Cosmo First Limited · NSE:COSMOFIRST
Cosmo First — Q2 FY27 Earnings Presentation
41 slides from Cosmo First's earnings presentation, Nov 3, 2026
Slide 1: Cover letter to stock exchanges
CFL/SE/2026-27/NOV/03 November 03, 2026 The Manager (Listing) The Manager (Listing) BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/1, G Block, Mumbai-400 001 Bandra – Kurla Complex Scrip Code: 508814 Mumbai-400 051 Security ID: “
Slide 2: Cosmo First - One Specialty Platform, Five Growth Engines
Cosmo First - One Specialty Platform, Five Growth Engines Q2 & H1 FY27 Investors Presentation Slide 1 of 40 Slide 1 of Slide 1 40 of 40
Slide 3: Q2 FY27 at a Glance
Q2 FY27 at a Glance The quarter in one view: group numbers and all five businesses ₹1,388 Cr ₹177 * Cr ₹99** Cr 1.9x Net Revenue EBITDA · 12.8% margin PAT · EPS ₹38.0 Net Debt / EBITDA +51% YoY +38% YoY +111% YoY from 3.0x in Sep-25 Business Revenue Q2 YoY EBITDA Q2 EBITDA % Change Highlight of the
Slide 4: Agenda
Agenda 01 Strategic Perspective - Short to Mid Term 02 Businesses at a Glance 02 03 03 Q2 & H1 FY27 Performance 04 Business Deep-Dives : Films, B2B, B2C 05 Financial Overview, ESG & Sustainability Slide 3 of 40
Slide 5: From Investment Phase To Value Creation
From Investment Phase To Value Creation 1 Capex Cycle Complete 2 Specialty Portfolio Shift 3 Long-term Value Creation ❑ ₹1,250+ Cr strategic capex done since ❑ Increasing specialty films volume ~ ❑ Building Consumer businesses FY24 10% CAGR (Window Films, Paint Protection Films & Petcare verticals)
Slide 6: Cosmo First – Businesses at a Glance
Cosmo First – Businesses at a Glance Slide 5 of 40
Slide 7: High Quality, Specialty-Focused Businesses: Five Growth Engines
High Quality, Specialty-Focused Businesses: Five Growth Engines FILMS: CORE BUSINESS B2B GROWTH BUSINESSES B2C BRANDS Market leader and cash generator Profitable and scaling fast Brand-building investment underway Cosmo Films Specialty Chemicals Cosmo Plastech Cosmo Consumer Zigly Pet Care Since 198
Slide 8: ₹1,250+ Cr Capex in FY24-26 – Incremental Capex in Specialty Only
₹1,250+ Cr Capex in FY24-26 – Incremental Capex in Specialty Only Foundation & Expansion Global Scale & Diversify Established Leadership ►2010: 2nd metallizer line Position in the Films ►2011: Korea plant ►2012: 2nd coating line Business & New ►2006: 3rd and 4th extrusion ►2013: 9th BOPP line,2014:
Slide 9: Q2 & H1 FY27 Snapshot
Q2 & H1 FY27 Snapshot Slide 8 of 40
Slide 10: Q2 and H1 FY27 — Performance Snapshot
Q2 and H1 FY27 — Performance Snapshot 1,388 177 919 128 99 Net Revenue EBITDA PAT Q2 FY27 Q2 FY27 Q2 FY27 47 ₹1388 Cr Q2FY26 Q2FY27 ₹177 * Cr Q2FY26 Q2FY27 ₹99** Cr Q2FY26 Q2FY27 vs ₹919 Cr (Q2 FY26) +51% 12.8% margin +38% EPS: ₹38.0 Stable +111% 324 2,561 245 152 1,719 90 H1 FY27 Revenue H1 FY27 EB
Slide 11: Q2 & H1 FY27 Performance Snapshot
Q2 & H1 FY27 Performance Snapshot In Rs. Crores Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 FY25-26 Net Revenue 1,388 919 1,173 2,561 1,719 3,639 EBITDA 177 128 147 324 245 479 EBITDA% 12.8% 14.0% 12.5% 12.7% 14.2% 13.2% PBT 98 57 71 169 112 201 PAT 99 47 54 152 90 156 EPS (In Rs.) (Not Annualized) 38 1
Slide 12: Q2 FY27 : Management Commentary
Q2 FY27 : Management Commentary ❑ Aligned with our strategy to reinforce our specialty films business, the Company is investing in a high-end chemical-coated film expansion. Powered by one of the world's most advanced coating lines, this facility will introduce 16k MT of annual capacity in H2 FY27.
