| Revenue Q4 | ₹1,021 Cr37% YoY Growth |
|---|---|
| Market Cap | ₹1,964 CrSmall Cap |
| PE Ratio | 12.59Industry: 24.83 |
| PEG TTM | 0.74 |
Key highlights
- Consolidated revenue for Q4 FY26 reached ₹1,021 crore, representing a 37% YoY increase
- EBITDA grew by 53% YoY to ₹130 crore, supported by improved speciality film margins
- Sales volumes witnessed a significant 41% growth in Q4 FY26 and 27% for the full year
- Speciality chemicals segment revenue touched ₹204 crore with EBITDA margins exceeding 25%
- Zigly pet care business recorded 54% growth, while Rigid packaging volumes rose by 70%
- Net debt reduction of ₹75 crore achieved as the ₹1,200 crore capex cycle concludes
Financial Performance and Volume Growth
Cosmo First achieved a significant milestone in Q4 FY26, with consolidated sales rising 37% YoY to ₹1,020.68 crore. This growth was primarily underpinned by a 41% increase in volumes, although the total value growth was slightly offset by lower raw material prices. The EBITDA for the quarter jumped 53% to ₹130 crore, reflecting the scaling of new BOPP and CPP capacities and an increasing mix of speciality products, which now account for 60% of total sales.
For the full fiscal year, the company reported a net profit of ₹155.98 crore on a total revenue of ₹3,638.72 crore, maintaining a healthy operating margin of nearly 12% despite global pricing volatility.
Management Outlook and Strategic Guidance
The management has provided optimistic guidance for FY27, targeting double-digit topline growth across its core packaging business and high-growth subsidiaries. A primary objective is to improve the Return on Capital Employed (ROCE) from 11% to over 15% through higher capacity utilization and speciality mix expansion. Management is particularly bullish on the Cosmo Consumer segment, projecting a CAGR of over 50%.
With the completion of a heavy capital expenditure cycle of ₹1,200 crore, the focus has shifted toward deleveraging. The company aims to bring its net debt-to-EBITDA ratio below 2x while continuing to gain market share in the US post-tariff reductions.
Segmental Diversification and Sector Dynamics
- Packaging: Indian flexible packaging demand is growing at 8-10% annually, providing a stable volume floor for BOPP and BOPET operations.
- Speciality Chemicals: This division is emerging as a high-margin pillar, recording ₹204 crore in revenue with EBITDA margins consistently above 25%.
- Consumer Care: Zigly and Cosmo Pet businesses are scaling rapidly, with Zigly alone reporting 54% growth in the recent quarter.
- New Products: Successful launch of Green Graphic Films and scaling of Window and Paint Protection Films are diversifying the revenue base.
- Exports: The reduction of US tariffs and anti-dumping duties on polyester film imports are creating favorable conditions for Indian exporters.
What to Watch
- Sustainability of 50%+ CAGR guidance for the Cosmo Consumer and Zigly businesses.
- The impact of new industry capacities on BOPET/BOPP margins in the short term.
- Successful reduction of net debt below the 2x EBITDA threshold in FY27.
- Conversion of high volume growth into improved ROCE as speciality product pricing pass-through stabilizes.
“Management explicitly guided over 50% CAGR for the Cosmo Consumer business and 54% growth in Zigly as we continue to shift focus from commodity to speciality brands.”
| Share price | ₹748.15 |
|---|---|
| Market capitalisation | ₹1,963.87 Cr |
| Revenue (annual) | ₹3,638.72 Cr |
| Net profit (annual) | ₹155.98 Cr |
| Revenue (latest quarter) | ₹1,020.68 Cr+13.54% vs previous quarter |
| Net profit (latest quarter) | ₹36.91 Cr+25.12% vs previous quarter |
| P/E (TTM) | 12.59×Sector 35.82× |
| Promoter holding | 40.78%-0.08% QoQ |
| FII holding | 2.13%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Cosmo First Limited announcing its consolidated financial results for the quarter and year ended March 31, 2026. Market figures from a third-party data provider.
