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46% Revenue Growth in Q1 FY27; Management Targets 15-20% ROCE
Cosmo First reported a strong 46% YoY revenue jump to ₹1,166 cr in Q1 FY27, driven by a 9% volume increase and raw material price pass-throughs. EBITDA grew 26% to ₹147 cr, supported by improved BOPP margins of ₹30/kg and a 12% growth in specialty film volumes. Management indicated that the major ₹1,200 cr capex cycle is now complete, shifting focus toward asset sweating and debt reduction. The company aims to improve ROCE from the current ~11% to a target range of 15-20% over the next 12-24 months.
Confidence: HIGH
What changedThe company has transitioned from a heavy investment phase (₹1,200 cr capex) to an operational phase focused on margin expansion and specialty product mix.
Why it mattersThe shift toward specialty films (margins of ₹63/kg) and high-margin chemicals (25% EBITDA) reduces the company's vulnerability to cyclical commodity packaging price swings.
Q1 FY27 Revenue: ₹1,166 crEBITDA: ₹147 crSpecialty Film Margin: ₹63/kgCapex vs Market Cap: ~56%Net Debt/EBITDA: 2.3xUS Tariff Refund: $7 million
📅 Short termPositive sentiment expected as BOPP margins show recovery and the US subsidiary receives a significant cash refund.
📈 Long termStructural improvement in ROCE and diversification into pet care and specialty chemicals could lead to a re-rating if profitability targets are met.
⚠ Risk flags
- Port congestion impacting export volumes (13% impact in Q1)
- Volatility in raw material (polymer) prices
- Continued losses in the Zigly petcare segment
Key Highlights
Consolidated sales reached ₹1,166 cr, a 46% YoY increase, though EBITDA margin compressed to 12.6% due to RM price inflation.
BOPP gross margins recovered significantly to ₹30/kg in Q1 FY27 from ₹20/kg in the preceding quarter.
Specialty Chemicals vertical achieved 34% topline growth with a high EBITDA margin of 25%.
Rigid Packaging (Cosmo Plastech) turned EBITDA positive at 7% and plans a 50% capacity expansion with minimal capex.
The US subsidiary received a $7 million tariff refund in July 2026, which will impact future cash flows.
👀 What to Watch
Watch for the full utilization of the new 81,200 MT BOPP line by Q4 FY27 and the potential reduction of Net Debt/EBITDA to below 2x as guided by management.
Cosmo First Q1 FY27: Revenue Up 46% to ₹1,166 Cr; Net Debt/EBITDA Drops to 2.3x
Cosmo First reported a strong Q1 FY27 with revenue growing 46% YoY to ₹1,166 Cr and PAT increasing 25% to ₹54 Cr. The company has transitioned from a ₹1,200+ Cr capex cycle to a deleveraging phase, successfully reducing its Net Debt/EBITDA ratio from 2.9x to 2.3x within a year. Growth was broad-based, with the core Films business growing 45% and the Specialty Chemicals segment maintaining a high 25% EBITDA margin. Management is targeting a further reduction in leverage to below 2.0x within 12-18 months.
Confidence: HIGH
What changedThe company has completed its major ₹1,200+ Cr capex cycle and is now focusing on sweating assets and reducing debt.
Why it mattersThe shift from commodity films to a specialty-heavy portfolio (10% CAGR) and high-ROCE chemicals (25%+) is designed to reduce earnings volatility and improve structural margins.
Q1 FY27 Revenue: ₹1,166 CrQ1 Revenue vs TTM Revenue: 32.9%Net Debt/EBITDA: 2.3xQ1 FY27 PAT: ₹54 CrStrategic Capex (3-year): ₹1,200+ CrSpecialty Chemicals ROCE Target: 25%+
📅 Short termThe stock may see positive momentum as the market reacts to strong top-line growth and the successful reduction in leverage ratios.
📈 Long termStructural improvement in ROCE is expected as specialty segments scale to 10% of revenue and the consumer businesses (Zigly, Window Films) reach critical mass.
⚠ Risk flags
- Raw material price volatility (increased working capital by ₹85 Cr in Q1)
- Global oversupply in BOPET/BOPP segments
- Execution risk in scaling B2C consumer brands
Key Highlights
Consolidated revenue reached ₹1,166 Cr in Q1 FY27, a 46% increase over Q1 FY26.