Slide 13: Segment wise EBITDA Breakup
Segment wise EBITDA Breakup EBITDA Q2FY27 vs Q2FY26 Segment EBITDA: Q2FY27 vs Q2FY26 (₹ Cr) 200 177 171 150 129 128 EBITDA (₹ Cr) 100 50 21 13 3 0 (1) (2) (4*) (10) (14) Q2 FY26 Q2 FY27 (50) Flexible Packaging Cosmo Speciality Chemicals Cosmo Plastech Cosmo Consumer Zigly Petcare Total Reported EBIT
Slide 14: Deleveraging Underway : Net Debt/ EBITDA 3.0x →1.9x
Deleveraging Underway : Net Debt/ EBITDA 3.0x →1.9x ❑ Net Debt as on Sep 2026 has reduced by 102Cr vs Mar-26 despite net working capital increase of INR 148cr due to higher raw material prices post West Asia war ❑ Continued focus to keep reducing net debt over the next 2 years Net Debt Movement (Rs
Slide 15: Films Business: Strengthening the Core
Films Business: Strengthening the Core Slide 14 of 40
Slide 16: Films Business — India's Largest, Focused On Specialty
Films Business — India's Largest, Focused On Specialty Cr Change ❑ India's BOPP Market: ~900K MT pa | ₹13,000 Cr | 8–10% growth Packaging Films H1 FY27 H1 FY26 % • Largest flexible packaging film producer in India, Sales 2273 1546 47% ❑ Cosmo Position: with BOPP capacity of 277k MT EBITDA 313 251 25
Slide 17: Higher Value-Added Business Driving Margin & Differentiation
Higher Value-Added Business Driving Margin & Differentiation Shift towards specialty films is structurally improving margins and business quality Specialty films delivering significantly higher per kg margins vs base films What Makes Specialty Films Critical Higher value-added applications vs commod
Slide 18: BOPP Specialty Mix at ~60%, Volume Growth in Q2 15% YoY
BOPP Specialty Mix at ~60%, Volume Growth in Q2 15% YoY Quarterly movement in BOPP margin 100% 80 90% 70 66 65 80% 64 63 63 62 60 58% 56% 57% 70% 60% 61% 59% Films Volume (%) Gross Margin/Kg 50 60% 44 45 43 50% 40 40 36 30 40% 33 29 30 30% 25 20 22 20 42% 44% 43% 20% 39% 41% 13 40% 10 10% 0% - Q1'FY
Slide 19: BOPP Specialty Sales Continue To Grow (10% CAGR)
BOPP Specialty Sales Continue To Grow (10% CAGR) 120% 80 Movement in BOPP Margins 70 100% 65 65 67 63 60 60 58 57 55 55 Films Volume (%) 38% Gross Margin/Kg 80% 43% 50 52% 46 62% 58% 60% 64% 64% 71% 42 60% 45 40 38 45 39 38 38 31 30 29 30 40% 62% 23 22 20 57% 20 18 48% 20% 15 42% 40% 20 36% 38% 36%
Slide 20: Manufacturing Strength & Capacity Overview
Manufacturing Strength & Capacity Overview Additional Volumes – Improved capacity utilization to 90%+ in Q2FY27, further target to improve to near full utilization, Built Specialty capacity for next two years growth Karjan, Vadodara Bidkin, Chhatrapati Waluj, Chhatrapati Sambhajinagar Shendra, Chhat
Slide 21: Global Presence
Global Presence Global Footprint & Market Presence 100+ countries New Delhi, India 3 Manufacturing Plants Global Presence backed Global Sales Offices Customer Presence Corporate Office In India by Subsidiaries & Warehouses ~50% revenue from exports | Strong Canada global specialty films leadership W
Slide 22: Growing Specialty Films Product Portfolio
