Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Cello World Limited (CELLO)
Micro CapConsumer stocks · Micro cap · NSE
Cello World Limited is a prominent Indian consumer products company with over six decades of experience. It manufactures and markets a diverse portfolio across consumerware, writing instruments, and moulded furniture, supported by 14 manufacturing facilities and a pan-India distribution network.
₹368.35
-8.25 · -2.19%
Market cap ₹8,493 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:30 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 +2.3% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CELLOD candles · FIT view-13.8%Latest close ₹368.35 on 2026-10-19
Bar
-3.0%
RSI
56
MACD hist
2.63
52W pos
15%
2026-10-19O ₹379.65H ₹379.65L ₹368.00C ₹368.35Vol 2.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CELLONifty Consumer DurablesNifty 500
- CELLO
- +0.7%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +6.3 pp
Chart stats
19 Oct 2026- From 52W high
- -45.3%
- 52W range position
- 15%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.13x
- Avg traded value
- ₹78.2 Cr
- 20D price channel
- ₹314 - ₹398
₹673.8
₹314 - ₹673.8
₹15.5
Latest completed session
20-session average
51.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -0.4% · PAT -9.9% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+21.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -0% YoY · PAT -10% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹527 Cr | -0.4% | -19.4% |
| EBITDA | ₹99 Cr | -9.2% | -23.3% |
| Operating margin | 19.0% | -200 bps | -100 bps |
| PAT | ₹73 Cr | -9.9% | -18.9% |
| PAT margin | 13.8% | -146 bps | +9 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 26.70
- P/B
- 3.09
- EV/EBITDA
- 15.74
- Market Cap
- 8493.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 17.40%
- ROA
- 10.79%
- Dividend Y
- 0.40%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 230.50×
- Altman Z
- 8.81
- Book Value
- 122.00
Cash Flow
- FCF Yield
- 0.93%
- FCF Positive Y
- 2/5
- OCF
- 255.00 Cr
- EPS TTM
- 14.09
Shareholding
- Promoter Hold
- 73.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,321-0.1% vs prev
Net Profit
₹ CrLatest: 332-9.0% vs prev
Return on Equity
%Latest: 12.3-18.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 56. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~2.2% over last month) — short-term momentum positive.
- RSI(14) at 56 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 45% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
23
RS percentile
Stage 4 Downtrend
1M return
+14.2%
3M return
+0.7%
6M return
-13.2%
1Y return
-40.9%
RS 1D
+1
RS 20D
+15
Sector rank
#9
Industry rank
#59
Stage evidence
- Price is 2.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.2%.
50-DMA
price above
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 67-1.18%
RS vs Nifty 50067
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth12/25
Quality3/20
Balance Sheet11/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.5%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
26.7
PB
3.1
EV/EBITDA
15.7
ROE
13.2%
ROCE
17.4%
FCF Yield
0.9%
Debt/Equity
0.0
MoS
+21.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+21.5%
Previous: +21.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
39
38
38
38
38
38
38
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹196.66
-87.3% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹469.2
+21.5% MoS
PEG
1.99
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MILTON
SME
MILTON INDUSTRIES LTD.
Consumer Durables
match 72
14
34.0
3.7%
-650%
OVERVALUED
EUREKAFORB
Micro
Eureka Forbes Limited
Consumer Durables
match 60
38
33.0
4.3%
-6%
WATCHLIST
SFL
Micro
Sheela Foam Limited
Consumer Durables
match 59
28
33.1
4.8%
-625%
OVERVALUED
SAFARI
Micro
Safari Industries (India) Limited
Consumer Durables
match 58
52
39.3
15.9%
-18%
FAIR VALUE
IFBIND
Micro
IFB Industries Limited
Consumer Durables
match 56
59
28.6
15.7%
+16%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-08T07:55:12.955Z
Management commentary snapshot
FY26 revenue grew 9% YoY to Rs. 2,324 crore, but EBITDA declined 5% to Rs. 526 crore and PAT fell 9% to Rs. 332 crore. Q4FY26 saw highest-ever quarterly revenue of Rs. 654 crore (+11% YoY), but EBITDA declined 8% and PAT fell 6% YoY, reflecting margin pressure.
