Cellecor Gadgets Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Cellecor Gadgets Ltd trades at ₹30.6, in a downtrend and 1 weeks into that stage. That is −9.1% against its own 200-day average. It sits at 36% of a 52-week range of ₹24 to ₹43. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (14 weeks and counting).

Today the stock is in a downtrend — week 1 of stage 4, confirmed. At ₹30.6 it trades −9.1% versus its 200-day average and sits at 36% of its 52-week range (₹24–₹43).

Against the market, two honest reads. Cumulative: over the last 3.0 years the stock moved +202% while the NIFTY 500 moved +34% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (14 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Cellecor Gadgets Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: INSUFFICIENT_DATA. Still open: USD 32.5M in FCCBs outstanding after partial conversion at ₹29/share — at current ₹38 price, remaining conversion would expand share count by ~18-20% from 222.3M shares.

Our read, 31 May 2026. India's fastest-doubling affordable-electronics brand scaling from ₹264 Cr (FY23) to ₹1,292 Cr (FY26) in three years — but margins remain thin at ~3% PAT and a USD 32.5M FCCB overhang carries dilution risk.

What is proven. India's fastest-doubling affordable-electronics brand scaling from ₹264 Cr (FY23) to ₹1,292 Cr (FY26) in three years — but margins remain thin at ~3% PAT and a USD 32.5M FCCB overhang carries dilution risk.

What is not proven yet. USD 32.5M in FCCBs outstanding after partial conversion at ₹29/share — at current ₹38 price, remaining conversion would expand share count by ~18-20% from 222.3M shares.

🚨 Layer 1 read, 27 June 2026 — DROP. Revenue doubled but profit doesn't become cash — a thin-margin SME with a dilution overhang, not the multi-bagger the screen shows. Cellecor's revenue grew 264->1292 Cr and PAT 8->40 Cr in three years, but over three years it generated NEGATIVE 134 Cr of operating cash against positive 87 Cr of reported profit — the profit is accrual-heavy on a 3% margin. Add a USD 32.5M FCCB dilution overhang and a synthetic web-built timeline (0/32 claims verified) whose +101.7% MoS the bundle itself flags as a possible artifact, and the screen-cheap setup is inadmissible. It stays in (top line isn't contracting) but ranks near the bottom.

What would change Layer 1’s mind. Two consecutive quarters of OCF/PAT above ~0.8 (profit finally converting to cash) AND the FCCB converted/retired without further large dilution — that would turn the doubling top line from a cash-burning land-grab into a real, fundable compounder.

The test written in advance. FCCB Dilution Overhang — FCCB Dilution Overhang Monthly BSE filings for FCCB conversion notices; promoter holding below 45% as early warning by the next result.

The test written in advance. Thin Margin vs Competition — Thin Margin vs Competition Quarterly OPM trend; gross margin disclosure in annual report; compare to FY25 5.29% EBITDA margin by the next result.

The test written in advance. International Expansion Capital Risk — International Expansion Capital Risk Consolidated P&L starting FY27 for subsidiary losses; any write-down of the USD 29M investment by the next result.

Lever 3 · Management change — BUILDING. Retailer network 65k (FY25) → 100k+ (FY26) — incremental points of sale compounding with population-level electronics adoption in non-metro India. What proves it keeps working: Tier II/III Distribution Depth. It stops working if Monthly BSE filings for FCCB conversion notices; promoter holding below 45% as early warning.

Lever 1 · Operating leverage — BUILDING. Zepto partnership (Mar 2025) + Blinkit + ONDC opens impulse-purchase channel for sub-₹2,000 electronics — a segment few domestic electronics brands have optimized for. What proves it keeps working: Quick-Commerce Integration. It stops working if Monthly BSE filings for FCCB conversion notices; promoter holding below 45% as early warning.

Lever 2 · Value-added mix — BUILDING. Manufacturing MOUs with Dixon (refrigerators), PG Electroplast (ACs/coolers), and Yash Fans (ceiling fans) add high-unit-price categories without owned capex — each partnership adds ~50-100 Cr TAM. What proves it keeps working: OEM Partnership-Led Category Expansion. It stops working if Monthly BSE filings for FCCB conversion notices; promoter holding below 45% as early warning.

Lever 5 · Regulatory approval — BUILDING. Celebrity ambassadors (Kareena Kapoor Khan, Varun Dhawan, Tamannaah Bhatia) and influencer campaigns running since FY25 — brand recall building in target Tier II demographic. What proves it keeps working: Brand-Building Investment. It stops working if Monthly BSE filings for FCCB conversion notices; promoter holding below 45% as early warning.

Sources: our stock research file (31 May 2026) · quarterly results through Mar 26. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Cellecor Gadgets Ltd reported ₹650 Cr of revenue in the Mar 26 quarter, +8.3% year on year. That is the 6th straight quarter of year-on-year growth. The last full year, FY26, came in at ₹1,292 Cr. The last four reported quarters add to ₹2,317 Cr.

FY26 revenue came in at ₹1,292 Cr (+25.9% on the year). The latest quarter (Mar 26) printed ₹650 Cr, +8.3% year on year — the 6th consecutive quarter of year-over-year growth.

FY26-Q2. revenue ₹641 Cr and profit ₹20 Cr as reported.

