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BOP film oversupply by FY28
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COSMO FIRST LIMITED — Q3 FY26
Cosmo First reported Q3 FY26 consolidated revenue of ₹899 crore, up 28% YoY driven by 29% volume growth from new capacities.
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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.
कॉस्मो फर्स्ट ने तीसरी तिमाही में 899 करोड़ रुपये का कारोबार किया, जो पिछले साल से 28% ज्यादा है। यह बढ़ोतरी नई मशीनों से 29% ज्यादा माल बेचने की वजह से हुई। कंपनी की कमाई (EBITDA) 103 करोड़ रुपये रही, जो 19% बढ़ी, लेकिन इसमें करीब 20 करोड़ रुपये के एकमुश्त खर्चे शामिल हैं—जैसे अमेरिकी टैरिफ का असर (8 करोड़), माल के नुकसान (8.4 करोड़) और फैक्ट्री बंद रहने (4 करोड़) का। BOP फिल्म का मुनाफा घटकर 13 रुपये प्रति किलो रह गया, जबकि BOPET फिल्म का मुनाफा बढ़कर 12 रुपये प्रति किलो हो गया। कंपनी को आने वाले समय में 10% तक कारोबार बढ़ने की उम्मीद है, और अमेरिकी टैरिफ में राहत से अगले साल मुनाफा और बेहतर होगा। कर्ज 1,215 करोड़ रुपये है, जिसे हर साल 200-250 करोड़ कम करने का लक्ष्य है। खतरा: BOP फिल्मों में ज्यादा आपूर्ति से मुनाफा दब सकता है।
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BOP film gross margin
₹13/kg
-₹8/kg YoY
BOP film gross margin declined from ₹21/kg in Q3 FY25 due to import pressure and seasonal weakness.
BOPET film gross margin
₹12/kg
+₹6/kg QoQ
BOPET gross margin doubled sequentially from ₹6/kg as Chinese imports reduced.
Net debt
₹1,215 crore
-₹20 crore QoQ
Net debt reduced by ₹20 crore from previous quarter; management targets ₹200-250 crore annual reduction.
Specialty chemical sales
₹52 crore
+25% EBITDA margin
Specialty chemical subsidiary achieved ₹52 crore sales with 25% EBITDA margin in Q3.
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Guidance and risk preview
Management expects near double-digit top-line growth driven by enhanced utilization of recently added capacity.
Management acknowledged that FY28 could see supply exceeding demand in BOP films due to new capacities from peers, which could pressure margins.
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