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Cello World Ltd

CELLO

NSE

₹368.35-2.19%19 Oct 2026

Reports

Opalware

Cello World Ltd

CELLO

NSE

₹368.35

-2.19%

19 Oct 2026

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Opalware

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Cello World is a sixty-year-old Indian consumer brand that puts its name on almost every room in the house - from the kitchen to the study to the living room - and it makes most of what it sells in its own factories. It began in 1962 when Ghisulal Dhanraj Rathod founded a plastics workshop, and over decades it expanded from moulded furniture into glassware, steel bottles, pens and crockery, eventually listing on the stock exchange in 2023 and merging its furniture arm back into the parent in 2026. The recurring approach is to spot a household category dominated by imports or unbranded players, build domestic manufacturing capacity behind it, and sell it through a general-trade network that reaches over 1,45,000 retailers - a playbook it has run first with plastics, then opalware, then glassware, and now steel hydration products.

Business segments

Three consumer businesses under one roof - a houseware giant that makes everything from lunch boxes to glassware, a stationery challenger built on two brands, and a moulded-furniture unit recently folded back into the parent - all fed by the same factory network and distributor backbone.

1. Consumerware: the kitchen-to-table engine

The largest piece of the company is a broad basket of everyday household products - drinkware, cookware, storage, cleaning tools and more - sold mainly through corner shops under the Cello brand, with a deliberate push into higher-priced glass and steel items that competitors mostly import.

One-stop shop across materials - the portfolio spans plastic, steel, glass, opalware, porcelain and melamine, so a retailer can source hydration bottles, lunch packs, casseroles, bakeware and cleaning aids from a single supplier. That breadth turns the brand into a category anchor for general-trade distributors.
Glassware built from scratch - Cello entered glassware in 2017 relying on imports, then commissioned its own 20,000-tonne plant in Falna, Rajasthan, with European-made fire-polishing and servo-gob machinery, making it the only domestic consumer-products company with in-house glass manufacturing. The plant broke even in the second quarter of FY26, though cheap Chinese imports have since kept utilisation around 60%.
Steel hydration is the next factory bet - after a year in which steel-bottle sales fell roughly 25% because of stock-outs, the company is adding eight new production lines, with full-scale output expected by July 2026. The goal is to replace third-party sourcing with captive capacity, just as it did in glass.
Premiumisation through design - higher-margin collections such as Solitaire, Regal and Divine in opalware, and copper and insulated steel bottles, lift the segment’s gross margin above 50% while keeping the entry-level range accessible. Opalware capacity was expanded by 10,000 tonnes to 25,000 tonnes and was running at 85% utilisation in mid-2026.
A children’s sub-brand for loyalty - Kidzbee bundles school bottles, lunch kits and bags with ergonomic, safety-first designs, creating an early-life entry point for the Cello franchise.

2. Writing instruments: the two-brand stationery challenger

A pens and stationery business launched in 2019 under the Unomax brand, now strengthened by the return of the Cello name on notebooks and pens - growing fast on the back of exports and premium metal pens.

Dual-brand coverage - the business started with Unomax (“Don’t just write, glide”) and added the Cello brand for stationery through a royalty-free trademark lease from the promoter group, so the company now addresses both value and legacy-brand buyers from the same distribution pipeline.
Premium pens lift realisations - the range has moved beyond basic ballpoints into liquid ball pens, roller pens, executive fountain pens and metal-bodied pens, which helped deliver double-digit volume growth even before the Cello-brand contribution kicked in.
Exports are the growth lever - the company is expanding in existing Asian, Middle Eastern and African markets and entering new ones, with export orders contributing to a 64% year-on-year revenue jump in the writing instruments segment in the March 2026 quarter.
A separate route to market - writing instruments reach 90,000 retailers through 55 super-stockists and 2,500 distributors, a structure distinct from the consumerware network and tailored to the stationery trade’s wholesale layers.

3. Moulded furniture and allied products: the indoor-plastics unit

A plastic-furniture business originally built inside a separate listed company, Wim Plast, and merged back into Cello World in May 2026 - focused on indoor moulded chairs, stools, storage and utility items rather than outdoor garden furniture.

Merger unlocks shared shelves - the composite scheme of arrangement brought Wimplast’s manufacturing into Cello World, so the same distributor who sells Cello houseware can now also offer moulded furniture, crates and dustbins, saving on logistics and sales force duplication.
Indoor repositioning - the company deliberately shifted from outdoor furniture to premium indoor moulded furniture, aligning with urban household demand rather than seasonal garden sales.
Raw-material pass-through - when polymer prices fall, the company cuts product prices by 12-14%, which protects market share but makes revenue growth choppy; the segment declined 13.5% year-on-year in the March 2026 quarter amid subdued demand.
Narrower retail footprint - furniture reaches about 15,000 retailers through 1,301 distributors, a tighter network than consumerware, reflecting the bulkier, lower-velocity nature of the category.

