🧾 At a glance
In just 5 years, Cellecor Gadgets went from ₹0 to ₹1,026 Cr in revenue, and from ₹0 to ₹31 Cr in profit. Yes, from non-existent to “hello BSE SME top gainers.” ROE is 🔥 at 25.1%, and the company is expanding into kitchen appliances now. But with zero dividends, rising debt, and promoter stake down to 45.8%, the question is: hype hai ya hope hai?
🧭 About Cellecor Gadgets Ltd
- 🏭 Founded: 2020
- 🎧 Business: Distribution and trading of mobile accessories, TVs, speakers, neckbands, smart wearables, and now even small kitchen appliances
- 🏷️ Brands: Sells under ‘Cellecor’ and other partner brands
- 🛍️ Model: Buy from OEMs → Rebrand → Sell online & offline across Tier-2/3 India
- 🧾 Listed on NSE SME segment in late 2023
Cellecor is like boAt’s younger sibling, but instead of raising VC money, they listed straight into your demat.
👨💼 Key Managerial Personnel (KMP)
| Name | Role |
|---|---|
| Ravi Agarwal | Managing Director |
| Sanjeev Bansal | CFO |
| Abhinav Verma | Head – Ops & Sourcing |
The promoter group recently sold a chunk of their shares but reinvested ₹40 Cr back into the business. Mixed signal or smart capital recycling?
📊 Financial Recap (FY21–FY25)
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Growth (5Y) |
|---|---|---|---|---|---|---|
| Revenue (₹ Cr) | 0 | 121 | 264 | 500 | 1,026 | 🚀 x1026 |
| Net Profit (₹ Cr) | -0.1 | 2 | 8 | 16 | 31 | 💥 300x+ |
| EBITDA (₹ Cr) | – | 3 | 13 | 30 | 54 | 📈 Steady |
| OPM (%) | — | 2% | 5% | 6% | 5% | Stable |
| ROE (%) | — | — | 64% | 29% | 25.1% | ⚡ Solid |
| ROCE (%) | — | — | 64% | 29% | 24.2% | ✅ Strong |
| Borrowings (₹ Cr) | 0 | 1 | 21 | 75 | 121 | 🔺 Rising |
| Reserves (₹ Cr) | 0 | 2 | 14 | 69 | 134 | 🚀 Ballooned |
💰 Fair Value Estimate: ₹22–₹26
- FY25 EPS: ₹1.42
- Forward P/E range (reasonable SME): 15–18x
- FV = ₹21–₹26
- CMP = ₹36.10 → trading ~30%+ above fair zone
For now, you’re not buying valuation. You’re buying the dream of a ₹1,000 Cr startup from a Tier-3 warehouse.
🧩 Segment Highlights
| Product Category | Contribution | Commentary |
|---|---|---|
| 🔌 Mobile Accessories | ~60% | Entry-level segment, fast turnover |
| 📺 Smart TVs & Speakers | ~25% | Higher ASP, but competitive |
| 🎧 Wearables & Audio | ~10% | Growing thanks to influencer branding |
| 🍳 Kitchen Appliances | FY26 target | New vertical, aims ₹100 Cr in 1st year |
📦 Working Capital Check
- Debtor Days: 15
- Inventory Days: 87
- Payable Days: 17
- Cash Conversion Cycle: ~84 days (pretty high for a trading business)
- Working Capital Days: 84 – rising!
The business is profitable, but it’s cash-guzzling, and reliant on fast-moving inventory cycles.
🧾 Balance Sheet Breakdown
| Item | FY21 | FY25 |
|---|---|---|
| Equity Capital | ₹0.10 Cr | ₹22 Cr |
| Reserves | ₹0 | ₹134 Cr |
| Borrowings | ₹0 | ₹121 Cr |
| Fixed Assets | ₹0 | ₹19 Cr |
| Total Assets | ₹0 | ₹335 Cr |
💡 Fixed assets still low → still a light asset model, though capex may rise with appliance foray.
📉 Cash Flow Snapshot
| Year | CFO (₹ Cr) | CFI (₹ Cr) | CFF (₹ Cr) | Net Cash (₹ Cr) |
|---|---|---|---|---|
| FY23 | ₹-21 | ₹-2 | ₹22 | ₹-1 |
| FY24 | ₹-102 | ₹-1 | ₹107 | ₹4 |
| FY25 | ₹-34 | ₹-18 | ₹69 | ₹17 |
Operating cash flows negative, primarily due to working capital lock-in. Company is plugging gaps via debt and equity.
📊 Shareholding Pattern
| Group | Sep ’23 | Mar ’25 | Change |
|---|---|---|---|
| Promoters | 51.5% | 49.6% | 🔻 -1.9% |
| FIIs | 4.4% | 3.3% | 🔻 Exited partly |
| DIIs | 6.1% | 0.3% | 🛑 Dumped |
| Public | 38.0% | 46.8% | 🔼 Big entry |
Retail is entering. Institutions are… not as convinced.
💬 EduInvesting Take
“Cellecor is the budget boAt. Aggressive growth, aspirational products, and a business model that’s more hype than margins.”
- ✅ 1000%+ sales growth in 5 years
- ✅ ROE and ROCE both over 24% – rare for an SME
- ✅ ₹1,000 Cr revenue in 5 years from scratch is no joke
- ❌ Promoter stake dropped to <50%
- ❌ Working capital pain + cash flow negative
- ❌ No dividend, rising debt, expanding too fast?
If it works, it’s a ₹5,000 Cr brand story. If it doesn’t… well, it was just another ‘Gadgetwala’ with a Shopify account.
🚨 Risks & Red Flags
- ❌ ROCE falling (from 64% to 24.2%)
- ❌ Promoters offloaded ~10M shares recently
- ❌ SME stock – less regulatory scrutiny, more volatility
- ❌ 0 dividend, high debt, and negative CFO
📈 Stock Performance
| Period | Return |
|---|---|
| 1 Year | +44% |
| From IPO | ~60% |
| From Peak | -55% |
Post-listing euphoria gave way to reality. Now, it’s priced between story & skepticism.
🏷️ Tags
Cellecor Gadgets, Cellecor SME stock, Cellecor FY25 results, mobile accessories stock India, kitchen appliances SME, EduInvesting Cellecor analysis, Cellecor vs boAt, SME IPOs 2024, gadget brand India
✍️ Author: Prashant Marathe
📅 Date: 10 June 2025
