Cosmo First Ltd

- The company has planned a capex of Rs. 250 crores for the current year (FY’26), which is already being factored into their debt levels. - Management indicated no significant capital expenditure is planned for the next 18 months beyond this, implying no major immediate debt increase. - Debt levels are currently near peak; reduction in net debt is expected in the coming years as there are no new large capex plans. - No mention was made of any planned equity fundraising during the call or in the transcript. - The focus appears to be on consolidating current investments and leveraging new capacity rather than raising new funds.

- The company planned Rs. 250 crores capex for the current year (FY’26), which includes commissioning two new lines in Q4 FY’26 and Q1 FY’27 as part of this capex. - Two additional new lines are under commissioning; one line expected in Q4 FY’26 and another in Q1 FY’27. - After this planned capex, the company is entering a consolidation phase with no major further capex planned for the rest of FY’26 and for the next year. - The new film lines are more cost-efficient and expected to improve competitiveness. - Specialty Chemical Subsidiary is developing new coating products expected to be commercialized over the next two quarters, indicating strategic investment in innovation. - The company is focused on leveraging new investments to grow specialty films and reduce costs. - Renewable power usage targets to increase to about two-thirds of power consumption within 12-15 months for cost rationalization.

- FY’26 revenue guidance is Rs. 3500 to Rs. 3800 crores, with specialty films contributing Rs. 2200 to Rs. 2500 crores of that. - The company expects volume growth driven by ramping up newly commissioned BOPP lines, targeting close to full utilization by Q4 FY’26. - Specialty and semi-specialty film volumes aimed to increase from ~18-20% in Q2 to around 70% over the next 12-24 months. - New specialty product launches and expansion in consumer segments like window films, paint-protection films, and ceramic coatings are expected to scale revenue. - Specialty Chemicals subsidiary is growing with new products launching in next two quarters, posting record EBITDA. - Rigid packaging (Cosmo Plastech) aims to improve capacity utilization beyond 70%. - Pet care (Zigly) business is growing but profitability expected in 3-4 years post scaling. - Overall, growth focus is on expanding specialty products, exports, and leveraging new investments for cost reduction.

- The new BOPP line, with a nameplate capacity of 81,000 metric tons, is ramping up and expected to achieve full utilization by Q4 FY’26, aiding growth in volumes and margins. - Specialty and semi-specialty films are targeted to constitute close to 70% of volumes over the next 12 months, up from 18-20% in Q2 FY’26, supporting higher-margin sales. - The company expects the specialty portfolio revenue to be between Rs. 2200 to Rs. 2500 crores within an overall turnover of Rs. 3500 to Rs. 3800 crores in FY’26. - Cost advantages from newer lines are expected to reduce variable costs by around 15%. - Specialty chemical vertical is already profitable and growing; rigid packaging and consumer segments focus on growth and profitability. - Zigly (pet care retail) expected to take 3-4 years to reach profitability. - Debt levels to stabilize in FY’26 with reduced capex, potentially improving financial metrics. - EBITDA impacted by tariffs and imports, but improving margin trends and higher volumes should boost future earnings.

- The transcript does not explicitly mention the current or expected order book or pending orders for Cosmo First Limited. - However, the company reports: - New BOPP line with nameplate capacity of 81,000 metric tons, ramping up with close to two-thirds utilization in Q2 and expected near full utilization by Q4 FY’26. - Specialty and semi-specialty films currently around 18-20% of volume, targeting close to 70% in next 12 months. - Specialty chemical vertical growing profitably. - New product launches planned in specialty films. - Positive demand outlook with balanced supply-demand for BOPP segment over next 2-3 years. - Management focuses on growing specialty films and leveraging new capacity, suggesting healthy order inflow and expected demand growth, though specific order book values are not disclosed.