COSMO FIRST LIMITED (COSMOFIRST) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the investor call of Cosmo First Ltd. to discuss the Q4FY26 results. Today we have with us from the management, group CEO Mr. Pankaj Potdar and group CFO Mr. Neeraj Jain, along with Mr. Bhushan Malik, business head film business, and Mr. Saurav Jain, CEO Zigli and head corporate development. Starting off with the statutory declaration, certain statements at the conference call may be forward-looking. These statements are based on management's current expectations and are subject to uncertainties and changes in circumstances. These statements are not guarantees of future results. As a reminder, all Paris Paine lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. Now may I request Mr. Neeraj Jain to take us through his opening remarks, subsequent to which we can open the floor for the Q&A. Thank you and over to Mr. Neeraj Jain.

Well, thank you very much. Very good afternoon, ladies and gentlemen, and thank you for joining us on Cosmo March 26th results conference call. We'll begin with the call with a brief remark from the management side, which may be followed by the questions. Thank you. The company has done well to manage uncertainty caused by West-Asia war and could post EBITDA increase by 53% in quarter four to 130 crore rupees compared to 85 crore rupees in similar quarter last year. The incremental EBITDA is primarily driven by three factors. First, higher sales volume by 41 percent. Largely because of the new capacities. Second, higher specialty sales volume. Specialty sales, in fact, is growing for us close to 10% CAGR year-on-year. Thank you. 7.2 crore rupees related to one of the provisions made by the company's subsidiary. The GDP margin during quarter 4 was running at 20 rupees per kg, as against 13 rupees per kg in December 25 quarter. Brazil was running close. The impact of the reversal of DeferTex asset of 5.0. Thank you. For FY2526, company has posted Thank you. Moving to outlook for the film business, the company expects double-digit top-line growth next year, mainly due to enhanced utilization of BOPP and CPP capacity, which we got added during FY25-26. Recently announced reduction in the U.S. tariff will lead to improved profitability of the U.S. operations from next year onwards. Now we are going to move to new business verticals performance, first talking about the specialty chemicals. The specialty chemical subsidiary has continued to achieve traction and postage sales of 54 crore rupees with 25% in quarter four. For the full year also the subsidiary has done 204 4 crore rupee of the top line with 25% plus kibit. Talking about the rigid packaging, which is under the brand Cosmo Plastech, this vertical has posted more than 70% top-line growth in Q4 on year-on-year basis. The business vertical has reached EBITDA break-even already, and now F527 focus will be on achieving higher profitability Thank you. The second, Cosmo consumer, which include window phones. We actually started during the FI 25-26. Distractions vary. To look at the macro level, the capex cycle for the company is largely complete now. Focus will be on setting the strategic capex which we did during the last three years, which is close to 1,200 crore rupees. This is a very clear roadmap to reduce net debt over the next two years. In fact, in this direction, the company has reduced net debt by 75 crore rupees already during last six months. To 1159 crores, which is 10, 2.4 times to EBITDA and 0.7 times to EBITDA. Our new businesses, whether specialty chemical, plastic, or Cosmo Consumer, are scaling very fast. As recommended dividend of four rupees.

Thank you very much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask questions may please press star and one on their touchstone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Files prints are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Harshit Khatka from RoboCapital. Please go ahead.

Am I audible? Yes, thank you for the opportunity. I just wanted to understand that in your opening commentary, you mentioned that the prices of BOPIT and BOPP have increased to some 19 rupees per kg. So can you, sir, you know, throw some more light on that and just wanted to understand the industry outlook, how it is right now, and how do you see it going forward in FY27?

Industry margins on coal, BOPP, and BOPIT can remain volatile through, you know, the current year as new capacity comes. What we control is mix and cost. Speciality films are 60% of our films and are growing, which insulates blended margin. We are also the lowest cost producer in India, which gives us downside protection. On the demand side, Indian flexible packaging volumes are growing 8 to 10%. And we are tracking incremental share through speciality positioning. Our FY30 target for COSMO-ROSI continues to be a focus area. Quarterly EBITDA margins might vary with industry cycles.

My second question is regarding Ziggy Lee. I can say in the PPT that it is at an annualized run rate of 90 crores per annum. And you have mentioned that, you know, there are plans to unlock value in FY27. So what exactly are you planning? Can you, you know?

So, see, first step is to, you know, have this in a separate subsidiary within this financial year, and then... You know, we are exploring whether it's the right time for getting some external capital to fund the future growth for this business.

