Cosmo First financials and balance sheet

NSE: COSMOFIRSTBSE: 508814Industrial ProductsSmall Cap

Formerly Cosmo Films

₹718.65₹15.30 (2.08%)BSE ₹718.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹733.95.

52-week range of traded prices to 23 Oct 2026

₹560.80Low, 2 Feb 2026₹996.00High, 1 Sep 2026

Market cap: ₹1,886 Cr1,207th largest listed
P/E: 11.3
P/B: 1.2
Dividend yield: 0.56%
ROE: 10.8%
ROCE: 8.8%
Debt to equity: 0.98
Volume, NSE: 46,56947.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Cosmo First annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,639 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,639
Materials and goods−2,359
Employee costs−336
Other expenses−560
Operating profit384
Depreciation−137
Other income+102
One-off items−7.2
Finance costs−141
Profit before tax201
Tax−45
Net profit156

What the company owns

Plant, investments and other assets₹3,160 Cr
Inventory₹710 Cr
Receivables₹398 Cr
Current investments₹368 Cr
Cash and bank₹59 Cr

What pays for it: net worth and liabilities

Net worth₹1,617 Cr
Borrowings₹1,586 Cr
Owed to suppliers₹905 Cr
Other liabilities₹587 Cr

Cosmo First business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Cosmo First segment results by quarter

Revenue by segment

₹3,813 CrTotal

PACKING FILMS₹3,439 Cr90.2% of total
SPECIALITY CHEMICALS₹204 Cr5.4% of total
OTHERS₹115 Cr3.0% of total
PETCARE₹55 Cr1.4% of total

Profit by segment

PACKING FILMS₹418 Cr89.2% of total
SPECIALITY CHEMICALS₹51 Cr10.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

