Cosmo First Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Cosmo First Ltd filed with BSE on 28 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Cosmo First reported consolidated Q4 FY26 sales of Rs 1,021 crores, up 37% year-on-year, with EBITDA rising 53% to Rs 130 crores driven by higher volumes, specialty sales growth and improved chemical subsidiary earnings. For the full year, revenue grew 26% and EBITDA increased 32% to Rs 479 crores, aided by new BOPP and CPP capacity commissioned during the year. Management discussed reduction of net debt by Rs 75 crores over six months, progress in the specialty chemicals, rigid packaging and consumer businesses, and the impact of a one-time exceptional item and deferred tax reversal on PAT.
Numbers mentioned
Consolidated sales: Rs 1,021 crores (Q4 FY26)
p. 2
“Consolidated sales for the March 2026 quarter is Rs 1,021 crores which is higher by 37% from March 2025Q primarily due to higher volume by 41%.”
Neeraj Jain, page 2 of the filed PDF · View the filing
EBITDA: Rs 130 crores (Q4 FY26)
p. 2
“The Company has done well to manage the uncertainty caused by West Asia war and posted EBITDA increase by 53% in Q4 to Rs. 130 crores compared to Rs 85 crores during March 2025Q.”
Neeraj Jain, page 2 of the filed PDF · View the filing
Exceptional item: Rs 7.2 crores (Q4 FY26)
p. 3
“There was onetime exceptional item of Rs 7.2 crores related to a provision made by the Company’s subsidiary in Netherlands.”
Neeraj Jain, page 3 of the filed PDF · View the filing
BOPP margin: Rs 20 per kg (Q4 FY26)
p. 3
“BOPP margin was running at Rs 20/- per kg in Q4 vs Rs 13 per kg in Dec-25 quarter and Rs 20/- March-25 quarter,”
Neeraj Jain, page 3 of the filed PDF · View the filing
BOPET margin: Rs 18 per kg (Q4 FY26)
p. 3
“BOPET margin was running at Rs 18/- per kg in Q4 vs Rs 12/- per kg in Dec-25 quarter & Rs 18/- per kg in March-25 quarter”
Neeraj Jain, page 3 of the filed PDF · View the filing
Deferred tax asset reversal: Rs 5.3 crores (Q4 FY26)
p. 3
“PAT improvement is moderate due to increased depreciation and interest related to new capacities and one time impact of reversal of deferred tax assets of Rs 5.3 crores due to reorganization of the subsidiary in South Korea.”
Neeraj Jain, page 3 of the filed PDF · View the filing
Full year revenue growth: 26% (FY26)
p. 3
“For the full year, the Company has posted 26% increase in revenue, mainly backed by 27% increase in volume post commissioning of BOPP and CPP lines during the year.”
Neeraj Jain, page 3 of the filed PDF · View the filing
Full year EBITDA: Rs 479 crores (FY26)
p. 3
“EBITDA has increased by 32% to Rs 479 crores primarily due to higher volume (27%), higher speciality films sales and enhanced EBITDA from speciality chemical business (Rs 53 crores vs last year comparative EBITDA of Rs 33 crores).”
Neeraj Jain, page 3 of the filed PDF · View the filing
Specialty Chemicals sales: Rs 54 crores (Q4 FY26)
p. 3
“The Specialty Chemical subsidiary has continued to achieve tractions and posted sales of Rs 54 crores with 25%+ EBITDA in Q4, FY26.”
Neeraj Jain, page 3 of the filed PDF · View the filing
Specialty Chemicals full year topline: Rs 204 crores (FY26)
p. 3
“For FY25-26, the subsidiary has done Rs 204 crores topline with 25%+ EBITDA.”
Neeraj Jain, page 3 of the filed PDF · View the filing
Cosmo Plastech topline growth: over 70% (Q4 FY26 YoY)
p. 3
“Cosmo Plastech (Rigid packaging vertical) has posted over 70% topline growth in Q4 on YoY basis.”
Neeraj Jain, page 3 of the filed PDF · View the filing
Zigly topline growth: 54% (Q4 FY26 YoY)
p. 4
“Zigly has posted 54% topline growth in Q4 FY26 on YoY basis.”
