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Cello World Margin Trend — Quarter by Quarter

Cello World's EBITDA margin moved from 24.0% in Q1 FY26 to 19.0% in Q3 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2619.0%—
Q2 FY2624.0%—
Q1 FY2624.0%-200 bps

What management said about ebitda margin

G

Q3 FY26 · EBITDA margin to revert to ~22% in two quarters

Normalized EBITDA margin of ~22% expected within two quarters as steelware volumes normalize and one-time impact fades.

G

Q2 FY26 · EBITDA margin guidance of 22-23% for FY26

EBITDA margin (excluding other income) is guided at 22-23% for FY26, with H1 at 22%.

G

Q2 FY26 · Steel plant to commence production in December 2025

The steel plant will start production in December 2025, stabilizing in 4-5 months, improving supply chain and margins.

G

Q1 FY26 · EBITDA margin of ~23% for FY26

Management guided for EBITDA margin of around 23% for the full year, down from 26% in FY25.