Manufacturing and supply chain

Fourteen own factories supply 77% of revenue, giving Cello control over quality, speed to market and product design - and the company keeps adding capacity in categories where it wants to replace imports.

Geographic spread for reach and cost - plants in Daman (eight units), Haridwar (two), Baddi, Kolkata, Chennai and Falna cover the west, north, east and south, placing production close to consumption hubs and trimming freight costs.
Category-dedicated lines - Daman houses opalware, glassware, houseware and stationery units; Haridwar runs furniture and melamine; Chennai and Kolkata handle furniture; Falna is the glass-and-steel hub, with 20,000 tonnes of glass capacity and an indigenous steel-tableware line.
In-house tooling and quick launches - a tooling unit in Chennai and an ERP system across all plants let the company prototype and scale new products faster than competitors who outsource manufacturing.
Energy and raw-material buffers - five plants have solar installations totalling 4 MW, and the company manages polymer-price swings by holding adequate inventory and passing cost changes through to product prices.

Distribution and go-to-market

A pan-India network of over 5,000 distributors and 1,80,000 retailers puts Cello products into corner shops, supermarkets, online platforms and export markets - with general trade still contributing three-quarters of sales.

General trade is the backbone - 74.9% of FY26 revenue flowed through neighbourhood retailers served by a 720-plus-member on-ground sales team, supported by festival schemes, volume targets and product-specific discounts that keep shelves stocked.
Online is the fastest-growing channel - e-commerce and quick commerce together reached nearly 17% of overall revenue, with profitability broadly in line with other business segments, and the company has tied up with select quick-commerce platforms to reach consumers who no longer visit kirana stores.
Exports as a third leg - at 7.9% of revenue, exports serve Asia, the Middle East and Africa, with writing instruments leading the push and consumerware following through the same trade relationships.
Character licensing for children - tie-ups with large studios put cartoon characters on lunch boxes, bottles and stationery, creating pull among children and giving retailers a reason to stock the range.

Group structure and partners

A consolidated listed entity backed by private equity, with brands licensed royalty-free from the promoter group and a complex subsidiary structure that was streamlined through a merger in 2026.

Brands owned by promoters, used for free - the Cello and Unomax trademarks are held by Cello Plastic Industrial Works, a promoter-group firm, and licensed to Cello World at zero royalty for 20 years with auto-renewal, giving the listed company permanent brand rights without cost.
The 2026 merger simplified the group - Wim Plast’s manufacturing business was demerged into a Cello World subsidiary, and the remaining investment shell was amalgamated into Cello World, dissolving Wim Plast and unifying two listed entities into one.
Subsidiaries operate as independent P&Ls - each manufacturing unit sits in a separate subsidiary with its own profit-and-loss accountability, so the costs of one business do not burden another.
Private equity backing since 2022 - ICICI Venture and Tata Capital invested during the pre-IPO restructuring and remain shareholders, aligning the company with institutional governance expectations.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

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Quick Ratios

Quarterly Results

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Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹8,300Cr

