Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2098 Cr.
Stock P/E
13.4
P/B
1.3
Current Price
₹799.2
Book Value
₹ 630.8
Face Value
10
52W High
₹995
52W Low
₹ 562
Dividend Yield
0.5%

Cosmo First Overview

Business

Cosmo First Ltd. (formerly Cosmo Films Ltd.) is a global manufacturer of Bi-axially Oriented Polypropylene (BOPP) films and Cast Polypropylene (CPP) films. These films serve various applications, including flexible packaging, labeling, lamination, and industrial uses across food, personal care, pharmaceutical, and other sectors. The company has a significant focus on specialty films that offer enhanced properties like barrier, thermal lamination, and synthetic paper substitutes. In recent years, Cosmo First has diversified its business beyond films into new ventures such as an omnichannel pet care platform (Zigly), and specialty chemicals (adhesives, coatings, masterbatches). The core business model involves manufacturing and supplying these films and related products directly to converters, brand owners, and industrial users, generating revenue from their sales.

Revenue Mix

The company's primary business segment remains Films, encompassing BOPP, CPP, and a growing portfolio of specialty films. This segment historically accounts for the vast majority of its revenue (typically over 90-95%).

In recent years, Cosmo First has strategically diversified into "New Businesses," which include:

Pet Care (Zigly): An omnichannel platform offering pet products, veterinary services, and grooming. This segment is in its growth phase and currently contributes a small but increasing portion of the total revenue.

Specialty Chemicals: Manufacturing adhesives, coatings, and masterbatches for various industries. This segment is also growing and contributing to the overall revenue, aiming for higher-margin products.

Specific percentage contributions for these new segments are not consistently detailed as significant revenue generators compared to the Films business in latest public disclosures but represent strategic diversification for future growth.

Industry

Cosmo First operates within the highly competitive global plastic film manufacturing industry, particularly in flexible packaging. The industry for commodity BOPP and CPP films is often characterized by significant competition and sensitivity to raw material prices. However, the market for specialty and value-added films offers opportunities for differentiation and higher margins. Cosmo First is one of the leading manufacturers of BOPP films globally and a significant player in India. It has strategically positioned itself by investing heavily in R&D to develop a wide range of specialty films, which allows it to move up the value chain, reduce reliance on commodity films, and cater to evolving customer demands for performance and sustainability.

MOAT

Scale and Cost Efficiency: As a large-scale manufacturer in India, Cosmo First benefits from economies of scale in production, which can lead to cost advantages in commodity film segments.

R&D and Product Innovation: A strong focus on research and development, particularly in specialty films (e.g., barrier films, synthetic paper, direct thermal printable films), provides a competitive edge by offering unique and high-performance products that command better margins and create switching costs for customers.

Established Customer Relationships & Global Presence: Long-standing relationships with a diverse global customer base (converters, brand owners) built on product quality and service.

Brand Reputation: A strong brand reputation in the B2B flexible packaging and labeling industry for quality and reliability.

Growth Drivers

Growing Flexible Packaging Demand: Increasing consumption of packaged food, personal care, and pharmaceutical products, especially in emerging markets, fuels demand for flexible packaging films.

E-commerce Growth: The rapid expansion of e-commerce necessitates a significant amount of protective and functional packaging.

Shift to Specialty Films: Increasing adoption of high-performance and specialty films due to demand for enhanced product protection, extended shelf life, and sustainable packaging solutions.

Capacity Expansion & New Product Development: Continuous investment in expanding manufacturing capacities and launching innovative film products.

Diversification into New Businesses: Growth and scaling of the pet care (Zigly) and specialty chemicals businesses can open new revenue streams and reduce dependence on the films segment.

Risks

Raw Material Price Volatility: Key raw materials like polypropylene resin are crude oil derivatives, making the company susceptible to fluctuations in crude oil prices, which can impact profitability.

Intense Competition & Overcapacity: The commodity film segment faces intense competition and potential overcapacity, leading to pricing pressure and margin erosion.

Environmental Regulations: Increasing global scrutiny and regulations on single-use plastics and plastic waste could impact demand or necessitate significant investments in sustainable alternatives.

Currency Fluctuations: As an exporter and importer of raw materials, the company is exposed to foreign exchange rate volatility.

Execution Risk in Diversification: The success of new ventures like Zigly and specialty chemicals depends on effective execution, market acceptance, and significant investment, which carry inherent risks.

Global Economic Slowdown: A slowdown in global economic growth can reduce industrial demand for films and packaged goods.

Management & Ownership

Cosmo First Ltd. is promoted by the Jain family. Mr. Ashok Jaipuria is the Chairman and Managing Director, having founded the company and provided long-term leadership. The management team also includes professionals leading various business units. The promoter group holds a significant stake in the company (typically in the range of 45-50%), aligning their interests with those of other shareholders. The company has transitioned from a film-focused entity to a diversified group under its current leadership, indicating a strategic shift towards broader opportunities.

