Cellecor Gadgets Limited (CELLECOR)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Cellecor Gadgets' revenue was ₹650 Cr (+8.3% year on year, +1.4% on the previous half-year), and net profit ₹20.0 Cr (+25.0% year on year); the operating margin was 5.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹650 | +8.3% | +1.4% |
| Operating profit | ₹37.0 | +27.6% | +8.8% |
| Net profit | ₹20.0 | +25.0% | +0.0% |
| EPS (₹) | 0.91 | +21.3% | +2.2% |
| Operating margin | 5.7% | — | — |
CELLECOR delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 71.15% of the CELLECOR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.91%. That is close to its usual level. Turnover was only ₹42 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 71.4% · 76.9% · 86.8% · 64.5% · 71.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Cellecor Gadgets Limited has appointed Mr. Arvind Kumar Verma as Head of E-Commerce on October 23, 2026. Mr. Verma brings over a decade of consumer electronics e-commerce experience, having previously managed marketplace channels at Orient Electric, Haier Appliances India, Godrej Appliances, and ONIDA. In his new role, he will oversee Cellecor's E-Commerce, Quick Commerce, website, and D2C businesses to expand online market reach.
- Appointment of Arvind Kumar Verma as Head - E-Commerce announced on October 23, 2026
- Appointee brings over a decade of industry experience across consumer electronics and e-commerce platforms
- Scope encompasses E-Commerce, Quick Commerce, Direct-to-Consumer (D2C), and company website channels
- Previous experience includes roles at Orient Electric, Haier Appliances India, Godrej Appliances, and ONIDA
Cellecor Gadgets Limited has announced the promotion and appointment of Mr. Ravi Kumar as its Chief Financial Officer (CFO). Mr. Kumar is a Fellow Chartered Accountant (FCA) with 48 years of professional experience across banking, insurance, corporate finance, and accounting systems. The leadership move is aimed at strengthening the company's financial governance, project financing, internal controls, and banking relationships as it expands its consumer electronics footprint. With current debt standing at ₹142 crore against a net worth of ₹205 crore, his banking background is expected to assist in capital structure and credit management.
- Promoted Mr. Ravi Kumar as Chief Financial Officer
- Appointee brings 48 years of professional experience across banking, insurance, and corporate finance
- Professional background includes work with State Bank of India, Bank of Baroda, and other major public sector banks
- Filing submitted under Regulation 30 of SEBI LODR on October 21, 2026
Cellecor Gadgets has approved draft documentation to migrate from the NSE Emerge platform to the Main Board of NSE alongside a direct listing on BSE. In parallel, the company revamped its leadership by appointing CA Ravi Kumar (bringing 47+ years of experience) as CFO and KMP, replacing Mrs. Bindu Gupta who remains an Executive Director. Additionally, M/s Divya Rani & Associates and CA Chirag Gupta were appointed as Secretarial Auditor and Internal Auditor for FY2026-27, respectively.
- Approved draft Information Memorandum for migration from NSE Emerge to the Main Board of NSE and direct listing on BSE Limited
- Appointed CA Ravi Kumar as CFO and KMP effective October 19, 2026, holding over 47 years of professional experience
- Consequent resignation of Mrs. Bindu Gupta as CFO on October 19, 2026, continuing as Executive Director
- Appointed M/s Divya Rani & Associates as Secretarial Auditor and Mr. Chirag Gupta as Internal Auditor for FY 2026-27
Cellecor Gadgets Limited submitted the voting results and Scrutinizer's Report for its 6th Annual General Meeting held on September 30, 2026. All three resolutions—including the adoption of FY26 financial statements, the reappointment of MD Ravi Agarwal retiring by rotation, and an increase in the ceiling on his remuneration—were passed unanimously with 100% of votes cast in favour. Only 23,85,000 votes were polled out of a total share capital base of 22,23,26,938 shares, representing an overall turnout of 1.0727%.
- All 3 proposed resolutions passed with 100.0000% votes polled in favour and 0% against
- Overall voter turnout was low at 1.0727%, representing 23,85,000 votes polled out of 22,23,26,938 total shares
- Total shareholder count on the cut-off date (September 23, 2026) stood at 3,928
- Special Resolution passed to increase the ceiling on remuneration payable to Managing Director Ravi Agarwal
Cellecor Gadgets Limited submitted a corrigendum to its Scrutinizer's Report for postal ballot results concluded on September 06, 2026. The revision rectifies an inadvertent inclusion of promoter votes for Resolution No. 1, complying with Regulation 277 of SEBI ICDR Regulations which mandates excluding promoter votes for SME to Main Board migration. Even after excluding 10,12,02,350 promoter votes, the special resolution to migrate from NSE EMERGE to the NSE Main Board and pursue direct listing on BSE was approved by 99.88% of eligible public votes cast. Resolutions 2 through 6, including ESOP 2026 approval and director appointments, remain passed with requisite majorities.
