Cosmo First Q1 FY27 Results (NSE: COSMOFIRST)
Signal: Growth reaccelerated
The read
The operating trajectory strengthened materially: consolidated revenue reached ₹1,165.54 Cr, +45.7% YoY, and EBITDA margin was 12.6%, but gross margin compressed about 210bps as material intensity rose to about 65.5% of revenue; the next proof point is whether the margin holds without relying on the pending USD7 million customs refund.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,165.54 Cr | +45.7% | +14.2% |
| EBIT | ₹109.09 Cr | N/A | |
| Net profit | ₹0 Cr | N/A | |
| EPS | ₹20.71 | +24.8% | |
| EBIT margin | 12.6% |
P&L walk
Consolidated revenue increased to ₹1,165.54 Cr, +45.7% YoY and +14.2% QoQ, but gross margin compressed by about 210bps as material intensity rose; EBITDA margin nevertheless reached 12.6%, supported by employee costs growing 24.5% YoY versus revenue growth of 45.7%.
Segments
Packaging films remains the group engine at ₹1,089.07 Cr revenue and ₹122.78 Cr segment result, while Petcare continued to drag with a ₹14.84 Cr loss; Cosmo Plastech turned profitable at ₹2.46 Cr from a ₹6.63 Cr loss YoY.
Key positives
- Consolidated revenue reached ₹1,165.54 Cr, +45.7% YoY and +14.2% QoQ, accelerating from ₹800.03 Cr in Q1FY26.
- EBITDA margin was 12.6%; employee costs rose 24.5% YoY versus revenue growth of 45.7%, supporting lower employee-cost intensity of 8.3% versus 9.7%.
- Packaging films generated ₹122.78 Cr of segment result, +14.5% YoY, while Speciality chemicals result rose 52.7% YoY to ₹17.08 Cr.
- Cosmo Plastech turned around from a ₹6.63 Cr loss YoY to a ₹2.46 Cr profit.
Key concerns
- Gross margin compressed approximately 210bps YoY as material-related costs increased to about 65.5% of revenue from about 63.5%; revenue grew 45.7% while material-related costs grew faster, indicating cost absorption.
- Standalone PAT was ₹29.63 Cr, down 0.6% YoY despite 41.0% revenue growth; standalone finance costs rose 23.5% YoY to ₹37.60 Cr.
- Petcare remained loss-making at a ₹14.84 Cr segment loss, worse than the ₹10.63 Cr loss YoY.
- Consolidated PAT is reported as ₹0 Cr in the authoritative XBRL block despite basic EPS of ₹20.71 and the filing face printing ₹53.75 Cr PAT; this data inconsistency requires reconciliation.
Research and educational content only. Not investment advice.