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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹899 Cr
verified against source
Revenue YoY
28%
reported change
EBITDA
₹103 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Cosmo First reported Q3 FY26 consolidated revenue of ₹899 crore, up 28% YoY driven by 29% volume growth from new capacities. EBITDA grew 19% YoY to ₹103 crore, but was impacted by ~₹20 crore of one-off items including US tariff impact (~₹8 crore), inventory loss (₹8.4 crore), and plant shutdown (₹4 crore). BOP film gross margin fell to ₹13/kg from ₹21/kg YoY, while BOPET margins improved to ₹12/kg from ₹6/kg sequentially. Management expects near double-digit revenue growth in coming quarters on higher capacity utilization, with US tariff relief boosting profitability from Q1 FY27. Net debt stood at ₹1,215 crore, with a target to reduce by ₹200-250 crore annually. Key risk: potential oversupply in BOP films by FY28 could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects near double-digit top-line growth driven by enhanced utilization of recently added capacity.
- Reduction in US tariffs will lead to improved profitability from US operations, with full-year benefit of ~₹50 crore expected from next fiscal.
- Management plans to reduce net debt by ₹200-250 crore annually over the next 2-3 years using free cash flow, as no major capex is planned.
- Management targets to increase specialty and semi-specialty product mix from current ~52% to over 60% in two years and 75% in four years.
Risks flagged
- Management acknowledged that FY28 could see supply exceeding demand in BOP films due to new capacities from peers, which could pressure margins.
- Anti-dumping application for BOPET has been filed but may take 12-18 months; Chinese imports could resume and pressure margins.
- Q3 results were impacted by ~₹20 crore of non-recurring items including inventory loss, plant shutdown, and past-period employee benefit costs.
- CPP line and consumer businesses (window films, Ziggly) are scaling but may take longer to reach full utilization and profitability.
Key quotes
- The capex cycle of the company is largely complete now. The focus will be on setting the strategic capex done in recent years almost close to 1,100 cr rupees.
- Our focus will be entirely to shift to specialty business. Because of our new line our specialty as a percentage to our total sales has come down from 70% to 50%. Our target will be to take this number to 75%.
- We expect between 200-250 cr each year reduction which translates to 15 to 18% of the reduction in the net debt position each year.
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