Net Debt/EBITDA improved to 2.3x from 2.9x in June 2025, with net debt standing at ₹1,166 Cr.
Specialty Chemicals revenue grew 34% YoY to ₹66 Cr with a 25% EBITDA margin.
Cosmo Consumer (Window & Paint Protection Films) revenue grew 4.5x YoY to ₹11 Cr.
Zigly (Petcare) vertical reported a 70% YoY revenue growth, reaching an ₹18 Cr quarterly run-rate.
👀 What to Watch
Monitor the utilization ramp-up of the new 81,200 MT BOPP line and the execution of the deleveraging plan to reach <2.0x Net Debt/EBITDA. Watch for the proposed value unlocking in the Zigly petcare business slated for late FY27.
Cosmo First Q1 FY27 PAT up 25% to ₹54 Cr; Revenue grows 46% YoY to ₹1,166 Cr
Cosmo First reported a strong Q1 FY27 with consolidated revenue rising 45.7% YoY to ₹1,166 cr, significantly outpacing the TTM run rate. PAT grew 25% YoY to ₹54 cr, supported by a 9% increase in sales volume and improved margins in base BOPP and BOPET films. The company's new B2B segments, Specialty Chemicals and Rigid Packaging, showed robust growth of 34% and 58% respectively, with the latter turning EBIT positive. Management has guided for 20% overall revenue growth in FY27 and a 50% capacity expansion in Rigid Packaging over the next two quarters.
Confidence: HIGH
What changedCosmo First has successfully transitioned all its B2B business verticals to profitability and achieved a significant scale-up in its non-film businesses.
Why it mattersThe shift towards specialty chemicals and rigid packaging reduces the company's vulnerability to cyclical commodity film margins and improves the overall ROCE profile.
Q1 FY27 Revenue: ₹1,166 crYoY Revenue Growth: 45.7%Q1 FY27 PAT: ₹54 crNet Debt to EBITDA: 2.3xRigid Packaging Capacity Expansion: 50%
📅 Short termThe stock is likely to react positively to the strong topline growth and the turnaround in the rigid packaging segment.
📈 Long termStructural growth in specialty chemicals and pet care, combined with capacity expansions, could lead to a re-rating if the company achieves its 25% ROCE target for chemicals.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High net debt of ₹1,166 cr
- Raw material price sensitivity due to West Asia geopolitical tensions
- Industry-wide oversupply in BOPET/BOPP segments
Key Highlights
Net Revenue increased 45.7% YoY to ₹1,166 cr in Q1 FY27, representing ~33% of FY26 TTM revenue in a single quarter
Specialty Chemical subsidiary achieved 34% topline growth with a strong 25% EBITDA margin
Rigid packaging vertical (Cosmo Plastech) grew 58% YoY and turned EBIT positive for the first time
Petcare business (Zigly) recorded 70% YoY growth, while Net Debt remained stable at ₹1,166 cr (2.3x EBITDA)
Planned 50% capacity expansion in Rigid Packaging over the next 2 quarters through minimal capex
👀 What to Watch
Watch for the execution of the 50% capacity expansion in Rigid Packaging and the targeted debt reduction over the next two years. Investors should also monitor if the 20% overall revenue growth guidance for FY27 is maintained amidst raw material price volatility.
Cosmo First Q1 Revenue Jumps 45.7% YoY to ₹1,165 Cr; Consolidated PBT Rises 30%
Cosmo First reported a strong start to FY27 with consolidated revenue growing 45.7% YoY to ₹1,165.54 Cr, significantly exceeding the quarterly average of the previous year. Consolidated Profit Before Tax (PBT) rose 30% YoY to ₹70.73 Cr, driven by robust performance in the core Packaging Films segment and a turnaround in Cosmo Plastech. While the Petcare and Consumer segments remain loss-making, the Specialty Chemicals division maintained high profitability with a PBIT of ₹17.08 Cr. A post-quarter USD 7 million custom duty refund in the US subsidiary provides a further liquidity cushion.
Confidence: HIGH
What changedThe company has demonstrated a sharp recovery in revenue growth and a turnaround in its Plastech division, alongside the formation of a new 50:50 joint venture with Filmax Corporation, Korea.
