Slide 1: Cover letter to stock exchanges
CFL/SE/2025-26/FEB/09 February 12, 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: Entering High ROCE & High FCF Phase: Q3 & 9M FY26
COSMO FIRST ENTERING HIGH ROCE & HIGH FCF PHASE Q3 & 9M FY26-Investor Presentation
Slide 3: Discussion Summary
Discussion Summary Cosmo First – Short to Mid Term focus (Pages 3-4) Cosmo First – An Overview (Pages 5-7) Strategic Perspective (Pages 8-13) Q3 and Dec-25 YTD - Performance Snapshot (Pages 14-20) Our Businesses: Films Business (Pages 21-27) Specialty Chemicals (Pages 28-30) Rigid Packa
Slide 4: Strategic Perspective: From Investment Phase to Value Creation
From Investment Phase to Value Creation & Balance Sheet Strengthening 1. Capex cycle largely complete – Focus shifts to cash generation & improve ROCE INR 1,140 cr strategic capex executed across films and new verticals Major capacities commissioned; utilization to drive operating leverage Strat
Slide 5: Key Focus Areas - Short to Mid Term
Key Focus Areas - Short to Mid Term Capex cycle completed. No significant envisaged over the next three years Sweating ₹1,140 Cr strategic capex done recently. Utilise full capacity & continue to grow speciality business Intrinsic value growth for each business and unlock value at opportune ti
Slide 6: Cosmo First – An Overview
Cosmo First – An Overview Slide 5 of 53
Slide 7: High quality speciality focused businesses
High quality speciality focused businesses Since 1981 Started FY21 Started FY25 Started FY26 Started FY21 Speciality films focused, Operating in niche End-to-end rigid Cosmo Consumer Zigly is services led by far the highest share areas packaging vertical include Window film, D2C Omni Chann
Slide 8: Capex of Rs 1,140 Cr in last 3 years to drive strategic growth
Capex of Rs 1,140 Cr in last 3 years to drive strategic growth ►2010: 2nd metallizer line ►2011: Korea plant ►2012: 2nd coating line ►2013: 9th BOPP line ►2014: 3rd coating line ►2006: 3rd and 4th extrusion coating line; ► 2015 4th and 5th coating ►1st coating line; line; 3rd metallizer line; ►2007-
Slide 9: Strategic Perspective
Strategic Perspective Slide 8 of 53
Slide 10: Film Business- Focus on specialty & high margin
Film Business- Focus on specialty & high margin Currently India’s BOPP production capacity is about 900K MT pa (about 13k cr) growing by Strategic 8-10% pa. Broadly balanced demand and supply scenario. Perspective Cosmo focus on speciality - 10% CAGR in speciality in last 6 years (brings stabili
Slide 11: Specialty Chemicals - R&D driven high value business
Specialty Chemicals - R&D driven high value business Operating in niche areas (Coating chemicals, value add masterbatches & Adhesives) Strategic Coating Chemicals–R&D driven 30%+ margins business. Substituting imports in India Perspective Masterbatch business for captive and outside sales Co
Slide 12: Rigid Packaging- Brand and specialty sales focus
Rigid Packaging- Brand and specialty sales focus Cosmo Plastech (Rigid packaging vertical) produces end-to-end thin wall containers specializing in creating customized packaging solutions for FMCG & others Rs 10k crores Industry growing @ 10% pa Business verticals include barrier sheets, ESD s
Slide 13: Cosmo Consumer- Focus on high margin & high growth
Cosmo Consumer- Focus on high margin & high growth Cosmo Consumer include Window film, safety and decorative films, Paint protection film and ceramic coatings for architectural and automotive Rs 1,500 crores Industry growing in double digits Paint protection films growing @ 30% pa Only two p
Slide 14: Petcare (Zigly)- Focus on services and private labels
Petcare(Zigly)- Focus on services and private labels Strategic Pet care Industry in India set to grow to Rs 20k crores by FY30. Growing @ 20%+ pa D2C services focus omni-channel player Perspective Building a scalable vetcare and grooming services ecosystem Private label focused to drive high
Slide 15: Q3 & 9M FY26 Snapshot
Q3 & 9M FY26 Snapshot Slide 14 of 53
Slide 16: Q3 & 9M FY26 Performance Snapshot
Q3 & 9M FY26 Performance Snapshot In Rs. Crores Q3 FY26 Q3 FY25 Dec-25 YTD Dec-24 YTD FY24-25 Q2 NetFY26 Revenue 899 701 2,618 2,149 2,895 EBITDA 103 86 348 277 362 EBITDA % 11.5% 12.3% 13.3% 12.9% 12.5% Performance PBT 31 36 143 131 163 Snapshot PAT 30 30 119 106 133 EPS (In Rs.) (not annualized) 1
Slide 17: Q3 & 9M FY26: Management Commentary
Q3 & 9M FY26 : Management Commentary The EBIDTA could have been better but for: 1. Margin decline of BOPP and BOPET core films 2. High USA tariffs (full quarter impact) 3. Volume loss of about 6% due to shut down of one BOPP line (rectified at quarter end) 4. Non-repetitive inventory loss of Rs 8.
