# Opalware — company-by-company sector analysis

> Opalware: Cello World Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Opalware has underperformed NIFTY 500 by 39.9% over 52 weeks and 7.7% over 13 weeks. 0 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Cello World Ltd leads with revenue of ₹2,324 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Opalware sector outperforming NIFTY 500?

Opalware has underperformed NIFTY 500 by 39.9% over 52 weeks and 7.7% over 13 weeks. 0 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which Opalware company is largest by revenue?

Cello World Ltd leads with revenue of ₹2,324 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Opalware company is growing fastest?

Cello World Ltd has the fastest current revenue growth at 8.8%, across 3 of 3 comparable companies.

### Which Opalware company has the strongest 4-Factor Sector Score?

La Opala RG Ltd ranks first at 52.7/100 with 78% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Opalware company has the least gross debt?

La Opala RG Ltd has the lowest comparable gross debt at ₹9 crore. Borosil Ltd has the highest at ₹148 crore.

### How much history does this Opalware comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Opalware has underperformed NIFTY 500 by 39.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7.7%. 0 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. La Opala RG Ltd is the strongest against the sector itself at +3%.

13-week sector return versus NIFTY 500: -7.7%
52-week sector return versus NIFTY 500: -40%
Stocks leading NIFTY: 0/3
Stocks leading sector: 1/3

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 3
Combined market value: ₹12.4K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. La Opala RG Ltd (LAOPALA): 53/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 12.1/35 | Capital efficiency 17.2/25 | Valuation 13.2/20 | Relative strength 10.2/20
   - Exact sum: 12.1 + 17.2 + 13.2 + 10.2 = 52.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
2. Cello World Ltd (CELLO): 43/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 6.6/35 | Capital efficiency 19.6/25 | Valuation 13.5/20 | Relative strength 3.6/20
   - Exact sum: 6.6 + 19.6 + 13.5 + 3.6 = 43.3
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3. Borosil Ltd (BOROLTD): 43/100 — Mixed-negative evidence; evidence 74%
   - Growth & earnings 11.0/35 | Capital efficiency 13.9/25 | Valuation 12.1/20 | Relative strength 6.0/20
   - Exact sum: 11 + 13.9 + 12.1 + 6 = 43
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Cello World Ltd is the scale leader at ₹2,324 crore, 94.3% ahead of Borosil Ltd. Cello World Ltd's growth is 8.8% from a ₹2,324 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Cello World Ltd is the scale benchmark; Cello World Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Cello World Ltd's growth falls below Cello World Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Cello World Ltd · ₹2,324 crore | 94.3% versus #2 · Borosil Ltd | 7/8 recent comparable periods | 3/3 companies · 41 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Cello World Ltd (CELLO): ₹2.3K Cr
2. Borosil Ltd (BOROLTD): ₹1.2K Cr
3. La Opala RG Ltd (LAOPALA): ₹308 Cr

### Revenue growth — fastest growers
1. Cello World Ltd (CELLO): 8.8%
2. Borosil Ltd (BOROLTD): 8.4%
3. La Opala RG Ltd (LAOPALA): -7.2%

### 20-quarter Revenue history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹433 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹472 Cr | Sep 2023 ₹489 Cr | Dec 2023 ₹527 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹501 Cr | Sep 2024 ₹490 Cr | Dec 2024 ₹557 Cr | Mar 2025 ₹589 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹587 Cr | Dec 2025 ₹554 Cr | Mar 2026 ₹654 Cr
- BOROLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹207 Cr | Mar 2023 ₹177 Cr | Jun 2023 ₹251 Cr | Sep 2023 ₹235 Cr | Dec 2023 ₹304 Cr | Mar 2024 ₹229 Cr | Jun 2024 ₹217 Cr | Sep 2024 ₹278 Cr | Dec 2024 ₹338 Cr | Mar 2025 ₹270 Cr | Jun 2025 ₹233 Cr | Sep 2025 ₹340 Cr | Dec 2025 ₹339 Cr | Mar 2026 ₹284 Cr
- LAOPALA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹126 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹86 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹68 Cr

### 20-quarter Revenue growth history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 9.0% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 6.1% | Sep 2024 0.2% | Dec 2024 5.7% | Mar 2025 15% | Jun 2025 5.6% | Sep 2025 20% | Dec 2025 -0.5% | Mar 2026 11%
- BOROLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 47% | Mar 2024 29% | Jun 2024 -14% | Sep 2024 18% | Dec 2024 11% | Mar 2025 18% | Jun 2025 7.4% | Sep 2025 22% | Dec 2025 0.3% | Mar 2026 5.2%
- LAOPALA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -15% | Mar 2024 -24% | Jun 2024 -15% | Sep 2024 2.3% | Dec 2024 -15% | Mar 2025 -7.2% | Jun 2025 -11% | Sep 2025 0.0% | Dec 2025 -7.7% | Mar 2026 -12%

## Operating Economics & Margin Trend

What the numbers say: La Opala RG Ltd leads both opm at 36% and margin change at +1 percentage points.

