Cosmo First Q4 FY26 Results: Sales Surge 37% to ₹1,021 Cr, EBITDA Up 53%
Cosmo First's Q4 FY26 sales grew 37% to ₹1,021 Cr, with EBITDA up 53% to ₹130 Cr. Full-year revenue rose 26% to ₹479 Cr. The company aims for double-digit topline growth in FY27, leveraging new capacities and US tariff benefits. Net debt reduced by ₹75 Cr to ₹1,159 Cr. A dividend of ₹4 per share is proposed.
The strong financial performance, coupled with positive future guidance on growth and debt reduction, is expected to have a significant positive impact on investor sentiment and the company's stock.
The company reported significant year-on-year growth in sales and EBITDA for Q4 FY26, along with positive outlooks for revenue growth and debt reduction.
Cosmo First Limited reported strong financial results for the fourth quarter and full year ended March 2026. The company's consolidated sales for Q4 FY26 surged by 37% year-on-year to ₹1,021 crore, primarily driven by a 41% increase in volume. EBITDA for the quarter rose by 53% to ₹130 crore from ₹85 crore in the prior year's comparable quarter. This significant EBITDA growth was attributed to higher sales volumes, an increase in specialty sales volume (growing at approximately 10% CAGR), and enhanced EBITDA from the specialty chemical subsidiary.
The company also reported a one-time exceptional item of ₹7.2 crore related to a provision made by its Netherlands subsidiary. BOPP margins stood at ₹20 per kg in Q4, compared to ₹13 per kg in Q3 FY26 and ₹20 per kg in Q4 FY25. Similarly, BOPET margins were ₹18 per kg in Q4, up from ₹12 per kg in Q3 FY26 and ₹18 per kg in Q4 FY25. Profit After Tax (PAT) saw moderate improvement due to increased depreciation and interest expenses related to new capacities, along with a one-time impact of ₹5.3 crore from the reversal of deferred tax assets due to subsidiary reorganization in South Korea.
For the full year FY26, Cosmo First achieved a 26% increase in revenue, supported by a 27% rise in volume following the commissioning of BOPP and CPP lines. Full-year EBITDA increased by 32% to ₹479 crore, driven by higher volumes (27%), increased specialty films sales, and enhanced EBITDA from the specialty chemical business (₹53 crore vs. ₹33 crore in the previous year).
The company expects double-digit topline growth in the upcoming year, driven by improved utilization of its new BOPP and CPP capacities. The recent reduction in US tariffs is anticipated to boost profitability from US operations starting next year.
In its new business verticals, the Specialty Chemical subsidiary reported sales of ₹54 crore with over 25% EBITDA in Q4 FY26, and ₹204 crore topline with over 25% EBITDA for the full year FY25-26. Cosmo Plastech (Rigid Packaging) achieved over 70% topline growth in Q4 YoY and has reached EBITDA breakeven, with a focus on profitability through higher capacity utilization in FY27. The consumer businesses, Zigly (Petcare) and Cosmo Consumer (Window films, Paint Protection Films, Ceramic Coatings), are scaling up, with Zigly posting 54% topline growth in Q4 FY26 YoY. The business model is shifting towards high-margin services and house brands.
Cosmo First has largely completed its CAPEX cycle, having invested ₹1,200 crore over the last three years. The company has a clear roadmap to reduce its net debt over the next two years, having already reduced it by ₹75 crore in the last six months to ₹1,159 crore. The Board of Directors has recommended a dividend of ₹4 per equity share for FY25-26, subject to shareholder approval.
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