Neeraj Jain, page 4 of the filed PDF · View the filing
Net debt: Rs 1,159 crores (as of FY26 end)
p. 4
“the Company has reduced net debt by Rs 75 crores during last 6 months to Rs 1,159 cr. (2.4 times to EBITDA and 0.7 times to equity)”
Neeraj Jain, page 4 of the filed PDF · View the filing
Dividend: Rs 4 per equity share (FY26)
p. 4
“The Board of Directors had recommended dividend of Rs. 4 per equity share for FY25-26 subject to approval of shareholders.”
Neeraj Jain, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Film business topline growth — double-digit growth · FY27
stated firmly by Neeraj Jain
p. 3
“The Company expects double-digit topline growth next year mainly due to enhanced utilization of BOPP and CPP capacity added in FY25-26.”
Neeraj Jain, page 3 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margins may remain volatile as new capacity comes online, but specialty positioning and low-cost production provide protection.
Answered by Management
Asked by Harshit Khadka: What is the outlook for BOPET and BOPP industry margins going into FY27?
p. 4
“Industry margins for BOPET and BOPP may remain volatile in the current year as new capacity comes.”
Management, page 4 of the filed PDF · View the filing
Management said the first step is to separate Zigly into its own subsidiary and explore external capital.
Answered by Management
Asked by Harshit Khadka: What are the plans to unlock value in Zigly in FY27?
p. 5
“First step is to have this in a separate subsidiary within this financial year.”
Management, page 5 of the filed PDF · View the filing
Management said costs rose due to scaling businesses but should not increase much further and should decline as a percentage.
Answered by Management
Asked by Jatin Damania: What is the current employee cost trend and outlook for FY27-28?
p. 6
“So, we should not grow these costs too much from Quarter 4 run rate.”
Management, page 6 of the filed PDF · View the filing
Management said gross margins for Cosmo Consumer would be in the 35-40% range.
Answered by Management
Asked by Jatin Damania: What margin can Cosmo Consumer normalize to?
p. 6
“Cosmo Consumer business will have gross margins of anywhere between 35%-40%.”
Management, page 6 of the filed PDF · View the filing
Management attributed this to inventory being parked in finished goods in transit at the port.
Answered by Management
Asked by Aman Sonthalia: Why did BOPP margin only rise to Rs 20 despite raw material price increases?
p. 7
“You see, a large part of our inventory of the finished goods was at the port at the end of the year.”
Management, page 7 of the filed PDF · View the filing
Management said new lines coming over the next few years are broadly balanced with demand growth, with some possible short-term oversupply.
Answered by Management
Asked by Aman Sonthalia: How is the BOPP demand-supply situation given new capacity announcements?
p. 7
“There could be some oversupply of core films for a short period, depending on the commissioning timeline for new lines”
Management, page 7 of the filed PDF · View the filing
Management explained Plastech had small PBT losses despite EBITDA breakeven, and Cosmo Consumer incurred marketing costs while building its brand.
Answered by Management
Asked by Saransh Gupta: Why are rigid packaging and consumer segments still reporting losses despite growth?
p. 8
“On a full year basis, we did lose money in Plastech.”
Management, page 8 of the filed PDF · View the filing
Management confirmed the refund application process is underway and expects resolution within 6-12 months.
Answered by Management
Asked by Rajkumar Vidyanathan: Has Cosmo filed for the US tariff refund and what is the expected amount and timing?
p. 11
“Yes, the courts have opened the process for the refund.”
Management, page 11 of the filed PDF · View the filing
Management said debt to EBITDA is at 2.4x and targeted to fall below 2x within 12-18 months, while ROCE should rise to 14-15% next year.
Answered by Management
Asked by Gaurav: What is the expected ROCE and debt trajectory for FY27 and FY28?
p. 14
“So, see, from a debt perspective, right now we are operating at 2.4x to EBITDA, and this year we have reduced our debt by INR 75 crores.”
Management, page 14 of the filed PDF · View the filing
Management said the environment remains volatile and difficult to predict but specialty sales growth continues.
Answered by Management
Asked by Saket Kapoor: Is the operating environment better than expected given the one-off exclusion?
p. 15
“The world has become so uncertain and volatile that it is very difficult to predict even for tomorrow.”
Management, page 15 of the filed PDF · View the filing
Risks flagged
Uncertain and volatile global operating environment affecting predictability
p. 15
“The world has become so uncertain and volatile that it is very difficult to predict even for tomorrow.”
Management, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.