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ICICI Securities Report
We remain constructive on Cello World Ltd. as there are multiple growth tailwinds in FY26:
commencement of glassware unit in Q2 FY25 may start contributing to revenue and earnings by Q1 FY26. Growth in glassware business is margin accretive.
Integration of Wimplast with itself will allow Cello to unlock synergy benefits in distribution, raw material and media sourcing and better utilisation of plants may drive overall Ebitda margin by 50-75 basis points in medium term.
Investments in brand building, digital spends and quick commerce have increased in FY25 and may contribute materially to earnings in FY26 and beyond.
Some growth spurts are visible in certain pockets of the country in Q3 FY25, indicating demand recovery is closer than expected.
It is also focusing on exclusive brand outlets and we believe success of this strategy could help increase sales and strengthen connect with consumers.
Buy.
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Also Read: Epack Durable Gets 'Buy' As ICICI Securities Initiates Coverage; Sees 16% Potential Upside
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