Why it mattersThe results suggest that Cosmo First is successfully navigating industry-wide oversupply in commodity films by scaling its specialty segments and ramping up new capacities, which is critical given its high debt-to-equity ratio of 1.20.
Q1 Consolidated Revenue: ₹1,165.54 CrQ1 Revenue vs TTM Revenue: ~32.9%Consolidated PBT: ₹70.73 CrSpecialty Chemicals PBIT Margin: 48.1%Petcare Segment Loss: ₹14.84 Cr
📅 Short termThe stock is likely to react positively to the strong revenue growth and the turnaround in the Plastech segment, alongside the news of the USD 7 million US refund.
📈 Long termThe structural shift toward Specialty Chemicals (targeting 10% revenue share) and the ramp-up of the large BOPP line are the primary long-term value drivers.
⚠ Risk flags
- Continued losses in Petcare and Consumer segments
- High debt-to-equity ratio of 1.20
- Industry-wide oversupply in BOPP/BOPET segments
Key Highlights
Consolidated revenue reached ₹1,165.54 Cr in Q1 FY27, up 45.7% from ₹800.03 Cr in Q1 FY26.
Consolidated Profit Before Tax (PBT) increased to ₹70.73 Cr compared to ₹54.46 Cr in the year-ago period.
Packaging Films segment revenue grew 35% YoY to ₹1,078.69 Cr, contributing the bulk of the top-line growth.
Cosmo Plastech segment turned profitable with a PBIT of ₹2.46 Cr, reversing a loss of ₹6.63 Cr in Q1 FY26.
US subsidiary received a refund of approximately USD 7 million in July 2026 following a custom duty reversal.
👀 What to Watch
Monitor the utilization levels of the new 81,200 MT BOPP line, which is targeted for full capacity by Q4 FY27. Investors should also track the path to break-even for the Petcare and Consumer segments, which currently drag consolidated margins.
₹4 Final Dividend: Cosmo First Announces Record Date and TDS Details for FY 2025-26
Cosmo First Limited has announced a final dividend of ₹4 per equity share for the financial year 2025-26. The record date to determine shareholder eligibility is set for July 22, 2026, with the dividend subject to approval at the AGM on August 5, 2026. The company has detailed Tax Deduction at Source (TDS) requirements, including a 10% rate for residents with valid PAN and a 20% rate for those without. Shareholders must submit relevant tax documents by July 24, 2026, to ensure correct withholding.
Confidence: HIGH
What changedThe company has finalized the administrative timeline and tax withholding procedures for the ₹4 final dividend proposed in May 2026.
Why it mattersThis is a routine capital allocation event; for the company, it represents a cash outflow, and for investors, it provides a yield of approximately 0.48% based on the current market price.
Final Dividend: ₹4 per shareRecord Date: July 22, 2026Dividend Yield: ~0.48%Standard Resident TDS: 10%Non-Resident TDS: 20%
📅 Short termThe stock is likely to trade ex-dividend around July 22, 2026, which may lead to a minor price adjustment equivalent to the dividend amount.
📈 Long termLimited structural significance; this is a routine distribution of profits to shareholders.
Key Highlights
Final dividend declared at ₹4 per equity share of ₹10 face value
Record date for dividend eligibility is Wednesday, July 22, 2026
49th Annual General Meeting (AGM) scheduled for August 5, 2026
TDS threshold of ₹10,000 for resident individual shareholders for FY 2026-27
Deadline for submitting tax-related documents is Friday, July 24, 2026
👀 What to Watch
Shareholders should ensure their PAN is updated and linked with Aadhaar in their demat accounts before the July 22 record date to avoid a higher 20% TDS rate.
Rs 4 Final Dividend: Cosmo First Sets July 22 as Record Date; TDS Guidelines Issued
Cosmo First has announced a final dividend of Rs 4 per equity share for FY 2025-26, following board approval on May 20, 2026. The record date for determining eligibility is July 22, 2026, with the payout subject to shareholder approval at the AGM on August 5, 2026. The estimated total payout of ~Rs 9.16 crore represents approximately 7.3% of the company's TTM PAT of Rs 126 crore. Shareholders are required to submit tax-related documents by July 24, 2026, to ensure appropriate TDS rates are applied.
