August 27, 2026: Cellecor Gadgets Limited is entering a new phase of growth after reporting strong FY26 financials, raising fresh capital for overseas expansion and beginning the process of moving from the NSE Emerge platform to the NSE Main Board.
Author: Aadarsh Patel | EQMint
A research report by LNPR Capital, dated August 26, puts the company under a constructive watchlist, pointing to its rapid revenue growth, expanding distribution network and proposed manufacturing platform in Liberia.
Cellecor Gadgets FY26: Revenue Rises to ₹1,292 Crore
Cellecor’s revenue increased from ₹1,026 crore in FY25 to ₹1,292 crore in FY26, marking 26% year-on-year growth.
EBITDA rose 32% to ₹71.5 crore, while EBITDA margin improved from 5.29% to 5.54%. Profit after tax increased 28% to ₹39.6 crore, compared with ₹30.9 crore in FY25.
The company’s 3-year revenue CAGR stands at around 70%, rising from ₹264 crore in FY23 to ₹1,292 crore in FY26.
Key Financial Figures
| Particular | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1,026 cr | ₹1,292 cr |
| EBITDA | ₹54.3 cr | ₹71.5 cr |
| EBITDA Margin | 5.29% | 5.54% |
| PAT | ₹30.9 cr | ₹39.6 cr |
| EPS | ₹1.45 | ₹1.80 |
| ROE | — | 22% |
| ROCE | — | 22.6% |
100,000+ Retail Touchpoints Across India
Cellecor’s distribution network remains one of the company’s biggest assets.
The company has more than 100,000 retail touchpoints, 1,800+ distributors and 2,000+ service centres, with home-service coverage extending across more than 25,000 pin codes.
Its product portfolio includes smartphones, televisions, washing machines, refrigerators, air conditioners and other consumer electronics and appliances.
The company also works with major manufacturing partners including Dixon Technologies, PG Electroplast, Elin Electronics and Zetwerk.
Liberia Manufacturing Plan Could Open an African Growth Avenue
Cellecor is also working on a proposed manufacturing platform in Liberia’s Buchanan Special Economic Zone.
The company has raised USD 33 million through foreign currency convertible bonds (FCCBs). Of this, USD 29.02 million, equivalent to around ₹275.52 crore, was deployed to Cellecor Gadgets Europe Ltd. The proposed African platform is planned across approximately 15 acres and could cover manufacturing, assembly, testing, packaging, warehousing and exports.
The current agreement is based on preliminary, non-binding Heads of Terms dated August 18, 2026.
Management has indicated potential revenue of ₹450 crore in the first year and ₹1,500-2,000 crore within 2-3 years. The research report, however, treats these numbers as ambitions rather than near-term forecasts, with commercial production estimated around FY29.
Main Board Migration Is Another Key Catalyst
Cellecor’s Board approved migration from NSE Emerge to the NSE Main Board on August 6, 2026, along with a proposed direct listing on the BSE Main Board.
Shareholder e-voting runs from August 8 to September 6, 2026.
The company has also proposed 50 lakh ESOP 2026 options, appointed additional independent directors and increased its authorised capital to 50 crore shares.
As of August 26, Cellecor had a market capitalisation of approximately ₹766 crore, with the stock at ₹34.50 and 22.23 crore shares outstanding, according to the LNPR report.
Promoter Holding Could Rise to 53.65%
Cellecor’s promoter warrants are another part of the capital structure investors need to track.
The company has raised ₹98 crore through promoter warrants priced at ₹28, which could increase promoter holding from 46.30% to 53.65% after conversion.
At the same time, the USD 33 million FCCB has an undisclosed conversion price. Depending on the eventual conversion price, the research report estimates potential share-count dilution of 52% to 63%.
This makes the FCCB conversion terms an important factor for investors assessing future earnings per share.
What Investors Should Watch on Cellecor Gadgets
Cellecor has a clear set of upcoming milestones.
These include the September shareholder vote on main-board migration, disclosure of FCCB conversion terms, progress on the Liberia project, consolidated financial reporting and the company’s H1 FY27 performance.
The research report also points to working capital as an area worth watching. FY26 inventory stood at ₹243 crore, while trade receivables increased to ₹107.2 crore.
LNPR Capital has assigned Cellecor a “Watchlist – Constructive” status rather than issuing a formal Buy call at this stage. The report identifies the FCCB terms and H1 FY27 execution as key confirmation points.
For investors, Cellecor’s story now rests on whether its strong Indian distribution business can support the next phase of expansion into Africa while managing dilution, working capital and execution risks.
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Disclaimer: This article is not an investment advice and is for educational purpose only.
