Cosmo First Q1 FY27: Growth Builds as Capex Peaks and Deleveraging Starts

Cosmo First entered FY27 with a quarter that blended fast topline growth with early signals of a shift from heavy investment to value creation. For the quarter ended June 30, 2026, net revenue rose to ₹1,166 crore, up 46 percent year on year. EBITDA increased to ₹147 crore, up from ₹116 crore, while PAT improved 25 percent to ₹54 crore with EPS of ₹20.7 (not annualized). The numbers reflect a business still driven by films, but with specialty chemicals and rigid packaging improving meaningfully and consumer businesses scaling with planned value unlocks. Management framed the quarter as the start of a new phase. The company has completed more than ₹1,200 crore of strategic capex over the last three years, with major capacities now commissioned and limited capex planned ahead. Net debt stood at ₹1,166 crore as of June 2026, translating to 2.3x EBITDA, down from 2.9x in June 2025. The company is targeting Net Debt to EBITDA below 2.0x within 12 to 18 months. This matters because it signals a pivot toward cash generation, utilization improvement, and ROCE uplift as new assets move closer to full output.

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