Cellecor GadgetsShare price, financial results, shareholding and management
- Market cap
- ₹650 cr
- Stock P/E
- 16.4peers 19.8
- Book value
- ₹8.6
- Price to book
- 3.19
- EV / operating profit
- 10.7
- Market cap to sales
- 0.50
- ROCE · FY26
- 22.6%
- ROE · FY26
- 22.0%
- ROE, 3-year average
- 26.0%
- Operating margin · FY26
- 5.5%peers 6.5%
- Sales growth, 3 years
- 69.8%
- Profit growth, 3 years
- 70.4%
- Debt to equity
- 0.69peers 0.39
- Borrowings
- ₹142 cr
- Interest cover
- 4.1×
- Cash from business / op. profit
- 2%
- Debtor days
- 30
- Pledged
- 0.00%
- Promoter holding
- 43.08%
- Change in promoter holding
- -3.22 pts
- Shareholders
- 3,913
- 52-week high / low
- ₹44 / ₹22
- Dividend yield
- 0.00%
- Face value
- ₹1
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Cellecor Gadgets share price chart
Close on 6 Nov 2026 · -0.18% on the day · Vol 78,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -7.0%
- 3 months
- -11.6%
- 6 months
- -36.6%
- 1 year
- -14.2%
- Traded a day, 20 days
- ₹0.60 cr
- Taken for delivery
- 76%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +26% | +28% |
| 3 years, a year | +70% | +70% |
| Latest half, H2 FY26 | +8% | +23% |
About Cellecor Gadgets: business, products and customers
Cellecor Gadgets sells low-priced phones, smart TVs, earbuds, smartwatches and home and kitchen appliances under its own Cellecor brand, made for it by other manufacturers, mostly through distributors and small-town shops across India. Its shares trade on NSE Emerge.
The Delhi company began in 2012 as Unity Communications, the proprietorship of founder Ravi Agarwal, and moved from distributing gadgets to selling its own brand. It does not run factories: established Indian manufacturers build the products to its specification, and Cellecor plans the range, buys the finished goods, brands and markets them, and handles warranty service through more than 2,000 service centres. The portfolio now runs to over 600 products, from earbuds and power banks to air conditioners, washing machines and air fryers.
Because it buys finished goods and resells them, its sales include the full cost of each product, so the margin left over is thin and moves with purchase prices, freight, dealer margins and discounts. The business also ties up a lot of cash in stock, in advances paid to suppliers and in credit given to buyers, which bank borrowings and fresh share capital fund; in FY26 almost no cash came in from operations.
Read more about the business
It sells mainly through more than 1,800 distributors and the retailers behind them, plus large chains, eight exclusive stores, Amazon, Flipkart and quick commerce apps such as Zepto. Since March 2026 it has set up a UK subsidiary, raised foreign currency convertible bonds and promoter warrants, and in August 2026 its overseas step-down subsidiary signed preliminary heads of terms for a proposed assembly plant in Liberia. The offer document said no listed Indian company does a business similar enough to compare.
From the offer document (Prospectus, 2023), the annual report for FY26, the Infomerics rating note of February 2026, the April 2024 investor presentation and the company's announcements of August and September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 70% a year over three years.
- It earns a high return on the money it uses: ROCE 23% in FY26.
To watch
- Conversion of the remaining foreign currency convertible bonds at ₹29 a share (Annual report FY26, p.42).
- Payment of the balance on the promoter's 3,50,00,000 warrants (Annual report FY26, p.29).
- Collection of the ₹107.2 cr of receivables at March 2026 (Annual report FY26, p.41).
- Feasibility and approvals for the proposed Liberia plant (Press release, 18 August 2026, p.4).
