Cosmo First Q2 FY27 Revenue Rises 51% to ₹1,388 Crore

Cosmo First Ltd reported Q2 FY27 net revenue of ₹1,388 crore, a 51% year-on-year increase, while consolidated profit after tax rose 111% to ₹99 crore. The September-quarter performance reflected higher specialty and semi-specialty film volumes, growth in newer businesses, and certain non-recurring items affecting EBITDA.

What did Cosmo First report for Q2 FY27?

Cosmo First reported net revenue of ₹1,388 crore for the quarter ended September 30, 2026, compared with ₹919 crore in Q2 FY26. EBITDA rose 38% year on year to ₹177 crore, translating into an EBITDA margin of 12.8%. Consolidated PAT stood at ₹99 crore, with earnings per share of ₹38.0.

The company’s reported revenue and profit figures are based on its Q2 FY27 investor presentation and financial-results disclosures. Cosmo First had not published an earnings-call transcript for the quarter at the time of the presentation, while an investor earnings call was scheduled for November 4, 2026, at 4:00 PM IST.

What drove Cosmo First's quarterly revenue growth?

Cosmo First attributed its operating progress to volume growth in specialty and semi-specialty films, which increased 15% year on year during Q2 FY27. Specialty and semi-specialty products accounted for about 60% of film volumes in the quarter, with the company tracking towards a mix of about 70%.

The newer businesses also reported faster growth from a smaller base. Cosmo Specialty Chemicals recorded revenue of ₹90 crore, up 84% year on year from ₹49 crore. Cosmo Plastech reported revenue of ₹39 crore, a 90% year-on-year increase. Zigly Petcare posted H1 FY27 revenue of ₹37 crore, up 58% year on year.

The presentation said Cosmo First is focused on sustaining profit growth through higher volumes, specialty sales and better capacity utilisation. These factors are central to the company’s attempt to increase the proportion of value-added products in its overall portfolio.

How did non-recurring items affect Cosmo First's margin?

Cosmo First’s Q2 FY27 EBITDA included a ₹24.8 crore benefit from a customs-duty refund, while a ₹7 crore stock loss arose from declines in raw-material prices. These items affected the reported quarterly EBITDA and should be considered when comparing the 12.8% margin with other periods.

The company’s specialty chemicals business maintained a 25% EBITDA margin in H1 FY27, matching its stated margin target for the segment. In rigid packaging, Cosmo First has set a target of achieving a double-digit EBITDA margin by FY30, although the presentation did not provide a quarterly margin for that business.

The reported PAT increase was faster than EBITDA growth, at 111% year on year. The company also said it had adopted a concessional tax regime that would benefit tax provisions in FY27. The presentation did not provide a detailed reconciliation of every factor contributing to the PAT movement.

What is Cosmo First's capex and capacity plan?

Cosmo First said it has completed strategic capital expenditure of more than ₹1,250 crore since FY24. Major capacities have been commissioned, and the company indicated that capex requirements ahead would be limited relative to this completed investment phase.

For specialty films, Cosmo First plans to expand annual capacity by 16,000 metric tonnes in H2 FY27. It has identified a 10% compound annual growth target for specialty films. The planned capacity addition is relevant because specialty and semi-specialty products are expected to form a larger share of the company’s film mix.

The company also reported net debt of ₹1,057 crore, equivalent to 1.9 times EBITDA. Its update referred to lower net debt than the previous period, but did not state the prior-period debt figure in the supplied information. The debt position remains an important measure for investors assessing the financial impact of the company’s recent capex cycle.

How do the Q2 FY27 results matter for investors?

The Q2 results show that Cosmo First’s revenue growth extended beyond its core film operations, with specialty chemicals, rigid packaging and petcare all contributing to the broader business mix. The 15% specialty and semi-specialty film volume growth is particularly important because the company is seeking to increase its exposure to products with potentially stronger margins.

However, the customs-duty refund and stock loss mean the reported EBITDA needs to be read alongside those exceptional effects. The company’s 12.8% EBITDA margin and ₹99 crore PAT provide the reported financial outcome for the quarter, but the investor presentation does not provide management guidance for the remainder of FY27.

For shareholders, the key disclosed operating milestones are the H2 FY27 specialty-film capacity addition, continued expansion in specialty chemicals and the effort to reduce leverage after the capex programme. The scheduled earnings call offers the next formal forum for management to discuss the September-quarter performance and operations.

Conclusion

Cosmo First delivered a 51% increase in Q2 FY27 net revenue to ₹1,388 crore and a 111% rise in consolidated PAT to ₹99 crore. Specialty-film volume growth, expanding newer businesses and the commissioned capacity base supported the reported performance, while the EBITDA result also included a customs-duty refund and a raw-material-related stock loss.

Investors will watch the planned addition of 16,000 metric tonnes of specialty-film capacity in H2 FY27, the company’s progress towards a 70% specialty and semi-specialty film mix, and its net-debt position of ₹1,057 crore. Management’s November 4, 2026 earnings call is the scheduled next event disclosed by Cosmo First.