Cosmo First Q1 FY27 Earnings Call — Analysis (NSE: COSMOFIRST)
All B2B businesses turn profitable; management shifts focus to ROCE improvement, debt reduction and specialty film mix expansion after completing major capex cycle.
Result quality: stable — Steady quarter. Management sentiment: neutral.
The take
Q1FY27 Consolidated revenue ₹1,166 Cr ( +46% YoY ) .
Results
Consolidated revenue ₹1,166 Cr +46% YoY; EBITDA ₹147 Cr +26% YoY; BOPP gross margin ₹30/kg (+₹10/kg QoQ) driven by mix improvement and stock gains; BOPET margin ₹9/kg (-₹9/kg QoQ).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Consolidated revenue | ₹1,166 Cr | +46% | yoy · Q1FY27 · vs June 2025Q |
| EBITDA | ₹147 Cr | +26% | yoy · Q1FY27 · vs ₹116 Cr in Q1FY26 |
| EBITDA margin | 12.6% | -190bps | yoy · Q1FY27 · 14.5% in Q1FY26 |
| Volume growth | 9% | +9% | yoy · Q1FY27 |
| BOPP gross margin | ₹30 per kg | +₹10 per kg | sequential · Q1FY27 · ₹20/kg in Q4FY26 |
| BOPET gross margin | ₹9 per kg | -₹9 per kg | sequential · Q1FY27 · ₹18/kg in Q4FY26 |
| Semi-specialty film contribution | ₹45 per kg | +₹9 per kg | sequential · Q1FY27 · ₹36/kg in Q4FY26 |
| Specialty film margins | ₹63 per kg | point_in_time · Q1FY27 · stable across last 5 quarters | |
| Net debt | ₹1,166 Cr | +flat | sequential · Q1FY27 · vs Q4FY26 |
| Net debt/EBITDA | 2.3x | −0.3x | sequential · Q1FY27 · from 2.6x prior period |
Guidance
FY27 topline expected to grow ~20% with new businesses growing ~60%; net debt/EBITDA to drop below 2x in 12 months; specialty mix to reach 67-68% next year.
Key themes
ROCE improvement and specialty mix shift
Operational commentary
- BOPP specialty sales volume grew 12% YoY; specialty mix reached 61%, highest in 5 quarters; management aims to reach 70% specialty mix with existing capacity.
Research and educational content only. Not investment advice.