Investor read: La Opala RG Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: La Opala RG Ltd · 36% | 80% versus #2 · Cello World Ltd | 4/8 recent comparable periods | 3/3 companies · 53 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. La Opala RG Ltd (LAOPALA): 36%
2. Cello World Ltd (CELLO): 20%
3. Borosil Ltd (BOROLTD): 11%

### Margin change — fastest expanders
1. La Opala RG Ltd (LAOPALA): +1.0 pp
2. Borosil Ltd (BOROLTD): −3.0 pp
3. Cello World Ltd (CELLO): −3.0 pp

### 20-quarter OPM history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 25% | Sep 2023 25% | Dec 2023 25% | Mar 2024 26% | Jun 2024 26% | Sep 2024 24% | Dec 2024 23% | Mar 2025 23% | Jun 2025 21% | Sep 2025 22% | Dec 2025 19% | Mar 2026 20%
- BOROLTD: Jun 2021 13% | Sep 2021 21% | Dec 2021 15% | Mar 2022 18% | Jun 2022 13% | Sep 2022 14% | Dec 2022 4.0% | Mar 2023 6.0% | Jun 2023 10% | Sep 2023 16% | Dec 2023 19% | Mar 2024 8.0% | Jun 2024 13% | Sep 2024 16% | Dec 2024 16% | Mar 2025 14% | Jun 2025 16% | Sep 2025 14% | Dec 2025 16% | Mar 2026 11%
- LAOPALA: Jun 2021 30% | Sep 2021 39% | Dec 2021 41% | Mar 2022 36% | Jun 2022 40% | Sep 2022 39% | Dec 2022 36% | Mar 2023 37% | Jun 2023 41% | Sep 2023 39% | Dec 2023 38% | Mar 2024 31% | Jun 2024 37% | Sep 2024 32% | Dec 2024 28% | Mar 2025 35% | Jun 2025 37% | Sep 2025 39% | Dec 2025 37% | Mar 2026 36%

### 20-quarter Margin change history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +3.0 pp | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −3.0 pp | Jun 2025 −5.0 pp | Sep 2025 −2.0 pp | Dec 2025 −4.0 pp | Mar 2026 −3.0 pp
- BOROLTD: Jun 2021 +21.1 pp | Sep 2021 +7.5 pp | Dec 2021 −2.1 pp | Mar 2022 +0.3 pp | Jun 2022 −0.1 pp | Sep 2022 −7.2 pp | Dec 2022 −11.0 pp | Mar 2023 −12.1 pp | Jun 2023 −2.7 pp | Sep 2023 +1.9 pp | Dec 2023 +15.0 pp | Mar 2024 +2.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 −3.0 pp | Mar 2025 +6.0 pp | Jun 2025 +3.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp
- LAOPALA: Jun 2021 +56.7 pp | Sep 2021 +9.0 pp | Dec 2021 +1.4 pp | Mar 2022 +2.0 pp | Jun 2022 +10.2 pp | Sep 2022 +0.9 pp | Dec 2022 −5.3 pp | Mar 2023 +0.9 pp | Jun 2023 +1.2 pp | Sep 2023 −0.4 pp | Dec 2023 +2.0 pp | Mar 2024 −6.0 pp | Jun 2024 −4.0 pp | Sep 2024 −7.0 pp | Dec 2024 −10.0 pp | Mar 2025 +4.0 pp | Jun 2025 0.0 pp | Sep 2025 +7.0 pp | Dec 2025 +9.0 pp | Mar 2026 +1.0 pp

## Profit Scale & Acceleration

What the numbers say: Cello World Ltd leads with ₹331 crore of TTM profit, 259.8% above La Opala RG Ltd. Borosil Ltd shows 2.7% growth from a ₹75 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Cello World Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Cello World Ltd · ₹331 crore | 259.8% versus #2 · La Opala RG Ltd | 3/8 recent comparable periods | 3/3 companies · 41 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Cello World Ltd (CELLO): ₹331 Cr
2. La Opala RG Ltd (LAOPALA): ₹92 Cr
3. Borosil Ltd (BOROLTD): ₹75 Cr