Slide 18: Specialty margins remain intact
Specialty margins remain intact Quarterly movement in BOPP Films margin 100% 80 90% 70 80% 60 Films Volume (%) Gross Margin/Kg 70% 58% 56% 57% 73% 70% 50 60% 50% 40 40% 30 30% 44% 20 20% 42% 43% 27% 30% 10 10% 0% - Q3'FY25 Q4'FY25 Q1'FY26 Q2'FY26 Q3'FY26 Core Films Volume Speciality & Semi Specialit
Slide 19: Accelerating Revenue & EBITDA Growth (9M FY26)
Accelerating Revenue & EBITDA Growth (9M FY26) Sales Growth at 16% CAGR in last 2 Years 2618 3000 2149 2500 1946 2000 1500 1000 500 0 9M FY24 9M FY25 9M FY26 Net Sales in Cr EBITDA Growth at 38% CAGR in last 2 Years 348 400 277 300 184 13.3% 12.9% 200 9.4% 100 0 9M FY24 9M FY25 9M FY25 EBITDA in Cr
Slide 20: Business Tractions (9M FY26)
Business Tractions (9M FY26) Cosmo Films • Volumes up by 23% YoY, • JV with Filmax (South Korea) • EBITDA up by 26% YoY • Launched Green Graphic PVC free, high-performance films for pet food • 9M FY26 revenue at 150 Cr, • Launched new heat seal coatings for Cosmo Speciality foil surfaces • EBITDA up
Slide 21: Business Tractions (9M FY26)
Business Tractions (9M FY26) Cosmo Consumer: • Current topline run rate at Rs 30 • New product including Cosmo Window Films &Paint crores (annualized) Guard, Luster Film series, Special Protection Films • Started operations in May’25 reflective films • Increasing nationwide distributor network • Cur
Slide 22: Business Overview – Films
Business Overview – Films Slide 21 of 53
Slide 23: Manufacturing Footprints & Offices
Manufacturing Footprints & Offices 200 200 6 lines 4 lines 3 4 lines 200 2 lines Slide Slide Slide Slide 2222 22 22 ofof53 of of53 53 53
Slide 24: Growing Specialty Films Product Portfolio
Growing Specialty Films Product Portfolio PACKAGING FILMS Graphics LABEL FILMS INDUSTRIAL FILMS o Print & Pouching Films o Green Graphic PVC free o Pressure Sensitive Label o Tape & Textile Films o Barrier Films o Synthetic paper for ID stock films o Cable Overwrap o Overwrap Films cards, Tags, Menu
Slide 25: Specialty sales continue to grow (10% CAGR)
Specialty sales continue to grow (10% CAGR) Expanding Speciality & Semi-Speciality films portfolio (high margin category) (~10% CAGR over last 6 years) 120% 80 Movement in BOPP Margins 70 100% 60 Films Volume (%) Gross Margin/Kg 80% 38% 43% 52% 57% 50 64% 62% 64% 60% 71% 40 30 40% 62% 57% 20 20% 4
Slide 26: Speciality Films leadership in key segments
Speciality Films leadership in key segments Key Speciality Products: Globally among top four players in BOPP Speciality films Speciality Label Films – Second largest player in the World Thermal Lamination Films – World’s largest supplier Industrial Application Films – World’s largest suppl
Slide 27: R&D Focus to grow speciality
R&D Focus to grow speciality Infrastructure Centralized R&D lab in Aurangabad(Waluj) R&D resources increased to 30+ nos during last 2 years The R&D team has PHD’s & Post Docs from renowned universities in the USA and Europe. R&D spend of >0.5% of annual revenue Screen, UV Flexo, Direct The
Slide 28: Trusted partner to dominant global brands
Trusted partner to dominant global brands Trusted partner to prestigious portfolio of large blue-chip companies and renowned brands . . Disclosure: All these are trademarks of respective Owners Slide 27 of 53
Slide 29: Business Overview – Speciality Chemicals
Business Overview – Speciality Chemicals Slide 28 of 53
Slide 30: Operating in niche value add areas