Do you have any guidance for FY27 and FY28 regarding your top line and EBITDA?

Topline should grow in double digits in the current year because we still have unutilized capacities in BOPP and CPP and also for our new businesses. EBITDA, you know, we cannot talk about industry cycles, so it's always very difficult for us to give us any guidance. But in general, the good thing is that U.S. duties have been taken away, which should be very favorable for us in the times to come. Cosmo Consumer continues to grow at a rapid pace, so is Digly and Plastic. So these new businesses, volume growth in firms, speciality growth in firms, and U.S. subsidiary, all these will help us getting decent margins in the current year.

Thank you all, John. Bye. Thank you.

Thank you. The next question is from the line of Jatin Damania from Swan Investments. Please go ahead.

Good afternoon, sir. Thank you for the opportunity. Firstly, on the film business, I just wanted to understand. Post the war, definitely we had seen a sharp increase in the PT and MAG prices. Our spreads have also improved. But how do we see a domestic market demand supply as import has also reduced and going ahead? I mean, probably not going ahead, but currently, if you compare with the last quarter, what would be the average spreads in month of April, May?

The polyester film already has got now anti-dumping duty from neighboring country. The demand continues to grow at 8% to 10% year on year. However, as we say this, there is still, I would say, supply is a bit more than demand, and until these balances out, you know, the margins will continue to fluctuate. As I said earlier, it's always very difficult to give any projections around this. But if you see year-on-year basis, then the polyester margins are certainly improving. And just to reiterate, if you look at Postmoor's film business, 90% of this is BOPP-CPP and close to 10% is BOPP-CPP.

So what are the current, what will be the current spreads when you compare to the last quarter average? The OPP spreads when you compare with the Q4 average. Okay. Moving into specialty, now in last year, we commenced the new BOPP line. So, going ahead, how shall one look at the specialty flim business or the value-addict flim business overall contribution to the growth of the company?

You know, Wendy... Started this new line, our overall speciality share went down from close to 70% to 53-54%, but part of all, we are already at 60%, and from 2019 until 2016, or 26, we have seen a 10% CAGR. So, though the base is continuously going up, but we expect this growth rate to maintain.

And secondly, on post-contribution, see, if you look on the FY25 and FY26 numbers, we have seen a substantial increase in the overall employee cost and the other expenses. So, I mean, going ahead in 26-27, I mean, how shall one look at the employee cost and the other expenses? Because in 25, our total employee expenses was $250. But in 26, we are at 336, almost 30% growth. So, what has led to a sharp increase in the overall employee expenses, and how shall one look at the, for the 27, 28 numbers, or going ahead?

So, we should not grow these costs too much from quarter 400. These costs went up because we were scaling up all of our businesses. Even film business had a close to 40-50% volume growth. So, these cost increases are in line with the new business growth and as a percentage, these costs should ideally come down.

So, when the blue 400, we should probably maintain for the F527 now, henceforth.

We will go through the normal inflation, but otherwise, quarter 400 will be maintained with the inflation.

Sir, on this, your valuated products and control scheme that we started, definitely we have seen a significant improvement from the time that we have operated. How shall we look at the contribution of the SCF over a period of time, and what is the margin that we will be generating on the business?

Yeah, Cosmo consumer business will have gross margins of anywhere between 35 to 40 percent.

And on the revenue front, how should we look at the contribution coming from this flims business, I mean, sun control flims and PPS?

See, right now in the first year, we have closed at 23 crores, as we know that the business has been capitalized only this year. Right now, we should have... Very significant growth because, you know, we are getting these products approved in various countries, and, you know, we have to take different certifications as we move along different countries. Right now, most of the number that we have done is from India. In the coming year, we should start scaling up in America and Europe as well.

And to add to it, I mean, we are already sitting now at the exit run rate of the FI26. We are sitting at 38 crore rupees of the annualized revenue already.

And we have already got an approval from the U.S. and Europe, and probably we are still in a discussion stage on that front.

In the current financial year, we have started dispatching material to both America and Europe. It will take some time to scale up because customers typically start with one pallet and then gradually move towards one entire container. But we should see significant growth in the coming year itself in U.S.-Europe both. While we continue to scale up India.

Sure, sir. A couple of more questions. I'll join back in the queue. Thank you.

Thank you. The next question is from the line of Aman Sonthalia from AK Securities. Please go ahead.

