Cosmo First Q3 FY26: Revenue at ₹899 Cr, EBITDA ₹103 Cr; JV in South Korea
Cosmo First reported Q3 FY26 results with Net Revenue at ₹899 Cr and EBITDA at ₹103 Cr. The company announced a strategic Joint Venture in South Korea with Filmax Corporation to expand its business verticals. Key developments include product launches in packaging films and expansion of its pet care business.
The results show year-on-year growth, and the forward-looking statements indicate potential for future growth. The strategic JV and expansion in consumer businesses are significant, but the impact is moderated by challenges like margin decline and inventory losses.
The company reported revenue and EBITDA growth year-on-year, with positive outlooks for future growth driven by capacity expansion and tariff reductions. Strategic initiatives like the South Korean JV and expansion of consumer businesses are also positive indicators.
Cosmo First Limited (COSMOFIRST) announced its unaudited financial results for the quarter ended December 31, 2025 (Q3 FY26).
The company reported a consolidated Net Revenue of ₹899 crore for Q3 FY26, an increase from ₹701 crore in Q3 FY25. EBITDA stood at ₹103 crore, up from ₹86 crore year-on-year, with an EBITDA margin of 11.5%, slightly down from 12.3% in the prior year period. Profit Before Tax (PBT) was ₹31 crore, and Profit After Tax (PAT) was ₹30 crore. Earnings Per Share (EPS) was ₹11.4 (not annualized).
The improvement in EBITDA was attributed to higher sales volume (29%) and the improved performance of its specialty chemical subsidiary. However, this was partially offset by a decline in BOPP and BOPET film margins, high USA tariffs impacting the full quarter, a 6% volume loss from the shutdown of one BOPP line, and a non-repetitive inventory loss of ₹8.4 crore due to raw material price drops. Increased depreciation and interest related to new capacities also muted the PAT.
The company anticipates double-digit revenue growth in upcoming quarters due to enhanced utilization of its recently added capacity. The reduction in USA tariffs is expected to improve profitability from US operations starting Q1 FY27, after the exhaustion of higher duty-paid inventory.
Cosmo Plastech, the rigid packaging vertical, achieved positive EBITDA in December 2025 and will now focus on higher profitability through increased capacity utilization and efficiency. Both consumer businesses, Zigly (Petcare) and Cosmo Consumer (Window films, Paint Protection Films & Ceramic Coatings), continue to scale up, with Zigly posting over 50% topline growth in Q3 FY26 on a YoY basis.
Key developments during the quarter included a strategic Joint Venture in South Korea with Filmax Corporation to scale Cosmo First's business verticals in the South Korean market. Cosmo Films also received the IFCA Star Award for packaging innovation and launched high-performance packaging films for the pet food industry. The rigid packaging business expanded into PET sheets for the pharmaceutical industry. The Petcare business (Zigly) expanded its footprint in Western India with new centers in Pune and Jaipur. Cosmo Foundation joined hands with the Border Security Force for green cover expansion in Delhi, and its leader, Ms. Yamini Kumar Jaipuria, received awards for impactful women leadership and CSR.
Group-level achievements include obtaining the globally recognized ISO/IEC 27001:2022 certificate for Information Security Management System. Mr. Pankaj Poddar, Group CEO, stated that the focus for FY26 will be on achieving near full capacity utilization for the Film business and faster scaling of new businesses.
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