### **Overview** Cosmo First Ltd. (formerly Cosmo Films Ltd), founded in 1981 by Mr. Ashok Jaipuria, is a multinational conglomerate that has evolved from India’s pioneer in BOPP films into a diversified leader across specialty films, industrial solutions, consumer care, and digital-first pet care. With operations in over 100 countries and manufacturing facilities across India and South Korea, the company is strategically expanding beyond its industrial roots into high-growth consumer segments. In 2023, the company rebranded from *Cosmo Films Ltd* to **Cosmo First Ltd**, signaling its transformation into a multi-vertical enterprise with a strong focus on innovation, sustainability, and digital integration. --- ### **Core Business Segments** Cosmo First operates five primary business verticals, organized into consumer and industrial domains: #### **1. Industrial Verticals** ##### **a) Cosmo Films – Global Leader in Specialty Films** - **Flagship Business**: Largest producer of BOPP films in India and among the top four global producers of **BOPP specialty films**. - **Global Leadership Positions**: - World’s **largest producer** of **thermal lamination films** and **industrial application films**. - **Second-largest** global producer of **specialty label films**. - **Production Capacity (Annual)**: - BOPP: **277,000 MT** (after commissioning new line in June 2025). - Thermal Films: 26,000 MT - BOPET: 30,000 MT - Coated Specialty Films: 36,000 MT - Metalized Films: 40,000 MT - CPP: 30,000 MT - Capacitor Metallization Films: 700 MT - **Revenue Mix**: 71% of film production in FY25 consisted of specialty and semi-specialty films, with a target to exceed **80% by FY26**. - **Growth Strategy**: - 10% CAGR in specialty films over the past six years. - Expansion via **world’s largest BOPP and CPP lines**, adding 45–50% capacity by H1 FY26. - High-value segments: synthetic paper (global market ~100,000 MT), heat reduction films, paint protection films (PPF), and PVC-free graphic films. ##### **b) Cosmo Plastech – Rigid Packaging Solutions** - Operates in a **₹10,000 crore** Indian market growing at **>10% annually**. - Provides **end-to-end customized** rigid packaging for FMCG using injection molding and thermoforming. - **Key Clients**: Direct partnerships with FMCG brands. - **Certifications**: FSSC 22000 (food safety). - **Specialty Products**: ESD PET sheets for electronics; moisture-resistant, tamper-proof packaging. - **Target**: Teen-range Return on Capital Employed (ROCE); EBITDA-positive by FY26. ##### **c) Cosmo Speciality Chemicals** - Produces **masterbatches, adhesives, and coating chemicals**. - **Market Focus**: - Masterbatch: 75% captive use, 25% for niche external markets. - Adhesives: Launched in FY24; targets 7–8% of group revenue. - **Growth Projections**: - ₹187 crore revenue in FY25 (H1). - Target: **10% of consolidated revenue** within 3–5 years with **25% ROCE**. - **Capacity**: - Masterbatches: 10,000 MT - Coating Chemicals: 5,000 MT - Adhesives: 2,500 MT --- #### **2. Consumer Verticals** ##### **a) Zigly – Omnichannel Petcare Platform** - **Digital-first D2C** platform launched in September 2021. - **Market Opportunity**: Indian petcare sector valued at **₹8,000 crore**, growing at **20–25% CAGR**. - **Service Focus**: High-margin veterinary care, grooming, diagnostics, and pharmacy—accounting for **40% of revenue**. - **Product Offerings**: - 7,100+ SKUs, including private-label brands (Furpo, Zigly Lifestyle). - Available on Zigly.com, mobile app, and third-party marketplaces (Amazon, Flipkart). - **Physical Presence**: - **30+ experience centers** (March 2025), expanding to **50+**; recent expansions in Mumbai, Bengaluru, and Gurugram. - Acquisition of clinics like **Small Animal Clinic (Mumbai)** and **Dr. Santa Animal Healthcare (Bengaluru)** for expertise and customer base. - **Metrics**: - FY25 GMV: **₹42 crore** - Q4 FY25 GMV: ₹15 crore - Repeat Customer Rate: **35%** - Customer Base: **600,000+** - **Demerger Plan**: Scheduled to be spun off into a **standalone company** in the **medium term**. ##### **b) Cosmo Consumer – Window & Surface Protection Films** - Brands: **Cosmo Sunshield** (heat-rejecting window films), **Cosmo PPF** (paint protection films), and **Cosmo Guard**. - **Market Size**: - Heat Control Films: ₹1,000 crore; PPF: ₹500 crore (~10% YoY growth). - **Technology & Innovation**: - Nano-ceramic films block **95–99% UV and 90% IR** rays, reducing cooling costs by up to 20%. - **Direct-to-consumer and B2B** distribution via 10 cities (growing quarterly). - **Domestic Advantage**: Only **10%** of heat control film market is domestically produced, offering significant import substitution opportunity. --- ### **Innovation & R&D** - **R&D Team**: Over **30 scientists and PhDs** with expertise in polymer engineering, packaging, and sustainability. - **Centers**: Centralized R&D facility in **Aurangabad**, and labs in India and the USA. - **Investment**: 0.5% of revenue (~₹8 million invested in recent years). - **Patents**: **5 granted**, with **12 more in development**. - **Key Innovations**: - **Direct Thermal Printable Film** (first globally by a BOPP producer). - Chemically recycled PCR BOPP, transparent CPP for chocolates, puncture-resistant metallized CPP. - OGR barrier coatings, COSEAL-601 (high-performance heat seal coating). - PVC-free, sustainable packaging solutions. --- ### **Strategic Initiatives & Diversification** 1. **Expansion into Specialty Domains**: - Post-COVID, launched **four new verticals**: - Cosmo Plastech (Q4 FY24) - Cosmo Sunshield & PPF (May 2025) - Cosmo Speciality Chemicals (2020 onward) - Zigly (2021) - All are in **scaling-up phase**, contributing to growth. 2. **Joint Venture (JV) with Filmax Corporation (South Korea)**: - **50:50 JV** to strengthen presence in South Korea. - Aim: Leverage Cosmo’s technology and global reach with Filmax’s brand equity. - Focus: Specialty films, rigid packaging, chemicals distribution. 3. **Capital Expenditure**: - Over **₹1,180 crores** invested in the past 3 years. - FY26 capex: Focus on **value-added capacity expansion**. - Key investments: - New BOPP Line: 81,200 MT capacity (world’s largest), commissioned in June 2025. - CPP Line: 22,000 MT capacity (March 2025). - BOPET Line: For heat reduction and shrink label films.