Despite revenue growth, FY26 and Q4FY26 results show significant margin contraction (GP, EBITDA, PAT) due to softer demand in consumerware. Management's strategic initiatives and capacity expansions are crucial for FY27 performance, but current profitability trends put the investment thesis under stress.
Current business mix
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Consumerware69.1%
Writing Instruments15.9%
Moulded Furniture & Allied Products15.0%
Growth engines
Capacity Expansion
Glassware and steel flasks capacity expansion are expected to meaningfully contribute to performance in FY27.
Cello Stationery Brand
Addition of the Cello stationery brand contributed to growth in the Writing Instruments segment.
Product Innovation
Continued innovation to grow wallet share and expand consumer base by expanding product portfolio and developing new ranges.
Distribution Network Expansion
Plans to increase sales velocity by incentivizing distributors and retailers, and expanding presence in existing and new export markets.
Capacity and execution
Glassware Manufacturing Facility
Glassware manufacturing facility in Rajasthan with an annual capacity of ~20,000 tonnes is being operationalized in a phased manner.
Steel Ware Capacity
Installed steel ware capacity in the manufacturing facility in Falna, Rajasthan to make indigenous steel table ware products.
Planned Capacity Increases
Undertake planned increases in installed capacities of plastic products, insulated ware, moulded furniture and writing instruments and stationery.
Tailwinds
Exports Business Revival
Revival of exports business contributed to Q4FY26 growth.
New Premium Product Launches
Contribution from new premium product launches supported Q4FY26 growth.
Headwinds
Softer Demand
FY26 was marked by evolving market conditions and softer demand especially in certain consumerware categories.
Slower Hydration Segment
Performance in the Hydration segment remained slower in Q4FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for assessing annual performance and Q4 trends against the previous year. QoQ is relevant for evaluating sequential momentum, especially with the claim of 'highest-ever quarterly revenue' in Q4FY26.
Sector KPIs management disclosed
Revenue Growth (FY26 YoY)
Revenue from Operations grew 9% YoY to Rs. 2,323.7 crore in FY26.
Gross Profit Margin (FY26)
Gross Profit Margin for FY26 was 49.8%, down from 51.7% in FY25.
EBITDA Margin (FY26)
EBITDA Margin for FY26 was 22.7%, down from 26.0% in FY25.
PAT Margin (FY26)
PAT Margin for FY26 was 14.3%, down from 17.1% in FY25.
Management forward view
FY27 Contribution from Strategic Initiatives
The various strategic initiatives undertaken are expected to meaningfully contribute to performance in FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross Profit Margin | 49.8% (FY26) | Stabilization or improvement in gross margins, especially in consumerware, given softer demand. |
| EBITDA Margin | 22.7% (FY26) | Reversal of the declining trend in EBITDA margin, indicating effective cost management and pricing power. |
| Hydration Segment Performance | Slower in Q4FY26 | Signs of recovery or improved performance in the Hydration segment, a key consumerware category. |
| Glassware Capacity Utilization | ~60% | Ramp-up in utilization of the new glassware facility to contribute to revenue and operational leverage. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 63rd percentile within Consumer. Main check: results consistency is weak at 42/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
45 docs text-extracted · 21 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Consumer: 63rd pctile, median 66 · Micro: 38th pctile, median 73
Evidence depth
Financial-only
45 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
42
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸Debt/equity is 0.01.
Trust risks
- ▸ROCE trend is -8.3%.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Cello World Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Aug - Cello World reported Q1 FY27 revenue of ₹527 crore, PAT of ₹73 crore, on 7 August 2026.
Source: Bse
Annual reportAug 2026
Aug 2026 · Reg. 34 (1) Annual Report. 16 Jul - Submitted FY26 annual report and AGM notice; AGM on Aug 7, 2026; dividend 30%.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Newspaper Advertisement published in English and Gujarati Newspapers intimating Shareholders for AGM scheduled to be held on August 07, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul - Newspaper Publication of post dispatch of AGM Notice.
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 16 Jul - Cello World filed its FY2025-26 Business Responsibility and Sustainability Report as part of the annual report.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.