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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
💼 Action for Investors
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
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
Cosmo First Q3 Consolidated Revenue Up 28% YoY to ₹899 Cr; Net Profit Declines to ₹12.6 Cr
Cosmo First reported a strong 28.3% year-on-year growth in consolidated revenue at ₹898.98 crore for the quarter ended December 31, 2025. However, consolidated net profit saw a sharp decline of 48.6% on a sequential basis, falling to ₹12.57 crore from ₹24.48 crore in Q2 FY26. Profitability was impacted by a one-time employee benefit provision of ₹4 crore related to new labor codes and higher raw material costs. The company also completed a restructuring where its US subsidiary became a direct subsidiary, yielding a one-time gain of ₹6.05 crore.
Key Highlights
Consolidated Revenue from operations increased 28.3% YoY to ₹898.98 crore.
Consolidated Net Profit fell to ₹12.57 crore, down from ₹16.35 crore in the same quarter last year.
Standalone EPS dropped significantly to ₹6.64 from ₹11.41 in the previous quarter.
Recognized a one-time expense of ₹4.00 crore for employee benefit liabilities under New Labour Codes.
Other income includes a ₹6.05 crore gain from capital reduction in Cosmo First Europe B.V.
💼 Action for Investors
Investors should exercise caution as the company is experiencing significant margin compression despite robust revenue growth. The sharp sequential decline in profit suggests rising operational costs that may continue to weigh on the stock in the short term.
Cosmo First Files Writ Petition Claiming ₹58.34 Cr Incentive Refund from Gujarat Govt
Cosmo First Limited has filed a writ petition in the Gujarat High Court against the State of Gujarat's Industries and Mines Department. The company is challenging the payout of lower incentives under the Gujarat Industrial Policy, 2015. It is claiming a refund of balance tax incentives amounting to ₹58.34 Crores for the period ending March 2025. If successful, the company expects an additional incentive accrual of ₹33.53 Crores, which would strengthen its balance sheet.
Key Highlights
Filed a writ petition under Article 226 before the Hon’ble Gujarat High Court against the State of Gujarat.
Claiming a refund of balance tax incentives totaling ₹58.34 Crores up to March 2025.
Expected additional financial accrual of ₹33.53 Crores if the litigation is successful.
The dispute pertains to incentives under the Gujarat Industrial Policy, 2015.
💼 Action for Investors
Investors should monitor the progress of this litigation as a favorable ruling would provide a significant one-time boost to cash flows and profitability. No immediate action is required as legal outcomes in India can take time.