Camlin Fine Sciences Ltd(CAMLINFINE)

NSE: CAMLINFINEBSE: 532834

₹ 80.36-3.92%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 1,544 crWebsite: www.camlinfs.comUpdated: 24 Oct 2026

About

Camlin Fine Sciences Ltd is an Indian specialty chemicals company that manufactures antioxidants, aroma chemicals (vanillin and ethyl vanillin), and value-added blends for food, feed, flavour and fragrance industries across more than 60 countries. It operates through three segments - Specialty Ingredients (blends and straights), Aroma Chemicals (vanillin), and Performance Chemicals (diphenols) - with a global footprint that includes manufacturing in India, Brazil, and recently acquired entities in France.^[1][2][3]

Business segments

Specialty Ingredients (blends and straights antioxidants): blends revenue was ~₹10,000 mn in FY26; blends grew 17% YoY in FY26 (18% including discontinued CFS Europe Blends).^[2][4]
Aroma Chemicals (vanillin and ethyl vanillin): 560 MT sold in Q1 FY27 at $13 - 14/kg realisation; FY26 cumulative 9M vanillin volumes were 1,740 MT.^[2][3]
Performance Chemicals (diphenols - catechol, hydroquinone): diphenol plant shut for economic reasons as of Q1 FY27; segment EBITDA was -2.5% in Q1 FY27.^[2]

Products and portfolio

Specialty Ingredients portfolio spans antioxidant blends (value-added, customer-specific formulations) and straights (TBHQ, BHA) for food, feed, and industrial applications.^[3][5]
Aroma segment produces methyl vanillin and ethyl vanillin; first-ever ethyl vanillin campaign produced ~400 MT in Q1 FY27, of which 350 MT were sold with 95% customer approval.^[2]
Vitafor (acquired June 2024) supplies animal feed ingredients; running at 12 - 13 mn euros topline as of Q3 FY26, targeting 17 - 18 mn euros in FY27.^[3]
Vinpai (French natural functional ingredients company, ~11 mn euros topline) was consolidated from November 30, 2025 after CFS acquired ~83.82% controlling stake; contributed ₹247 mn revenue in Q1 FY27.^[3][2]

Manufacturing and capacity

Vanillin installed capacity is 6,000 MT total; achievable capacity is 5,000 MT (limited to ~3 campaigns per year); FY27 production estimate revised to ~3,000 MT as of Q1 FY27.^[2]
Vanillin cost of production was $9.5 - 10/kg at 50 - 55% utilisation in Q2 FY26; expected to decline to ~$8/kg at 100% utilisation.^[5]
Diphenol plant at Dahej is shut; catechol inventory of ~3,000 MT held as of Q4 FY26 covers 8 - 9 months of vanillin production; decision on plant's future use deferred to Q3 FY27.^[4][2]
Brazil manufacturing: Unit I operational; Unit II (newly commissioned) was destroyed by fire on February 7, 2026, resulting in ~₹32.7 crore book-value loss (₹28 cr inventory, ₹4.5 cr equipment).^[3]

Key operating numbers

Vanillin volumes sold: ~700 MT in Q2 FY26, ~490 MT in Q3 FY26, ~320 MT in Q4 FY26, 560 MT in Q1 FY27; FY26 9M cumulative 1,740 MT.^[5][3][4][2]
Vanillin realisation: $11 - 12/kg in Q2 FY26, $12.5/kg in Q3 FY26, >$12.5/kg in Q4 FY26, $13 - 14/kg in Q1 FY27.^[5][3][4][2]
Vanillin raw material cost (methyl): $7 - 8/kg in Q1 FY27.^[2]
Blends revenue: ₹271 crores in Q3 FY26 (+13% YoY); April FY27 monthly run-rate exceeded ₹100 crores; Q1 FY27 blends revenue ₹3,086 mn (+35% YoY).^[3][4][2]
Gross margin: ~46% in Q2 FY26, 45.8% in Q3 FY26, ~48.5% in Q4 FY26, 41.2% in Q1 FY27 (compressed by elevated RM prices and logistics costs).^[5][3][2]
Adjusted EBITDA margin: 7.27% in Q2 FY26, 6.7% in Q3 FY26, 5.0% in Q4 FY26, 3.4% in Q1 FY27 vs 5.0% in Q1 FY26.^[5][3][4][2]
Gross debt ₹640 cr in Q1 FY27, down from ₹670 cr at March 31, 2026; net debt was ₹5,197 mn as of September 2025; net debt/EBITDA 2.1x and net debt/equity 0.52x in FY26.^[2][5][4]

Customers and distribution

Vanillin FY27 target market split: ~60% US and ~40% Europe; FY27 US target volumes 2,200 - 2,400 MT (methyl + ethyl combined), Europe ~1,500 - 1,600 MT.^[3][4]
Blends field force expanded 21% (31 people added) in Q2 FY26 across US, Brazil, Europe, Belgium, and India; impact expected from Q4 FY26 and Q1 FY27.^[5]
North America blends pet food segment experienced a slowdown for two quarters but was recovering as of Q2 FY26.^[5]
Straights (TBHQ/BHA) face pricing pressure of ~$1/kg decline and intense competition from local Indian manufacturers as of Q3 FY26.^[3]

Expansion and guidance

FY27 consolidated revenue guidance reaffirmed at ₹2,200 - 2,300 crores; FY27 EBITDA margin revised down to 10 - 11% (from prior 12 - 14%) due to prolonged RM and logistics pressures.^[2]
Blends business targeting 25 - 30% growth in FY27 on ~₹10,000 mn FY26 base; Vinpai and Vitafor both targeted to be above EBITDA breakeven in FY27.^[2][4]
Maintenance capex only at ₹40 - 50 crores annually; no new plant capex approved; long-term debt to decline as ~₹40 - 50 crores repaid annually.^[3]
May need ₹100 - 200 cr additional credit lines as revenue scales; decision expected within 1 - 1.5 months from Q1 FY27 call.^[2]

Recent developments

CFS Europe entered liquidation (order received in Q4 FY26); annual cash burn of ₹50 - 60 crores falls to zero from Q1 FY27; ~₹100 cr gain on derecognition of intercompany loans booked in FY26.^[4][2]
China operations in process of liquidation as of Q1 FY27; residual expenditure of ₹10 - 20 mn expected in Q1 FY27.^[2]
Brazil fire in February 2026 resulted in ₹111 mn exceptional charge after accepting a 20% haircut on ~₹400 mn insurance claim to accelerate cash settlement; Brazil blends also incurred ~₹8 cr air-freight cost.^[2]
US vanillin tariff reduced from 50% to 25% (additional 25% Russian-oil-linked duty removed effective Q3 FY26); potential further reduction to 18% pending India-US trade deal.^[3]
Vinpai share-swap acquisition (~83.82% stake) completed November 30, 2025; contributed ₹129 mn in Q3 FY26 (one month) and ₹247 mn in Q1 FY27.^[3][2]

Market Cap

₹1,544 Cr

High / Low

₹204 / 88

Stock P/E

331.0

Price / Book

1.8

Book Value

₹54

EPS

₹1.4

No. of Shares

19.21 Cr

ROCE

4.1%

ROE

2.8%

OPM

3.7%

Debt / Equity

0.64

Sales

₹1,723 Cr

Net Profit

₹24 Cr

Promoter holding

48.0%

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Camlin Fine Sciences Ltd(CAMLINFINE)

About

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Products and portfolio

Manufacturing and capacity

Key operating numbers

Customers and distribution

Expansion and guidance

Recent developments

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