- Resolution No. 1 (Migration to NSE Main Board and direct BSE listing) passed with 99.88% votes in favour (1,03,47,431 shares) among valid votes.
- Promoter votes totaling 10,12,02,350 shares were excluded as required under SEBI ICDR Regulation 277.
- Only 12,000 votes (0.12%) were cast against the migration resolution.
- Approval secured for ESOP 2026 (99.98% in favour across 11,15,40,781 total votes polled).
- Voting was conducted via remote e-voting which ended on September 06, 2026, based on a record date of July 31, 2026.
Cellecor Gadgets Limited has issued a notice convening its 6th Annual General Meeting (AGM) on September 30, 2026. Key business includes a special resolution to increase the remuneration ceiling for Managing Director Ravi Agarwal from ₹90 lakh to ₹1.50 crore per annum, effective October 1, 2026, through June 19, 2028. The proposal also includes his routine reappointment by rotation. Agarwal currently holds 9,82,02,350 shares in the company.
- 6th AGM scheduled for September 30, 2026, via Video Conferencing
- Special resolution proposed to hike MD Ravi Agarwal's remuneration ceiling from ₹90,00,000 to ₹1,50,00,000 per annum
- Remuneration revision to take effect from October 1, 2026, until June 19, 2028
- MD Ravi Agarwal holds 9,82,02,350 shares as on the date of notice
Cellecor Gadgets Limited has announced the voting results for its Postal Ballot concluded on September 6, 2026. Shareholders approved all proposed resolutions with requisite majorities, including a key special resolution for migrating the company's equity shares from the NSE Emerge platform to the Main Board of the NSE. Out of 11,15,61,781 total votes polled on the migration resolution, 99.9892% (11,15,49,781 votes) voted in favour. Other approved resolutions included the implementation of ESOP 2026, director appointments, and an increase in authorized share capital.
- Shareholders approved the migration from the NSE Emerge platform to the Main Board of NSE with 99.9892% votes in favour (11,15,49,781 votes)
- Approval granted for the introduction and implementation of the Cellecor Gadgets Limited Employees Stock Option Plan – 2026 (ESOP 2026)
- Increase in authorized share capital and consequential amendment to the Memorandum of Association passed with 99.9892% approval
- Total shareholder count stood at 3,962 on the record date of July 31, 2026, with 11,15,61,781 total valid votes polled across main resolutions
Cellecor Gadgets Limited has submitted an update pursuant to Regulation 30(5) of the SEBI LODR Regulations, 2015, detailing the Key Managerial Personnel authorized to determine the materiality of events and disclose them to stock exchanges. The designated personnel include Ravi Agarwal (Managing Director), Bindu Gupta (Executive Director & CFO), and Ankit Bhatnagar (Company Secretary & Compliance Officer). This is a statutory administrative disclosure with no direct impact on the company's financial or operational performance.
- Authorization of 3 Key Managerial Personnel under Regulation 30(5) of SEBI LODR Regulations, 2015.
- Managing Director Ravi Agarwal designated to determine materiality and make disclosures.
- Executive Director & CFO Bindu Gupta and CS & Compliance Officer Ankit Bhatnagar designated as authorized KMPs.
- Filing dated September 07, 2026, submitted to the National Stock Exchange of India.
Cellecor Gadgets Limited has informed the stock exchanges of the resignation of Ms. Pooja Tyagi from the position of Company Secretary and Compliance Officer, effective September 7, 2026. According to the resignation letter, the departure is due to personal reasons. She has confirmed assistance in facilitating a smooth handover of compliance duties and records. This is a routine administrative KMP change with no direct impact on business operations or financials.
- Pooja Tyagi stepped down as Company Secretary & Compliance Officer effective September 7, 2026
- Departure is attributed to personal reasons as stated in the formal resignation letter
- ICSI Membership No. 56559 recorded for the outgoing Compliance Officer
Cellecor Gadgets Limited held a board meeting on September 07, 2026, approving the appointment of Mr. Ankit Bhatnagar as Company Secretary and Compliance Officer, replacing Ms. Pooja Tyagi who resigned due to personal reasons. The Board also scheduled its 6th Annual General Meeting (AGM) for September 30, 2026, with the e-voting cut-off date set as September 23, 2026. Additionally, the Board approved a revision in the remuneration of Managing Director Mr. Ravi Agarwal effective October 01, 2026, subject to shareholder approval.