FY26-Q4. revenue ₹650 Cr and profit ₹20 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Cellecor Gadgets Ltd's operating margin is 6.0% in the Mar 26 quarter, +1.2 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +0.0 percentage points. Across 5 fiscal years the operating margin has ranged 2.0% to 6.0%.

Why this happened. Zepto partnership (Mar 2025) + Blinkit + ONDC opens impulse-purchase channel for sub-₹2,000 electronics — a segment few domestic electronics brands have optimized for.

The latest quarter's operating margin is 6.0%, +1.2 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 2.0%–6.0%, and FY26's 6.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −0.1 pp year on year while gross margin went −3.6 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26-Q2. revenue ₹641 Cr and profit ₹20 Cr as reported.

FY26-Q4. revenue ₹650 Cr and profit ₹20 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Cellecor Gadgets Ltd earned ₹20.0 Cr of net profit in the Mar 26 quarter, +25.0% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹40.0 Cr. That is 3.1% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr.

Mar 26 profit was ₹20.0 Cr, +25.0% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹40.0 Cr (+29.0%).

Why profit moved: revenue contributed +8.3% and the margin +1.2 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +62.6% vs revenue +67.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

FY26-Q2. revenue ₹641 Cr and profit ₹20 Cr as reported.

FY26-Q4. revenue ₹650 Cr and profit ₹20 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −154% of Cellecor Gadgets Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹1.0 Cr of operating cash against ₹40.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹1.0 Cr was left as free cash.

FY26: operating cash of ₹1.0 Cr against reported profit of ₹40.0 Cr, leaving free cash of ₹1.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −154% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −154%: the cash cycle stretched 91 days between FY22 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 91 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Cellecor Gadgets Ltd's cash conversion cycle runs 80 days in FY26, up from −11 days in FY22. Capital spending ran ₹20.0 Cr over the last 3 years. At FY26 sales of ₹1,292 Cr each day of that cycle holds about ₹3.5 Cr, so roughly ₹283 Cr sits inside the business at any moment.

FY26: debtors at 30 days, inventory at 79 days — roughly 2.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 80 days, looser than FY22's −11.

The full loop: cash goes out to suppliers and production on day 0; stock waits 79 days to sell; customers pay about 30 days after that; and suppliers themselves are paid at 30 days — netting out to the 80-day cycle.

In money terms: at FY26 sales of ₹1,292 Cr, each day of the cycle holds about ₹3.5 Cr — so the 80-day loop keeps roughly ₹283 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹20.0 Cr over the last 3 fiscal years against ₹3.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Cellecor Gadgets Ltd earns a ROCE of 23% in FY26. Return on invested capital clears the cost of that capital by +4.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.1% net margin on 2.76× asset turns.

FY26 ROCE is 23%.

Why the return is what it is — the wiring (FY26): 3.1% net margin × 2.76× asset turns × 2.28× balance-sheet leverage ≈ 19.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 16.7% − 12.0% = a +4.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Cellecor Gadgets Ltd carries total debt of ₹142 Cr against shareholder equity of ₹205 Cr as of Mar 26, a debt-to-equity of 0.69. On the annual view that ratio went from 1.50 in FY23 to 0.69 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹142 Cr against shareholder equity of ₹205 Cr — a debt-to-equity of 0.69. On the annual view, debt-to-equity went from 1.50 (FY23) to 0.69 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 11.8 points of Cellecor Gadgets Ltd over 7 quarters, the biggest move on the register. That takes foreign institutions to 16.2% of the company. Promoters moved −8.5 points over the same window, to 43.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. Retailer network 65k (FY25) → 100k+ (FY26) — incremental points of sale compounding with population-level electronics adoption in non-metro India.

The register over the last two years — Foreign institutions: +11.8 points over 7 quarters to 16.2%; Promoters: −8.5 points over 7 quarters to 43.1%; Domestic institutions: −6.0 points over 7 quarters to 0.0%.

Why the register moved: rotation — foreign institutions +11.8 points against domestic institutions −6.0 points over 7 quarters, with promoters −8.5 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Cellecor Gadgets Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

Why this happened. Celebrity ambassadors (Kareena Kapoor Khan, Varun Dhawan, Tamannaah Bhatia) and influencer campaigns running since FY25 — brand recall building in target Tier II demographic.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Cellecor Gadgets Ltd trades at 17.2× P/E, near the bottom of its own range — cheaper only 19% of the time. Its long-run median P/E is 20.2×, measured across 1.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 17.2× is near the bottom of its own range — cheaper only 19% of the time, against a long-run median of 20.2× measured over 1.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +26.1% against a −6.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 29 June 2026 price, Cellecor Gadgets Ltd was paying for profit growth of about 3.6% a year. Today the market pays 17.2× P/E, the 19th percentile of its own 1-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing.

How to hold this number: it is a reading of one day's price, taken on 29 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Cellecor Gadgets Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

49.8/100 — rank 2 of 3 in Retail - Electronics · 60% evidence confidence

Cellecor Gadgets Ltd scores 49.8 out of 100 against the 3 companies it is compared with in Retail - Electronics, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.3 + 18 + 10 + 1.5 = 49.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Frequently asked questions