COSMO FIRST LIMITED (COSMOFIRST)
₹832.60 +1.71% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, COSMO FIRST's revenue was ₹1,021 Cr (+36.9% year on year, +13.6% on the previous quarter), and net profit ₹37.0 Cr (+37.0% year on year); the operating margin was 11.9%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,021 | +36.9% | +13.6% |
| Operating profit | ₹121 | +72.9% | +77.9% |
| Net profit | ₹37.0 | +37.0% | +25.4% |
| EPS (₹) | 14.06 | +36.2% | +23.3% |
| Operating margin | 11.9% | — | — |
COSMOFIRST delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 27.27% of the COSMOFIRST shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.44%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 43.4% · 53.0% · 49.9% · 60.6% · 27.3%
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
Cosmo First Limited's pet care division, Zigly Pet Care, has acquired Prolife Speciality Vet Clinic LLP located in Malad, Mumbai. The clinic has been operational since 2000, has treated close to 20,000 pets, and reports an Annual Recurring Revenue (ARR) of ₹4.36 crore. Zigly plans to transition the clinic into a 24x7 operational facility over the next 9 to 12 months. Financially, the acquisition is very small relative to Cosmo First's consolidated operations, representing approximately 0.12% of its TTM revenue of ₹3,544 crore.
- Zigly Pet Care acquired Prolife Speciality Vet Clinic in Malad, Mumbai.
- Acquired clinic generates an ARR of ₹4.36 crore (approx. 0.12% of Cosmo First's ₹3,544 Cr TTM revenue).
- Clinic has treated close to 20,000 pets since starting operations in 2000.
- Facility planned to become operational 24x7 within the next 9 to 12 months.
- Marks Zigly's 3rd strategic veterinary clinic acquisition, following two earlier acquisitions in Mumbai.
Cosmo First has entered into a Business Transfer Agreement to acquire the veterinary clinic business of Mumbai-based Prolife Speciality Vet Clinic LLP via a slump sale. The target entity operates with a current annual run rate of ₹4.36 crore and recorded FY26 turnover of ₹1.95 crore. The purchase consideration is payable in six installments but remains undisclosed due to confidentiality clauses. Compared to Cosmo First's TTM revenue of ₹3,544 crore, the acquired revenue represents roughly 0.05%, making the transaction immaterial to overall top line but strategic for its Zigly pet care arm.
- Acquisition executed via slump sale on an 'as is where is' basis for animal healthcare facilities
- Target operates with a current Annual Run Rate of ₹4.36 cr; FY26 revenue stood at ₹1.95 cr
- Historical turnover grew from ₹0.83 cr in FY24 and ₹0.83 cr in FY25 to ₹1.95 cr in FY26
- Cost of acquisition to be paid in 6 installments; consideration amount not disclosed due to confidentiality
- Transaction scheduled to close within 20 days from execution date
Cosmo First Limited has informed the exchanges that certain analysts and institutional investors will be visiting its Aurangabad plant on Wednesday, September 23, 2026, at 3:30 PM. The company clarified that no confidential or unpublished price sensitive information (UPSI) will be shared during the visit. This is a procedural plant tour intimation under Regulation 30 of SEBI LODR, typically serving as a channel for analysts to inspect operating facilities.
- Plant visit scheduled for Wednesday, September 23, 2026, at 3:30 PM
- Location of the visit is the Aurangabad Plant of the company
- No unpublished price sensitive information (UPSI) will be shared
- Subject to changes in case of exigencies by either party
Cosmo First Limited has informed the stock exchanges that it will host a virtual interaction with certain analysts and institutional investors on Tuesday, August 25, 2026, at 04:00 PM. The company stated that no unpublished price sensitive information (UPSI) will be shared during the call. The intimation is submitted pursuant to Regulation 30 of the SEBI Listing Regulations.
- Virtual meeting scheduled with analysts and institutional investors on August 25, 2026
- Interaction scheduled to start at 04:00 PM IST
- Company confirmed that no unpublished price sensitive information (UPSI) will be shared
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.
- 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.
Cosmo First has published the audio recording of its investor call held on August 07, 2026, discussing the performance for the quarter ended June 30, 2026. The company, which has a TTM revenue of ₹3,544 Cr, is currently focused on ramping up its new 81,200 MT BOPP line. Management commentary in these calls typically addresses the industry-wide oversupply in BOPP and BOPET segments and the progress of their specialty chemicals pivot. This filing is a standard regulatory requirement following the quarterly results announcement.
- Earnings call held on August 07, 2026, for the quarter ended June 30, 2026
- Company reported TTM revenue of ₹3,544 Cr and TTM PAT of ₹126 Cr
- New 81,200 MT BOPP line expected to reach 100% utilization by Q4 FY26
- Targeting 10% of consolidated revenue from Specialty Chemicals within 3-5 years
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.
- 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.
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.
- 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
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.
- 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.
Cosmo First Limited concluded its 49th Annual General Meeting on August 5, 2026, with shareholders approving all eight proposed resolutions. A dividend of Rs 4 per equity share (40%) was finalized for the fiscal year ended March 31, 2026. Key approvals included the re-appointment of directors and special resolutions for managerial remuneration in scenarios of inadequate profits. The meeting also formally adopted the FY26 financial statements, which reported a TTM revenue of Rs 3,544 Cr.
- Approved a dividend of Rs 4 per equity share for FY26
- Special resolution for managerial remuneration in case of inadequate profits passed with 97.62% majority
- Total of 136 shareholders attended the meeting via video conferencing
- Cut-off date for remote e-voting was July 29, 2026
- Formal adoption of Audited Financial Statements for the year ended March 31, 2026
Cosmo First has scheduled its Q1 FY27 earnings conference call for August 07, 2026, at 15:30 IST to discuss financial performance for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported a revenue of ‡3,544 Cr and a PAT of ‡126 Cr. Investors will be looking for updates on the 81,200 MT BOPP line ramp-up, which was projected to reach full utilization by Q4 FY26. The management is also expected to provide commentary on the Specialty Chemicals segment, which aims for a 10% revenue share within 3-5 years.
- Earnings conference call scheduled for August 07, 2026, at 03:30 P.M. IST
- Discussion to focus on operational and financial performance for the quarter ended June 30, 2026
- Company reported TTM revenue of ‡3,544 Cr and TTM EPS of ‡54.80
- Management previously targeted 100% utilization of the new 81,200 MT BOPP line by Q4 FY26
- Specialty Chemicals segment continues to target a 25% ROCE
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.
- 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
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.
- 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
Cosmo First Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The company reported a standalone turnover of Rs 3,356 crore, with 98% derived from flexible packaging films. A key operational strength is its global footprint, with exports contributing 44% of revenue across more than 100 countries. However, customer complaints rose to 276 from 231 in the previous year, with 71 cases still pending resolution at year-end.
- Standalone turnover for FY 2025-26 reached Rs 3,356 crore
- Exports represent 44% of total turnover, reaching 100+ international markets
- Flexible packaging films account for 98% of total business activity
- Workforce consists of 1,518 permanent employees and 1,974 workers, of which 97% are non-permanent
- Customer complaints rose 19.5% year-on-year to 276, with 71 pending at year-end
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.
- 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
Financial Performance
Revenue Growth by Segment
Consolidated sales grew 11.7% YoY to INR 2,895 Cr in FY25 from INR 2,592 Cr in FY24. Specialty film sales grew by 10% YoY, while the Specialty Chemical subsidiary recorded revenue of INR 187 Cr. The Pet Care (Zigly) and Rigid Packaging segments are in early growth phases, with Pet Care contributing less than 10% of total revenue.
Geographic Revenue Split
Exports accounted for 52% of total sales, amounting to INR 1,506 Cr in FY25. The company exports to over 80 countries, providing a hedge against domestic demand fluctuations and allowing for higher realization in specialty segments.
Profitability Margins
Net Profit (PAT) margin improved significantly from 2.39% in FY24 to 4.60% in FY25. Standalone EBITDA rose to INR 301 Cr from INR 213 Cr. The improvement is driven by a 10% growth in high-margin specialty films and cost rationalization efforts.
EBITDA Margin
Consolidated EBITDA margin stood at 10.7% in FY25, up from 9.7% in FY24. EBITDA increased 44% YoY to INR 362 Cr. CRISIL expects margins to expand to 13-14% in FY26 as new capacities ramp up and the product mix shifts further toward value-added films which command 2.5x the margin of commodity films.
Capital Expenditure
The company has invested INR 1,180 Cr over the last three years, including INR 502 Cr in FY25. A balance expansion capex of INR 275 Cr is planned for the BOPP plant across FY25 and FY26, funded through a 60:40 debt-to-equity ratio.
Credit Rating & Borrowing
The company maintains a strong credit profile with a policy of keeping a liquidity cushion of INR 383 Cr, equivalent to 1.5 years of debt obligations. Interest coverage improved to 3.6x in FY25 from 2.49x in FY24, despite increased debt for capex.
Operational Drivers
Raw Materials
Primary raw materials include Polypropylene (PP) and Polyester (PET) resins. While specific cost percentages per material are not disclosed, raw material volatility is a key risk as commodity film prices are highly sensitive to these input costs.
Import Sources
Not specifically disclosed in the provided documents, though the company notes susceptibility to global demand-supply dynamics and import pressures from international markets.
Capacity Expansion
Current capacities include BOPP (196,000 MT), Coated Specialty (36,000 MT), Metalised (40,000 MT), and CPP (30,000 MT). A new 81,200 MT BOPP line commenced in Q1 FY26 and is expected to reach full utilization by Q4 FY26. A 22,000 MT CPP line started in March 2025.
Raw Material Costs
Profitability is vulnerable to raw material price fluctuations. In Q2 FY26, BOPP gross margins dropped to INR 22/kg from INR 25/kg in Q1 FY26, and BOPET margins dropped to INR 6/kg from INR 12/kg due to cheaper imports and raw material shifts.
Manufacturing Efficiency
The new BOPP line is expected to achieve 66% (2/3rd) potential in Q2 FY26 and 100% by Q4 FY26. Manufacturing waste recycling has reached 95%, significantly improving material efficiency.
Logistics & Distribution
Distribution is global, covering 80+ countries. Logistics costs are impacted by USA tariffs, which the company could only partially pass on to customers in the September 2025 quarter.
Strategic Growth
Expected Growth Rate
30-35%
Growth Strategy
Growth will be driven by the ramp-up of the 81,200 MT BOPP line and 22,000 MT CPP line. The company aims for 10% of consolidated revenue from Specialty Chemicals within 3-5 years with a 25% ROCE target. Strategy focuses on 'Specialty and Exports' to counter commodity oversupply, leveraging products that offer 2.5x commodity margins.
Products & Services
BOPP films (packaging, lamination, labeling), BOPET films, CPP films, Coated Specialty films, Metalised films, Specialty Chemicals, Pet care supplies, Rigid Packaging, and Window/PPF (Paint Protection Film).
Brand Portfolio
Cosmo First, Zigly (Pet Care), Cosmo Films.
New Products/Services
New launches include Window films and PPF (Paint Protection Film), which generated INR 4.5 Cr in a single quarter. Continued focus on innovative specialty chemical products to reach 10% revenue share.
Market Expansion
Expansion into the USA market via the material subsidiary Cosmo Films Inc. USA and increasing penetration in 80+ export countries. Target is to sell a majority of BOPP as specialty films (10% CAGR growth).
Market Share & Ranking
Not disclosed as a specific percentage, but the company is a leading manufacturer of BOPP films globally since 1981.
External Factors
Industry Trends
The industry is seeing a shift toward sustainable packaging and ESG compliance. There is a temporary oversupply in commodity BOPP/BOPET due to massive capacity additions in FY22-23, leading to cyclical margin compression.
Competitive Landscape
Highly fragmented industry with players adding large capacities during price upticks, leading to cyclicality. Competitors include domestic and international BOPP/BOPET manufacturers.
Competitive Moat
Moat is built on a high share of specialty films (less cyclical), a strong liquidity policy (1.5 years debt cover), and 95% waste recycling. This sustainability is driven by R&D and a 52% export revenue base which diversifies market risk.
Macro Economic Sensitivity
Sensitive to global economic slowdowns; however, the flexible packaging sector is deemed 'essential,' minimizing impact. Global growth is projected to fall to 2.8% in 2025, which may affect short-term export demand.
Consumer Behavior
Shift toward sustainable and recyclable packaging is driving R&D into greenhouse gas emission reduction and plastic recycling compliance.
Geopolitical Risks
Higher USA tariffs and curtailed imports in India have directly impacted margins. Geopolitical developments causing a global slowdown are identified as strategic risks.
Regulatory & Governance
Industry Regulations
Compliant with safety, health, and environmental regulations regarding greenhouse gas emissions and plastic recycling. Adheres to ICAI criteria for internal financial controls.
Environmental Compliance
Achieved 40% reduction in carbon emissions. 45% of water is treated with a goal of zero liquid discharge. 95% of manufacturing waste is recycled.
Taxation Policy Impact
Not disclosed as a specific percentage, but the company complies with standard corporate tax requirements and monitors tax-related legal contingencies.
Legal Contingencies
The company has a whistleblower policy and a vigil mechanism. No specific pending court case values in INR were disclosed, but the company confirms no loans were given to firms where directors are interested.
Risk Analysis
Key Uncertainties
Cyclicality of the commodity film business and demand-supply gaps are primary risks. A sustained increase in Debt to EBITDA above 3x would trigger a credit rating downgrade.
Geographic Concentration Risk
52% of revenue is from exports (INR 1,506 Cr), reducing dependency on the Indian domestic market but increasing exposure to global trade barriers and tariffs.
Third Party Dependencies
The company acknowledges susceptibility to IT vulnerabilities and advanced threats that could compromise sensitive data or disrupt the supply chain.
Technology Obsolescence Risk
The company mitigates this by staying ahead in new product development (e.g., PPF, specialty chemicals) and leveraging patent/trademark protections.
Credit & Counterparty Risk
Maintains a strong financial position with INR 383 Cr in liquid assets. Receivables turnover ratio showed no significant negative change (>25%) in FY25.
