Cello World Limited — Investor Meet, 21-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Cello World reported Q1 FY26 revenue of INR 529 Cr, up 6% YoY. PAT was INR 73 Cr (14% margin). Consumerware grew 12%, boosted by glassware (up 50%), but Writing Instruments and Furniture segments saw declines. Gross margin hit 54%, but overall EBITDA margin was 24%, impacted by initial losses from the new glassware plant (65% efficient, aiming for year-end breakeven), higher costs, and pricing pressure due to subdued demand. Management anticipates 12-15% revenue growth and ~23% EBITDA margin for FY26, driven by festive demand and glassware ramp-up. Strategic focus on omnichannel presence and premiumization. Sentiment: Cautiously optimistic on H2 recovery.