**1. Financial Highlights:** Cello's Q1 FY26 revenue rose 6% YoY to Rs. 529 Cr, achieving a record 54.0% gross margin.

EBITDA margin dipped to 23.9% (vs 27.0% YoY) due to new glassware plant ramp-up costs.

Consumer-ware showed strength; writing instruments and furniture were subdued. **2. Strategic Initiatives & Growth Drivers:** Key initiatives include enhancing omnichannel presence, product reach, and premiumization.

Growth drivers involve capacity expansion, like the new Rajasthan glassware facility (~55% utilized), plus boosting distribution and marketing. **3. Business Developments:** The new glassware facility's commissioning is a pivotal development, reducing import reliance and uniquely positioning Cello as a domestic in-house glassware manufacturer. **4. Market Position & Competitive Advantage:** Cello holds a strong market position with a renowned brand, diverse portfolio, and extensive Pan-India distribution.

Most of Q1 FY26 revenue came from its multiple in-house manufacturing units. **5. Investor Implications:** Management expects stabilization as the glass unit scales.

A positive H2 FY26 outlook, driven by demand recovery, suggests positive growth potential; monitor initial facility costs.