Growing Specialty Films Product Portfolio PACKAGING FILMS GRAPHICS LABEL FILMS INDUSTRIAL FILMS ❑ Print & Pouching Films ❑ Green Graphic PVC free ❑ Pressure Sensitive ❑ Tape & Textile Films ❑ Barrier Films ❑ Synthetic paper for ID Label stock films ❑ Cable Overwrap ❑ Overwrap Films cards, Tags, Menu
Slide 23: Innovation, R&D Initiatives – Driving Specialty & Sustainable Growth
Innovation, R&D Initiatives – Driving Specialty & Sustainable Growth Largest flexible packaging Centralized R&D centre at Waluj 30+ R&D resources ~0.5% of annual revenue 6 active patents R&D infrastructure in (Chhatrapati Sambhajinagar) including PhDs & global invested in R&D with 11+ in pipeline In
Slide 24: Trusted Partners - Dominant Global Brands
Trusted Partners - Dominant Global Brands Trusted partner to prestigious portfolio of large blue-chip companies and renowned brands FMCG Packaging Beverages Food Service Consumer Electronics Disclosure: All these are trademarks of respective owners Slide 23 of 40
Slide 25: New B2B Businesses: Scaling Specialty Chemicals and Rigid Packaging
New B2B Businesses: Scaling Specialty Chemicals and Rigid Packaging Slide 24 of 40
Slide 26: Cosmo Specialty Chemicals
Cosmo Specialty Chemicals The Margin Engine, A high-margin, R&D-led platform of niche chemistries ₹90 Cr 84% ₹21 Cr 23% New products Q2 FY27 Revenue Revenue Growth Q2 FY 27 EBITDA EBITDA Margin Launched Over Q2 FY26 vs ₹13 Cr in Q2 FY26 vs 26% in Q2 FY26 vs ₹49 Cr in Q2 FY26 ₹156 Cr 59% ₹39 Cr 25% 5
Slide 27: Cosmo Specialty Chemicals: 3 Niche Verticals
Cosmo Specialty Chemicals 3 Niche Verticals — R&D Driven, High ROCE, Scalable High-Value Add · Import Substitution · 25%+ ROCE · 20%+ EBITDA Business· Captive + External Market Scale-up Coating Chemicals Masterbatches Adhesives Capacity: 7,000 MT Capacity: 10,000 MT Capacity: 2,800 MT India Market I
Slide 28: Cosmo Plastech — Business Summary
Cosmo Plastech End-to-End Rigid Packaging Solutions End-to-End ₹39 Cr Rigid Packaging 90% — Business Summary 67% Capacity Expansion in Revenue Growth YoY 8% EBITDA Q2 FY27 Brand Sales Mix H2FY27 (10k MT) Q2 FY27 Revenue ₹75 Cr 73% H1 63% Current Capacity H1 FY27 7% EBITDA H1 FY27 Revenue Revenue Gro
Slide 29: B2C Businesses: Building Cosmo Consumer and Zigly
B2C Businesses: Building Cosmo Consumer and Zigly Slide 28 of 40
Slide 30: Cosmo Consumer: Window Films & Paint Protection Films - Market Opportunity
Cosmo Consumer Window Films & Paint Protection Films - Market Opportunity 1/2 ₹8.5 Cr ₹45 Cr* ₹-4 Cr EBITDA* Strong Branding Leveraging Films Q2 FY27 Revenue Annualized Run rate Q2 FY27 Focus exports ₹20 Cr 2.6x Revenue 150+ 250+ 30% H1FY27 Revenue H1FY27 vs H1FY26 Window Film PPF PPF Industry Growt
Slide 31: Cosmo Consumer: Product Portfolio & Differentiation
Cosmo Consumer Product Portfolio & Differentiation High-Margin · High-Growth · Target FY30 200 Cr Revenue COSMO SUNSHIELD — Window Films COSMO PPF — Paint Protection Films Started May 2025 | India Heat Control Film Industry: ~₹1,000 Cr pa India Industry ~₹500 Cr |Growing 30% YoY |Penetration: 1–2% v
Slide 32: Zigly — Tapping India's High-Growth Pet Care Industry