Operating in niche value add areas Coating Chemicals Masterbatches Adhesives India Industrial coating size is India Filmic/Sheet/Thin Wall India Industry Rs 30k cr (8%- “Specialty 1,200k mt. industry size is 35K mt. 10% growth rate) Industry growing 8%-10% Industry growing by 10% pa. Chemi
Slide 31: Speciality Chemicals Product Portfolio
Speciality Chemicals Product Portfolio Coating Chemicals Masterbatches Adhesives For Film, Paper, Foil and For Film and Paper applications Automobile applications: For Film applications Water Based Lamination Business Overview Water Based Coatings CosmoWhite White Masterbatch -PP&PE (For Adhesiv
Slide 32: Business Overview – Rigid Packaging (Cosmo Plastech)
Business Overview – Rigid Packaging (Cosmo Plastech) Slide 31 of 53
Slide 33: Plastech–Complimentary business with films
Plastech–Complimentary business with films (Stable margins) Domestic Industry size of INR 10,000 Cr and growing @ 10%+ Uniquely focused on Direct to Brand sales End-to-end rigid packaging solutions Business Overview Stable margins linked to cost of production Specializes in creating customized
Slide 34: Cosmo Plastech Offerings
Cosmo Plastech Offerings Sheets Thin Wall Containers Plastic Sheets Injection Molded IML Thermoformed Cups & Trays Containers Offerings: Business Overview • PET (APET, RPET, G-PET) Offerings Offerings : • PP • PP & HIPS Cups “Rigid Packaging” • Barrier • PP–EVOH High-Barrier Trays • Round, Oval, Squ
Slide 35: Business Overview – Cosmo Consumer
Business Overview – Cosmo Consumer Slide 34 of 53
Slide 36: Cosmo Consumer – High Margin-high growth business
Cosmo Consumer – High Margin-high growth business Business Overview Cosmo Sunshield Cosmo PPF & Ceramic Coatings Wide range of window films namely Heat rejection, safety, High quality grade launched for Indian market “Cosmo privacy, Sunshield decorative etc and Industry size of ~ 500 Cr pa I
Slide 37: Targeting niche high growth Segments
Targeting niche high growth Segments Window Films (Cosmo Sunshield) Paint Protection Films( Cosmo PPF) Applications: Residential, Commercial, Automotive, Market: All cars, India Penetration at Railways, Marine, Government offices currently 1-2% vs ~15% in China. Increase in network of car detailing
Slide 38: Business Overview – Petcare (Zigly)
Business Overview – Petcare (Zigly) Slide 37 of 53
Slide 39: India's pet care market remains underpenetrated versus global benchmarks
India’s pet care market remains underpenetrated versus global benchmarks Petcare Industry Overview Global Pet Care Market Size in 2023 Pet Care Market Segmentation in 2023 • Global Pet Care market is poised to grow to $500 Bn by $320 $800 $330 $29 2030 $320 Bn $140 Bn $40 Bn $1 Bn • US contributing
Slide 40: High growth Industry with services focus under brand Zigly
High growth Industry with services focus under brand “Zigly” Pet care Industry in India to grow to Rs 20k crores by FY30 (growing @ 20%+ pa) Pet Care Landscape Pet Care Economy is set to 01 02 Pet Grooming Pet Grooming is estimated Industry CAGR 20% cross INR 20k Cr by FY30 to grow at CAGR of 20% Pe
Slide 41: Business Model – Services led Omni Channel
Key Tractions Business Model – Services led Omni Channel 19 Cr GMV (Q3’26) 67% sales growth YoY Retail outlets Own Service Other E-commerce Marketplace Marketplace 29K + website and Customers served in Q3FY26 App Private label One Stop solution retail available on 5000+ outlets offering Amazon,Flipk
