What’s new

• Writing instruments revenue surged 64%, driving total annual revenue to ₹2,323.7 crore, up 8.8%.
• Glassware segment hit breakeven due to rising raw material costs and dumped Chinese imports.
• FY27 guidance: 10-12% revenue growth and ₹100 cr capex for a new Rajasthan steel bottle plant.

Why it matters

Cello is a one-engine story right now. The writing instruments business is growing fast enough to mask a glassware division under pressure from imports. The ₹100 crore capex bet on steel bottles is an attempt to build a second growth driver, but it will take time to scale.

What we’re watching

• Whether the Rajasthan steel bottle plant can ramp up and hit the guided revenue targets.
• If stationery revenue crosses ₹500 crore as management expects, following the Cello brand acquisition.
• Any policy response to Chinese dumping that could change the glassware segment's outlook.

The full read

Cello World's annual results reveal a stark split. Revenue grew 8.8% to ₹2,323.7 crore, but the writing instruments segment alone grew 64%. That boom masked stagnation in glassware, which broke even after being hit by rising input costs and a flood of dumped Chinese imports. For FY27, management is guiding for 10-12% revenue growth and plans to spend ₹100 crore on a new steel bottle plant in Rajasthan. They also expect the stationery segment, boosted by the recent Cello brand acquisition, to top ₹500 crore in revenue. The company's immediate future depends on whether the writing instruments boom can keep running while the new capex project takes shape.

Primary source: BSE · NSE