### Profit growth — fastest growers
1. Borosil Ltd (BOROLTD): 2.7%
2. La Opala RG Ltd (LAOPALA): -5.2%
3. Cello World Ltd (CELLO): -9.1%

### 20-quarter Net profit history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹66 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹83 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹96 Cr | Jun 2025 ₹81 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹69 Cr | Mar 2026 ₹90 Cr
- BOROLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹16 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹11 Cr
- LAOPALA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹35 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹16 Cr

### 20-quarter Profit growth history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 26% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 7.2% | Sep 2024 0.0% | Dec 2024 1.1% | Mar 2025 0.0% | Jun 2025 -9.0% | Sep 2025 4.6% | Dec 2025 -25% | Mar 2026 -6.3%
- BOROLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 131% | Mar 2024 67% | Jun 2024 50% | Sep 2024 -5.3% | Dec 2024 -5.4% | Mar 2025 120% | Jun 2025 89% | Sep 2025 28% | Dec 2025 -31% | Mar 2026 0.0%
- LAOPALA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 26% | Mar 2024 -17% | Jun 2024 -17% | Sep 2024 -23% | Dec 2024 -48% | Mar 2025 8.3% | Jun 2025 4.2% | Sep 2025 13% | Dec 2025 4.4% | Mar 2026 -38%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: La Opala RG Ltd has the clearest covered balance-sheet capacity with ₹513 crore net cash and gross debt of ₹9 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: La Opala RG Ltd · ₹9 crore | 76.3% versus #2 · Cello World Ltd | 8/8 recent comparable periods | 3/3 companies · 32 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. La Opala RG Ltd (LAOPALA): ₹9 Cr
2. Cello World Ltd (CELLO): ₹38 Cr
3. Borosil Ltd (BOROLTD): ₹148 Cr

### Net debt — lowest net debt
1. La Opala RG Ltd (LAOPALA): ₹-513 Cr

### 20-quarter Gross debt history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹463 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹335 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹371 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5 Cr | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹38 Cr
- BOROLTD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹95 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹165 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹93 Cr | Jun 2025 — | Sep 2025 ₹80 Cr | Dec 2025 — | Mar 2026 ₹148 Cr
- LAOPALA: Jun 2021 ₹2 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr

### 20-quarter Net debt history
- LAOPALA: Jun 2021 ₹-302 Cr | Sep 2021 ₹-295 Cr | Dec 2021 ₹-295 Cr | Mar 2022 ₹-336 Cr | Jun 2022 ₹-340 Cr | Sep 2022 ₹-371 Cr | Dec 2022 ₹-371 Cr | Mar 2023 ₹-405 Cr | Jun 2023 ₹-409 Cr | Sep 2023 ₹-429 Cr | Dec 2023 ₹-429 Cr | Mar 2024 ₹-467 Cr | Jun 2024 ₹-468 Cr | Sep 2024 ₹-526 Cr | Dec 2024 ₹-526 Cr | Mar 2025 ₹-500 Cr | Jun 2025 ₹-500 Cr | Sep 2025 ₹-461 Cr | Dec 2025 ₹-461 Cr | Mar 2026 ₹-513 Cr

## Return On Capital Employed

What the numbers say: Cello World Ltd leads ROCE at 17.4%, 2.1 percentage points above La Opala RG Ltd. La Opala RG Ltd has the strongest latest improvement at +0.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Cello World Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Cello World Ltd · 17.4% | 13.7% versus #2 · La Opala RG Ltd | Not enough history | 3/3 companies · 15 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Cello World Ltd (CELLO): 17%
2. La Opala RG Ltd (LAOPALA): 15%
3. Borosil Ltd (BOROLTD): 12%

### ROCE change — fastest improvers
1. La Opala RG Ltd (LAOPALA): +0.6 pp
2. Borosil Ltd (BOROLTD): 0.0 pp
3. Cello World Ltd (CELLO): −7.0 pp

### 20-quarter ROCE history
- LAOPALA: Jun 2021 — | Sep 2021 12% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 15% | Dec 2023 19% | Mar 2024 13% | Jun 2024 17% | Sep 2024 12% | Dec 2024 15% | Mar 2025 10% | Jun 2025 16% | Sep 2025 11% | Dec 2025 16% | Mar 2026 11%