Close Price

₹368.00

Industry

Opalware

Price To Earnings

26.29

Price To Sales

3.58

Revenue

₹2,321Cr

Rev Gr TTM

Revenue Growth TTM

7.24%

PAT Gr TTM

PAT Growth TTM

-8.94%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	489	527	512	501	490	557	589	529	587	554	654	527
Growth YoY Revenue Growth YoY%				6.1	0.2	5.7	14.9	5.7	19.9	-0.6	11.0	-0.4
Expenses ExpensesCr	369	395	379	371	371	430	454	420	460	448	525	428
Operating Profit Operating ProfitCr	120	132	133	129	119	127	135	109	128	106	129	99
OPM OPM%	24.6	25.1	26.0	25.8	24.2	22.9	23.0	20.6	21.7	19.1	19.7	18.8
Other Income Other IncomeCr	11	4	6	6	13	12	13	17	14	9	8	18
Interest Expense Interest ExpenseCr	1	0	1	1	0	0	0	0	0	1	0	1
Depreciation DepreciationCr	13	15	18	14	15	15	18	19	20	20	20	22
PBT PBTCr	118	121	121	120	117	124	130	108	121	94	116	95
Tax TaxCr	31	31	25	31	30	32	34	27	30	25	26	21
PAT PATCr	87	91	96	89	87	93	96	81	91	69	90	73
Growth YoY PAT Growth YoY%				7.6	0.2	2.0	0.0	-9.5	5.2	-25.0	-6.3	-9.0
NPM NPM%	17.7	17.2	18.8	17.8	17.7	16.6	16.3	15.3	15.6	12.5	13.8	13.9
EPS EPS₹	3.8	4.0	4.2	3.9	3.7	4.0	4.0	3.3	3.9	2.9	4.0	3.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	489	527	512	501	490	557	589	529	587	554	654	527
Growth YoY Revenue Growth YoY%				6.1	0.2	5.7	14.9	5.7	19.9	-0.6	11.0	-0.4
Expenses ExpensesCr	369	395	379	371	371	430	454	420	460	448	525	428
Operating Profit Operating ProfitCr	120	132	133	129	119	127	135	109	128	106	129	99
OPM OPM%	24.6	25.1	26.0	25.8	24.2	22.9	23.0	20.6	21.7	19.1	19.7	18.8
Other Income Other IncomeCr	11	4	6	6	13	12	13	17	14	9	8	18
Interest Expense Interest ExpenseCr	1	0	1	1	0	0	0	0	0	1	0	1
Depreciation DepreciationCr	13	15	18	14	15	15	18	19	20	20	20	22
PBT PBTCr	118	121	121	120	117	124	130	108	121	94	116	95
Tax TaxCr	31	31	25	31	30	32	34	27	30	25	26	21
PAT PATCr	87	91	96	89	87	93	96	81	91	69	90	73
Growth YoY PAT Growth YoY%				7.6	0.2	2.0	0.0	-9.5	5.2	-25.0	-6.3	-9.0
NPM NPM%	17.7	17.2	18.8	17.8	17.7	16.6	16.3	15.3	15.6	12.5	13.8	13.9
EPS EPS₹	3.8	4.0	4.2	3.9	3.7	4.0	4.0	3.3	3.9	2.9	4.0	3.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,049	1,359	1,797	2,000	2,136	2,324	2,321
Growth Revenue Growth%		29.5	32.2	11.3	6.8	8.8	7.2
Expenses ExpensesCr	773	1,026	1,376	1,491	1,626	1,852	1,860
Operating Profit Operating ProfitCr	277	334	421	510	510	471	461
OPM OPM%	26.4	24.5	23.4	25.5	23.9	20.3	19.9
Other Income Other IncomeCr	10	16	17	25	44	48	48
Interest Expense Interest ExpenseCr	2	3	2	3	1	2	2
Depreciation DepreciationCr	49	48	50	57	62	78	81
PBT PBTCr	236	299	385	475	491	440	427
Tax TaxCr	70	80	100	119	127	108	103
PAT PATCr	166	220	285	356	365	332	324
Growth PAT Growth%		32.6	29.9	24.9	2.4	-9.1	-8.9
NPM NPM%	15.8	16.1	15.9	17.8	17.1	14.3	14.0
EPS EPS₹	7.8	10.5	13.7	15.6	15.5	14.7	14.0

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,049	1,359	1,797	2,000	2,136	2,324	2,321
Growth Revenue Growth%		29.5	32.2	11.3	6.8	8.8	7.2
Expenses ExpensesCr	773	1,026	1,376	1,491	1,626	1,852	1,860
Operating Profit Operating ProfitCr	277	334	421	510	510	471	461
OPM OPM%	26.4	24.5	23.4	25.5	23.9	20.3	19.9
Other Income Other IncomeCr	10	16	17	25	44	48	48
Interest Expense Interest ExpenseCr	2	3	2	3	1	2	2
Depreciation DepreciationCr	49	48	50	57	62	78	81
PBT PBTCr	236	299	385	475	491	440	427
Tax TaxCr	70	80	100	119	127	108	103
PAT PATCr	166	220	285	356	365	332	324
Growth PAT Growth%		32.6	29.9	24.9	2.4	-9.1	-8.9
NPM NPM%	15.8	16.1	15.9	17.8	17.1	14.3	14.0
EPS EPS₹	7.8	10.5	13.7	15.6	15.5	14.7	14.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	98	106	110	110
Reserves ReservesCr	-107	88	239	1,043	2,057	2,181
Current Liabilities Current LiabilitiesCr	1,059	1,039	506	553	209	268
Non Current Liabilities Non Current LiabilitiesCr	22	22	510	48	25	34
Total Liabilities Total LiabilitiesCr	1,147	1,334	1,552	1,972	2,642	3,003
Current Assets Current AssetsCr	821	995	1,124	1,323	1,942	2,170
Non Current Assets Non Current AssetsCr	326	339	427	649	700	833
Total Assets Total AssetsCr	1,147	1,334	1,552	1,972	2,642	3,003

