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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹554 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹122.3 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Cello World reported Q3 FY26 revenue of ₹553.7 crore with EBITDA margin of 22.1%, impacted by a one-time gratuity charge of ₹7.4 crore and a supply-driven 40% QoQ decline in steelware revenues due to BIS-related stockouts. Consumer segment growth was muted, but writing instruments grew 11% YoY to ₹86 crore. Management guided for 8-10% overall growth over the next two quarters as steelware ramps up, with normalized EBITDA margins of ~22% expected by H2 FY27. Glassware remains a long-term bet at 60% utilization, while the Cello brand acquisition is expected to drive writing instrument revenues north of ₹500 crore in FY27. Key risk: sustained weakness in polymer prices could further pressure the molded furniture segment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 8-10% growth in Q4 FY26 and Q1 FY27 as steelware ramps up and glassware scales.
- Normalized EBITDA margin of ~22% expected within two quarters as steelware volumes normalize and one-time impact fades.
- Unomax and Cello brands together to generate over ₹500 crore revenue in FY27, with long-term potential of ₹1,000 crore.
- Maintenance capex of ₹75-100 Cr annually plus incremental capex for writing instruments molds and machines.
Risks flagged
- New Rajasthan plant may take longer to reach full capacity, prolonging revenue and margin pressure.
- Molded furniture revenue is directly proportional to polymer prices; continued weakness could suppress growth.
- Increased imports from China pressure glassware pricing and utilization; management expects gradual improvement as channel stock clears.
- Management noted inability to pass on cost increases in prior quarters; any future raw material spike could compress margins.
Key quotes
- Had the steelware products delivered the same growth as last year last quarter, we would have seen a significant growth in revenues for the consumerware segment in this quarter.
- We remain confident of delivering about 8 to 10% overall growth supported by the steelware ramp up and glassware scaling in the next couple of quarters.
- Glassware is a very long-term bet for the company. The entry barrier is extremely high. We are not worried about current profitability.
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