PACKING FILMS
Revenue, ₹ crore
2,539
2,831
3,439
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
225
299
418
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
SPECIALITY CHEMICALS
Revenue, ₹ crore
143
187
204
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4
38
51
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
OTHERS
Revenue, ₹ crore
4
3
2
7
169
29
35
115
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
−1
1
−9
−19
−35
−34
−33
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
PETCARE
Revenue, ₹ crore
55
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−42
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,157	2,204	2,285	3,038	3,182	2,710	3,053	3,813
Company revenue, as in its results	2,157	2,204	2,285	3,038	3,065	2,587	2,895	3,639
Revenue	–	–	–	–	–	2,539	2,831	3,439
Revenue growth	–	–	–	–	–	–	11.5%	21.5%
Profit	–	–	–	–	–	225	299	418
Profit growth	–	–	–	–	–	–	32.8%	39.9%
Margin	–	–	–	–	–	8.9%	10.6%	12.2%
Return on capital	–	–	–	–	–	11.6%	12.0%	16.4%
Assets	–	–	–	–	–	2,903	3,528	3,725
Liabilities	–	–	–	–	–	963	1,043	1,169
Capital employed	–	–	–	–	–	1,940	2,484	2,557
Revenue	–	–	–	–	–	143	187	204
Revenue growth	–	–	–	–	–	–	31.2%	9.1%
Profit	–	–	–	–	–	4	38	51
Profit growth	–	–	–	–	–	–	802.4%	32.3%
Margin	–	–	–	–	–	3.0%	20.5%	24.8%
Return on capital	–	–	–	–	–	8.3%	68.3%	100.5%
Assets	–	–	–	–	–	67	68	71
Liabilities	–	–	–	–	–	16	12	21
Capital employed	–	–	–	–	–	51	56	50
Revenue	4	3	2	7	169	29	35	115
Revenue growth	–	–	–	–	–	–	17.8%	233.1%
Profit	1	−1	1	−9	−19	−35	−34	−33
Margin	26.0%	−33.3%	54.2%	−134.4%	−11.5%	−119.1%	−99.3%	−28.5%
Return on capital	44.2%	–	–	–	−29.2%	−115.0%	−96.3%	−13.2%
Assets	2	0	0	14	164	88	103	296
Liabilities	0	0	0	22	97	57	67	48
Capital employed	2	0	0	−7	67	30	36	248
Revenue	–	–	–	–	–	–	–	55
Profit	–	–	–	–	–	–	–	−42
Margin	–	–	–	–	–	–	–	−77.0%
Return on capital	–	–	–	–	–	–	–	−106.5%
Assets	–	–	–	–	–	–	–	130
Liabilities	–	–	–	–	–	–	–	90
Capital employed	–	–	–	–	–	–	–	40
Revenue	2,153	2,201	2,283	3,032	3,012	–	–	–
Revenue growth	–	2.2%	3.8%	32.8%	−0.6%	–	–	–
Profit	134	229	390	600	430	–	–	–
Profit growth	–	70.5%	70.3%	53.9%	−28.4%	–	–	–
Margin	6.2%	10.4%	17.1%	19.8%	14.3%	–	–	–
Return on capital	10.1%	16.9%	28.6%	36.9%	23.9%	–	–	–
Assets	1,663	1,670	1,776	2,219	2,460	–	–	–
Liabilities	332	317	412	593	659	–	–	–
Capital employed	1,331	1,353	1,365	1,626	1,801	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Cosmo First quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 6 Jun	Mar 2021Filed 21 May	Mar 2022Filed 10 May	Mar 2023Filed 30 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Revenue from operations	1,587	1,967	2,157	2,204	2,285	3,038	3,065	2,587	2,895	3,639
	1,428	1,834	1,995	1,943	1,893	2,467	2,683	2,404	2,607	3,255
Materials and goods bought	1,002	1,325	1,577	1,472	1,400	1,873	2,054	1,750	1,881	2,359
Employee costs	126	–	131	163	193	220	217	217	259	336
Other expenses	300	–	287	308	300	374	412	437	467	560
Operating profit before depreciation	158	133	161	261	392	571	382	183	288	384
Operating margin	10.0%	6.8%	7.5%	11.8%	17.1%	18.8%	12.5%	7.1%	9.9%	10.5%
Materials, % of revenue	63.2%	–	73.1%	66.8%	61.3%	61.6%	67.0%	67.7%	65.0%	64.8%
Employee costs, % of revenue	7.9%	–	6.1%	7.4%	8.4%	7.2%	7.1%	8.4%	8.9%	9.2%
Other expenses, % of revenue	18.9%	–	13.3%	14.0%	13.1%	12.3%	13.4%	16.9%	16.1%	15.4%
Depreciation and amortisation	40	51	54	65	59	63	75	89	100	137
Operating profit after depreciation	118	82	107	196	333	508	307	94	188	246
Other income	9	35	20	19	38	48	52	68	74	102
Finance costs	30	52	56	53	42	40	55	89	100	141
Profit before one-off items and tax	97	64	72	163	329	517	304	72	163	208
One-off items	−2	0	0	0	0	0	0	0	0	−7
Profit before tax	95	64	72	163	329	517	304	72	163	201
	6	0	11	49	92	120	60	10	30	45
Current tax	–	16	12	29	56	80	57	15	32	38
Deferred tax	–	−16	−2	20	36	40	3	−4	−2	6
Net profit	89	64	61	113	237	397	244	62	133	156
Other comprehensive income	–	–	11	−1	6	4	2	−3	6	−4
Total comprehensive income	–	–	72	113	243	400	246	59	139	152
Net margin	5.6%	3.3%	2.8%	5.1%	10.4%	13.1%	8.0%	2.4%	4.6%	4.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 16 May	Mar 2020Filed 6 Jun	Mar 2021Filed 21 May	Mar 2022Filed 10 May	Mar 2023Filed 30 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	680	741	854	1,191	1,298	1,348	1,466	1,617
Share capital	19	19	18	18	26	26	26	26
Reserves	661	721	836	1,173	1,272	1,321	1,440	1,590
	704	662	631	810	890	978	1,357	1,586
Repayable after a year	432	355	338	480	547	680	1,038	1,186
Repayable within a year	272	307	294	330	343	297	319	400
	657	690	766	859	1,003	1,163	1,247	1,543
Trade payables	202	157	204	365	528	688	719	905
Other financial liabilities	163	199	226	102	93	135	161	167
Other liabilities	19	25	31	45	23	26	31	50
Provisions	0	3	12	12	14	15	16	18
Tax owed	1	–	0	4	2	2	1	3
	536	479	505	710	827	1,017	1,412	1,535
Other financial liabilities	0	1	0	6	38	90	96	83
Other liabilities	53	50	48	58	58	70	96	102
Provisions	4	12	21	23	25	21	23	27
Deferred tax	47	61	98	143	160	156	159	137
	1,873	1,910	2,125	2,760	3,128	3,528	4,125	4,695
Held for sale or for a demerger	–	6	3	–	–	21	–	–
	1,131	1,123	1,131	1,387	1,799	2,125	2,567	2,803
Plant in use, after depreciation	981	1,001	1,003	979	1,367	1,495	1,718	2,361
Plant being built	32	16	20	270	185	357	589	188
Intangible assets	3	3	2	3	47	14	14	18
Goodwill	0	0	0	0	0	0	0	0
Intangible assets being developed	–	–	0	0	–	–	–	2
Property held to earn rent	29	19	15	14	13	11	12	13
Investments	0	0	0	0	8	24	26	26
Loans given	11	10	8	6	6	5	5	4
Other financial assets	8	2	3	4	4	73	86	96
Deferred tax	5	5	16	7	18	16	21	15
Other assets	61	68	64	104	151	130	95	79
	742	781	992	1,373	1,329	1,382	1,558	1,892
Inventories	278	275	375	554	535	510	604	710
Trade receivables	209	193	189	220	200	261	313	398
Cash and cash equivalents	57	26	63	46	33	25	19	52
Other bank balances	29	34	11	15	13	11	8	7
Current investments	77	146	247	446	410	382	364	368
Loans given	2	3	2	3	3	3	2	2
Other financial assets	48	47	41	25	33	24	44	68
Tax paid in advance	–	–	0	0	–	166	–	–
Other assets	42	57	63	65	103	–	204	287
Net debt	540	456	309	303	434	561	967	1,159