Confidence: HIGH
What changedThe company has finalized the administrative timeline and tax withholding procedures for the FY26 final dividend payout.
Why it mattersThis is a routine distribution of profits; the payout is modest (0.48% yield) and well-covered by the TTM PAT, indicating no significant strain on the company's liquidity.
Dividend per share: Rs 4Record Date: July 22, 2026Estimated Payout vs TTM PAT: ~7.3%TDS Threshold (Resident): Rs 10,000AGM Date: August 5, 2026
📅 Short termThe stock may see minor price adjustments around the ex-dividend date; focus remains on tax compliance for net dividend receipts.
📈 Long termLimited; this is a routine corporate action and does not alter the structural growth outlook of the packaging or specialty chemicals business.
Key Highlights
Final dividend declared at Rs 4 per equity share of face value Rs 10 each
Record date for dividend entitlement is fixed for July 22, 2026
49th Annual General Meeting (AGM) scheduled for August 5, 2026
TDS of 10% applicable for resident shareholders with valid PAN if total FY dividend exceeds Rs 10,000
Deadline for submitting tax exemption forms (15G/15H/TRC) is July 24, 2026
👀 What to Watch
Shareholders should ensure their PAN is linked with Aadhaar to avoid a higher 20% TDS rate and submit necessary tax declarations by the July 24 deadline.
Cosmo First sets July 22, 2026, as Record Date for Dividend payment
Cosmo First Limited has announced its 49th Annual General Meeting (AGM) for August 5, 2026, and fixed July 22, 2026, as the record date for dividend eligibility. The dividend, once approved by shareholders, is scheduled to be paid on or before September 4, 2026. This follows a year where the company generated TTM PAT of ₹126 Cr and is currently ramping up significant new capacities in BOPP and CPP lines. The announcement also includes resolutions for re-appointing independent directors and approving managerial remuneration structures.
Confidence: HIGH
What changedThe company has formalized the timeline for its annual shareholder meeting and the distribution of its dividend for the recently concluded financial year.
Why it mattersThis is a routine but necessary corporate action that confirms the timing of cash returns to shareholders and provides a platform for voting on key management and remuneration resolutions.
Record Date: 22-Jul-2026AGM Date: 05-Aug-2026Dividend Payment Deadline: 04-Sep-2026TTM PAT: ₹126 CrMarket Cap: ₹1898 Cr
📅 Short termThe stock price may adjust for the dividend amount around the ex-dividend date (typically one working day prior to the record date). No major volatility is expected from this routine announcement.
📈 Long termLimited structural significance as this is a routine administrative filing; however, the re-appointment of directors and remuneration approvals are standard governance procedures.
Key Highlights
Record date for dividend eligibility fixed as July 22, 2026
49th Annual General Meeting (AGM) scheduled for August 5, 2026
Dividend payment to be completed by September 4, 2026
Remote e-voting period set from August 2 to August 4, 2026
Company seeking approval for commission-based remuneration for non-executive directors up to 1% of net profits
👀 What to Watch
Investors should ensure they hold shares by the record date of July 22, 2026, to be eligible for the dividend. Watch for the AGM results for updates on the utilization levels of the new 81,200 MT BOPP line, which is expected to reach full capacity by Q4 FY26.
Cosmo First Q4 FY26 EBITDA Surges 53% to ₹130 Cr; Net Debt Reduced to ₹1,159 Cr
Cosmo First reported a strong Q4 FY26 with consolidated revenue growing 37% YoY to ₹1,021 crores, driven by a 41% increase in sales volume. EBITDA for the quarter rose 53% to ₹130 crores, supported by improved margins in BOPP and BOPET and growth in specialty chemicals. The company has successfully reduced its net debt by ₹75 crores over the last six months and expects double-digit topline growth in FY27 as new capacities ramp up. Management highlighted that the major capex cycle of ₹1,200 crores is largely complete, shifting focus to sweating assets and debt reduction.
Key Highlights
Q4 FY26 consolidated sales grew 37% YoY to ₹1,021 crores with a 41% volume jump.
Full-year EBITDA increased by 32% to ₹479 crores, aided by specialty chemical sales of ₹204 crores.