Zigly — Tapping India's High-Growth Pet Care Industry Revenue - ₹ 37 cr 1 Growth Annualized GMV run rate - ₹ 100 cr in H1 FY27 vs ₹ 23 cr. in H1 FY26 (+58% YoY) Offline-first 48 8 2 Ecosystem Centres New centres in H1 FY2 Gross Margin - 49% 64% 3 Margin in H1 FY27 vs 48% in H1 FY26 Services mix in O
Slide 33: Differentiated Specialty Businesses - Positioned For Higher Profitability
Differentiated Specialty Businesses - Positioned For Higher Profitability Strategic Business Transformation Role of Each Growth Engine Predominantly Multi-business specialty Core cash-generating platform driving scale and films-led portfolio portfolio global leadership. Traditional High-margin innov
Slide 34: Financial Overview & ESG
Financial Overview & ESG Slide 33 of 40
Slide 35: Financial Overview — Net Debt & Net Worth Trajectory
Financial Overview — Net Debt & Net Worth Trajectory ₹1,057 Cr 0.6x 1.9x Minimal Net Debt (Sep-26) Net Debt / Equity (Sep-26) Net Debt / EBITDA (Sep-26) Capex Ahead Growing Net Worth (₹ Cr) 2000 1759 1800 1617 1600 1466 1298 1348 1400 1191 1200 1000 854 800 600 400 200 0 FY21 FY22 FY23 FY24 FY25 FY2
Slide 36: Board of Directors — Well Diversified & Independent
Board of Directors — Well Diversified & Independent Mr. Ashok Jaipuria Ms. Yamini Kumar (Jaipuria) Mr. A K Jain Mrs. Alpana Parida Mr. Pratip Chaudhuri Chairman & MD Director — Strategy, ESG & CSR Director — Corporate Affairs Independent Director Independent Director 20+ years retail & marketing Cor
Slide 37: Professional Management — Experienced Leadership
Professional Management — Experienced Leadership PP JN MK SR Mr. Kulbhushan Malik Mr. Saurabh Jain Mr. Pankaj Poddar Mr. Neeraj Jain Global Business Head — Cosmo CEO - Zigly & Head Corporate Group CEO Group CFO Films Development 27+ years in leadership, general 25+ years in finance, strategy & risk
Slide 38: Cosmo First – ESG at a Glance
Cosmo First – ESG at a Glance ★ CareEdge "Good" ESG Rating ENVIRONMENTAL SOCIAL GOVERNANCE 1.02 Lac MT 35%+ 72,000 7,78,000 60% 2 Water Treated Students Impacted Lives Touched Independent Women Carbon Emission CO₂ at Cosmo Through CSR Directors Directors Reduction (Scope 1) ~50% 12%+ 161K+ Women 6 8
Slide 39: Awards & Accolades — Recognition of Excellence
Awards & Accolades — Recognition of Excellence FY26–27 (H1FY27) FY25–26 • Received IFCA STAR AWARDS 2026 in Sep 2026 for • Received ISO 45001:2018 certification across its major innovation in film leading to sustainability for three manufacturing units in Waluj, Shendra and Karjan products • SIES SO
Slide 40: Safe Harbour
Safe Harbour This document, prepared by Cosmo First Limited is solely for information purposes and does not constitute any offer, invitation, recommendation, invitation to purchase or subscribe to any of company’s securities, and shall not form the basis of or be relied on in connection with any con
Slide 41: Thank You
Thank You For more information, please contact: Cosmo First Ltd. Mr. Neeraj Jain Group Chief Financial Officer Email ID: [email protected] Mr. Shivang Goel Investor Relations Email ID: [email protected] Slide 40 of 40