Congressman to the management for good set of numbers, and the best part is that the management has reduced the debt, which is a great thing. Sir, my question related to in the last quarter, sir, there was a great increase in the raw material price and the BOPP price. So, definitely we have some inventory in our hand. So, the margin has increased by the spread is just 20 rupees. So, any reason for that?

You see, I mean, a large part of our inventory of the finished goods was at the port at the end of the year, so whatever gain was there from the inventory side because of the increase in the raw material price was largely parked, got parked with the finished goods in town.

Sir, how is the demand supply situation in BOPP business? As recently I have seen in the presentation of SRF, that they are not setting up the plant as announced by then. So, how do you see the future prospect of BOPP business, commodity business, commodity part?

You know, as we already said that our focus remains increasing our speciality growth. Having said that, I think in the next three years, there are seven to eight lines coming in India, which is, I would say, more or less balanced with the demand growth that is expected. There could be somewhat oversupply, and I think seeing that SRF may have decided to delay their CapEx or defer their CapEx at this case, but then the company will continue to focus on export opportunities, growing the speciality business assets.

The benefit will accute from this quarter, I think, in the U.S. business. So, how do you see the growth in the U.S. market for our business?

We should see, you know, anywhere between 15 to 20 percent growth as a minimum in U.S. business. We are already winning multiple businesses in America, and customers are highly appreciated the way we dealt. The good news is that we did not lose any customer during that time, and we've already started to send multiple new customers in the last three, four months.

Sir, as far as PPS film and window film, we are looking for U.S. market and Europe market. But in U.S. market, I think already Garware Hitek is the market leader. So whether we will be able to get into that market or it is European market is more promising.

U.S. market is huge. Garvare has a presence there, but I'm not too sure whether there are also the market leaders there or not. I cannot comment on this. The market itself, window film plus PPF, in U.S. would be exceeding half a billion dollars. And we see a very good opportunity both in U.S., Europe, and not just these two continents, but we also see growth in future to come from Africa, Middle East, and South America. But given that we have to take certifications in each and every country, therefore this process normally in the initial couple of years takes time, and once you have all the necessary approvals, you have distributors made, the material is the retailer, then you start seeing much more growth.

Okay, sir. Thank you. This is from my side.

Thank you. The next question is from the line of Saranj Gupta from Swan Investments. Please go ahead.

Yes, sir. Am I audible? Yes. Congratulations, Saranj Gupta. Thank you. Sir, I just wanted to understand, like, what in our segmental revenue, what do we report in the other segments? The last segment includes the rigid packaging vertical and the Cosmo consumer part which includes the window film paint protection.

Mr. Gupta, your audio is followed by some disturbance, so can you please use your handset so that you can be clear. Yes, please continue.

Yeah, so in our opening remarks, we did mention that rigid packaging is growing, is at break-even level, and in our consumer business as well, we have been growing good, and there is good potential for us ahead. Still, we have been reporting losses in our other business. So, how is that?

See, on a full-year basis, we did lose money in plastic. In quarter four, we were at break-even, EBITDA break-even. PBT level, we may have had made some small losses. Cosmo consumer, given that we are spending on the marketing, in fact, even in Cosmo consumer, without marketing costs, we are EBITDA break-even. But given that we have to initially build our brand, there were marketing costs incurred, and that is the losses that we had, you know. And these businesses have been set up recently, you know. Cosmo consumer is less than 12 months and plastic business is less than 18 months old. So they will take some time for them to be profitable at the PBT level, but they should not be way far.

Sir, by when can we expect that and how much do we have to spend incrementally to get our PBT positive?

See, in FY27, plastic business should start making high single-digit EBITDA, while in FY28, we expect it to be high or, let's say, mid double-digit EBITDA numbers. Cosmo consumer will continue to make losses in the current financial year for the simple reason that we will continue to be aggressive in building our brand. I feel that Cosmo Consumer will take at least a couple of years to be profitable. First thing is to reach 100 crore's benchmark at the earliest.

Mike, sir, I just want to understand the bridge. Like, what do we need to do to reach at that level? Like, I know that we are focusing towards the exports market, so what lever do we have?

So there are multiple things that we are doing. First is we are looking at domestic market as a very good opportunity. We have appointed more than 50-plus distributors for both the product lines. We are also investing on building a grand portfolio in the domestic market. Secondly, we are looking at export as a significant opportunity. We have started making distributors in America and Europe. And then we will also start filling distributors in South America. Middle East is right now a bit disturbed there. So we are confident of the 50% CAGR itself in cost of consumer as a minimum.

