Opening Hook
India’s film industry isn’t just Bollywood—it’s also BOPP, CPP, and now window films. Cosmo First kicked off FY26 with a 16% YoY jump in revenue to ₹800 crore and EBITDA up 38% to ₹116 crore, thanks to better BOPP margins and a fresh 81,000 TPA line. But while packaging films are minting profits, its petcare arm Zigly still burns cash like a Netflix spin-off nobody asked for. Add a 55% U.S. tariff on exports, and the plot thickens. Will Cosmo script a blockbuster in specialty films—or will Zigly’s losses and tariff drama pull the curtains early?

At a Glance

• Revenue ₹800 cr (+16% YoY) – volumes +19%, not just price hikes
• EBITDA ₹116 cr (+38% YoY) – BOPP margins lifted to ₹25/kg
• PAT not disclosed, but EBITDA margin = 14.5% – popcorn margins intact
• New BOPP line (81k TPA) – adds 45% to capacity in one shot
• Window film brand “Sunshield” launched – 50 distributors on board
• Specialty chemicals EBITDA ₹12 cr – subsidiary finally flexing
• Zigly GMV ₹16 cr – 34 centers, but profits still hiding under the sofa

Management’s Key Commentary
CFO: “BOPP margins improved to ₹25/kg vs ₹19/kg YoY.”
Translation: Packaging films made more money than your favorite multiplex.

CFO: “New BOPP line adds 81k tons capacity, revenue potential ₹750 cr.”
Translation: One machine, one blockbuster.

Mgmt: “Window films + ceramic coatings under ‘Cosmo Consumer’.”
Translation: We’ll tint your glass and shine your car.

Mgmt: “Specialty chemicals posted record ₹12 cr EBITDA.”
Translation: The side hustle is finally paying rent.

Mgmt: “Zigly expansion to 40 stores, services 60% of retail.”
Translation: Grooming dogs, but still bleeding cash.

Mgmt: “Net debt ₹1,140 cr, near peak, will reduce over 2 years.”
Translation: Capex party’s over, time to sober up.

Mgmt: “US tariffs at 55% unsustainable, hope it drops to 20%.”
Translation: Washington’s mood swings decide our margins.

Numbers Decoded

Analyst Questions
Q: How fast will new BOPP line ramp up?
Mgmt: “100% utilization in 2–3 months.”
Translation: Machine already running overtime.

Q: