Cosmo First LimitedQ1 FY27 Results & Financial Update
Cosmo First Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,165.54 Cr, PAT ₹53.75 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Cosmo First Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Operating performance during Q1 FY27 was underpinned by a 9% year-on-year growth in sales volume across the film business, improved base BOPP and BOPET film gross margins, and an enhanced operational contribution from the United States subsidiary. Gross margins per kilogram improved across base, semi-specialty, and specialty categories, helping mitigate the impact of input cost fluctuations.
The specialty chemicals subsidiary continued its strong trajectory, delivering 34% year-on-year revenue growth to ₹66 crore and generating 25% EBITDA margins. The division benefited from rising demand across coating chemicals, masterbatches, and adhesives, supporting the group's broader shift toward high-return specialty segments.
The rigid packaging arm, Cosmo Plastech, expanded its revenue by over 58% year-on-year to ₹36 crore and achieved a normalized EBITDA turnaround with a 7% margin. Growth was driven by an increasing direct-to-brand sales mix of 58% and a higher proportion of specialty packaging solutions such as in-mold labeling (IML) and barrier sheets.
Consumer-facing initiatives also scaled significantly during the quarter. Zigly, the pet care retail and services platform, grew gross merchandise value run-rate to ₹100 crore annualized with net sales advancing 70% year-on-year to ₹18.4 crore across 47 retail centers. Meanwhile, Cosmo Consumer scaled its window film and paint protection film offerings 4.5x year-on-year, though bottom-line contributions remained temporarily constrained by brand marketing investments.
Profit after tax was ₹53.75 Cr for the reported quarter. EPS was ₹20.45 for the reported quarter.
01 · Business model
What does Cosmo First do?
Cosmo First Limited is a diversified specialty manufacturer centered around packaging films, specialty chemicals, rigid packaging, branded consumer film products, and pet care services. Established originally as a flexible packaging film producer in 1981, the company has expanded from a pure BOPP film producer into a multi-segment specialty portfolio encompassing BOPP, BOPET, CPP, thermal lamination, and coated films alongside value-added chemical formulations.
The operational footprint spans three major manufacturing plants in India located at Waluj and Shendra in Chhatrapati Sambhajinagar, and Karjan in Vadodara, backed by an extensive global distribution network reaching over 100 countries. Approximately half of the core film revenue is derived from international exports, positioning the company as a prominent global supplier of thermal lamination and specialty label films.
The company's economic model combines large-scale B2B manufacturing assets with fast-growing downstream verticals. Its growth engines include Cosmo Films for flexible packaging, Cosmo Speciality Chemicals for R&D-driven niche chemistries, Cosmo Plastech for rigid injection-molded and thermoformed containers, Cosmo Consumer for architectural window films and paint protection films (PPF), and Zigly as an omni-channel pet care retail and service platform.
02 · Historical context
What shaped the business before this quarter
The company completed over ₹1,200 crore of strategic capital expenditure over the preceding three years (FY24-FY26), commissioning major capacities including a 22k MT CPP line, an 81k MT BOPP line, window film lines, coating units, and rigid packaging facilities.
The entity was officially re-branded from Cosmo Films Limited to Cosmo First Limited in FY22-23 to reflect its transformation into a diversified multi-business enterprise encompassing specialty chemicals, rigid packaging, and consumer platforms.
The company established its specialty chemicals division in FY21 and launched its omni-channel pet care platform 'Zigly' in the same financial year to build high-ROCE non-film revenue streams.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,165.54 Cr |
| Total income | ₹1,176.58 Cr |
| Profit before tax | ₹70.73 Cr |
| Profit after tax | ₹53.75 Cr |
| EPS | ₹20.45 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Overall film sales volume increased by 9% year-on-year during Q1 FY27, with plant utilization rates averaging around 85% and moving toward near-full utilization on newly commissioned lines.
Specialty and semi-specialty film mix recovered to 61% of total film volume during the quarter, rebounding from post-commissioning dilution levels and tracking toward a long-term target of ~70%.
Specialty chemicals revenue expanded by 34% year-on-year to ₹66 crore, driven by robust offtake in coating chemicals, masterbatches, and water-based adhesives.
Cosmo Plastech grew quarterly revenue by 58% year-on-year to ₹36 crore, supported by an increase in brand sales mix to 58% and specialty mix reaching 54%.
What drove margins
Gross margins per kg improved across base, semi-specialty, and specialty film categories. Base BOPP film margins reached a five-quarter high, supported by favorable demand-supply dynamics and export realisations.
Specialty chemicals maintained a 25%+ EBITDA profile, leveraging high value-add formulations and import substitution opportunities across its 7,000 MT coating and 10,000 MT masterbatch capacities.
Cosmo Plastech delivered an EBITDA turnaround to 7% normalized margin through operating leverage and higher proportion of value-added IML containers and barrier APET sheets.
EBITDA margins for the consolidated entity were moderated to 12.6% (compared to 14.5% in Q1 FY26) due to revenue growth outpacing gross margin gains and ongoing brand promotion investments in Cosmo Consumer (window films and PPF).
05 · Demand, customers & order book
Where demand is coming from
The film and packaging businesses serve a broad portfolio of global blue-chip FMCG, beverage, food service, and consumer electronics brands including Unilever, Nestlé, PepsiCo, Coca-Cola, and Apple.
Zigly served over 29,000 customers during Q1 FY27, backed by a social community exceeding 313,000 followers and an active base of 5,000+ SKUs on its omni-channel platform.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Delivered revenue of ₹1,034 crore (+45% YoY) and EBITDA of ₹140 crore (+15% YoY). Specialty volume increased 12% YoY with new product introductions including synthetic paper film for digital printing, Green Graphic PVC-free films, and anti-fog transparent BOPET lidding films.
Reported revenue of ₹66 crore (+34% YoY) and EBITDA of ₹17 crore (+46% YoY) with an EBITDA margin of 26%, driven by three core verticals: coating chemicals, masterbatches, and adhesives.
Recorded revenue of ₹36 crore (+58% YoY) and a normalized EBITDA margin of 7% (including a one-time government incentive of ₹2.4 crore), with brand mix at 58% and specialty mix at 54%.
Achieved an annualized revenue run-rate of ₹45 crore, representing 4.5x year-on-year growth, driven by expanding distribution across 100+ cities and the launch of the Cosmo Car Care Centre in Pune.
Generated net sales of ₹18.4 crore (+70% YoY) across 47 retail centers and 2 vet hospitals, with private label sales surging 105% YoY and services accounting for 64% of retail sales mix.
Geography and market mix
Exports accounted for approximately 50% of total film revenue, distributed across more than 80 countries, with the US and Japan acting as premium realization markets.
Cosmo Consumer expanded its window film and paint protection film distribution network to over 100 cities, while Zigly added 4 new retail centers during the quarter, bringing its total footprint to 47 centers across India.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Manufacturing infrastructure encompasses over 277,000 TPA of BOPP capacity (making the company India's largest BOPP producer), ~26,000 TPA of thermal lamination, ~45,000 TPA of coating, ~57,000 TPA of metallizing, ~30,000 TPA of CPP, 7,200 TPA of Cosmo Synthetic Paper (CSP), and 30,000 TPA of BOPET.
B2B film manufacturing units operated at approximately 85% capacity utilization during the quarter, with management targeting incremental volume growth from current levels toward near-full utilization.
Projects, capex and execution
The company concluded a three-year strategic capex cycle exceeding ₹1,200 crore in FY26, bringing major film, coating, and rigid packaging lines on stream.
Management indicated that capital expenditure ahead will be minimal and strictly aligned toward specialty film assets and debottlenecking over the next couple of years.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Strategic transformation focuses on shifting from a predominantly commodity films-led portfolio toward high-margin specialty films, specialty chemicals, rigid packaging, and branded consumer verticals.
Management announced intentions to pursue near-term value unlocking for the Zigly pet care vertical by the end of FY27.
09 · Reported developments
What changed operationally
Consolidated net revenue grew 46% year-on-year to ₹1,165.54 crore while total EBITDA expanded 26% year-on-year to ₹147.0 crore in Q1 FY27.
Cosmo Plastech turned EBITDA-positive with a 7% normalized margin on the back of a 58% increase in quarterly revenue.
Specialty chemicals grew revenue by 34% YoY, Zigly pet care grew net sales by 70% YoY, and Cosmo Consumer expanded 4.5x YoY.
