The call ran from 10:01 AM to 10:50 AM IST (49 min).
Key takeaways
Q2 revenue rose 7.8% to ₹633.2 Cr, but EBITDA margin fell about 270bps to 21.3%. H1 growth was only 3.9%, yet management targets about 10% FY27 growth while refusing margin guidance and hedging on FY28-29.
| Management target | Revenue 10.0% FY27 |
|---|
| Revenue growth | Revenue ₹633.2 Cr, +7.8% YoY; festive shift distorts Q2 comparison. |
|---|---|
| Margins | EBITDA margin 21.3% vs 24% LY; gross 50.2%, +70bps; no guidance. |
| Demand visibility | Steelware demand exceeds supply; molded furniture volumes weak on polymer spike. |
| Management confidence | Balanced-to-optimistic; hedges margins, refuses guidance, uses 'hope' for FY28-29. |
Growth
Q2 +7.8% YoY, H1 +3.9%; festive shift to Q3 distorts comparison; writing instruments +69.5% carries growth.
Outlook
FY27 revenue ~10% YoY guided; no margin guidance; FY28-29 17-18% met only with 'I hope'.
Risks
Needs steep H2 surge to hit 10% FY27 after 3.9% H1; margins weak; refused margin guidance; steelware ramp delayed.
Last quarter's promises, checked
Delivered
- Cello Pen 'decent revenue growth this year' → writing +69.5% (= BEAT)
- Maintenance-only capex → 'most capex done; maintenance only' (= BEAT)
Partly delivered
- Writing GM to Unomax levels in 'couple of quarters' → growth delivered, margin undisclosed (= PARTIAL)
Missed
- Steel SKUs 20-25 → 50-55 in 'couple of quarters' → still expanding, ramp delayed (= MISS)
- Consumer 'should improve' → consumer wear flat ₹417.2 Cr (= MISS)
- Consumer GM 54-55%, improving → company GM 50.2% vs 52.4%; EBITDA 21.3% vs 22.2% (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Cello World Q2 FY27 Results: Net Profit ₹81.9 Cr, Down 10.3% YoY
Cello World Ltd reported revenue from operations of ₹633.2 Cr (+7.8% YoY) and net profit of ₹81.9 Cr (-10.3% YoY) for Q2 FY27.
- Key figure
- Net profit ₹81.9 Cr · -10.3% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
FY27 guidance: 10-12% revenue growth, 2-2.5% EBITDA margin expansion. Capex of ₹100cr planned.
Growth they described
Writing instruments grew 64% in Q4; Opalware utilization at 85%. Overall FY26 revenue up 9% YoY.
Call details
| Company | Cello World Limited |
|---|---|
| NSE symbol | CELLO |
| ISIN | INE0LMW01024 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 6 November 2026 |
| Time | 10:00 AM IST |
| Length | 49 min |
| Audio | Our stream on YouTube ↗ |
Cello World Limited: key numbers
- Share price
- ₹365.20
- Market cap
- ₹8,067 Cr
- Revenue (annual)
- ₹2,324 Cr
- Net profit (annual)
- ₹331.5 Cr
- P/E (TTM)
- 26.1×Sector 44.4×
- Promoter holding
- 73.50%-1.50% QoQ
- FII holding
- 2.03%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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