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Motilal Oswal Report
Stocks to Buy: We reiterate our Buy rating on Cello World Ltd. with a target price of Rs 1,000 (premised on 40 times Sep’26E EPS).
Operating in diverse industries, Cello World benefits from an expanding total addressable market across markets. Within the writing instrument segment (TAM of ~Rs 134 billion as of FY23; expected to clock ~16% CAGR over FY23-27E), the company will benefit from industry tailwinds such as favorable demographics, increased discretionary spending, growing literacy rates, rising skill enhancement courses, etc.
We estimate Cello’s writing instrument segment to grow faster than the industry.
Overall, the company is expected to post a robust CAGR of 19%/22%/22% in revenue/Ebitda/adjusted PAT over FY24-27, led by healthy growth across segments on account of the expansion of stock keeping units as well as distribution reach, coupled with strong growth in the glassware segment after the ramp-up of the new plant in Rajasthan.
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