### 20-quarter ROCE change history
- LAOPALA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.6 pp | Dec 2022 — | Mar 2023 +4.3 pp | Jun 2023 — | Sep 2023 −2.5 pp | Dec 2023 — | Mar 2024 −5.4 pp | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.3 pp | Jun 2025 −1.8 pp | Sep 2025 −1.0 pp | Dec 2025 +0.4 pp | Mar 2026 +0.6 pp

## Valuation Against Growth & Quality

What the numbers say: There is not enough comparable evidence to name a reliable guarded peg leader.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG

### P/E — lowest P/E
1. La Opala RG Ltd (LAOPALA): 21.8
2. Cello World Ltd (CELLO): 22.6
3. Borosil Ltd (BOROLTD): 35.8

### 20-quarter Guarded PEG history

### 20-quarter P/E history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 57.7 | Mar 2024 56.7 | Jun 2024 54.2 | Sep 2024 54.4 | Dec 2024 47.9 | Mar 2025 34.8 | Jun 2025 38.8 | Sep 2025 38.0 | Dec 2025 35.8 | Mar 2026 27.6
- BOROLTD: Jun 2021 49.4 | Sep 2021 44.1 | Dec 2021 62.8 | Mar 2022 49.6 | Jun 2022 27.6 | Sep 2022 34.5 | Dec 2022 33.5 | Mar 2023 34.0 | Jun 2023 71.3 | Sep 2023 78.0 | Dec 2023 92.8 | Mar 2024 61.8 | Jun 2024 55.0 | Sep 2024 67.2 | Dec 2024 67.0 | Mar 2025 58.3 | Jun 2025 55.5 | Sep 2025 51.1 | Dec 2025 39.1 | Mar 2026 34.6
- LAOPALA: Jun 2021 59.7 | Sep 2021 52.8 | Dec 2021 57.8 | Mar 2022 45.5 | Jun 2022 31.4 | Sep 2022 36.0 | Dec 2022 36.7 | Mar 2023 32.1 | Jun 2023 39.0 | Sep 2023 36.3 | Dec 2023 33.3 | Mar 2024 24.8 | Jun 2024 27.9 | Sep 2024 31.5 | Dec 2024 30.7 | Mar 2025 24.9 | Jun 2025 29.6 | Sep 2025 27.5 | Dec 2025 22.4 | Mar 2026 18.7

## Enterprise Value & Book Value

What the numbers say: La Opala RG Ltd leads both ev/ebitda at 12.2× and p/bv at 2.49×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: La Opala RG Ltd · 12.2× | 12.2% versus #2 · Borosil Ltd | 0/8 recent comparable periods | 3/3 companies · 50 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. La Opala RG Ltd (LAOPALA): 12.2
2. Borosil Ltd (BOROLTD): 13.9
3. Cello World Ltd (CELLO): 16.1

### P/BV — lowest P/BV
1. La Opala RG Ltd (LAOPALA): 2.5
2. Cello World Ltd (CELLO): 2.8
3. Borosil Ltd (BOROLTD): 3.1

### 20-quarter EV/EBITDA history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 38.8 | Mar 2024 38.2 | Jun 2024 35.5 | Sep 2024 36.5 | Dec 2024 30.7 | Mar 2025 22.1 | Jun 2025 24.5 | Sep 2025 22.8 | Dec 2025 21.5 | Mar 2026 16.1
- BOROLTD: Jun 2021 21.4 | Sep 2021 16.2 | Dec 2021 25.7 | Mar 2022 20.4 | Jun 2022 14.9 | Sep 2022 21.4 | Dec 2022 21.6 | Mar 2023 22.5 | Jun 2023 36.7 | Sep 2023 35.6 | Dec 2023 38.8 | Mar 2024 29.2 | Jun 2024 25.3 | Sep 2024 30.4 | Dec 2024 27.7 | Mar 2025 22.2 | Jun 2025 21.7 | Sep 2025 20.7 | Dec 2025 16.4 | Mar 2026 13.9
- LAOPALA: Jun 2021 38.8 | Sep 2021 34.8 | Dec 2021 38.8 | Mar 2022 30.0 | Jun 2022 20.5 | Sep 2022 23.4 | Dec 2022 23.8 | Mar 2023 20.6 | Jun 2023 24.8 | Sep 2023 23.1 | Dec 2023 21.4 | Mar 2024 17.4 | Jun 2024 19.9 | Sep 2024 22.6 | Dec 2024 20.8 | Mar 2025 15.3 | Jun 2025 18.4 | Sep 2025 17.3 | Dec 2025 14.8 | Mar 2026 12.2

