Cosmo First Ltd

Meeting Details

• Date and time: Tuesday, August 25, 2026 at 04:00 PM (virtual).
• Type: Analyst/Institutional Investor meeting; Mode: virtual.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: investor interaction; discussion related to company developments.

Financial Performance

• Consolidated June 2026 sales Rs 1,166 crores; up 46% YoY; volumes +9%; raw-material pass-through.
• EBITDA Rs 147 crores in June 2026 quarter; up 26% YoY; drivers: higher volume, BOPP scaling, margins.
• EBITDA margin 12.6% in June 2026 quarter vs 14.5% in Jun-2025.
• BOPP gross margin Rs 30/kg in June 2026; vs Rs 20/kg Mar-26 and Rs 23/kg Jun-2025.
• BOPET gross margin Rs 9/kg in June 2026; vs Rs 18/kg Mar-26 and Rs 13/kg Jun-2025.
• Specialty film margins remain stable at Rs 63 per kg.
• Net debt at June 2026 end Rs 1,166 crores; 2.3x EBITDA; to reduce below 2x in 12 months.
• US subsidiary received USD 7 million tax refund in July 2026; not yet appropriated.
• Capex cycle largely complete; focus on ROCE; ₹1,200 crore capex in last 3 years.
• ROCE improvement path: target 15-20% over 12-24 months.

Operating and Segment Update

• Specialty Chemicals topline grew 34% YoY; EBITDA 25% in June 2026Q.
• Cosmo Plastech (Rigid Packaging) topline grew 58% in June 2026Q; EBITDA positive 7%.
• Zigly grew ~70% YoY; expanded retail footprint; 20+ private-label launches; run-rate ~Rs 100 crores monthly.
• Cosmo Consumer: TVC launched July 2026; 150 dealers across 100+ cities.
• Cosmo Consumer: 4 PPF variants; private-label push; export-market exploration.
• Cosmo Consumer: launched first 4C Cosmo Car Care Centre in Pune.
• Plastech capacity up 50% with minimal capex; expected Rs 250+ crores revenue.
• Film utilization 85% in June quarter; 15% spare capacity.
• Specialty chemicals capacity headroom 15-20%.
• BOPP capacity 277,000 MT; BOPET capacity 30,000 MT.
• Plastech capacity utilization 100%.
• Zigly: 4 new retail centers; 150 dealers; 29,000 customers served; EBITDA losses narrowing.
• Cosmo Specialty Chemicals 80% backward integrated; third-party sales to grow faster over time.
• Cosmo Consumer margins: gross margins target 35-40% over medium term.

Balance Sheet and Cash Flow

• Net working capital increased by Rs 85 crores due to higher raw-material prices.
• Capex cycle largely complete; ROCE-led value creation; ROCE improvement aided by last 3 years’ capex.
• Renewable energy savings projected at Rs 25 crores per annum; two PPAs; one to kick in Q3, other FY28Q1.
• New businesses (Cosmo Specialty Chemicals, Plastech, Cosmo Consumer) scaling; incremental ROCE.
• Plastech is already profitable in Q1 FY27.

Outlook and Guidance

• Topline growth guidance: about 20% for FY26-27 on overall basis.
• New four businesses expected to grow about 60% in FY27.
• US growth 25-30% this year post-duty rationalization.
• ROCE improvement target: 15-20% over the next 12-24 months.

Q&A Highlights

• ROCE outlook: management intends to take ROCE to 15-20% over 12-24 months.
• FY26-27 topline ~20%; new businesses ~60% growth; US growth 25-30% post-duty rationalization.
• Zigly breakeven around Rs 250 crores revenue; Cosmo Consumer break-even around Rs 100 crores.
• Plastech profitable in Q1 FY27; ROCE target >20% after scaling to Rs 300-350 crores revenue.
• US tariff rationalization benefits margins; port disturbances caused higher in-transit volumes.
• Debt reduction plan: Rs 400-500 crores of debt cut in 2 years; below 2x.