Outlook

Cosmo First Ltd. presents a mixed but generally positive outlook. The core film business benefits from a growing global demand for flexible packaging and a strategic pivot towards higher-margin specialty films, which offer better insulation from commodity price volatility and competition. Investments in R&D and capacity expansion for these value-added products are key strengths. The diversification into pet care and specialty chemicals, while currently smaller in revenue contribution, provides new avenues for growth and reduces long-term reliance on the cyclical film business, potentially enhancing enterprise value. However, the company remains exposed to significant risks from volatile raw material prices, intense competition in commodity film segments, and evolving environmental regulations regarding plastics. The successful execution and scaling of its new ventures will be crucial for realizing its long-term growth ambitions.

Cosmo First Share Price

Live · BSE / NSE · Inception: 1976
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Cosmo First Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 641 690 759 701 746 800 919 899 1021 1166
Other Income 23 17 20 23 15 24 25 35 17 11
Total Income 665 706 779 724 761 824 944 934 1038 1177
Total Expenditure 597 622 672 638 676 708 816 831 900 1030
Operating Profit 67 84 107 86 85 116 128 103 138 147
Interest 26 23 25 25 27 32 37 37 36 38
Depreciation 24 24 24 25 26 30 34 35 37 38
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -7 0
Profit Before Tax 18 37 57 36 33 54 57 31 58 71
Provision for Tax 2 6 11 7 5 12 11 2 21 17
Profit After Tax 15 31 46 30 27 43 47 30 37 54
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 15 31 46 30 27 43 47 30 37 54
Adjusted Earnings Per Share 5.9 11.8 17.4 11.3 10.3 16.3 17.8 11.2 14.1 20.5

Cosmo First Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 1621 1587 1847 2157 2204 2285 3038 3065 2587 2895 3639 4005
Other Income 6 15 35 20 19 38 48 54 68 74 102 88
Total Income 1626 1602 1881 2177 2223 2323 3087 3119 2655 2970 3741 4093
Total Expenditure 1429 1433 1713 1995 1943 1893 2467 2685 2404 2607 3255 3577
Operating Profit 197 169 168 181 280 430 620 434 251 362 486 516
Interest 30 36 52 56 53 42 40 55 89 100 141 148
Depreciation 36 42 51 54 65 59 63 75 89 100 137 144
Exceptional Income / Expenses -7 0 0 0 0 0 0 0 0 0 -7 -7
Profit Before Tax 124 91 64 72 163 329 517 304 72 163 201 217
Provision for Tax 28 5 -0 11 49 92 120 60 10 30 45 51
Profit After Tax 96 86 64 61 113 237 397 244 62 133 156 168
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 96 86 64 61 113 237 397 244 62 133 156 168
Adjusted Earnings Per Share 33 29.4 22.1 21 38.9 86.9 145.5 92.9 23.7 50.8 59.4 63.6

Cosmo First Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 456 573 620 680 741 854 1191 1298 1348 1466 1617
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 223 349 405 432 355 338 480 547 680 1038 1186
Other Non-Current Liabilities 79 122 103 99 119 163 224 263 321 352 335
Total Current Liabilities 384 501 635 657 690 766 859 1003 1163 1247 1543
Total Liabilities 1142 1544 1763 1869 1905 2120 2753 3110 3512 4103 4680
Fixed Assets 647 961 994 984 1004 1005 989 1414 1578 1808 2465
Other Non-Current Assets 126 71 108 142 115 121 391 367 532 738 323
Total Current Assets 368 513 660 742 781 992 1373 1329 1382 1558 1892
Total Assets 1142 1544 1763 1869 1905 2120 2753 3110 3512 4103 4680

Cosmo First Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 18 26 19 40 57 26 63 46 33 25 19
Cash Flow from Operating Activities 223 50 82 143 240 335 481 465 245 166 397
Cash Flow from Investing Activities -80 -223 -123 -90 -106 -105 -447 -325 -235 -420 -361
Cash Flow from Financing Activities -138 165 62 -35 -165 -193 -52 -153 -19 247 -3
Net Cash Inflow / Outflow 6 -7 21 17 -31 37 -18 -13 -8 -6 33
Closing Cash & Cash Equivalent 25 19 40 57 26 63 46 33 25 19 52