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	98	106	110	110
Reserves ReservesCr	-107	88	239	1,043	2,057	2,181
Current Liabilities Current LiabilitiesCr	1,059	1,039	506	553	209	268
Non Current Liabilities Non Current LiabilitiesCr	22	22	510	48	25	34
Total Liabilities Total LiabilitiesCr	1,147	1,334	1,552	1,972	2,642	3,003
Current Assets Current AssetsCr	821	995	1,124	1,323	1,942	2,170
Non Current Assets Non Current AssetsCr	326	339	427	649	700	833
Total Assets Total AssetsCr	1,147	1,334	1,552	1,972	2,642	3,003

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	194	187	227	231	262	255
Investing Cash Flow Investing Cash FlowCr	-53	-262	-557	-256	-553	-176
Financing Cash Flow Financing Cash FlowCr	-133	94	324	26	311	-5
Net Cash Flow Net Cash FlowCr	8	20	-6	2	20	75
Free Cash Flow Free Cash FlowCr	169	139	126	-22	99	37
CFO To PAT CFO To PAT%	117.0	85.3	79.8	64.9	71.8	76.9
CFO To EBITDA CFO To EBITDA%	70.0	56.1	54.1	45.4	51.3	54.1

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	194	187	227	231	262	255
Investing Cash Flow Investing Cash FlowCr	-53	-262	-557	-256	-553	-176
Financing Cash Flow Financing Cash FlowCr	-133	94	324	26	311	-5
Net Cash Flow Net Cash FlowCr	8	20	-6	2	20	75
Free Cash Flow Free Cash FlowCr	169	139	126	-22	99	37
CFO To PAT CFO To PAT%	117.0	85.3	79.8	64.9	71.8	76.9
CFO To EBITDA CFO To EBITDA%	70.0	56.1	54.1	45.4	51.3	54.1

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				16,440	12,064	8,570	8,300
Price To Earnings Price To Earnings				49.7	33.1	25.9	26.3
Price To Sales Price To Sales				8.2	5.7	3.7	3.6
Price To Book Price To Book				14.3	6.0	3.7	3.6
EV To EBITDA EV To EBITDA				32.9	23.5	18.0	18.2
Profitability Ratios Profitability Ratios
GPM GPM%	44.1	43.0	47.1	49.6	51.7	46.4	46.4
OPM OPM%	26.4	24.5	23.4	25.5	23.9	20.3	19.9
NPM NPM%	15.8	16.1	15.9	17.8	17.1	14.3	14.0
ROCE ROCE%	104.7	54.8	57.6	31.4	22.7	18.9	18.9
ROE ROE%	-155.1	250.5	84.7	31.0	16.8	14.5	14.5
ROA ROA%	14.4	16.5	18.4	18.1	13.8	11.0	11.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				16,440	12,064	8,570	8,300
Price To Earnings Price To Earnings				49.7	33.1	25.9	26.3
Price To Sales Price To Sales				8.2	5.7	3.7	3.6
Price To Book Price To Book				14.3	6.0	3.7	3.6
EV To EBITDA EV To EBITDA				32.9	23.5	18.0	18.2
Profitability Ratios Profitability Ratios
GPM GPM%	44.1	43.0	47.1	49.6	51.7	46.4	46.4
OPM OPM%	26.4	24.5	23.4	25.5	23.9	20.3	19.9
NPM NPM%	15.8	16.1	15.9	17.8	17.1	14.3	14.0
ROCE ROCE%	104.7	54.8	57.6	31.4	22.7	18.9	18.9
ROE ROE%	-155.1	250.5	84.7	31.0	16.8	14.5	14.5
ROA ROA%	14.4	16.5	18.4	18.1	13.8	11.0	11.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	CELLO	BOROLTD	LAOPALA
Market CapitalizationMkt CapCr	8,300	3,139	1,753
Close PriceClose₹	368.00	262.45	157.90
IndustryIndustry	Opalware	Opalware	Opalware
Price To EarningsPE	26.29	44.79	18.82
Price To SalesPS	3.58	2.58	5.56
RevenueRevenueCr	2,321	1,217	315
Revenue Growth TTMRev Gr TTM%	7.2%	8.7%	-2.8%
PAT Growth TTMPAT Gr TTM%	-8.9%	-14.9%	-5.2%

	CELLO	BOROLTD	LAOPALA
Market CapitalizationMkt CapCr	8,300	3,139	1,753
Close PriceClose₹	368.00	262.45	157.90
IndustryIndustry	Opalware	Opalware	Opalware
Price To EarningsPE	26.29	44.79	18.82
Price To SalesPS	3.58	2.58	5.56
RevenueRevenueCr	2,321	1,217	315
Revenue Growth TTMRev Gr TTM%	7.2%	8.7%	-2.8%
PAT Growth TTMPAT Gr TTM%	-8.9%	-14.9%	-5.2%