Financial Performance Highlights
Cosmo First Limited reported strong financial results for FY26 with consolidated revenue growing 26% to ₹3,639 crore from ₹2,895 crore in FY25. EBITDA increased 32% to ₹479 crore, while net profit rose 17% to ₹156 crore. The company achieved basic EPS of ₹60.31 and recommended a final dividend of ₹4 per equity share (40% payout).
Business Segment Performance
The company operates across multiple segments: Packaging Films (₹3,439 crore revenue, ₹418 crore segment result), Specialty Chemicals (₹204 crore revenue, ₹51 crore segment result), and Petcare (₹55 crore revenue, ₹42 crore segment loss). Exports contributed significantly at 44% of total sales (₹1,592 crore), reaching over 100 countries worldwide.
Capacity Expansion and Global Growth
Cosmo First commissioned new production facilities including a 10.4-meter BOPP film line (81,200 MT capacity), CPP line (22,000 MT capacity), and high GSM coating line (3,300 TPA). The company expanded US operations with new slitter rewinders and entered a 50:50 joint venture with Filmax Corporation, South Korea for flexible packaging distribution. Total installed capacity reached 277,000 MT per annum across 10 BOPP film lines.
Financial Position and Capital Management
Total borrowings stood at ₹1,586 crore with net debt to equity ratio of 71.79% and net debt/EBITDA of 2.42x. The company invested ₹412 crore in capital expenditure during FY26 and obtained post-year-end covenant waivers for term loans aggregating ₹560 crore. Cash and cash equivalents were ₹51.70 crore with undrawn borrowing facilities of ₹684 crore.
Sustainability and ESG Initiatives
The company achieved significant environmental milestones including 50% renewable energy usage, 42% reduction in Scope 2 carbon emissions, 35% wastewater reuse, and dedicated recycling plants. CSR spending reached ₹5.83 crore (60% of requirement), impacting over 25,000 individuals through education, environmental, and empowerment programs including computer skills training and women's technical courses with 100% placement.
Corporate Governance and Subsidiaries
The board comprises 10 directors including 6 independent directors and 2 women directors. The company has 10 subsidiaries across USA, Netherlands, Japan, Korea, Thailand, and Singapore, which contributed ₹82 crore EBITDA. Employee benefits expense was ₹336 crore including gratuity liability of ₹32 crore and ESOP/RSU programs.
Risk Management and Compliance
The company manages foreign exchange risk (net foreign currency assets of ₹294 crore), interest rate risk (90% borrowings at variable rates), and credit risk through hedging instruments. Regulatory compliance included SEBI Regulation 34 disclosure requirements, secretarial audit, and CSR overspending of ₹6.10 crore against ₹3.09 crore requirement.
Forward Outlook
For FY27, Cosmo First aims to achieve full capacity utilization, increase high-margin specialty products share, scale Plastech business to profitability, grow B2C operations, and substantially reduce corporate net debt over the next two years while maintaining focus on sustainable growth and operational excellence.