Cosmo First Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 33 29.4 22.1 20.96 38.9 86.92 145.52 92.95 23.69 50.81 59.42
CEPS(Rs) 45.24 43.84 39.66 39.39 61.21 108.65 168.74 121.5 57.78 88.79 111.65
DPS(Rs) 10 10 6 6 10 25 35 5 3 4 4
Book NAV/Share(Rs) 156.47 195.98 211.4 231.48 251.94 311.69 434.46 489.75 506.83 552.1 610.29
Core EBITDA Margin(%) 11.06 9.06 7.09 7.24 11.39 16.45 18.27 12.14 6.87 9.68 10.23
EBIT Margin(%) 8.92 7.49 6.2 5.73 9.4 15.55 17.79 11.47 6.06 8.84 9.11
Pre Tax Margin(%) 7.17 5.38 3.41 3.22 7.11 13.8 16.51 9.7 2.71 5.49 5.35
PAT Margin (%) 5.57 5.05 3.43 2.74 4.95 9.95 12.68 7.79 2.33 4.49 4.16
Cash Profit Margin (%) 7.63 7.54 6.16 5.16 7.79 12.43 14.7 10.18 5.68 7.84 7.81
ROA(%) 8.67 6.38 3.9 3.37 6.01 11.77 16.28 8.32 1.88 3.5 3.55
ROE(%) 23 16.69 10.85 9.46 16.09 29.91 39 19.76 4.75 9.6 10.22
ROCE(%) 17.63 12.25 8.94 8.8 14.26 23.56 30.79 17.16 7.17 10.2 11.33
Receivable days 25.27 30.12 34.48 32.89 32.04 29.24 23.83 24.43 31.53 35.27 34.58
Inventory Days 37.11 44.05 50.51 45.89 44.06 49.81 54.19 63.42 71.49 68.42 63.96
Payable days 38.79 34.66 26 25.19 28.12 30.87 32.26 35.96 42.29 37.29 33.78
PER(x) 5.88 8.45 7.45 6.17 3.57 4.76 7.94 6.33 21.08 12.14 10.05
Price/Book(x) 1.24 1.27 0.78 0.56 0.55 1.33 2.66 1.2 0.99 1.12 0.98
Dividend Yield(%) 3.44 2.68 2.43 3.09 7.19 4.03 2.02 0.85 0.6 0.65 0.67
EV/Net Sales(x) 0.59 0.83 0.66 0.51 0.51 0.79 1.28 0.78 0.87 1.02 0.85
EV/Core EBITDA(x) 4.86 7.8 7.27 6.08 4.04 4.22 6.29 5.5 8.97 8.14 6.37
Net Sales Growth(%) -1.59 -2.08 16.36 16.79 2.18 3.71 32.96 0.89 -15.59 11.89 25.69
EBIT Growth(%) 97.46 -17.59 -8.43 9.65 68.8 71.96 50.22 -35.42 -54.99 62.38 30.03
PAT Growth(%) 247.94 -10.91 -24.85 -5.15 85.63 108.83 67.42 -38.48 -74.51 114.46 16.95
EPS Growth(%) 247.94 -10.91 -24.85 -5.15 85.63 123.43 67.42 -36.13 -74.51 114.46 16.95
Debt/Equity(x) 0.93 1.09 1.28 1.2 1.07 0.9 0.68 0.69 0.74 0.94 0.99
Current Ratio(x) 0.96 1.02 1.04 1.13 1.13 1.29 1.6 1.33 1.19 1.25 1.23
Quick Ratio(x) 0.51 0.55 0.6 0.71 0.73 0.81 0.95 0.79 0.75 0.77 0.77
Interest Cover(x) 5.11 3.54 2.22 2.28 4.1 8.89 13.98 6.48 1.81 2.64 2.42
Total Debt/Mcap(x) 0.75 0.86 1.64 2.15 1.95 0.67 0.26 0.58 0.75 0.84 1.01

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +26% +6% +10% +8%
Operating Profit CAGR +34% +4% +2% +9%
PAT CAGR +17% -14% -8% +5%
Share Price CAGR -8% +6% -4% +11%
ROE Average +10% +8% +17% +17%
ROCE Average +11% +10% +15% +15%

Cosmo First Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 40.78 %
FII 3 %
DII (MF + Insurance) 2.19 %
Public (retail) 54.03 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 45.0445.0440.9840.9840.9840.8640.8640.7840.7840.78
FII 3.242.573.993.123.493.242.682.132.413
DII 0.690.860.70.10.680.480.841.131.492.19
Public 51.0451.5454.3355.854.8555.4255.6255.9655.3254.03
Others 0000000000
Total 100100100100100100100100100100

Cosmo First Peer Comparison

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Cosmo First Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Cosmo First Pros & Cons

Pros

  • Debtor days have improved from 37.29 to 33.78days.

Cons

  • Promoter holding is low: 40.78%.
  • Company has a low return on equity of 8% over the last 3 years.
  • The company has delivered a poor profit growth of -8% over past five years.
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