Net debt reduced to ₹1,159 crores (2.4x EBITDA), with a clear roadmap for further reduction over two years.
BOPP and BOPET margins improved significantly to ₹20/kg and ₹18/kg respectively in Q4 compared to Q3.
Board recommended a dividend of ₹4 per equity share for FY25-26.
👀 What to Watch
Investors should monitor the scaling of new high-margin verticals like Zigly and Specialty Chemicals, which are diversifying the revenue base away from commodity films. The completion of the major capex cycle and focus on debt reduction are positive indicators for future free cash flow and ROCE improvement.
Cosmo First Incorporates 50:50 Joint Venture 'Filmax Cosmo Korea Limited' in South Korea
Cosmo First Limited has successfully incorporated a new Joint Venture (JV) company in South Korea named Filmax Cosmo Korea Limited. This JV is a 50:50 partnership with Filmax Corporation, Korea, following an initial agreement signed in November 2025. The new entity will focus on the distribution, sale, and marketing of flexible packaging and other products manufactured by both companies. This strategic move is aimed at strengthening Cosmo First's market presence and distribution network in the Korean region.
Key Highlights
Incorporation of Joint Venture company 'Filmax Cosmo Korea Limited' in South Korea
Equity participation is split equally between Cosmo First and Filmax Corporation at a 50:50 ratio
Primary objective is the distribution and marketing of flexible packaging and related products
Follows through on the strategic partnership agreement initially announced on November 12, 2025
👀 What to Watch
Investors should monitor the JV's contribution to export revenues and market share in the East Asian region. This expansion is a positive long-term growth driver for the company's packaging business.
Cosmo First FY26 Revenue Up 26% to ₹3,639 Cr; EBITDA Grows 32% as Capex Cycle Concludes
Cosmo First reported a strong FY26 performance with annual revenue reaching ₹3,639 Cr and EBITDA growing 32% YoY to ₹479 Cr, driven by a 45% increase in BOPP capacity. The company has successfully completed its ₹1,200 Cr strategic capex cycle and is now transitioning to a value-creation phase focused on debt reduction and high-ROCE specialty segments. Net debt decreased by ₹75 Cr from its peak in September 2025 to ₹1,159 Cr. The board has recommended a dividend of ₹4 per equity share for FY26.
Key Highlights
FY26 Revenue grew 26% YoY to ₹3,639 Cr, with Q4 FY26 revenue surging 37% to ₹1,021 Cr.
EBITDA for FY26 stood at ₹479 Cr (13.2% margin), marking a 32% YoY increase despite margin pressures in base films.
Net Debt reduced to ₹1,159 Cr (2.4x EBITDA) as of March 2026, with a clear roadmap for further reduction over 24 months.
Specialty Chemicals vertical achieved 25%+ EBITDA margins, while the Rigid Packaging (Plastech) vertical grew revenue by 86% YoY.
Zigly (Petcare) revenue grew 63% YoY to ₹55 Cr, with the company targeting a value unlock for this segment in FY27.
👀 What to Watch
Investors should focus on the company's transition from a heavy capex phase to a cash-generation phase, which is expected to improve ROCE. Monitor the scaling of the high-margin B2C segments like Zigly and Cosmo Consumer for potential valuation re-rating.
Cosmo First Q4 FY26 PAT Rises 37% to ₹37 Cr; Recommends ₹4 Dividend
Cosmo First reported a strong performance for Q4 FY26 with consolidated revenue growing 37% YoY to ₹1,021 crore and EBITDA rising 53% to ₹130 crore. The growth was primarily driven by a 41% increase in sales volume and improved margins in the base BOPP and BOPET film segments. Despite exceptional costs and a one-time deferred tax reversal of ₹5.3 crore, PAT grew 37% to ₹37 crore. The company also demonstrated fiscal discipline by reducing net debt by ₹55 crore during the quarter to ₹1,159 crore.
Key Highlights
Consolidated Net Revenue for Q4 FY26 increased 37% YoY to ₹1,021 crore, while full-year FY26 revenue hit ₹3,639 crore.
EBITDA margins expanded to 12.7% in Q4 FY26 from 11.4% in Q4 FY25, led by higher specialty sales and volume growth.