10 · Pressure points & risks
What is not going smoothly
Cosmo Consumer reported a negative EBITDA of ₹1.0 crore for Q1 FY27 due to upfront brand marketing and advertising expenses associated with scaling window films and PPF.
11 · Items worth noticing
The line items that can distort a quick read
Cosmo Plastech's Q1 FY27 EBITDA included a one-time government incentive of ₹2.4 crore; excluding this, normalized EBITDA margin for the segment stood at 7%.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital increased by ₹85 crore during the quarter due to higher raw material prices following conflict in West Asia.
Despite the working capital expansion, net debt remained relatively flat at ₹1,166 crore as of June 30, 2026.
Capital allocation & funding
Consolidated net debt stood at ₹1,166 crore as of June 30, 2026, translating to a net debt-to-EBITDA ratio of 2.3x (down from 2.9x in June 2025) and a net debt-to-equity ratio of 0.7x.
Management maintains a clear strategic focus on reducing the Net Debt-to-EBITDA ratio to below 2.0x within the next 12 to 18 months.
13 · Management guidance & targets
What management is targeting from here
Management maintains a long-term specialty films volume growth target of approximately 10% CAGR.
Management targets achieving ₹400 crore to ₹500 crore in revenue for the specialty chemicals business by FY30.
Management targets achieving ₹350 crore to ₹400 crore in revenue for Cosmo Plastech by FY30.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG and Sustainability Recognition
The company reported a CareEdge 'Good' ESG rating, achieved a Scope 1 carbon emission reduction of 1.02 lakh MT, and utilizes ~50% renewable power across operations, targeting a two-thirds renewable mix within 12-18 months for anticipated annual savings of ₹25 crore.
Reported update
Industry Awards
Received the FIPSA-2026 award for responsible packaging for commercial innovation and sustainability, alongside ISO 45001:2018 workplace safety certifications across manufacturing units in Waluj, Shendra, and Karjan.
15 · Previous-quarter changes
What changed since the previous quarter
Net revenue moved from ₹1,021 crore in Q4 FY26 to ₹1,166 crore in Q1 FY27, while EBITDA changed from ₹130 crore to ₹147 crore over the same period.
16 · Key Q&A
The quarter, answered directly
What does Cosmo First do?
Cosmo First Limited is a diversified specialty manufacturer centered around packaging films, specialty chemicals, rigid packaging, branded consumer film products, and pet care services. Established originally as a flexible packaging film producer in 1981, the company has expanded from a pure BOPP film producer into a multi-segment specialty portfolio encompassing BOPP, BOPET, CPP, thermal lamination, and coated films alongside value-added chemical formulations.
What is the clearest takeaway from Q1 FY27?
Operating performance during Q1 FY27 was underpinned by a 9% year-on-year growth in sales volume across the film business, improved base BOPP and BOPET film gross margins, and an enhanced operational contribution from the United States subsidiary. Gross margins per kilogram improved across base, semi-specialty, and specialty categories, helping mitigate the impact of input cost fluctuations.
What drove revenue or demand?
Overall film sales volume increased by 9% year-on-year during Q1 FY27, with plant utilization rates averaging around 85% and moving toward near-full utilization on newly commissioned lines.
What mattered most for margins or profitability?
Gross margins per kg improved across base, semi-specialty, and specialty film categories. Base BOPP film margins reached a five-quarter high, supported by favorable demand-supply dynamics and export realisations.
What changed operationally beyond the headline numbers?
Manufacturing infrastructure encompasses over 277,000 TPA of BOPP capacity (making the company India's largest BOPP producer), ~26,000 TPA of thermal lamination, ~45,000 TPA of coating, ~57,000 TPA of metallizing, ~30,000 TPA of CPP, 7,200 TPA of Cosmo Synthetic Paper (CSP), and 30,000 TPA of BOPET.
What is management guiding or targeting from here?
Management maintains a long-term specialty films volume growth target of approximately 10% CAGR.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Deleveraging Progress: Monitor the reduction of Net Debt-to-EBITDA from the current 2.3x toward the sub-2.0x target over the next 12-18 months.
- 02
Specialty Mix Recovery: Track the progress of specialty and semi-specialty film volume mix returning from the current 61% level back toward the ~70% historical benchmark.
- 03
Emerging Business Scale-up: Observe the top-line scaling and profitability inflection in Cosmo Consumer and the planned value unlocking for Zigly by the end of FY27.
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