

What went well

  • Revenue of ₹527 crores with healthy profitability, EBITDA margin at 22.2% and PAT margin at 13.9%.
  • Gross margin improved sequentially to 52.4% in Q1 FY27.
  • Writing Instrument division grew 52% year-on-year, driven by the Cello brand.

What to watch

  • Consumer Ware business delivered muted performance due to subdued demand and inflationary pressures.
  • Glassware capacity utilization remained at 60% due to slower scale-up and continued dumping from China.
Read the full call →

What Cello World does

Cello World designs, manufactures and distributes a diversified range of household and lifestyle products across three verticals: consumerware (houseware, insulatedware, glassware, opalware, cleaning aids and electronic appliances), writing instruments (pens, pencils, highlighters, markers), and moulded furniture and allied products (plastic furniture, storage, crates, air coolers). It earns by selling these branded products through a pan-India network of distributors and retailers spanning general trade, modern trade, e-commerce and exports, with the majority of its output produced in-house across its own manufacturing facilities. The group traces its roots to Wim Plast Limited (incorporated 1962) and the original Cello brand, and consolidated its consumerware, writing instruments and moulded-furniture businesses under Cello World Limited, which listed on the NSE and BSE in 2023.

Segments

  • Consumer Ware
  • Writing Instruments
  • Moulded Furniture and Allied Products
Manufacturing facilities
14
Manufacturing locations
Daman (8 units), Haridwar (2), Chennai, Kolkata, Baddi, Falna, Rajasthan (Glassware & Steel)
SKUs
20,000+
Distributors
5,000+
Retailers
1,80,000+
Consumer Houseware distribution reach
888 distributors and 86,144 retailers
Founded 2018Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 25 tracked 5 delivered 6 missed 14 open
  • Consolidated Revenue Growth FY26 delivered, diluted said Q3 FY25 Promised: 12-14% Q1 FY27: Historical target, no longer applicable.
  • Full Year Revenue Growth FY25 missed said Q2 FY25 Promised: 15-17% Q1 FY27: Historical target, no longer applicable.
  • Overall Revenue Growth FY27 revised down said Q4 FY26 Promised: 10% to 12% Q1 FY27: Management explicitly withdrew the 10-12% FY27 revenue growth guidance, citing a tough year and market uncertainty. They will re-evaluate guidance next quarter.

All 25 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 0.4%, net profit down 9.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue490 557 589 529 587 +20%554 −1%654 +11%527 −0%
EBITDA119 127 135 109 128 +8%106 −17%129 −4%99 −9%
Net profit87 92 96 81 91 +5%69 −25%90 −6%73 −10%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −45.9% 1Y

₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹615.1 on 10 Sept 2025 → ₹332.8. High ₹660.6 (29 Oct 2025), low ₹332.8 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−3.5%
10 Aug
Q4 FY26
−6.5%
29 May
Q3 FY26
−6.0%
16 Feb
Q2 FY26
−1.1%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 7.8% a year over 2 years, FY24 to FY26. Operating margin narrowed to 20.3%.

Year endingFY24FY25FY26
Revenue₹2.0k Cr₹2.1k Cr₹2.3k Cr
Operating profit₹504 Cr₹510 Cr₹472 Cr
Operating margin25.2%23.9%20.3%
Interest₹3 Cr₹1 Cr₹1 Cr
Depreciation₹58 Cr₹62 Cr₹79 Cr
Net profit₹357 Cr₹364 Cr₹331 Cr
Net margin17.9%17.0%14.2%
Cash from operations₹231 Cr₹262 Cr₹255 Cr
Free cash flow₹-22 Cr₹98 Cr₹37 Cr
ROCE36.0%24.0%17.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹0 Cr₹0 Cr₹98 Cr₹106 Cr₹110 Cr₹110 Cr
Reserves₹-107 Cr₹88 Cr₹239 Cr₹1.0k Cr₹2.2k Cr₹2.6k Cr
Borrowings₹334 Cr₹463 Cr₹335 Cr₹371 Cr₹6 Cr₹38 Cr
Other liabilities₹917 Cr₹780 Cr₹875 Cr₹450 Cr₹507 Cr₹263 Cr
Total liabilities₹1.1k Cr₹1.3k Cr₹1.5k Cr₹2.0k Cr₹2.8k Cr₹3.0k Cr
Fixed assets₹259 Cr₹259 Cr₹272 Cr₹362 Cr₹623 Cr₹711 Cr
Capital work in progress₹4 Cr₹15 Cr₹26 Cr₹180 Cr₹51 Cr₹66 Cr
Investments₹120 Cr₹150 Cr₹177 Cr₹170 Cr₹679 Cr₹620 Cr
Other assets₹761 Cr₹908 Cr₹1.1k Cr₹1.3k Cr₹1.5k Cr₹1.6k Cr
Total assets₹1.1k Cr₹1.3k Cr₹1.5k Cr₹2.0k Cr₹2.8k Cr₹3.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.15 pp while the public added +1.62 pp. The shareholder count shrank 1% to 1,22,084.