Cosmo Plastech (Rigid Packaging) reported 70% topline growth and is nearing EBITDA breakeven.
Zigly (Petcare business) posted 54% YoY topline growth as it continues to scale its retail footprint.
Board recommended a dividend of ₹4 per equity share for the financial year ended March 31, 2026.
👀 What to Watch
Investors should focus on the company's successful diversification into high-growth B2C segments like Petcare and Specialty Chemicals which are scaling rapidly. The improving margin profile in the core films business and the commitment to debt reduction make this a positive outlook for long-term holders.
Cosmo First FY26 Net Profit Rises 21% to ₹106 Cr; Declares ₹4 Final Dividend
Cosmo First Limited delivered a robust performance for FY26, with annual revenue from operations growing 23% to ₹3,355.50 crore. The company's full-year net profit increased to ₹106.43 crore, up from ₹88.03 crore in the previous fiscal year. The fourth quarter was particularly strong, with net profit surging 77% year-on-year to ₹29.97 crore. In addition to the financial growth, the board has recommended a final dividend of ₹4 per share and re-appointed Mr. Arjun Singh as an Independent Director for a second five-year term.
Key Highlights
Annual Revenue from operations increased by 22.6% to ₹3,355.50 crore in FY26 compared to ₹2,735.63 crore in FY25.
Full-year Net Profit grew 20.9% YoY to reach ₹106.43 crore.
Q4 FY26 Net Profit stood at ₹29.97 crore, a significant jump from ₹16.90 crore in Q4 FY25.
Board recommended a final dividend of 40% (₹4 per equity share) for the financial year 2025-26.
Re-appointment of Mr. Arjun Singh as Non-Executive Independent Director for a second term of 5 years starting October 2026.
👀 What to Watch
The strong quarterly growth and consistent annual performance indicate improving operational efficiency and demand. Investors may consider holding or accumulating on dips, given the healthy dividend payout and positive earnings momentum.
Cosmo First Reports 21% Profit Growth in FY26; Recommends Rs 4 Final Dividend
Cosmo First Limited delivered a strong financial performance for FY 2025-26, with annual revenue growing 22.6% to Rs 3,355.50 Crores. The company's net profit for the full year increased by 20.9% to Rs 106.43 Crores compared to Rs 88.03 Crores in the previous fiscal. The fourth quarter was particularly robust, with net profit surging 77% year-on-year to Rs 29.97 Crores. In light of these results, the Board has recommended a final dividend of Rs 4 per equity share.
Key Highlights
Annual Revenue from operations increased 22.6% YoY to Rs 3,355.50 Crores in FY26.
Net Profit for the full year rose to Rs 106.43 Crores from Rs 88.03 Crores in FY25.
Q4 FY26 Net Profit jumped 77% YoY to Rs 29.97 Crores versus Rs 16.90 Crores in Q4 FY25.
Recommended a final dividend of Rs 4 per equity share (40% of face value) for FY 2025-26.
Re-appointed Mr. Arjun Singh as Independent Director for a second 5-year term starting October 2026.
👀 What to Watch
The strong growth in both revenue and profitability, coupled with a steady dividend payout, indicates healthy operational momentum. Investors should monitor the sustainability of these margins in upcoming quarters but can view this as a positive signal for long-term holding.
Cosmo First Q4 Net Profit Jumps 77% YoY to ₹30 Cr; Declares ₹4 Dividend
Cosmo First reported a strong performance for the quarter ended March 31, 2026, with standalone revenue growing 32.5% YoY to ₹911 crore. Net profit for the quarter surged by 77% YoY to ₹30 crore, driven by robust operational growth and improved realizations. For the full year FY26, the company achieved a revenue of ₹3,355 crore and a net profit of ₹106 crore, representing a 21% growth in the bottom line. Additionally, the board has recommended a final dividend of ₹4 per share (40%) for the fiscal year.
Key Highlights
Q4 FY26 standalone revenue rose 32.5% YoY to ₹910.99 crore from ₹687.25 crore.
Net profit for the quarter increased 77% YoY to ₹29.97 crore compared to ₹16.90 crore in Q4 FY25.
Full-year FY26 revenue reached ₹3,355.50 crore, a 22.6% increase over FY25.