Understood, so that would be great. I said just, other than that, I wanted to understand, like, in this quarter, our speciality gross margin has come down from 65 rupees per KGI to 63. I just wanted to understand, like, why is that? Though U.S. have opened for us, so what led to decrease in the gross margin?

That was a very marginal drop, and actually per kg margin you will notice, I mean, it's a function of sales mix as well. As in fact, so, some of the customers, particularly specialty customers, generally you are able to take the price reset at the end of either month or the quarter. So that's why there will be some lag in taking some price increases as well.

The commodity, the pass-through happens almost on an immediate basis, but speciality is always a lag of one to three months, so that would be the main reason for this.

So, sir, it would be fair to assume that our next quarter we will be seeing higher gross margins at current level?

Most likely, other than the mixed part, that we cannot comment fully, but most likely there should be an upswing.

I'm sorry to interrupt you. Mr. Gupta, there is a queue. We have others waiting for their turn. I would request you to kindly rejoin the queue for follow-ups, please.

Thank you.

Thank you so much, Mr. Gupta. We'll take the next question from the line of Raman KV from Sequent Investments. Please go ahead.

Hello, can you hear me?

Yes, sir. Please receive me.

One, I just want to understand that now we are done with the CAPEX phase. What's our current utilization on the film side? One is that, which includes both BOPP as well as OPET and the CPP films. And second one, sir, we have been growing our specialty chem business at 20% revenue over the past 2-3 years. But during this year, it has grown around 9 to 10. What was the reason for the slow growth during the year, and going forward, how was it?

So, from a capacity utilization perspective, we have 15% to 20% growth potential from the last year numbers. Coming to chemical, actually, we grew by 20% also this year. However, given that raw material prices were lower and most of the pricing is raw material late, so therefore the actual growth in value terms is coming at 10%. However, the volume growth was 20% even in the last financial year. And the margins you could see have gone up substantially, and the beta has gone up from 33 CR to 53 CR, so we have been able to increase margins very significantly this year.

Just have the volume.

Whatever information you could share is already there in our investor presentation.

Thank you. The next question is from the line of Aryan Vadarya from Equitas Investments. Please go ahead.

Hi, thanks. Congratulations for the great set of numbers. Actually, I just wanted to understand that, you know, in your presentation, slide 18, you are saying one of the world's largest coating lines is expected in FF27. New Yorkers said that 7-8 lines are going to come live in the next year or two. So, you know, what are we expecting in terms of margins here? Because if specialty, the business is your thing that, you know, you will focus on specialty, then these extra capacity can also focus on specialty, right? So, what is the competition, what are you expecting the competitive scenario to be like in the next 20 years?

You know, we have said this even in the past that, you know, for us, the focus remains on the speciality film growth. The industry margins can remain volatile, you know, as the new capacity comes in next three years. What we definitely control is mix and cost, and we are already one of the lowest cost producers in the country. We are growing speciality films at 10% CAGR, and though the base is growing, we continue to grow the speciality at the same rate. And as you may see, we have launched multiple range of products in the film. You know, we have got a complete range of leading films now. We've also come out with green graphic films. So there are some very good innovations that Cosmo has done, and they should help us to continue to scale up our speciality business.

And, you know, just on the consumer side, so what is, you know, your five-year view in terms of steering the business? Because, you know, of course, there is a lot of competition. You have given the numbers in your presentation, but, you know, how are you incorporating the culture? I would like to understand more on the, you know, how we are treating it internally in the business.

So, see, the thesis there is market will not push. India PPS penetration is just 1-2% versus China at 15%. So it is a 10x plus gap on a 500 crore Indian PPS market growing at 30% per annum. What we need to see is that our Q4 exit rate is already at 38 crores versus full year at 23 crores, which basically tells that the trajectory is already steep. And, you know, we are entering the detailing channel, multiplying rapidly across Tier 1 and Tier 2 cities. We already have started export SQs as well, including trying to grow in all the geographies across the globe. So we are easily confident of more than 50% CAGR in this business.

That's good. And profitability towards, you have already mentioned all that. Just, you know, one last question on the debt. So, you know, we are seeing an inflationary environment, there might be rate hikes. So, you know, how is our expectation on debt management and what are we guiding in terms of interest for?