Slide 42: Zigly - Immense Opportunity for Value Creation
Zigly - Immense Opportunity for Value Creation Pet care Industry in India to grow Rs 20k crores by FY30. Growing @ 20%+ pa Post-Covid shift toward higher pet adoption and increased spending per pet Structural tailwinds: nuclear families, rising disposable incomes, premiumization of pet care
Slide 43: Financial Overview & ESG
Financial Overview & ESG Slide 42 of 53
Slide 44: Net Debt set to reduce significantly
Net Debt set to reduce significantly Net Debt (Dec’25) at Rs 1,215 Cr (Net Debt to Equity at 0.8 times & Net Debt to EBITDA at 2.8 times) Increase in net debt in last two years is primarily for strategic capex done (Rs 1,140 cr) Clear roadmap to reduce debt substantially in next 2 years as no
Slide 45: Shareholders Payouts - Track record
Shareholders Payouts - Track record Dividend (% to PAT) 35% 30% 30% 24% 25% 22% 21% 20% 20% 20% 20% 17% 13% 15% 12% 10% 6% 5% 0% Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Additionally in FY21 and FY23 buyback of shares done amounting to 42% and 63% of PAT Slide 44
Slide 46: Shareholding Pattern – December 2025
Shareholding Pattern – December 2025 1.34 Historical Shareholding Pattern Promoter and Promoter Group (in %) Dec-25 Sep-25 Jun-25 Institutional Promoter 40.86 40.86 40.98 54.28 40.86 Institutional 3.52 3.72 4.17 Non Institutional Non-Institutional 54.28 54.06 53.21 Cosmo Films ESOP 2015 Shares held
Slide 47: A well diversified independent Board
A well diversified independent Board Mr. H N Sinor Mr. Ashok Jaipuria Non-Executive & Non Independent Director Chairman & Managing Director Over 4 decades experience in public as well as private sector banks A first generation entrepreneur with over forty years like UBI, Central Bank of India and IC
Slide 48: Professional Management
Professional Management Mr. Kulbhushan Malik -Global Business Head- Cosmo Films Over 25 years of experience in the areas of Business & Strategy Mr. Pankaj Poddar Management, Sales and Financial management. Group Chief Executive Officer Over 27 years of experience in Mr. Saurabh Jain - CEO (Zigly) &
Slide 49: ESG & Sustainability Initiatives - CareEdge Good ESG Rating
ESG & Sustainability Initiatives - CareEdge “Good” ESG Rating Product Practices Manufacturing Practices • Recycling of manufacturing waste for further film Production • Offering mono-material for ease of recycling. (about 95%) • Designed heat resistant BOPP films replacing BOPET; giving • 50%+ usage
Slide 50: Leading in Sustainable Energy Solution
Leading in Sustainable Energy Solution Renewable Energy usage has been 50%+ of energy consumption. We are targeting to increase renewable mix to 2/3rd in next 12–18 months. Once fully operational, we expect power cost rationalization (incremental) of about Rs 25 crores pa. Slide 49 of 53
Slide 51: ESG – Driving three pillars
ESG – Driving three pillars Environmental Social 5 Cr FY25 7,53,000 40% 50% 12%+ 110K+ Governance 60% 2 70% 6 Slide 50 of 53
Slide 52: Awards and Accolades
Awards and Accolades Slide 51 of 53 Slide 51 of 53
Slide 53: 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 54: Thank You
Thank You For more information, please contact: Cosmo First Ltd. Mr. Neeraj Jain Group Chief Financial Officer Email ID: neeraj.jain@cosmofirst.com; Mr. Shivang Goel Investor Relations Email ID: shivang.goel@cosmofilms.com Slide 53 of 53