🟨 At a Glance
Cellecor Gadgets is the kind of SME stock that shows up at ₹92 with influencer collabs, collapses to ₹27 like a bad tripod, and then slowly earns its stripes by doing ₹1,000+ Cr in FY25 revenue. In just 3 years, it’s grown faster than your screen time and with 25% ROE, 24% ROCE, and an actual reinvestment by promoters, the company may just be India’s first“Dixon-on-a-budget”story.
1. 🧲 Introduction: From TikTok Accessories to SME Rocketship
Let’s get real — when Cellecor listed, most people thought it was a classic SME pump-and-dump: big promises, ₹2 chargers, and zero margins.
And yet, three years later:
- 📈 Revenue: ₹0 → ₹1,026 Cr
- 💰 Profit: ₹-0.2 Cr → ₹31 Cr
- 💪 ROE: 25%
- 📦 Products: From power banks to LED TVs, smartwatches, and now… kitchen appliances?
That’s not a scam. That’s D2C warfare — and Cellecor’s holding a Bluetooth-enabled bazooka.
2. 🛒 WTF Do They Even Do?
Cellecor doesn’tmanufacture. Itcurates.
📦Business Model
:
- Sources mobile accessories, smart TVs, wearables, and gadgets from OEMs
- Slaps its brand on them (private label model)
- Sells across general trade (kirana-style), modern trade (Reliance, Spencer’s), and online (Amazon, Flipkart, company site)
🆕New Vertical in FY26: Kitchen appliances – toasters, kettles, induction cooktops — the kind your mother won’t need but Instagram might.
3. 📈 Financials – The Growth Is Not a Joke
| Metric | FY22 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹121 Cr | ₹500 Cr | ₹1,026 Cr |
| PAT | ₹2 Cr | ₹16 Cr | ₹31 Cr |
| OPM | 2% | 6% | 5% |
| ROE | 64% | 29% | 25% |
| ROCE | 171% | 29% | 24% |
🏎️3-Year Sales CAGR: 104%💥3-Year Profit CAGR: 144%
That’s faster than most startups with Series B funding. Except this one’sprofitable.
4. 🧮 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Cellecor | Dixon | PG Electroplast |
|---|---|---|---|
| P/E | 27x | 112x | 74x |
| ROE | 25% | 33% | 15% |
| OPM | 5% | 3.9% | 9.9% |
| CMP / BV | 5.39x | 28.6x | 7.54x |
Cellecor ischeap-ishby consumer electronics standards —