- Appointment of Mr. Ankit Bhatnagar as Company Secretary and Compliance Officer effective September 07, 2026
- Resignation of Ms. Pooja Tyagi as Company Secretary and Compliance Officer effective September 07, 2026
- 6th Annual General Meeting scheduled for September 30, 2026, via Video Conferencing
- Remote e-voting cut-off date fixed for September 23, 2026, running from September 27 to September 29, 2026
- Board approved revision in remuneration of Managing Director Ravi Agarwal effective October 01, 2026, subject to AGM approval
Cellecor Gadgets Limited approved the allotment of 1,48,11,207 equity shares of face value INR 1 each following the partial conversion of USD 4.5 million in 2% Unsecured FCCBs. The conversion was executed at a conversion price of INR 29 per share using a USD/INR exchange rate of 95.4500. Following the allotment, the company's total paid-up share capital increased to INR 23.71 crore (23,71,38,145 shares), while outstanding FCCB principal debt listed on Affrinex Exchange was reduced to USD 28 million.
- Allotted 1,48,11,207 equity shares upon partial conversion of USD 4,500,000 FCCB principal
- Conversion price determined at INR 29 per share at an exchange rate of USD 1 = INR 95.4500
- Paid-up share capital expanded to INR 23,71,38,145 consisting of 23,71,38,145 equity shares of INR 1 each
- Outstanding principal value of 2% Unsecured FCCBs reduced to USD 28,000,000
Cellecor Gadgets has signed Preliminary Heads of Terms with Liberia Special Economic Zone Development Company for setting up a manufacturing and assembly facility in Buchanan SEZ, Liberia. The proposed project spans approximately 15 acres and is intended to serve as a regional production and distribution gateway to West Africa (a market of over 400 million people). The statutory authority LSEZA signed as a witness in support of the project. Financial outlays, capacity figures, and project timelines are yet to be disclosed at this preliminary stage.
- Signed Preliminary Heads of Terms for a manufacturing and assembly hub in Buchanan SEZ, Grand Bassa County, Liberia
- Facility planned across approximately 15 acres covering assembly, testing, packaging, and regional warehousing
- Aims to target the broader West African market covering over 400 million people across 15 countries
- Specific capex, production capacity metrics, and funding structure were not disclosed
Cellecor Gadgets has dispatched a Postal Ballot notice to shareholders seeking approval for several key resolutions, including the implementation of the 'ESOP 2026' scheme. The ballot also includes proposals to increase the company's Authorized Share Capital and the appointment of two Independent Directors for five-year terms. The e-voting period is scheduled from August 10, 2026, to September 08, 2026. This administrative move follows a stable financial performance in Mar 2026, with quarterly revenue reaching Rs 650 cr.
- E-voting period set for 30 days, starting August 10, 2026, and concluding September 08, 2026.
- Cut-off date for determining shareholder voting eligibility was August 02, 2026.
- Proposed 'ESOP 2026' scheme intended for employees of both the company and its subsidiaries.
- Appointment of two Independent Directors, Mr. Shanu Rathore and Mr. Madhusudan, for 5-year tenures.
- Resolution proposed to increase the Authorized Share Capital to facilitate future corporate actions.
Cellecor Gadgets has initiated a postal ballot to migrate its listing from the NSE Emerge (SME) platform to the Main Boards of both NSE and BSE. This transition is typically associated with increased liquidity and higher institutional interest. Simultaneously, the company is seeking approval to increase its authorized share capital from ₹30 crore to ₹50 crore, providing headroom for future equity-based fundraising or ESOPs. The ballot also includes the introduction of an Employee Stock Option Plan (ESOP 2026) and the appointment of related-party directors.
- Migration of equity shares from NSE Emerge to the Main Boards of both NSE and BSE Limited
- Proposed increase in Authorized Share Capital by 66.7%, from ₹30 crore to ₹50 crore
- Introduction of 'Cellecor Gadgets Limited Employees Stock Option Plan – 2026' for staff retention
- Appointment of Ms. Bindu Gupta (CFO and sister of the MD) as a Director
- Remote e-voting period scheduled from August 08, 2026, to September 06, 2026
Cellecor Gadgets has approved a transition from the NSE Emerge (SME) platform to the Main Boards of both NSE and BSE, which typically enhances liquidity and institutional participation. The board also approved the 'ESOP 2026' scheme involving 50,00,000 stock options to incentivize employees. To facilitate this and future growth, the authorized share capital is being increased by 66.7% from Rs 30 crore to Rs 50 crore. Significant management changes include the transition of promoter Nikhil Aggarwal to National Sales Head and the appointment of CFO Bindu Gupta to the Board of Directors.
- Approved migration from NSE Emerge platform to the Main Board of NSE and simultaneous listing on BSE.
- Introduction of ESOP 2026 scheme for the grant of 50,00,000 (50 lakh) stock options to eligible employees.
- Increase in Authorized Share Capital from Rs 30 crore to Rs 50 crore, adding 20 crore new equity shares of Re 1 each.
- Management realignment with promoter Nikhil Aggarwal moving to National Sales Head and CFO Bindu Gupta joining the Board.
