Cello World Ltd(CELLO)

NSE: CELLOBSE: 544012

₹ 354-2.84%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,984 crWebsite: www.celloworld.comUpdated: 24 Oct 2026

About

Cello World Ltd, founded in 1962, is one of India's most recognised diversified consumer houseware companies, manufacturing and selling products across Consumer Houseware, Writing Instruments & Stationery, and Moulded Furniture & Allied Products. The company reported FY26 revenue of Rs 2,323.71 cr across a portfolio of over 19,500 SKUs. It operates 14 manufacturing facilities across India and serves customers in 17 countries.^[1][2]

Business segments

Consumer Houseware was 66.4% of revenue in Q4 FY26, covering plastic and steel kitchenware, opalware, glassware, insulated bottles, and storage products.^[3]
Moulded Furniture & Allied Products recorded a 13.5% YoY revenue decline in Q4 FY26, with management citing subdued demand and weak polymer prices as structural headwinds.^[3][4]

Products and brands

The total portfolio spans over 19,500 SKUs across price points, age groups, and use cases, from entry-level to premium lifestyle products.^[1]
Writing instruments are sold under two brands: Unomax (step-down subsidiary) and Cello, whose trademark for writing instruments and stationery was reacquired from BIC and began contributing revenues in Q3 FY26.^[5][4]
Premium products represent 7 - 8% of revenues in 9M FY26, with a medium-term internal target of ~20% premium mix through ongoing portfolio rationalisation.^[4]
The glassware range comprised ~110 SKUs as of Q2 FY26, with plans to expand to ~150 SKUs focusing on import substitution in tumblers and storage.^[5]

Manufacturing operations

The company operates 14 manufacturing facilities across India: Baddi (1), Haridwar (2), Falna (1), Kolkata (1), Daman (8), and Chennai (1), as of FY25.^[1]
The glassware plant in Falna, Rajasthan has an installed capacity of 20,000 tonnes per annum; a separate integrated insulated steel bottle plant was also commissioned at Rajasthan.^[1][4]
In-house manufacturing accounted for 73% of sales in 9M FY26, down from 77% in FY25, reflecting the shift to OEM sourcing during the steel bottle supply gap.^[4][1]
The steel bottle plant had 8 manufacturing lines operational in Q1 FY27, producing 20 - 25 SKUs, up from 2 lines at commissioning in Q3 FY26.^[6][4]

Key operating numbers

Glassware plant capacity utilisation remained at ~60% in Q1 FY27, unchanged since Q2 FY26, impeded by continued dumping of glass products from China.^[6][5]
Opalware plant utilisation was 80 - 85% in Q1 FY27, consistent with ~85% in Q2 and Q3 FY26.^[6][5][4]
Writing Instruments revenue grew +52% YoY in Q1 FY27, driven by the Cello brand contributing fully versus no contribution in Q1 FY26.^[6]
Gross margin was 52.4% in Q1 FY27, down from 54.0% in Q1 FY26, with price increases of 7 - 20% across categories implemented to partially recover margins.^[6]
Steel bottle SKUs in production fell from ~110 - 150 at peak imports to 20 - 25 in Q1 FY27, after the company ceased importing and shifted to in-house Rajasthan manufacturing.^[6]
Natural gas prices rose ~80% versus March 2026 levels, materially compressing margins in glassware and opalware segments in Q1 FY27.^[6]

Distribution and customers

Consumer Houseware is distributed through 950+ distributors and 79,000+ retailers; Writing Instruments through 1,550+ distributors and 65,000+ retailers; Moulded Furniture through 1,600+ distributors and 6,800+ retailers, as of FY25.^[1]
Online (including quick commerce) contributed 16.3% of revenue in Q1 FY27, up from 10.4% in Q1 FY26 and approximately 11.6% in H1 FY26.^[6][5]
General trade accounted for 75.4% of revenue in Q4 FY26.^[3]
Exports represent 1.40% of total turnover as of FY25, serving 17 countries across Asia, Middle East, and Africa.^[1]
The company's primary customer base is middle- and upper-class homemakers, professionals, travellers, students, and children.^[1]

Expansion and capex

FY27 total capex is guided at ~INR100 cr, predominantly maintenance with ~INR30 cr allocated to the steelware plant and building.^[3]
Additional steel bottle manufacturing lines beyond the current 8 are to be ordered soon and commissioned in early FY28; the 8-line plant's peak revenue potential is ~INR300 cr.^[6]
Glassware plant peak revenue potential has been revised to INR250 - 275 cr (from a prior INR300 cr), at optimal utilisation.^[6]
Any opalware greenfield expansion would be sited at Rajasthan; timing is contingent on absorbing current capacity and normalisation of competitive intensity from new entrants.^[3]
Cash reserves are being preserved exclusively for inorganic acquisitions in adjacent categories; no buyback or special dividend is planned.^[6][3]

Recent developments

The Composite Scheme of Arrangement among Wim Plast Limited, Cello Consumer Products Private Limited, and Cello World Limited became effective May 27, 2026, with an appointed date of April 1, 2025; share allotment to investors remained pending in Q1 FY27 due to technical issues.^[6][3]
The Cello brand for writing instruments and stationery, reacquired from BIC, began contributing revenues in Q3 FY26 (January 2026) and drove +52% YoY growth in the Writing Instruments segment in Q1 FY27.^[5][6]
The hydration (steel bottle) segment recorded a ~25% annual revenue decline in FY26 after BIS-driven import restrictions caused stock-outs, with in-house Rajasthan manufacturing ramping as the replacement supply.^[3]
Writing Instruments revenue for FY27 is targeted at INR500 cr+ (combined Unomax and Cello), against INR368 cr in FY26, with a two-year target of INR1,000 cr.^[3][4]

Market Cap

₹7,984 Cr

High / Low

₹673 / 314

Stock P/E

25.0

Price / Book

2.9

Book Value

₹122

EPS

₹15.0

No. of Shares

22.09 Cr

ROCE

17.4%

ROE

13.6%

OPM

18.9%

Debt / Equity

0.01

Sales

₹2,324 Cr

Net Profit

₹332 Cr

Promoter holding

73.5%

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