Recommended a final dividend of ₹4 per equity share (40% of face value) for FY 2025-26.
Re-appointed Mr. Arjun Singh as Non-Executive Independent Director for a second 5-year term starting October 2026.
👀 What to Watch
The company demonstrates strong growth momentum in both revenue and profitability, supported by a healthy dividend payout. Investors may view this as a positive sign of operational efficiency and should monitor the impact of raw material price fluctuations on future margins.
Cosmo First Appoints Piyush Gupta as Business Head for Speciality Chemicals Subsidiary
Cosmo First Limited has appointed Mr. Piyush Gupta as the Business Head for its wholly-owned subsidiary, Cosmo Speciality Chemicals Private Limited, effective May 18, 2026. Mr. Gupta is a seasoned professional with over 30 years of international experience in P&L oversight and global sales. In addition to his new role, he will continue to manage specific export sales and marketing responsibilities for the Cosmo Films vertical. This strategic appointment aims to strengthen the leadership of the company's speciality chemicals business.
Key Highlights
Mr. Piyush Gupta appointed as Business Head of Cosmo Speciality Chemicals effective May 18, 2026.
The appointee brings over 3 decades (30+ years) of rich international experience in operations and global marketing.
Mr. Gupta will maintain a dual role, retaining some existing responsibilities in export sales for the Cosmo Films vertical.
The appointment is classified under Senior Management Personnel (SMP) as per SEBI regulations.
👀 What to Watch
Investors should view this as a positive step towards professionalizing the management of the high-growth speciality chemicals subsidiary. Monitor the subsidiary's performance in upcoming quarters to gauge the impact of this leadership change.
Cosmo First Q3 FY26: Revenue Up 28% to ₹899 Cr; EBITDA Rises 19% Amid Margin Pressures
Cosmo First reported a 28% YoY revenue growth to ₹899 crore for Q3 FY26, driven by a 29% increase in sales volume. EBITDA grew 19% to ₹103 crore, though margins were pressured by US tariffs, inventory losses, and a temporary line shutdown, totaling a ₹19 crore adverse impact. The company has completed its major ₹1,100 crore capex cycle and plans to focus on debt reduction and sweating existing assets over the next 2-3 years. Management expects double-digit revenue growth and improved profitability as US tariff reductions take effect in FY27.
Key Highlights
Consolidated revenue grew 28% YoY to ₹899 crore with volume growth of 29%
EBITDA stood at ₹103 crore, impacted by ₹19 crore in non-repetitive and adverse factors
Specialty Chemical subsidiary posted ₹52 crore in sales with a strong 25% EBITDA margin
Net debt reduced slightly to ₹1,215 crore; management targets significant reduction over 2-3 years
BOPP margins fell to ₹13/kg from ₹22/kg in Q2, while BOPET margins improved to ₹12/kg
👀 What to Watch
Investors should monitor the recovery in BOPP margins and the scaling of specialty chemical and consumer segments. The completion of the capex cycle and focus on debt reduction are positive long-term signals, but short-term volatility in raw material prices remains a risk.
Cosmo First to Acquire 26% Stake in Hexa Sunshine for ₹7 Cr to Source Renewable Power
Cosmo First Limited has entered into an agreement to acquire up to a 26% equity stake in Hexa Sunshine Private Limited, a Special Purpose Vehicle (SPV). The investment involves a cash consideration of up to ₹7 crore. This strategic move is designed to source hybrid renewable power for the company's manufacturing plants in Gujarat under a group captive consumer model. The initiative aims to optimize energy costs and enhance the company's sustainability profile.
Key Highlights
Acquisition of up to 26% equity stake in Hexa Sunshine Private Limited
Total investment amount capped at ₹7 crore in cash consideration
Target is an SPV incorporated in April 2024 for hybrid renewable power generation
Project aims to supply power to manufacturing plants in Gujarat on a group captive basis
👀 What to Watch
This is a positive step toward long-term operational efficiency and ESG compliance. Investors should monitor the project's completion timeline and its eventual impact on reducing power costs in future financial statements.
