Cello World Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Cello World Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Cello World reported Q4 FY26 revenue of Rs 653.6 crore, up 11% year-on-year, with EBITDA margin of 20.9% and PAT margin of 13.8%. For full year FY26, revenue grew 8.8% to Rs 2,323.7 crore with EBITDA margin of 22.7% and PAT margin of 14.3%. Management said hydration and glassware categories faced capacity and demand constraints during the year, while writing instruments grew 64% aided by the newly acquired Cello stationery brand.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR654 crores (Q4 FY26)
p. 4
“we delivered the highest-ever quarterly revenue of INR654 crores, recording a year-on-year growth of 11%”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Revenue: INR653.6 crores (Q4 FY26)
p. 5
“the company reported revenue of INR653.6 crores,”
Atul Parolia, page 5 of the filed PDF · View the filing
EBITDA: INR136.6 crores (Q4 FY26)
p. 5
“company reported EBITDA of INR136.6 crores in the quarter, translating into EBITDA margin”
Atul Parolia, page 5 of the filed PDF · View the filing
Profit after tax: INR90.1 crores (Q4 FY26)
p. 5
“Profit after tax for the quarter stood at INR90.1 crores, while PAT margin stood at 13.8%.”
Atul Parolia, page 5 of the filed PDF · View the filing
Revenue: INR2,323.7 crores (FY26)
p. 5
“Revenue for the period stood at INR2,323.7 crores, registering a year-on-year growth of 8.8%.”
Atul Parolia, page 5 of the filed PDF · View the filing
EBITDA: INR526.4 crores (FY26)
p. 5
“EBITDA came in at INR526.4 crores, translating into EBITDA margin of 22.7%.”
Atul Parolia, page 5 of the filed PDF · View the filing
PAT margin: 14.3% (FY26)
p. 5
“Profit after tax stood at INR331.5 crores, resulting into a PAT margin of 14.3%.”
Atul Parolia, page 5 of the filed PDF · View the filing
Cash flow from operations: INR255.1 crores (FY26)
p. 5
“For FY26, our cash flow from operations stood at INR255.1 crores.”
Atul Parolia, page 5 of the filed PDF · View the filing
Debt-to-equity ratio: 0.01% (FY26)
p. 5
“Debt-toequity ratio stands at 0.01%.”
Atul Parolia, page 5 of the filed PDF · View the filing
Capex: INR219 crores (FY26)
p. 5
“Capex incurred during the year stood at around INR219 crores, which mainly includes”
Atul Parolia, page 5 of the filed PDF · View the filing
Consumerware revenue: INR434 crores (Q4 FY26)
p. 4
“revenue stood at INR434 crores with year-on-year growth”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Writing instruments revenue: INR128 crores (Q4 FY26)
p. 4
“revenues delivered a solid growth 0f 64% and stood at INR128 crores”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Moulded furniture revenue growth: -13.5% (Q4 FY26)
p. 4
“the moulded fumniture business recorded a year-on-year decline of 13.5%, largely in line with prevailing industry trends and subdued demand conditions.”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Writing instruments revenue: INR368 crores (FY26)
p. 8
“which currently stood at about INR368 crores for this year.”
Gaurav Rathod, page 8 of the filed PDF · View the filing
Glassware utilization: 60% (Q4 FY26)
p. 4
“Utilization levels at the glassware scgment still remains at about 60%, primarily impacted duc to dumping of imported glass products from China.”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Opalware utilization: 85% (current)
p. 7
“So, on the Opalware side, I think they are about at 85% utilization today.”
Gaurav Rathod, page 7 of the filed PDF · View the filing
E-commerce and quick commerce revenue share: 17% (Q4 FY26)
p. 5
“These channcls now account for neatly 17% of our overall revenue with profitability broadly in line with other business segments.”
Gaurav Rathod, page 5 of the filed PDF · View the filing
Consumerware revenue share: 66.4% (Q4 FY26)
p. 5
“consumerware contributed 66.4% of the total revenue during the quarter,”
Atul Parolia, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 10% to 12% · FY27
stated conditionally by Gaurav Rathod
p. 8
“Right. So T think for us, revenue, we are looking at about 10% to 12% revenue growth going abhead.”
Gaurav Rathod, page 8 of the filed PDF · View the filing
EBITDA margin — 2% to 2.5% more than current · FY27
stated conditionally by Gaurav Rathod
p. 8
“we are trying to scale up to about 2% to 2.5% more EBITDA margins than we currently have.”
Gaurav Rathod, page 8 of the filed PDF · View the filing
Writing instruments revenue — INR500 crores plus · FY27
stated firmly by Gaurav Rathod
p. 4
“we remain confident of achicving our farget of revenue of INR500 crores plus in financial year 27.”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Capex — around INR100 crores · FY27
stated firmly by Atul Parolia
p. 5
“Going ahead for financial year FY27, we expect to do a capex of around INR100 crores.”
Atul Parolia, page 5 of the filed PDF · View the filing
Steel bottle production ramp-up — full scale mode · July
stated firmly by Gaurav Rathod
p. 6
“So by July we should be in complete -~ full scale mode.”
