CELLO / Q2-FY26 / claim-ledger

Audit the questions that mattered.

Cello World · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ2-FY26 · 2025-10-30Back to quarter ↗

Questions audited

Answered directly

75%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Anerut Johi · ICICI Securities

evasive

Details on Cello pens brand acquisition structure, revenue potential, and UNOMAX strategy.

We are entering into an agreement with BIC for the pen brand itself... CPIW will acquire and lease to Cello World... it is a little premature for me to give you revenue numbers... we will be issuing a separate note... we will be running both brands simultaneously.

Anerut Johi · ICICI Securities

direct

Any royalty to be paid for Cello brand and glass plant margin outlook.

CPIW will acquire the brand, no royalty post that... glass utilization has come to about 60%... we are no longer losing money, it is now broken even... will start generating nominal profit.

Rahul Dani · Monarch Network Capital Limited

partial

Opalware division utilization and growth percentage for the quarter.

In the opalware we are about close to about 85% utilization levels... we do not give out separate contributions for each category... maybe if there is a question on that I can answer it offline later.

Rahul Dani · Monarch Network Capital Limited

direct

Outlook for molded furniture business given margin contraction.

Mold division... it's going to be an up and down path... we don't see too much growth potential in this business in terms of revenues... our only thing is to keep premiumizing... we are always looking to add newer categories.

Pravin Sah · PL Capital

partial

Capacity increase and revenue impact from new plastic and steel bottle capacity.

Our major pain point was steel category... we are starting that facility in next month... this is more substitution of the imports rather than expansion of capacity... in terms of plastic houseware we are starting a very small amount currently.

Pravin Sah · PL Capital

direct

Guidance on 12-15% growth and 23-23.5% margin for the year.

Currently in H1 we are at 13.5% growth... we are at about 24% EBITDA margins with other income... if I remove that we are at about 22%... we want to be in the 20 to 23 range without other income... we are on track.

Pravin Sah · PL Capital

partial

Revenue potential of acquired Cello brand and capacity to support it.

BIC already has a certain amount of revenue... with Cello having a stronger brand equity... in the next 1 to 1.5 years we should be looking at similar numbers like UNOMAX... we had about 30-35% capacities that were empty in our UNOMAX facility.

JShi · Kotak

partial

Demand environment: was Q2 uptick due to early festive or underlying improvement?

Yes there was an uptick... this has been by far the best quarter in terms of demand... early festive had a role but most part of October was pretty good... we have to wait and watch.

JShi · Kotak

direct

Reason for sequential gross margin decline in consumerware and writing segments.

Glassware costs are still high due to low utilization... if glassware had contributed to margins you would have seen 1.5% extra margin... product mix also plays a role... we have not been able to raise prices as costs have gone up.

JShi · Kotak

direct

Timeline for closing Cello brand acquisition and revenue start.

Very close. This should close within this month itself and we should ideally start seeing revenues in Cello World by January.

Achel · Noama Institutional Equities

direct

Gross margin decline from Q1 to Q2: consumer 56% to 50%, writing 58.8% to 55%.

Glass plant sales are higher with higher costs... steelware has contraction of gross margins... discounting has still been there... 2-3% I would attribute to glassware and steelware, the rest 1-2% will always be varying.

Pravin Sah · PL Capital

direct

Capex for FY26 and FY27.

This year would be a capex of about 150... includes steel plant expansion close to 75... next year it should be around 75 odd maintenance.