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 21 May	Mar 2022Filed 10 May	Mar 2023Filed 30 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	335	481	465	245	166	397
	388	556	538	260	186	429
	5	−21	156	72	−94	49
Receivables	5	−30	23	−63	−54	−90
Inventories	−100	−179	20	24	−92	−101
Payables	46	162	174	158	33	204
Other working capital	53	26	−62	−47	18	36
Tax paid	−52	−75	−73	−14	−20	−33
Capital spending	75	283	380	298	502	412
Free cash flow	261	198	85	−52	−336	−15
	−105	−447	−325	−235	−420	−361
Plant and property sold	1	0	1	0	34	8
Interest received	18	17	18	19	18	20
Dividends received	0	0	1	1	1	1
	−193	−52	−153	−19	247	−3
Borrowings raised	124	289	203	306	548	349
Borrowings repaid	−146	−233	−156	−216	−171	−189
Interest paid	−42	−39	−54	−88	−91	−137
Lease payments	0	−1	−2	−6	−12	−16
Dividends paid	45	63	0	13	8	10
Shares bought back	91	5	145	3	19	0
Shares issued	0	0	0	0	0	0
Net change in cash	37	−18	−13	−8	−6	33

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Cosmo First dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 6 Jun	Mar 2021Filed 21 May	Mar 2022Filed 10 May	Mar 2023Filed 30 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
	₹30.47	₹22.41	₹21.26	₹39.46	₹84.68	₹147.71	₹90.86	₹23.99	₹51.46	₹60.31
As stated that year	₹45.71	₹33.62	₹31.89	₹59.19	₹127.02	₹221.56	₹90.86	₹23.99	₹51.46	₹60.31
	₹30.47	₹22.41	₹21.26	₹39.46	₹83.81	₹144.66	₹89.45	₹23.64	₹50.79	₹59.38
As stated that year	₹45.71	₹33.62	₹31.89	₹59.19	₹125.72	₹216.99	₹89.45	₹23.64	₹50.79	₹59.38
	₹6.67	₹4.00	₹4.00	₹10.00	₹16.67	₹23.33	₹5.00	₹3.00	₹4.00	₹4.00
As declared that year	₹10.00	₹6.00	₹6.00	₹15.00	₹25.00	₹35.00	₹5.00	₹3.00	₹4.00	₹4.00
	–	–	₹233.28	₹254.09	₹313.29	₹436.89	₹494.52	₹513.34	₹558.64	₹615.86
On that year's share count	–	–	₹349.92	₹381.13	₹469.93	₹655.33	₹494.52	₹513.34	₹558.64	₹615.86
Dividend payout	21.9%	18.1%	19.1%	25.7%	19.2%	16.0%	5.4%	12.7%	7.9%	6.7%
Shareholder yield	–	–	–	–	12.0%	2.2%	9.4%	1.2%	1.7%	0.7%
Market cap at the year end (₹ crore)	725	476	375	404	1,127	3,150	1,542	1,314	1,615	1,563