Risks and Watchpoints

• Raw-material price volatility and availability; port congestion impacting in-transit volumes.
• Foreign exchange movements affecting other income; currency volatility.
• Execution risk in scaling new businesses; dependence on ROCE improvements.

Meeting Details

• Date of call: August 07, 2026.
• Event: Analyst/Investor Call on operational and financial performance.
• Mode: not specified in filing.

Participants

• Key company participants not disclosed in filing.

Purpose

• Purpose: discuss operational and financial performance for quarter ended June 30, 2026.

Additional Notes

• Audio recording of the Analyst/Investor Call available on the company website.

Business Overview

• Cosmo First: Cosmo Films, Cosmo Chemicals, Cosmo Plastech, Cosmo Consumer.
• Strategy: shift to high-ROCE specialty films and consumer verticals.
• Capex cycle completed with ₹1,200+ Cr invested; limited capex ahead.

Operational Highlights

• Q1 FY27 revenue ₹1,166 Cr; EBITDA ₹147 Cr; PAT ₹54 Cr; EBITDA margin 12.6%.
• Net debt ₹1,166 Cr; Net debt/EBITDA 2.3x; target below 2.0x in 12–18 months.
• Launched Window Films and Paint Protection Films in FY26.
• Specialty Chemicals revenue +34% YoY; EBITDA +46% YoY in Q1 FY27.
• Cosmo Plastech revenue +58% YoY; EBITDA turnaround to 7%.
• Cosmo Films export share ~50% of revenue; global reach 80+ countries.
• Bidkin expansion underway for next phase of capacity growth.

Financial Performance

• FY26 Cosmo Films revenue ₹3,265 Cr; Q1 FY27 ₹1,034 Cr.
• Q1 FY27 net revenue ₹1,166 Cr; EBITDA ₹147 Cr; PAT ₹54 Cr; EBITDA margin 12.6%.
• Specialty Chemicals FY26 revenue ₹204 Cr; Q1 FY27 ₹66 Cr.
• Cosmo Plastech FY26 revenue ₹92 Cr; Q1 FY27 ₹36 Cr.
• Cosmo Consumer FY26 revenue ₹23 Cr; Q1 FY27 ₹11 Cr.
• Net debt/equity 0.7x; Net debt/EBITDA 2.3x.

Capital Structure & Liquidity

• Promoter 40.78%; Institutional 3.93%; Non-institutional 54.18%; ESOP Trust 1.11%.
• Net debt ₹1,166 Cr; net debt/equity 0.7x; net debt/EBITDA 2.3x.
• Capex ahead: minimal capex; no debt details disclosed.

Strategic Priorities & Outlook

• Capex cycle completed; deleveraging to below 2.0x within 12–18 months.
• Shift to specialty films; specialty mix 61%; target ~70%.
• FY30 target revenue for niche verticals ₹400-500 Cr.
• Bidkin expansion to drive capacity growth.

Risks & Mitigation

• Higher raw-material costs post West Asia conflict pressured margins; mitigated by higher volumes and premium mix.

Governance & Leadership

• Board: 60% independent directors; 2 women; 6 active committees.
• Group CEO Pankaj Poddar; CFO Neeraj Jain; Cosmo Consumer leadership Abhineesh Das.
• Shareholding: Promoter 40.78%, Institutional 3.93%, Non-institutional 54.18%.

Financial highlights

• Net revenue for Q1 FY27: Rs 1,166 crore.
• EBITDA: Rs 147 crore.
• PBT: Rs 71 crore; PAT: Rs 54 crore.
• EPS: Rs 20.7 (Not annualized).
• Net debt at June 2026 end: Rs 1,166 crore; 2.3x EBITDA; flat vs Q4 FY26.

Outlook and growth

• FY26-27 revenue to grow about 20% overall.
• Four new businesses expected to grow 60%.
• FY27 focus on higher ROCE and asset efficiency.
• Net debt expected to reduce significantly over the next two years.