Cosmo First Q3 Revenue Jumps 28% to ₹899 Cr; EBITDA Up 20% as ₹1,140 Cr Capex Cycle Concludes
Cosmo First reported a robust 28% YoY revenue growth to ₹899 crore for Q3 FY26, primarily driven by a 29% increase in sales volumes. While EBITDA grew 20% to ₹103 crore, PAT remained flat at ₹30 crore due to higher depreciation and interest costs following recent capacity expansions. The company has successfully completed its ₹1,140 crore strategic capex cycle and is now shifting focus toward deleveraging and improving ROCE. Notably, the Rigid Packaging segment turned EBITDA positive in December 2025, and the Petcare business (Zigly) continues to scale with 50% YoY topline growth.
Key Highlights
Revenue grew 28% YoY to ₹899 crore in Q3 FY26, supported by a 29% surge in sales volumes.
Completed ₹1,140 crore strategic capex; focus shifts to debt reduction and free cash flow generation over the next 24 months.
Rigid Packaging segment (Cosmo Plastech) achieved EBITDA breakeven in December 2025.
Specialty Chemicals vertical maintains a 20%+ EBITDA and ROCE profile with ₹200 crore annualized sales.
Zigly (Petcare) reported 50% YoY topline growth with an annualized GMV run rate of ₹76 crore.
👀 What to Watch
Investors should focus on the company's ability to sweat its new assets and reduce net debt, which is expected to drive equity value. The transition toward high-margin specialty chemicals and consumer segments offers a structural hedge against the cyclicality of the core films business.
Cosmo First Q3 Revenue Up 28% to ₹899 Cr; PAT Flat at ₹30 Cr Amid Margin Pressure
Cosmo First reported a robust 28% YoY revenue growth to ₹899 Cr in Q3 FY26, supported by a 29% surge in sales volume. Despite the topline growth, PAT remained flat at ₹30 Cr due to higher depreciation, interest costs, and a one-time inventory loss of ₹8.4 Cr. The company faced margin compression in its core BOPP/BOPET films and high USA tariffs, though the rigid packaging segment turned EBITDA positive in December. Management expects double-digit growth ahead as new capacities ramp up and USA tariff reductions take effect in FY27.
Key Highlights
Net Revenue rose 28% YoY to ₹899 Cr driven by 29% volume growth.
EBITDA increased 20% to ₹103 Cr, while PAT stayed flat at ₹30 Cr.
One-time inventory loss of ₹8.4 Cr recorded due to falling raw material prices.
Zigly (Petcare) business grew over 50% YoY; Rigid packaging vertical reached EBITDA positive.
Strategic Joint Venture announced in South Korea with Filmax Corporation.
👀 What to Watch
While revenue and volume growth are strong, margin pressure in core films remains a concern. Investors should monitor the profitability trajectory of new consumer verticals and the expected benefits from USA tariff reductions in FY27.
Cosmo First Q3 Standalone Revenue Up 21% YoY to ₹820 Cr; Net Profit Declines to ₹17.2 Cr
Cosmo First reported a 21% YoY growth in standalone revenue to ₹820.15 Cr for the quarter ended December 2025, though revenue declined 6% sequentially. Standalone net profit fell to ₹17.19 Cr, down from ₹22.44 Cr in the same quarter last year, impacted by higher finance costs and a one-time employee benefit provision of ₹4 Cr. Finance costs rose significantly to ₹35.83 Cr compared to ₹24.20 Cr YoY. The company also recorded a one-time gain of ₹6.05 Cr from capital reduction in its European subsidiary.
Key Highlights
Standalone Revenue grew 20.8% YoY to ₹820.15 Cr but fell 6.1% sequentially from ₹873.44 Cr.
Standalone Net Profit dropped 23.4% YoY to ₹17.19 Cr, impacted by a ₹4 Cr one-time labor code provision.
Finance costs increased by 48% YoY to ₹35.83 Cr, weighing heavily on the bottom line.
Other income included a one-time gain of ₹6.05 Cr from a subsidiary capital restructuring.
9-month standalone profit stands at ₹76.46 Cr, showing a modest 7.5% growth over the previous year's ₹71.13 Cr.
👀 What to Watch
Investors should be cautious as rising finance costs and sequential revenue decline indicate margin pressure. Monitor management's strategy for handling increased debt servicing and the impact of new labor regulations on future earnings.