- Customers take longer to pay than before: 30 days in FY26, against 3 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Cellecor Gadgets revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Cellecor Gadgets half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 114 | 151 | 210 | 291 | 426 | 600.23 | 641.49 | 650.32 |
| Expenses | 109 | 143 | 197 | 274 | 400 | 571.28 | 607.52 | 613.14 |
| Operating profit | 5 | 8 | 13 | 17 | 25 | 28.95 | 33.96 | 37.19 |
| OPM | 4.4% | 5.0% | 6.0% | 6.0% | 6.0% | 4.8% | 5.3% | 5.7% |
| Interest | 0 | 1 | 3 | 4 | 5 | 6.65 | 6.93 | 10.29 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0.57 | 0.48 | 0.51 |
| Profit before tax | 4 | 6 | 10 | 12 | 20 | 21.76 | 26.65 | 26.69 |
| Net profit | 3 | 5 | 7 | 9 | 15 | 16.28 | 19.53 | 20.08 |
Cellecor Gadgets profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 121 | 264 | 500 | 1,026 | 1,292 |
| Expenses | 118 | 252 | 471 | 971 | 1,221 |
| Operating profit | 3 | 13 | 30 | 55 | 71.15 |
| OPM | 2.5% | 4.8% | 6.0% | 5.0% | 5.5% |
| Other income | 0 | 0 | 0 | 0 | 0.39 |
| Interest | 0 | 2 | 7 | 13 | 17.22 |
| Depreciation | 0 | 0 | 1 | 1 | 0.98 |
| Profit before tax | 3 | 11 | 22 | 41 | 53.34 |
| Tax rate | 33.3% | 27.3% | 27.3% | 24.4% | 25.7% |
| Net profit | 2 | 8 | 16 | 31 | 39.61 |
| EPS ₹ | 21.40 | 73.36 | 0.77 | 1.42 | 1.80 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Cellecor Gadgets profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 2.5% | 4.8% | 6.0% | 5.0% | 5.5% |
| Tax rate | 33.3% | 27.3% | 27.3% | 24.4% | 25.7% |
| ROCE | · | 68.0% | 29.0% | 24.4% | 22.6% |
| ROE | · | 98.7% | 30.7% | 25.2% | 22.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Cellecor Gadgets debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Cellecor Gadgets balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.10 | 0.11 | 21 | 22 | 22.07 |
| Reserves | 2 | 14 | 69 | 134 | 182.60 |
| Net worth | 2.10 | 14.11 | 90 | 156 | 204.67 |
| Borrowings | 1 | 21 | 75 | 121 | 141.76 |
| Other liabilities | 20.90 | 34.89 | 21 | 58 | 121.37 |
| Total liabilities | 24 | 70 | 186 | 335 | 467.80 |
| Fixed assets | 0 | 1 | 1 | 19 | 18.12 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0.10 |
| Other assets | 24 | 69 | 185 | 316 | 449.58 |
| Receivables | · | · | · | · | 107.18 |
| Inventory | · | · | · | · | 243.04 |
| Cash | · | · | · | · | 30.86 |
| Trade payables | · | · | · | · | 91.60 |
Cellecor Gadgets cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0 | -21 | -102 | -33 | 1.11 |
| Cash from investing | 0 | -2 | -1 | -18 | -4.70 |
| Cash from financing | 1 | 22 | 107 | 68 | 12.69 |
| Net cash flow | 1 | -1 | 4 | 17 | 9.10 |
| Capital spending | · | · | · | · | 0.46 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 3 | 10 | 14 | 15 | 30 |
| Inventory days | 42 | 76 | 81 | 87 | 79 |
| Days payable | 55 | 37 | 13 | 17 | 30 |
| Cash conversion cycle | -11 | 49 | 82 | 84 | 80 |
| Working capital days | 7 | 25 | 61 | 41 | 54 |
Cellecor Gadgets peers and competitors
Listed SME companies in the same industryBy sales, Cellecor Gadgets is number 2 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Khazanchi Jewellers | 1,767 | 19.8 | 2,049 | 89 | 6.0% | 0.34 |
| Cellecor Gadgets | 650 | 16.4 | 1,292 | 39.6 | 5.5% | 0.69 |
| Utssav CZ Gold Jewels | 2,337 | 39.6 | 1,155 | 59 | 8.0% | 0.94 |
| KKV Agro Powers | 19 | 5.9 | 964 | 3.3 | 0.8% | 0.61 |
| Divine Hira Jewellers | 369 | 51.7 | 884 | 7.1 | 1.2% | 0.46 |
| Grover Jewells | 603 | 28.7 | 824 | 21 | 3.6% | 0.39 |
| Yaashvi Jewellers | 141 | 7.9 | 448 | 18 | 7.0% | - |
| SMR Jewels | 197 | 7.9 | 432 | 25 | 8.0% | 0.34 |
| Pushpa Jewellers | 298 | 11.5 | 418 | 25.9 | 9.1% | 0.12 |
| Greenchef Appliances | 148 | - | 374 | -9 | 0.2% | 0.91 |
| Bai-Kakaji Polymers | 624 | 23.1 | 364 | 27 | 13.0% | 0.38 |
| Median of the 10 others | 334 | 19.8 | 636 | 23 | 6.5% | 0.39 |
Cellecor Gadgets shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company, a little less than in the first filing shown. Foreign and Indian funds own a noticeable share. The number of shareholders has grown a lot.
