NSE: COSMOFIRST · BSE: 508814
COSMO FIRST LIMITED
Makes flexible packaging films—primarily BOPP and BOPET—across three Indian plants, with a new BOPP line of 81,200 MT and a new CPP line of 22,000 MT commissioned in the recent capex cycle. Packing films generated ₹3,439.21 cr in the period at a 12.2% segment EBIT margin; Q4 FY26 BOPP and BOPET margins ran at ₹20/kg and ₹18/kg respectively, and specialty films made up 60% of film revenue, growing at a 10% CAGR. Speciality chemicals brought in ₹204.14 cr at a 24.8% segment EBIT margin. Smaller businesses are scaling: petcare brand Zigly operates at a ₹90 cr annualised run rate, Plastech reached EBITDA breakeven in Q4, and Cosmo Consumer is at a ₹38 cr annualised run rate—all three currently loss-making. Exports accounted for 44% of FY26 sales across 100-plus countries, and the company formed a 50:50 JV with Korea-based Filmax Corporation and added two slitter rewinders in the US. Materials are the dominant cost at 66.3% of revenue, with capex at 11.3% and employee costs at 9.2%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. PACKING FILMS (90%), SPECIALITY CHEMICALS (5%), OTHERS (3%), PETCARE (1%). Asset-heavy flexible packaging films manufacturer with scaling specialty chemicals and emerging consumer/petcare adjacencies
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,038 | 3,065 | 2,587 | 2,895 | 3,639 |
| EBITDA (ex other income) | 571 | 382 | 183 | 288 | 376 |
| margin % | 18.8 | 12.5 | 7.1 | 9.9 | 10.3 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 221.56 | 90.86 | 23.99 | 51.46 | 60.31 |
| ROE % · ROCE % | 33.3 · 29.3 | 18.8 · 16.9 | 4.6 · 6.8 | 9.1 · 9.1 | 9.6 · 10.8 |
| Debt / equity (x) | 0.68 | 0.69 | 0.73 | 0.93 | 0.98 |
| Cash from operations | 481 | 465 | 245 | 166 | 397 |
| Capex | (283) | (380) | (298) | (502) | (412) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 759 | 701 | 746 | 800 | 919 | 899 | 1,021 | 1,166 |
| Profit before tax | 57 | 36 | 33 | 54 | 57 | 31 | 58 | 71 |
| Net profit | 46 | 30 | 27 | 43 | 47 | 30 | 37 | 54 |
| EPS (₹) | 17.65 | 11.38 | 10.47 | 16.60 | 18.07 | 11.40 | 14.24 | 20.71 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| PACKING FILMS | 961 | 25.2 |
| SPECIALITY CHEMICALS | 54 | 1.4 |
| PETCARE | 16 | 0.4 |
| OTHERS | 37 | 1.0 |
| Packaging films | 2,478 | 65.0 |
| Speciality chemicals | 150 | 3.9 |
| Petcare | 38 | 1.0 |
| Others | 78 | 2.1 |
| Total, before eliminations | 3,813 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED ◆ | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.4 | 16.2 | 17 of 64 | 75% |
| P/B | 1.2 | 1.3 | 29 of 61 | 53% |
| ROCE | 6.4 | 6.9 | 35 of 68 | 49% |
| ROE | 9.7 | 6.8 | 23 of 61 | 63% |
| Debt / Equity | 1.0 | 0.4 | 50 of 61 | 18% |
| EBITDA margin | 12.6 | 12.1 | 29 of 62 | 54% |
| Revenue growth | 45.7 | 14.0 | 7 of 61 | 90% |
| Profit growth | 25.4 | 23.4 | 30 of 60 | 51% |
| Market cap | 1923 | 118 | 8 of 73 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarter results on 3 November 2026 | results | low | — | — |
| 7 Oct 2026 · Routine compliance certificate for dematerialized shares for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Newspaper ad on SEBI special window for demat of physical shares | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 29 Sept 2026 · Zigly Pet Care acquires Prolife Speciality Vet Clinic in Mumbai | compliance | low | — | — |
| 29 Sept 2026 · Cosmo First Zigly acquires Prolife Vet Clinic via slump sale | strategic transactions | medium | — | — |
| 18 Sept 2026 · Analyst/Investor Plant Visit at Aurangabad on Sep 23 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Cosmo First to hold virtual analyst and investor meet on Aug 25, 2026 | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Cosmo First shares Q1FY27 analyst call audio recording | investor communications | low | — | — |
| 7 Aug 2026 · Cosmo First Q1 FY27 results published in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.