So, debt should continue to come down. We have reduced debts by close to 75 crore this year. Given that next year, the capex is expected to be less than 100 crore, we should be able to decrease our debt even by a higher amount this year. And we should even in the FY28, the outlook is to reduce our debt even further. So, we are already at 2.4 times to EBITDA in terms of debt, and we will bring it below 2 within the next 12 to 18 months.

Thank you, sir.

Thank you. The next question is from the line of Rajkumar Vedyanathan from RK Invest. Please go ahead.

Can you hear me? Yeah, thanks a lot for the opportunity. So, just two questions. So, first one is, so there is a, this U.S. tariff has been, now been asked to refund. So, just want to know whether Cosmo U.S. has filed an application for getting the refund? Yeah, we have, yes, the courts have opened the process for the refund.

We are right now studying that process and going to file the refund soon. It's expected that this refund process may take anywhere between 6 months to 12 months.

Okay, and do you know what would be the approximate quantum?

See, the refund will be more than 60 crores, but then some of it also has to be given back to the customers, given that some customers have given us price increases. So we will know the exact situation in the next 6 to 12 months. Okay. Yes, there's something...

Okay, but that is something that will flow to the bottom line during the year, right?

It will flow both to the bottom line as well as the cash flow. Okay, that's great, sir.

And second thing, this margins that you mentioned, the BOPP margins and the BOPP margins, so these margins are kind of flat when you look at year-on-year, right? The margin improvement is only there when you compare quarter-on-quarter. Is that correct?

These margins are volatile, and as Cosmo, we are never as much concerned about these commodity margins because our focus remains growing our speciality business. It's very difficult to predict these margins. I mean, these margins within this last one year have gone up two, three times and have gone down a couple of times. So it's very difficult to predict these margins.

Okay. And in your commentary, you mentioned that this quarter, the path growth is moderate due to some of the one-offs. So, is it fair to expect the current quarter will be better than the Q4 numbers that you reported, given that the margins are over?

Yes.

It should be better than Q4, right? Okay, sir. Thank you so much.

Total one-off item in quarter 4, which has a path impact, is close to 12%. Which will obviously be not there from next year.

Thank you, sir, for answering those questions. We'll take the next question from the line of Vipul Kumar Shah from Sumangal Investments. Please go ahead.

Hi, thanks for the opportunity, sir. So, when are we likely to reach 70% speciality sales where we were in the fourth quarter of 2025?

You see, quarter 426, we have reached around 60%. On a full year basis, we are 56-57%. If you do the math by 10% CAGR, you can get the answers.

No, would you elaborate? I didn't understand, sir. 18 to 24 months. 18 to 24 months. There is a raw material price increase. So what will be the impact of raw material price increase in the current quarter?

In terms of speciality, it's a pass-through. Obviously, there's a time lag in speciality because price increases happen either on a monthly or a quarterly basis. In case of commodities, the intention of the industry is always to immediately react to any price changes. You know, so that is the way we operate as an industry.

Thank you. The next question is from the line of Kevin Gandhi from CapGro Capital. Please go ahead.

Hello. Thank you, sir, for giving me a question. I have questions primarily on the Bopet side. So, sir, just wanted to know what is the current supply demand situation of Bopet? Are we seeing any new lines being commissioned?

And do we think that the spreads of Bopet should actually increase from the current trajectory? Well, our exposure in Bopet is only 10%, and within Bopet also, Cosmos focuses largely speciality growth. Coming to the industry dynamics, you know, there are not many lines coming up in Bopet because there was an excess supply. Now there's an anti-dumping duty on neighboring country for Bopet film imports. So that has also given us some relaxation within the industry. So this demand supply should balance out in the times to come. It may take anywhere between 12 to 18 months for the demand and supply to equalize assets.

And sir, the spread of moped should actually increase from the current trajectory, from the current levels of rating for the AG, do you think?

The trend says that, yes, it should increase.

Thank you. The next question is from the line of Janvi Shah from Share India. Please go ahead. Hello, sir. Congratulations on the result.

Sorry, I think I might have just missed it out. What was the capacity utilization for all the lines?

There's a 15 to 20% opportunity with us for the current year, from the last year.

Oh, sir, I'm asking you, what was the utilization for the year, the FI26?

Fully of this, it is 80-85%.

Okay, sir. Thank you, sir.

That's it.

Thank you. The next question is from the line of Gaurav from Capital Farming Consultants. Please go ahead.