Cellecor Gadgets shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 23 | Mar 24 | Sep 24 | Oct 24 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 51.54% | 51.54% | 51.54% | 49.64% | 49.64% | 46.30% | 46.30% | 43.08% |
| Foreign investors (FIIs) | 4.41% | 0.77% | 0.02% | 2.92% | 3.27% | 8.78% | 8.72% | 17.05% |
| Indian institutions (DIIs) | 6.05% | 3.91% | 2.14% | 1.54% | 0.28% | - | - | - |
| HNIs (over ₹2 lakh each) | 7.91% | 14.50% | 12.79% | 12.09% | 9.64% | 7.26% | 7.72% | 7.78% |
| Small holders (up to ₹2 lakh) | 11.02% | 9.32% | 14.73% | 15.95% | 17.15% | 17.76% | 16.23% | 12.31% |
| Companies and others | 19.07% | 19.96% | 18.78% | 17.86% | 20.02% | 19.90% | 21.03% | 19.78% |
| Number of shareholders | 2,020 | 1,065 | 2,674 | 3,132 | 4,773 | 5,263 | 4,891 | 3,913 |
The named holders are at 30 Sept 2026, beside 1 Sept 2026, each under the group the pattern files them in.
Cellecor Gadgets study: the business from its own documents
Read from 10 of the company's own documentsCellecor Gadgets so far
From the company's own record
- 28 Sept 2023Listed on NSE Emerge
- 30 Sept 2026Promoters at 43.08%
- 7 Jan 2025Highest close since listing, ₹74.64
Cellecor Gadgets key facts from the filings
Each figure with the document it comes from
- Gross margin
- 13.3%
- FY26 revenue left after the cost of goods bought for resale; the products are made by outside manufacturers.Annual report FY26, p.11 and p.48; our arithmetic
- Distribution reach
- 1,800+ distributors
- Serving more than one lakh retail touchpoints, with more than 2,000 service centres behind the brand.Annual report FY26, p.11
- Money owed by buyers
- ₹107.2 cr
- Trade receivables at March 2026, up from ₹40.9 cr a year earlier while revenue grew 25.9%; the company links it to longer credit from large retail and B2B buyers.Annual report FY26, p.41
- Stock held
- ₹243.0 cr
- Inventory at March 2026, up from ₹209.9 cr, built ahead of the festive season and new launches.Annual report FY26, p.41
- Cash from operations
- ₹1.1 cr
- FY26 operating cash flow, against profit before tax of ₹53.3 cr, as stock, receivables and supplier advances rose.Annual report FY26, p.49
Show 5 more facts
- Advances to suppliers
- ₹53.7 cr
- Paid ahead to suppliers at March 2026, up from ₹29.8 cr.Annual report FY26, p.56
- Convertible bonds
- 330 bonds
- 2% foreign currency convertible bonds of US$1,00,000 face value each, issued at a 12% discount in April 2026 and convertible at ₹29 a share; five had converted by May 2026.Annual report FY26, p.29 and p.42
- Promoter warrants
- ₹98.0 cr
- 3,50,00,000 warrants at ₹28 allotted to Ravi Agarwal after March 2026, with a quarter of the price paid upfront; Ravi Agarwal had sold 88,95,000 shares during FY26.Annual report FY26, p.28 to 29 and p.52; our arithmetic
- Shares under attachment
- 12.14%
- Held by pre-listing investor Tano Investment Opportunity Fund and attached by the Enforcement Directorate, Raipur; the company says the case concerns only that investor.Annual report FY26, p.58; Shareholding pattern, September 2026
- Credit rating
- IVR A-/Stable
- Assigned by Infomerics in February 2026 on ₹200 cr of bank facilities, citing reach and range against thin margins and tough competition.Credit rating note, Infomerics, February 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company gives no sales or profit guidance in the documents read. Its board approved in August 2026 a move from NSE Emerge to the NSE main board with a direct listing on BSE, once eligibility conditions are met, and an employee stock option plan. The Liberia plant is at the stage of planning, feasibility and regulatory engagement, and the company says a detailed disclosure will follow when the facility is set up.
| What management said | When | What happened |
|---|---|---|
| Reach ₹1,000 cr of revenue | April 2024 presentation | ₹1,025.95 cr in FY25 and ₹1,291.8 cr in FY26 |
| Grow from 1,000+ to 1,400+ distributors | April 2024 presentation | 1,800+ distributors in FY26 |
| Start its own manufacturing as backward integration | April 2024 presentation | Still a partnership manufacturing model in FY26; preliminary heads of terms for a plant in Liberia in August 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Cellecor earns a thin margin putting its brand on budget electronics made by others and pushing them through a very wide network of distributors and shops.