Promoters
75.0%
FIIs
3.2%
DIIs
15.1%
Public
6.6%

Since Jun 2025

  • FIIs −2.15 pp
  • Public +1.62 pp
  • DIIs +0.52 pp

How it drifted, 11 quarters

Over this window promoters fell from 78.1% to 75.0% — −3.1 pp.

Dec '23Mar '25Jun '26

Ownership split by quarter, oldest first. Dec '23: Promoters 78.1%, FIIs 3.0%, DIIs 12.8%, Public 6.2%.Mar '24: Promoters 78.1%, FIIs 4.4%, DIIs 12.4%, Public 5.1%.Jun '24: Promoters 78.1%, FIIs 5.9%, DIIs 12.1%, Public 4.0%.Sep '24: Promoters 75.0%, FIIs 7.7%, DIIs 13.6%, Public 3.7%.Dec '24: Promoters 75.0%, FIIs 7.5%, DIIs 13.5%, Public 4.0%.Mar '25: Promoters 75.0%, FIIs 6.5%, DIIs 13.8%, Public 4.7%.Jun '25: Promoters 75.0%, FIIs 5.4%, DIIs 14.6%, Public 5.0%.Sep '25: Promoters 75.0%, FIIs 5.5%, DIIs 14.0%, Public 5.4%.Dec '25: Promoters 75.0%, FIIs 5.4%, DIIs 13.4%, Public 6.2%.Mar '26: Promoters 75.0%, FIIs 5.5%, DIIs 12.7%, Public 6.7%.Jun '26: Promoters 75.0%, FIIs 3.2%, DIIs 15.1%, Public 6.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Cello World above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Gaurav Pradeep Rathod 21.48%unchanged
Pankaj Ghisulal Rathod 10.75%unchanged
Pradeep Ghisulal Rathod 10.26%unchanged
Pankaj Rathod Family Trust 8.83%unchanged
Babita Rathod Family Trust 8.83%unchanged
Sangeeta Pradeep Rathod 5.66%unchanged
Tata Mutual Fund - Tata Small Cap Fund Mutual fund4.35%newly disclosed
India Advantage Fund S5 I VC / PE3.94%unchanged
Ruchi Gaurav Rathod 2.83%unchanged
Karishma Harsh Parekh 1.77%unchanged
Malvika P. Rathod 1.77%unchanged
Sneha Jigar Ajmera 1.77%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in CELLO

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹16 Cr
2 schemes
Biggest holder
HDFC Manufacturing Fund
₹11 Cr · 0.1% of that fund
SchemeHoldingLast month
HDFC Manufacturing Fund HDFC Mutual Fund₹11 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹4 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-59%
vs est. average cost
Held by funds
₹16 Cr
2 schemes · ≈ 0.21% of the company
Biggest holder
HDFC Manufacturing Fund
₹11 Cr · 0.1% of that fund

Shares held by these funds +49%

Nov '23 4.58 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹333, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~-7%. At that growth it is worth ₹98 — downside of 71%.

Growth the price implies
15.9% a year
for 7 years, fading to 4%
It has actually compounded at
-3.7% a year
net profit, FY24–FY26 · EPS -6.7%
The gap
0.2 pp
-71% downside if it only repeats history
Price today ₹332.8 Value at the reference growth ₹98.03

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Cello World

Guides on how to read this kind of business and the numbers that matter.