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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Quantify US tariff impact in Q3 FY26
Asked by N of Jimodia, Anvil Wealth
Management provided a specific range and breakdown of the impact.
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Question
if you can just quantify what was the impact of US tariff in third quarter of FI26
Management
it's near to full impact. So as we said depending on the month between four to 5 cr rupee is the net impact because of the USA tariff. Out of this 6 cr rupee impact was already baked in in the quarter 2 results. So there's additional impact of close to 8 cr rupees.
Partial answer
Medium priority
Opportunities from EU FDA and Japan market
Asked by N of Jimodia, Anvil Wealth
Management gave qualitative outlook but no specific revenue or volume numbers.
no quantificationqualitative only
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Question
do you see any opportunities not today but let's say starting next year when the EU FDAs would be in place... and last time you also touched upon Japan as a market
Management
Americas and Europe are the biggest export region for us and now India entering into FDA with both of them this should be quite positive in the quarters to come... Japan will be actually the slowest amongst all these because Japan is easy to enter sorry difficult to enter and difficult to exit.
Evasive
Medium priority
Quantify current business from Europe
Asked by N of Jimodia, Anvil Wealth
Management did not provide a number and deferred.
no number givendeferred
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Question
Sir is it possible to quantify the amount of business which we are currently doing from Europe?
Management
I won't have it immediately but it's quite sizable out of our total exports.
Answered
High priority
New line utilization and Q4 volume growth
Asked by N of Jimodia, Anvil Wealth
Management gave specific utilization percentages and timeline.
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Question
how much this new line has operated in third quarter and also like with one of the lines now being corrected... how do you see Q4 versus Q3 in terms of the volume growth?
Management
in quarter three on an average we could run it at 70% of potential capacity... post February we should be able to run this line at full output... we have reached now close to 80% of the potential and we expect that from March onwards we should be able to get 100% out of this line
Answered
High priority
BOP margin improvement and outlook
Asked by N of Jimodia, Anvil Wealth
Management confirmed improvement and gave directional trend.
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Question
let's say in Q4 or let's say going into the season into Q1 how do you see this margins so have they started improving again
Management
BOP margins have also improved they started improving from December and right now January margins are even better than December margins. So yes, they're also on an improvement side.
Answered
Medium priority
Window film breakeven sales level
Asked by N of Jimodia, Anvil Wealth
Management provided a specific revenue range for breakeven.
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Question
at what level of sales this window films would start breaking even... at what level of sales we can see start seeing breaking even
Management
we expect that this business based on the current margins should be roughly 80 85 crores at which it should start to break even.
Partial answer
High priority
Expected capacity utilization and EBITDA margin improvement
Asked by Gorov, Capital Farming Consultants
Management gave volume potential but not specific EBITDA margin improvement.
no specific margin numberqualitative
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Question
to what extent that we can expect maybe by FI27 and FI28 what percentage of capacity utilization we can expect and how much additional EBITDA margin improvement we can expect from it.
Management
from what we did in quarter three we can easily get around 25 to 30% more output from our assets... our focus now remains on... for next 3 years for sure we are not going to invest on any significant capex... our target will be to take this number to 75%.
Partial answer
High priority
Realistic volume growth assumption next 2-3 years
Asked by Gorov, Capital Farming Consultants
Management gave qualitative full utilization but no year-on-year volume growth number.
no specific volume growth rate
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Question
what could be the realistic volume per se... quantity per se what is a realistic assumption that we can build in our models for let's say next two to three years year-on-year basis
Management
we see no reason why we should not be able to fully utilize our BOP and BOPET capacity. We should reach to our full potential. The only area where it is going to take us 12 more months to reach to full potential will be CPP.
Answered
High priority
Current debt level and expected annual reduction
Asked by Gorov, Capital Farming Consultants
Management provided specific debt figure and annual reduction range.
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Question
what level of debt currently we are as on 31st of December 2025 and what we expect that year-on-year basis we would be able to reduce
Management
we are at close to 1,200 cr rupee of the net debt at the end of the December 25... we expect between 200 to 250 cr each year reduction which translates to 15 to 18% of the reduction in the net debt position each year.
Answered
High priority
BOPET gross margin improvement with numbers
Asked by Jatin Damana, Swan Investments
Management provided specific per kg margin numbers for both quarters.
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Question
what are the BOPET films gross margin? As you said that there has been an improvement in the BOPET films margins. So if you can tell us with the numbers.
Management
The bare quarter 3 gross margin was running at 12 rupees per kg as compared to 6 rupees per kg in the previous quarter.
Answered
Medium priority
Timeline to reach 75% specialty mix
Asked by Jatin Damana, Swan Investments
Management gave a specific timeline of 4 years.
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Question
we aim to take it to 75% like if we can give a timeline to this and how we can do that
Management
If we go historically it should take around 4 years.
Answered
High priority
Quantify US tariff reduction benefit for next year
Asked by Sasha Jalan, augment
Management provided a specific 50 crore margin improvement figure.
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Question
do we see any incremental margin increase from our base and if you can quantify that for next year.
Management
For the full year next year we should have two impacts. One is the margin improvement by close to 50 crores and second is growth in our revenue and incremental margins coming out of that.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| US business currently ~400 cr | ₹400 cr | ₹899 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.