Its weak spots are thin margins in a crowded market, cash tied up in stock and customer credit, frequent new share and bond issues, and a large block of shares under attachment.
WatchCan it set its own prices?It sells on low price in a market where buyers compare closely, so it has little room to raise prices.
WatchHow strong is it against rivals?Its reach and service network help, but the brand is young and has no technology or factories of its own.
StrongWho are its customers?Sales are spread over many distributors, shops and online platforms rather than a few buyers.
WatchDoes it need a lot of money?Few fixed assets are needed, but stock, supplier advances and customer credit soak up cash as it grows.
AverageCan it keep finding new work?It keeps adding product categories and sales channels, but every sale has to be won again from shoppers.
AverageDo good and bad years swing a lot?Sales lean on the festive season and consumer spending, and small changes in costs or discounts move its thin profit.
Who runs Cellecor Gadgets?
Promoters, directors and officers; tap a name for the background
RARavi AgarwalPromoter, Founder and Managing Director · holds 41.41%
A first-generation entrepreneur educated to intermediate level who founded Unity Communications in 2010 with more than 12 years in the telecom sector at the time of the offer document.
Offer document, p.165 to 166; Annual report FY26, p.10NANikhil AggarwalPromoter; Whole-Time Director until August 2026
A founder member who joined Unity Communications in 2016 and led marketing and brand building. The offer document states that Nikhil Aggarwal and Ravi Agarwal are brothers. Resigned as Whole-Time Director on 6 August 2026.
Offer document, p.165 to 166; Annual report FY26, p.30SSSantosh SinghalPromoter group shareholder · holds 1.27%
Listed as a promoter holder in the shareholding pattern.
Shareholding pattern, September 2026GAGunjan AggarwalChairperson and Non-Executive Director
Sits on the audit, nomination and remuneration, stakeholder relationship and CSR committees; receives a commission as a non-executive director.
Annual report FY26, p.10 and p.37BGBindu GuptaDirector and Chief Financial Officer
A Fellow Chartered Accountant with around two decades of experience in financial planning, risk management, compliance and governance.
Annual report FY26, p.10Cellecor Gadgets latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹650 cr (+8%), net profit ₹20.1 cr (+23%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters 46.30% to 43.08%.
Cellecor Gadgets announcements
97 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Shareholders meetingSrutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Shareholders meetingSrutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- AppointmentOf Ankit Bhatnagar as Company Secretary & Compliance Officer of the company w.e.f. September 07, 2026PDF ↗
Cellecor Gadgets annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 25 Feb 2026 ↗read
- Credit ratings ↗read
Cellecor Gadgets share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Share splitFACE VALUE SPLIT (SUB-DIVISION) - FROM RS 10/- PER SHARE TO RE 1/- PER SHAREex-date 9 Aug 2024
Checks we ran on Cellecor Gadgets' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (23,71,38,145 shares).
- !The FY26 results imply 22,07,00,000 shares at face value ₹1, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹73.36) and FY24 (₹0.77) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Cellecor Gadgets
What does Cellecor Gadgets do?
Cellecor Gadgets sells low-priced phones, smart TVs, earbuds, smartwatches and home and kitchen appliances under its own Cellecor brand, made for it by other manufacturers, mostly through distributors and small-town shops across India. Its shares trade on NSE Emerge.
What is the share price of Cellecor Gadgets?
₹27.4 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Cellecor Gadgets?
₹650 cr at the close on 6 Nov 2026, on 23,71,38,145 shares.
What is the P/E of Cellecor Gadgets?
16.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Cellecor Gadgets' revenue and profit?
Revenue ₹1,292 cr and profit after tax ₹40 cr in FY26.
Who are the promoters of Cellecor Gadgets?
Ravi Agarwal, Nikhil Aggarwal, Santosh Singhal; promoters held 43.08% at 30 Sept 2026.
What is Cellecor Gadgets' website?
cellecor.com
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Every listed SME company in Consumer Durables → · SME companies listed in 2023 →
Built from 2 investor presentations, 2 annual reports, 2 credit rating notes, 2 press releases, 1 offer document, 1 result filing, 97 exchange announcements, 8 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.