Operational and strategic developments

• Specialty Chemical subsidiary grew 34% topline; 25% EBITDA in Q1 FY27.
• Cosmo Plastech grew 58% topline; EBIT positive in Q1 FY27.
• Zigly Petcare expanded retail footprint with 4 new centres.
• Cosmo Consumer grew 25–26% in first year.
• Cosmo Films won three SIES SOP Star Awards 2026.
• Cosmo Films patent granted in Mexico for CPP.
• 4C Cosmo Car Care Centre launched in Pune.
• Cosmo Speciality Chemicals led by new Business Head Piyush Gupta.
• Secured ISO 45001:2018 for Waluj, Shendra, Karjan units.
• Won three FIPSA 2026 packaging awards.
• USA film business improved post tariff reductions.
• Cosmo Plastech to add 50% capacity in next 2 quarters.

AGM Details

• AGM held on 05 August 2026 at 3:00 PM via Video Conferencing.
• Record date for voting: 29 July 2026.

Key Resolutions & Outcome

• Adoption of Audited Financial Statements and related reports — Ordinary — Passed.
• Dividend on equity shares at 40% (Rs 4 per share) — Ordinary — Passed.
• Re-appointment of Yamini Kumar as Whole-Time Director — Ordinary — Passed.
• Re-appointment of Arjun Singh as Independent Director — Special — Passed.
• Remuneration by Commission to Non-Executive Directors — Ordinary — Passed.
• Remuneration for managerial remuneration in case of no profit or inadequate profit — Special — Passed.
• Remuneration to Non-Executive Directors in no profit scenario — Special — Passed.
• Remuneration payable to Cost Auditors for FY 2026-27 — Ordinary — Passed.

Dividend Details

• Dividend approved: 40% (Rs 4 per equity share).

Directors & Appointments

• Ms. Yamini Kumar re-appointed as Whole-Time Director.
• Mr. Arjun Singh re-appointed as Independent Director.

Auditors & Scrutinizer

• Remuneration approved for Cost Auditors for FY 2026-27.

Related Party Transactions

• No material related party transactions disclosed.

Other Material Approvals

• All eight resolutions approved by requisite majority.

AGM Details

• Date and time: 05 August 2026, 3:00 PM IST; Mode: Video Conferencing.
• Record date for voting: 29 July 2026.

Resolutions & outcomes

• Resolution 1 (Ordinary): Adoption of Audited Financial Statements; Passed.
• Resolution 2 (Ordinary): Dividend of 40% (Rs 4 per share); Passed.
• Resolution 3 (Ordinary): Re-appointment of Yamini Kumar as Whole-Time Director; Passed.
• Resolution 4 (Special): Re-appoint Arjun Singh as Independent Director; Passed.
• Resolution 5 (Ordinary): Commission to Non-Executive Directors; Passed.
• Resolution 6 (Special): Remuneration in no-profit scenario for managerial services; Passed.
• Resolution 7 (Special): Remuneration to Non-Executive Directors in no-profit scenario; Passed.
• Resolution 8 (Ordinary): Remuneration to Cost Auditors for FY 2026-27; Passed.
• Turnout: 48.74% of shares polled; in-favour majority across resolutions.

Dividend Details

• Dividend proposed and approved: 40% (Rs 4 per equity share).

Director & Auditor Changes

• Yamini Kumar re-appointed as Whole-Time Director (retiring by rotation).
• Arjun Singh re-appointed as Independent Director.
• Cost Auditors remuneration for FY 2026-27 approved.

Material Related Party Transactions

• No material related party transactions approved.

Other Material Approvals

• No other material approvals disclosed.

Meeting Details

• Board meeting on 6 August 2026 to consider unaudited quarterly results for quarter ended 30 June 2026.

Key Agenda Items

• Consider and approve unaudited financial results for the quarter ended 30 June 2026.