- Postal ballot e-voting period scheduled from August 08, 2026, to September 06, 2026.
Financial Performance
Revenue Growth by Segment
Revenue growth percentages for segments including mobile phones, smart TVs, and wearables were not disclosed in the available documents for the H1 FY 25-26 period.
Geographic Revenue Split
The company operates a nationwide offline distribution network across India; however, the specific percentage contribution from each region is not disclosed in available documents.
Profitability Margins
Profitability margins (Gross, Operating, and Net) were not disclosed in the provided earnings update cover letters.
EBITDA Margin
EBITDA margin and core profitability figures for the half-year ended September 30, 2025, were not disclosed in available documents.
Capital Expenditure
Historical and planned capital expenditure values in INR Cr were not disclosed in the provided documents.
Credit Rating & Borrowing
Credit rating and specific borrowing costs or interest rate percentages were not disclosed in available documents.
Operational Drivers
Raw Materials
Electronic components and assemblies for mobile phones, smart TVs, and appliances; specific material names and their percentage of total cost were not disclosed.
Key Suppliers
The company sources products from various electronic assemblers and manufacturers; specific supplier company names were not disclosed.
Capacity Expansion
Cellecor operates on an outsourced manufacturing model; current installed capacity and specific expansion timelines in units were not disclosed.
Raw Material Costs
Raw material costs as a percentage of revenue and YoY changes were not disclosed in the available documents.
Manufacturing Efficiency
Capacity utilization percentages and manufacturing efficiency metrics were not disclosed due to the outsourced production model.
Logistics & Distribution
Distribution is managed through a nationwide offline network and leading e-commerce platforms; specific distribution costs as a percentage of revenue were not disclosed.
Strategic Growth
Growth Strategy
Growth is targeted through the launch of premium technology at affordable prices, specifically the new QLED Smart TV series integrated with JioTele OS. The strategy involves leveraging the Jio ecosystem (JioStore, JioGames) to capture the smart entertainment market and utilizing a 2,000+ center service network to drive adoption in both urban and rural markets.
Products & Services
Mobile phones, smart TVs (HD, FHD, 4K QLED), speakers, neckbands, TWS, soundbars, smartwatches, and washing machines.
Brand Portfolio
Cellecor
New Products/Services
Launch of Jio-powered QLED Smart TV series in 55-inch, 43-inch, and 32-inch variants in December 2025; expected revenue contribution percentage was not disclosed.
Market Expansion
Expansion into the smart home entertainment ecosystem across India using a 'designed for India, crafted in India' focus, targeting diverse households through retail and e-commerce.
Strategic Alliances
Strategic collaboration with Jio to power Smart TVs with JioTele OS and provide access to over 400 free TV channels and the Jio app ecosystem.
External Factors
Industry Trends
The industry is shifting toward smart entertainment ecosystems with rapid adoption of 4K playback and AI-powered operating systems. Cellecor is positioning itself by integrating localized content and OS (JioTele OS) to meet evolving Indian consumer needs.
Competitive Landscape
Competes in the highly fragmented Indian consumer electronics market against both established brands and other SME-platform players; specific competitor names were not listed.
Competitive Moat
Durable advantages include a massive pan-India service network of 2,000+ authorized centers, which is critical for customer retention in the electronics sector. The strategic alliance with Jio provides a unique software moat through ecosystem integration that is difficult for smaller competitors to replicate.
Macro Economic Sensitivity
Sensitive to government actions and local economic developments that affect consumer spending on electronics; specific impact percentages were not disclosed.
Consumer Behavior
Shift toward demand for immersive, intuitive, and premium entertainment experiences (like QLED and 4K) at accessible price points.
Geopolitical Risks
Subject to trade and technological risks that could affect the sourcing of electronic components from various assemblers.
Regulatory & Governance
Industry Regulations
Subject to government regulations regarding electronic product standards and sourcing; specific manufacturing or pollution norms were not disclosed.
Environmental Compliance
ESG compliance costs were not disclosed in available documents.
Taxation Policy Impact
Tax rate percentages and specific fiscal policy impacts were not disclosed in available documents.
Legal Contingencies
Pending court cases and their values in INR were not disclosed in available documents.
Risk Analysis
Key Uncertainties
Technological obsolescence and changes in government policy regarding electronics manufacturing/imports; potential impact percentages were not disclosed.
Geographic Concentration Risk
Pan-India distribution; specific revenue concentration by state or region was not disclosed.
Third Party Dependencies
High dependency on third-party electronic assemblers and manufacturers for the production of all branded goods.
Technology Obsolescence Risk
High risk due to the fast-paced nature of consumer electronics; mitigated by the launch of the Jio-powered QLED series and Quantum Lucent Display Technology.
Credit & Counterparty Risk
Receivables quality and credit exposure were not disclosed in available documents.
