Cella Space Limited

Industrials — Specialty Business Services · BSE

₹34.47+₹1.16 (+3.48%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:56 pm

Understanding the Business

Company site ↗

The 60-second version of Cella Space Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Cella Space Limited engages in the logistics business in India. The company operates industrial and logistics parks for logistics operations.

IndustrySpecialty Business Services

SectorIndustrials

Employees10

Annual revenue₹7 Cr

How does it make money?

Turns over ₹7 Cr a year. Of every ₹100 of sales, about ₹63 reaches shareholders as profit, with ₹85 left at the operating level before interest, tax and depreciation. Each of its 10 employees supports ₹74.6 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹74.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 14.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +3% while net margin moved +300% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+3%

Margin effect+300%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.16 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

71/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

81/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

6.6x

3Y Median

16.3x

40 monthly readings · mean 39.6x · range 0.5x–135.1x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 59% below its 3y median of 16.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 93% below the peer median of 88.8x.

vs. its own history

Cheap

16.3x median over 40 months · -59%

vs. sector peers

Cheap

88.8x median of 3 peers · -93%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

10.7x

PEG

0.11

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.28x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 16.5% to 14.0% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 watch

🟡Free cash flow is negativeFinancial
Free cash flow was -₹35 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 59% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 93% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 1.0% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 83%✓ 84.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹35 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 4% a year✗ 1.0% CAGR
Latest reported year was 808.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4ROCE stays above 11%✓ 14.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Interest cover stays above 4x✓ 6.9x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

8 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹69 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.6x

Cheap

Cheap against the generic band

P/B Ratio

1.98x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.2

Profitable

Profitable on a per-share basis

ROE

13.3%

Moderate

Moderate capital efficiency

ROCE

14.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.28x

Low

Conservative leverage

Revenue Growth (YoY)

808.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

440.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹35 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

53.0%

Good

Healthy core-business profitability

Net Margin

47.2%

Good

Strong bottom-line conversion

Current Ratio

5.41

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.16

Defensive

Steadier than the market

52W Range Position

67%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

38.2 / 34.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

18.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹7 Cr	₹8 Cr	₹2 Cr	₹7 Cr	+1.0%
EBITDA	₹6 Cr	₹6 Cr	₹3 Cr	₹6 Cr	+1.2%
EBITDA Margin	84.1%	72.5%	116.9%	84.6%	—
PAT (Net Profit)	₹1 Cr	₹0 Cr	₹51 Cr	₹5 Cr	+60.3%
EPS	₹0.56	₹0.12	₹25.51	₹2.32	+60.6%
ROE	—	—	167.7%	13.3%	—
ROCE	16.5%	12.9%	138.8%	14.0%	—
Total Debt	₹48 Cr	₹48 Cr	—	—	—
Free Cash Flow	₹2 Cr	₹3 Cr	-₹22 Cr	-₹35 Cr	—

🟡 Revenue has been broadly flat over 3 years (1.0% a year).

🟡 EBITDA has been broadly flat over 3 years (1.2% a year).

🟡 EBITDA Margin has held roughly flat at 84.6% over 3 years.

🟢 PAT (Net Profit) has grown at 60.3% a year over 3 years.

🟢 EPS has grown at 60.6% a year over 3 years.

🔴 ROE has fallen from 167.7% to 13.3% over 3 years (-154.4 pts).

🔴 ROCE has fallen from 16.5% to 14.0% over 3 years (-2.5 pts).

🔴 Free Cash Flow has turned negative, from ₹2 Cr to -₹35 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹48 Cr

Total Liabilities

₹13 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹2 Cr

Capex

-₹33 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

60.1%

Corporate Actions

Ex-Dividend Date

19 Sept 2014

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 positive5 general

Cella Space Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 23 Sept

Cella Space Ltd. Peer Comparison – Compare with Others

Value Research, 30 Aug

Cella Space appoints three directors, approves ₹2 crore preference share redemption

scanx.trade, 18 Jul

Cella Space Ltd Standalone June 2026 Net Sales at Rs 16.53 crore, up 808.31% Y-o-Y

Moneycontrol.com, 28 Jul

Nuvoco Vistas Corporation consolidated net profit rises 19.98% in the June 2026 quarter

Business Standard, 14 JulResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Ruchi Infrastructure (BSE:509020) - Stock Analysis

Simply Wall Street, 10 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

2 of 5 tripwires tripped — Free cash flow remains positive; Revenue growth stays above 4% a year · see Key things to watch ↑