Yeah, hi. Thanks for the opportunity. So, I have two questions. First question is with respect to our new business site, like Cosmoplastic, in which we achieved a turnover of performance. which we have been consistently investing, I think, from last almost five years. So, if you can guide us that how much capital we have invested in these three businesses independently, if possible to guide us on that capital invested. And how much capital do we envisage that incremental will be invested in FY27 and FY28. Right, and what kind of return profile we can expect, right? Like we have specifically mentioned that ROSI in our specialty chemicals is 25%. So what kind of ROSI we can expect in...

Sorry, the voice was not clear, and I'm not able to gather all the questions, but just to answer your first question, see, other than Phil, from the start of these businesses, they have invested close to 300 crores in the new businesses.

Repeat my question, if you allow. I asked, yeah, so in Plastech, consumer and pet care individually, how much capital we have invested till F526 and how much incremental capital we are expecting in F527 and F528, right? And addition to this, like we have mentioned in specialty chemicals, we are earning ROSI of approximately 25%. So what is our expectation in terms of ROSI from?

Yeah, these are still too many questions. Sorry about that. But just to try and answer, in the three businesses that you asked, our capital invested is close to 270 to 75 crores. We, I mean, the investment, the further investment in these two businesses, three businesses are not expected to be huge. All put together should be in the range of 50 to 75 crores. In the next year and a year thereafter, unless and until we do any acquisitions in Zigly, specifically, more so specifically. Yeah, and what, I mean, we have to repeat other questions that you had.

Yeah, yeah, so my second question is with respect to our films business, right, since we have almost done our capex into that in the last three years. And capacity utilization, you have given us the guidance on that. So, question is that, like, we have seen our debt levels peaking as well. So, in FY27 and FY28, if you can quantify that, what could be the expected debt level that we can see getting reduced on our books, right? And according to that, what is the Bye, bye, bye, bye.

So, see, from a debt perspective, right now we are operating at 2.4 times 2 EBITDA, and this year we have reduced our debt by 75 crores. We would like to bring this below 2 within 12 to 18 months from now. And the ROSI right now was impacted because we had incurred a lot of capex in the last two, three years. Now that capex cycle is almost over, therefore the ROSI will start going up. So FY26 is 11%, and next year we expect it to be around 14% to 15%, and this will continue to go up as we ramp up our capacity utilization and grow in the new businesses.

Thank you, sir. The next question is from the line of Saransh Gupta from Swan Investments. Please go ahead. Mr. Saranj Gupta, please proceed. As there is no response, we will move on to the next question from Sakit Kapoor from Kapoor Company. Please go ahead.

Yeah. Namaskar, sir. I'm audible. Yes, you are audible. Yeah, yeah. Thank you for the opportunity. Sir, you did mention about that taking into account that one-off of 12 crore for this quarter, that will not be appearing. How the operating environment is also... Better than what we have existed to for? That understanding is correct? See, operating environment is very difficult to comment in film business. The world has become so uncertain and volatile that it's very difficult to project even for tomorrow. So, I do not, unfortunately, I do not have any straight answer to that. But the good thing is that Cosmo continues to grow speciality sales by 10% CAGR year on year in spite of a higher base each year. And that is what we continue to make our efforts, that we continue to grow. Speciality Sales. You also answered that our utilization levels are close to 80 to 85 percent. That is, for the flexible packaging segment, which category or as in overall you have given that number? So in film business, we have an opportunity to increase our volumes by another 15 to 20 percent. In other businesses, there is still more capacities available, like in chemical. There is a potential to increase our business by close to 100 more crores. In plastic, there is a potential to grow by another 30%. In Cosmo consumer, we are hardly at 20% capacity utilization still. So in other businesses, the potential to grow is much more.

Sir, for the specialty chemical, what was our revenue number, I think so, for the last year?

Probably 205 crores last year.

Thank you. Ladies and gentlemen, we will take that as a last question for today. I would now like to hand the conference over to the management for closing comments. Thank you and over to you.

So, when companies focus very clearly will be on setting the 1,200 crore view of strategic capex done in the last three years, each business vertical will focus on improvement in the margins and higher return on capital employed. Further, extend the financial resilience by reducing the corporate net debt in the next two years. Also to mention that some of the parts of the intrinsic value of each business far exceed the current market cap of the company. At the last, we would like to repeat the statutory declaration. Certain statements in this concord may be forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are no guarantees of future results. Many thanks for joining the conference.

Thank you, members of the management. On behalf of Cosmo First Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your line. Thank you.