Cello World cut borrowings while investments reached Rs 619.5 crore

Cello World Limited reduced reported borrowings to Rs 34.6 crore in March 2026 from Rs 452.5 crore in March 2022, while combined current and non-current investments reached Rs 619.5 crore. The balance-sheet shift accompanied positive operating cash flow, although changes in working capital absorbed Rs 112.4 crore in FY26.

How much did Cello World reduce reported borrowings?

Cello World reduced total reported borrowings by Rs 417.9 crore between March 2022 and March 2026. Current borrowings fell to Rs 34.6 crore from Rs 452.5 crore, while non-current borrowings were nil at both end points. The company presented its debt-to-equity ratio at 0.0 in FY25 and FY26, compared with 1.7 in FY22.

The reduction was not linear across the five years. Current borrowings were Rs 317.4 crore in March 2023 and Rs 335 crore in March 2024, before declining to Rs 0.5 crore in March 2025 and then increasing to Rs 34.6 crore in March 2026. Non-current borrowings rose to Rs 27.7 crore in March 2024 but were nil in March 2025 and March 2026.

Cello World’s total equity increased by Rs 2,428.1 crore over the same comparison, reaching Rs 2,700.9 crore in March 2026. Other equity grew from Rs 87.6 crore to Rs 2,181.2 crore, while equity share capital was Rs 110.4 crore and shares pending issuance were Rs 409.3 crore at March 2026.

How large was Cello World’s investment book in March 2026?

Cello World held Rs 619.5 crore in combined current investments and non-current other investments at March 2026, up Rs 469.5 crore from Rs 150 crore in March 2022. Current investments accounted for Rs 597.9 crore of the FY26 total, compared with Rs 115 crore four years earlier, while non-current other investments were Rs 21.6 crore, down from Rs 35 crore.

The increase was concentrated in the current investment category. Current investments rose by Rs 483.8 crore from March 2022 to March 2026 and by Rs 29.1 crore from Rs 568.8 crore in March 2025. In contrast, non-current other investments declined by Rs 9.2 crore during FY26 from Rs 30.8 crore in March 2025.

Cello World also reported Rs 126.4 crore of cash and cash equivalents at March 2026, up from Rs 51.7 crore a year earlier and Rs 36.3 crore in March 2022. Bank balances other than cash equivalents fell to Rs 1.4 crore from Rs 35.9 crore in March 2025. Together, investments, cash equivalents and other bank balances totalled Rs 747.3 crore at March 2026.

What continued to absorb Cello World’s operating cash?

Cello World reported a working-capital cash outflow in every financial year from FY22 through FY26, including Rs 112.4 crore in FY26. The FY26 outflow was below Rs 130.9 crore in FY25 and Rs 166.7 crore in FY24, but remained above the Rs 72.8 crore recorded in FY22.

Working capital stood at 178 days in FY26, compared with 176 days in FY25, 169 days in FY24 and 154 days in FY23. The FY26 measure was therefore 24 days above the low point in the reported series. Revenue from operations rose over the same period, from Rs 1,359.2 crore in FY22 to Rs 2,323.7 crore in FY26.

Inventories were Rs 534.7 crore in March 2026, an increase of Rs 10.1 crore from March 2025 and Rs 158.2 crore from March 2022. Trade receivables rose by Rs 91.8 crore during FY26 to Rs 749.6 crore. The two categories totalled Rs 1,284.3 crore at March 2026, compared with Rs 783.2 crore four years earlier.

Did Cello World generate operating cash after working-capital use?

Cello World generated Rs 255.1 crore of net cash from operating activities in FY26 after working-capital changes and direct taxes, down Rs 6.6 crore from Rs 261.7 crore in FY25. Cash generated from operations before direct taxes was Rs 363.5 crore in FY26, while direct taxes paid were Rs 108.4 crore.

Operating profit before working-capital changes was Rs 475.9 crore in FY26, lower than Rs 512.6 crore in FY25 and Rs 513.9 crore in FY24. Net profit before tax in the cash-flow statement was Rs 447.1 crore, versus Rs 491.3 crore in FY25. The profit and loss statement reports FY26 profit before tax of Rs 439.7 crore and an exceptional item of Rs 7.4 crore related to gratuity and leave liabilities arising from labour-law changes.

Net cash used in investing activities was Rs 175.7 crore in FY26, below the outflows of Rs 553.4 crore in FY25 and Rs 556.8 crore in FY23. Financing activities used Rs 4.7 crore in FY26 after generating an inflow of Rs 311.2 crore in FY25. The FY26 cash-flow movements resulted in a Rs 74.7 crore increase in cash and cash equivalents to Rs 126.4 crore.

How did Cello World’s asset base change?

Cello World’s total assets increased to Rs 3,003.2 crore in March 2026 from Rs 1,333.7 crore in March 2022, an increase of Rs 1,669.5 crore. Current assets rose to Rs 2,170.2 crore from Rs 995.1 crore, while non-current assets increased to Rs 833 crore from Rs 338.6 crore.

Property, plant and equipment rose by Rs 98.6 crore in FY26 to Rs 698.7 crore, while capital work in progress increased by Rs 46.7 crore to Rs 65.5 crore. In the preceding year, capital work in progress fell from Rs 180 crore in March 2024 to Rs 18.8 crore in March 2025, while property, plant and equipment rose by Rs 256.8 crore.

Current liabilities increased to Rs 267.9 crore in March 2026 from Rs 208.6 crore in March 2025, but remained below Rs 1,039.3 crore in March 2022. Trade payables were Rs 47.1 crore for micro and small enterprises and Rs 104.5 crore for other creditors. Non-current liabilities totalled Rs 34.4 crore, including Rs 16.8 crore of deferred tax liabilities and Rs 14.3 crore of provisions.

Conclusion

Cello World’s five-year figures show a balance-sheet change from Rs 452.5 crore of current borrowings in March 2022 to Rs 34.6 crore in March 2026, alongside Rs 619.5 crore of investments and Rs 2,700.9 crore of total equity. Operating cash remained positive, but working-capital cash absorption continued each year and working-capital days increased to 178 in FY26.

The next reported period will indicate whether current borrowings remain near the March 2026 level and whether working-capital days move below 178. Comparatives have been restated after the Composite Scheme of Arrangement involving Wim Plast Limited, Cello Consumer Products Private Limited and Cello World became effective on 27 May 2026, with an appointed date of 1 April 2025.