Gaurav Rathod, page 6 of the filed PDF · View the filing
Glassware peak revenue and margin — INR300 crores revenue, 28% to 30% EBITDA margin
stated as an aspiration by Gaurav Rathod
p. 12
“I think we're looking at about INR300 crores of peak revenue from glassware and our peak ‘would be about 28% to 30% EBITDA margins.”
Gaurav Rathod, page 12 of the filed PDF · View the filing
Receivable days — less than 100 days
stated as an aspiration by Gaurav Rathod
p. 12
“our target is about 15-0dd days less - less than 100 days is what we arc”
Gaurav Rathod, page 12 of the filed PDF · View the filing
EBITDA margin recovery to prior levels — 26% kind of numbers
stated conditionally by Gaurav Rathod
p. 15
“So I belicve this is what needs to happen for us to get back to those 26% kind of numbers.”
Gaurav Rathod, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the steel line was not delayed but is ramping up in phases, with full scale expected by July.
Answered by Gaurav Rathod
Asked by Manan Goyal: Why was steel manufacturing capacity delayed and what is the revenue impact?
p. 6
“So basically, the stec] has not been delayed. It s always, as mentioned thatit is starting in phases.”
Gaurav Rathod, page 6 of the filed PDF · View the filing
Management said steel ware sales dropped around 25% for the year due to capacity constraints.
Answered by Gaurav Rathod
Asked by Manan Goyal: What was the revenue impact from capacity constraints in steel and hydration?
p. 6
“overall, for the year also, we saw a 25% drop in sales for this category, which we aim to get it back to at least the number that we clocked in financial year”
Gaurav Rathod, page 6 of the filed PDF · View the filing
Management guided to 10-12% revenue growth and 2-2.5% EBITDA margin improvement, subject to how the current cost and demand environment evolves.
Answered by Gaurav Rathod
Asked by Anu Parakh: What is the guidance for revenue growth and EBITDA margin in FY27?
p. 8
“So that number could change a little bit as the year progresses.”
Gaurav Rathod, page 8 of the filed PDF · View the filing
Management attributed it to unprofitable glassware growth and higher OEM steel sourcing costs that could not be fully passed on.
Answered by Gaurav Rathod
Asked by Anu Parakh: What caused the gross margin compression in consumerware and writing instruments in Q4?
p. 9
“So consumerware, as I said, mainly glassware. So the revenues of glassware grew, but it grew without any profits.”
Gaurav Rathod, page 9 of the filed PDF · View the filing
Management said volume growth could be subdued even as value growth continues, given demand conditions.
Answered by Gaurav Rathod
Asked by Umang Mehta: Is the 10-12% top-line guidance conservative given MRP hikes and capacity ramp-up?
p. 10
“The value growth you're completely absolutely right that in value terms, we will get growth, but in terms of volumes could be subdued for this year.”
Gaurav Rathod, page 10 of the filed PDF · View the filing
Management said the category needs higher utilization and it is a highly utilization-focused business with long-term profitability potential.
Answered by Gaurav Rathod
Asked by Bhavin Rupani: What is needed to make glassware more profitable?
p. 12
“I think this is a very utilization-focused category.”
Gaurav Rathod, page 12 of the filed PDF · View the filing
Management said the margin recovery is achievable rather than aspirational if demand stays supportive.
Answered by Gaurav Rathod
Asked by Rajakumar Vaidyanathan: Is a return to 25-26% margins achievable or aspirational?
p. 15
“Itis definitely achievable, of course, and ifthe demand environment also stays good, then I don't sce any reason why it's not achicvable.”
Gaurav Rathod, page 15 of the filed PDF · View the filing
Management ruled out a buyback at this time.
Answered by Gaurav Rathod
Asked by Rajakumar Vaidyanathan: Are there plans to use surplus cash for a buyback?
p. 15
“Buyback, nothing. No buyback at this point of time, no.”
Gaurav Rathod, page 15 of the filed PDF · View the filing
Risks flagged
Dumping of imported glass products from China affecting glassware utilization and profitability
p. 4
“Utilization levels at the glassware scgment still remains at about 60%, primarily impacted duc to dumping of imported glass products from China.”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Rising plastic raw material and energy costs impacting production
p. 4
“There was an increase in plastic raw material costs, but we had adequate inventory to mitigate the impact in Q4.”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Middle East crisis and rising costs affecting Q1 outlook
p. 8
“But I think, yes, Q1 looks a little challenging. So we are trading very cautiously because we have been impacted.”
Gaurav Rathod, page 8 of the filed PDF · View the filing
Subdued consumer demand across categories
p. 4
“Demand for the rest of consumerware products remain subdued during this quarter.”
Gaurav Rathod, page 4 of the filed PDF · View the filing
Elevated raw material and MRP price increases that need market acceptance
p. 8
“about 12% to 20% MRP rises that we have taken across all our product lincs, which we had to because of these rising costs.”
Gaurav Rathod, page 8 of the filed PDF · View the filing
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