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Cosmo First PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 6 Jun	Mar 2021Filed 21 May	Mar 2022Filed 10 May	Mar 2023Filed 30 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 20 May
Revenue growth	–	24.0%	9.7%	2.2%	3.7%	33.0%	0.9%	−15.6%	11.9%	25.7%
Operating profit growth	–	−15.8%	21.1%	61.9%	50.2%	45.8%	−33.1%	−52.1%	57.1%	33.2%
Net profit growth	−7.7%	−27.5%	−5.2%	85.6%	108.8%	67.4%	−38.5%	−74.5%	114.5%	17.0%
Earnings per share growth	–	−26.4%	−5.1%	85.6%	114.6%	74.4%	−38.5%	−73.6%	114.5%	17.2%
	–	–	9.0%	16.0%	29.7%	38.8%	19.6%	4.7%	9.5%	10.1%
	–	–	–	7.0 pts	13.7 pts	9.1 pts	−19.2 pts	−14.9 pts	4.8 pts	0.6 pts
From the net margin	–	–	–	7.3 pts	16.2 pts	7.7 pts	−15.1 pts	−13.7 pts	4.3 pts	−0.7 pts
From asset turnover	–	–	–	0.2 pts	−0.9 pts	3.7 pts	−3.9 pts	−1.5 pts	−0.2 pts	0.8 pts
From borrowing	–	–	–	−0.5 pts	−1.5 pts	−2.3 pts	−0.2 pts	0.3 pts	0.7 pts	0.5 pts
Return on capital employed	–	–	7.8%	14.0%	22.4%	25.4%	14.0%	4.0%	6.7%	7.7%
Cash conversion	–	–	–	–	141.6%	121.3%	190.7%	394.3%	124.7%	254.3%
Interest cover	3.9	1.6	1.9	3.7	8.0	12.8	5.5	1.0	1.9	1.7
Debt to equity	–	–	1.03	0.89	0.74	0.68	0.69	0.73	0.93	0.98
Receivable days	–	–	35	32	30	26	24	37	39	40
Inventory days	–	–	64	68	98	108	95	106	117	110
Payable days	–	–	47	39	53	71	94	143	139	140
Cash conversion cycle, days	–	–	53	61	75	63	25	0	17	10
Working capital days	–	–	33	32	31	41	25	14	30	32
Asset turnover	–	–	1.15	1.16	1.13	1.24	1.04	0.78	0.76	0.83
Assets per rupee of net worth	–	–	2.75	2.66	2.53	2.39	2.37	2.52	2.72	2.86
Sales per rupee of plant	–	–	2.20	2.20	2.28	3.10	2.24	1.73	1.69	1.54
Capital spending to depreciation	–	–	–	–	1.26	4.47	5.07	3.32	5.04	3.01
Plant being built, % of plant in use	–	–	3.3%	1.6%	2.0%	27.6%	13.6%	23.9%	34.3%	7.9%

Revenue growth and operating profit growth are left blank for the year to Mar 2017: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.5%
Cash from operations against operating profit: 103.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.4%	9.8%	5.9%
Profit growth, yearly rate	4.9%	−8.0%	−13.9%
Return on equity, average	–	16.5%	8.1%
Return on capital employed, average	–	11.6%	6.1%
Operating margin, average	11.2%	11.8%	9.2%
Net margin, average	6.0%	6.5%	3.8%
Asset turnover, average	–	0.93	0.79
Cash conversion cycle, days, average	–	23	9
Interest cover, average	4.2	4.6	1.6
Debt to equity, average	–	0.80	0.88

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,755	808	397
Cash from investing	−1,787	−1,015	−361
Cash from financing	21	226	−3
Capital spending	1,875	1,212	412
Dividends paid	94	31	10
Shares bought back	172	22	0
Shares issued for cash	0	0	0
Borrowings raised	1,696	1,203	349
Borrowings repaid	963	575	189

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	9	7	3	4	7	7
Altman Z-scorePublished threshold 1.81	–	–	2.11	2.32	2.86	3.79	2.56	1.85	1.86	1.88
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.79	−1.84	−2.83	−2.27	−2.35	−2.72
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	0.32	14.85	3.51	1.56	10.10	2.72
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.46	1.70	1.99	2.30
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.83	−6.10	−16.27	−10.16	46.62	7.79	1.42
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	5.80	40.96	14.08	−13.12	10.19	10.89	−7.82
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.63	0.02	−0.50	1.54	2.07	2.01	2.95
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.19	0.33	6.78	0.40	1.64	1.83	0.24
Effective tax ratePublished threshold 17.16 per cent	6.28	−0.67	14.70	30.34	27.94	23.23	19.71	14.09	18.25	22.21
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	8.76	−4.35	−5.68	6.23	5.96

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Sep 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		50
9 Sep 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Stable	515

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.