Cello World Limited (CELLO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.8%

₹254.16

vs ₹342.55 price

Levered DCF

₹121.26

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	26.43×	35.23×	50.35×	58×	82.38×	111.19×
P/B	3.24×	5.51×	14.51×	45.89×	191.71×	-157.4×
P/S	3.77×	5.59×	8.33×	8.62×	12.41×	16.03×
EV / EBITDA	16.71×	23.22×	31.83×	36.01×	49.26×	62.17×
Gross margin	36.0%	51.7%	52.6%	35.5%	33.3%	33.8%
Operating margin	16.9%	41.8%	22.6%	39.5%	20.9%	21.7%
Net margin	14.3%	15.9%	16.6%	14.9%	15.1%	14.4%
Current ratio	8.1×	9.31×	2.39×	2.22×	0.96×	0.77×
Debt / equity	0.01×	0×	0.32×	1×	5.28×	-3.13×
Interest coverage	257.38×	615.35×	177.4×	403.32×	99.41×	99.95×
Dividend yield	0.4%	0.3%	0.0%	0.1%	0.0%	0.0%
Payout ratio	11.6%	11.4%	1.4%	3.6%	3.0%	0.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	12.3%	15.6%	28.8%	79.1%	232.8%	-141.6%
Return on invested capital	10.7%	27.2%	19.3%	38.4%	27.8%	38.8%
Return on assets	11.0%	12.8%	16.8%	17.2%	15.3%	13.2%
Free cash flow yield	0.6%	0.8%	-0.2%	0.7%	0.8%	1.0%
Earnings yield	3.8%	2.8%	2.0%	1.7%	1.2%	0.9%
Enterprise value	₹86.7B	₹118.5B	₹170.1B	₹157.4B	₹172.1B	₹171.2B
Net debt / EBITDA	-0.17×	-0.16×	0.63×	0.7×	1.18×	1.15×
Cash conversion cycle (days)	212	253	235	193	219	233