### 20-quarter P/BV history
- CELLO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 16.8 | Jun 2024 16.3 | Sep 2024 16.3 | Dec 2024 8.4 | Mar 2025 6.0 | Jun 2025 11.1 | Sep 2025 5.2 | Dec 2025 5.2 | Mar 2026 3.8
- BOROLTD: Jun 2021 3.0 | Sep 2021 2.9 | Dec 2021 5.7 | Mar 2022 4.7 | Jun 2022 3.3 | Sep 2022 4.5 | Dec 2022 4.3 | Mar 2023 4.1 | Jun 2023 5.2 | Sep 2023 7.4 | Dec 2023 4.3 | Mar 2024 4.6 | Jun 2024 7.3 | Sep 2024 8.1 | Dec 2024 6.3 | Mar 2025 5.3 | Jun 2025 6.8 | Sep 2025 5.2 | Dec 2025 4.0 | Mar 2026 3.2
- LAOPALA: Jun 2021 5.4 | Sep 2021 4.9 | Dec 2021 6.4 | Mar 2022 5.5 | Jun 2022 4.4 | Sep 2022 4.9 | Dec 2022 5.5 | Mar 2023 5.1 | Jun 2023 6.5 | Sep 2023 6.2 | Dec 2023 5.0 | Mar 2024 4.0 | Jun 2024 4.6 | Sep 2024 4.5 | Dec 2024 4.3 | Mar 2025 2.9 | Jun 2025 3.4 | Sep 2025 3.3 | Dec 2025 2.8 | Mar 2026 2.4

## Market action

Borosil Ltd has the strongest one-year price move in Opalware at -30.4%. La Opala RG Ltd leads on Mansfield relative strength against NIFTY at -9.9%. 0 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Borosil Ltd (BOROLTD): -30%
2. La Opala RG Ltd (LAOPALA): -30%
3. Cello World Ltd (CELLO): -45%

### Strongest relative strength versus NIFTY 500
1. La Opala RG Ltd (LAOPALA): -9.9%
2. Borosil Ltd (BOROLTD): -16%
3. Cello World Ltd (CELLO): -30%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Cello World Ltd (CELLO) — market value ₹7.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Borosil Ltd (BOROLTD) — market value ₹2.8K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- La Opala RG Ltd (LAOPALA) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 0. Unverified: 1. Withheld: 2. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

2 of 3 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Cello World Ltd (CELLO) — its two data sources disagree by up to 9.2% on reported income across 13 comparable periods, so its derived ratios are withheld; Borosil Ltd (BOROLTD) — its two data sources disagree by up to 613% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | CELLO | Cello World Ltd | diff_gt_2pct | disagreement up to 9.23% over 13 comparable periods
- WITHHELD | BOROLTD | Borosil Ltd | diff_gt_2pct | disagreement up to 612.75% over 14 comparable periods

- UNVERIFIED | LAOPALA | La Opala RG Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Opalware index?

The Nifty Opalware index tracks India's listed Opalware companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Opalware sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Opalware stocks in India?

Ranked by this page's four-factor score, La Opala RG Ltd places first among 3 listed Opalware companies, followed by Cello World Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Opalware stocks are listed in India?

This comparison covers 3 listed Opalware companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Opalware company is the biggest?

Cello World Ltd is the largest, with trailing-twelve-month revenue of ₹2,324 crore, ahead of Borosil Ltd at ₹1,196 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Opalware company is growing fastest?

Cello World Ltd has the fastest revenue growth at 8.8% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Opalware company has the best profit margins?

La Opala RG Ltd has the highest operating margin at 36%, from 3 of 3 comparable companies. La Opala RG Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Opalware company makes the most profit?

Cello World Ltd earns the most, at ₹331 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Borosil Ltd has the fastest profit growth at 2.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Opalware company earns the highest return on capital?

Cello World Ltd leads on return on capital employed at 17.4%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Opalware company has the strongest balance sheet?

La Opala RG Ltd carries the lowest comparable gross debt at ₹9 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Opalware sector beating the market?

Opalware has underperformed NIFTY 500 by 39.9% over the last 52 weeks and 7.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Opalware stock has the strongest price momentum?

La Opala RG Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Opalware company scores highest for research priority?

La Opala RG Ltd scores 52.7 out of 100 with 78% evidence confidence, from 12.1 points on growth and earnings, 17.2 on capital efficiency, 13.2 on valuation and 10.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Opalware companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Opalware sector?

The 3 Opalware companies on this page carry ₹12,429 crore of combined market value. Cello World Ltd is the largest at ₹7,605 crore, about 61% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Opalware sector performing?

0 of the 3 covered Opalware companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 39.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/opalware