Cosmo First Ltd

- No definite plans for private equity infusion have been ascertained at this stage for expansion (Page 6). - The company does not indicate any immediate plans for new equity fundraising. - Current net debt stands at around Rs. 550-561 crores, with expected minor increase of Rs. 20-50 crores by end of FY25 due to ongoing CAPEX (Page 7). - Total planned CAPEX is about Rs. 300-350 crores in FY25, largely towards BOPP production lines, with no further CAPEX planned after that (Page 7). - Debt repayment of Rs. 180 crores is scheduled for next year (FY25), and the company expects no concern in repaying this (Page 11). - Post completion of CAPEX, the balance sheet is expected to remain very strong (Page 11). - Overall, no explicit announcement of fresh fundraising through debt or equity in the near future.

- Planned CAPEX of Rs. 300-350 crore in FY25, largely focused on BOPP production line expansion. - Total CAPEX planned close to Rs. 1000 crore, with Rs. 650-700 crore already spent; the remaining Rs. 300-350 crore will complete the program. - New BOPP and CPP lines expected to generate approximately Rs. 1000 crore additional revenue. - Additional Rs. 200 crore revenue anticipated from new verticals like capacitor metallizer, rigid packaging, and speciality chemicals. - Zigly (pet care business) to invest Rs. 30-35 crore in FY25, with business scaling planned. - Pet care business being organized as a separate subsidiary; further investment or external funding is unconfirmed. - Cost rationalization efforts include shifting thermal line from Korea to India and waste aging rationalization.

- Proposed BOPP line and CPP line commercialization expected to generate an additional ~Rs. 1000 crore in revenue. - New verticals like capacitor metallizer, rigid packaging, and specialty chemicals may add close to Rs. 200 crore more. - Specialty film focus planned to increase to 80% of sales, aiming for high-margin, high-end specialty products. - Rigid packaging capacity expected to reach ~80% utilization by second half of FY25, targeting Rs. 125 crore in sales at full capacity. - Zigly (pet care business) plans to increase stores from 23 to 40 in the current year, with a GMV expected to exceed Rs. 100 crore two years down the line. - Specialty chemicals and capacitor metallizer along with rigid packaging expected to contribute decent EBITDA in FY25. - Near-term challenges anticipated in BOPET film sales. - Higher cost rationalization efforts ongoing to boost margins and profitability.

- Q1 FY25 BOPP margins expected to remain steady, in line with March 2024 levels. - Focus on cost rationalization in FY25, including power cost savings (~Rs. 25 crore annual impact) and thermal line shift from Korea to India. - Specialty film sales to increase, with high-margin speciality and high shrink films targeted. - New verticals like Specialty Chemicals, capacitor metallizer, and rigid packaging projected to generate decent EBITDA in FY25; Specialty Chemicals expected to achieve double-digit EBITDA and >20% ROCE. - Zigly (pet care business) expected to take time to become profitable; FY25 investment of Rs. 30-35 crore with EBITDA losses similar to FY24’s Rs. 24 crore. - Post FY25 capex, net debt expected to stabilize (~Rs. 550-600 crore) with reduction anticipated from FY26 onwards. - Overall, growth driven by high-margin specialty products, cost rationalization, and new business verticals, with improved profitability prospects over medium term.

- Management did not explicitly mention the current orderbook or pending orders size in the call. - However, they indicated that orders from a high-margin Specialty export customer, which were previously uneven, have now been received starting Q1 FY25. - The company highlighted focus on ramping up Speciality films, including new launches like sun control film. - Capacity utilizations, especially in rigid packaging, are increasing month-on-month, with expectations to reach 80% utilization in H2 FY25. - Expansion plans (BOPP line and CPP line) anticipate generating additional revenues (~Rs. 1000 crore plus Rs. 200 crore from new verticals). - The company is also commercializing R&D developed dyed film technology, which reflects a pipeline of new product orders. - Overall, management focused more on capacity utilization and commercialization than providing specific pending orderbook numbers.