Cello World (CELLO IN) – Q1FY27 Result Update – Utilization ramp-up to support growth – Downgrade to ‘ACCUMULATE’
Published on 10 Aug 2026
We estimate revenue/EBITDA/PAT CAGR of 8.1%/11.3%/10.1% for FY26-28E. We downward revise FY27/FY28 earning estimate by 1.2%/2.2% factoring in the muted consumerware performance and slower-than-expected ramp-up of the Glassware and Steelware businesses. We assign SOTP-based TP of INR410 (earlier INR503), implying PE of 22x FY28E. Downgrade to ‘Accumulate’ from ‘BUY’.
