Camlin Fine Sciences (CAMLINFINE) Q2 25/26 earnings summary

Executive summary

• Revenue for Q2 FY26 reached INR 4,600 million (₹45,982.69 lakh), up 8.6% sequentially and year-over-year, driven by growth in trades, blends, and vanillin, though margins were pressured by tariffs and higher employee costs.

• Vanillin sales volume increased by 35% quarter-over-quarter, with a 41% year-over-year revenue rise, but realizations remained under pressure due to tariffs, especially on exports to the U.S.

• Adjusted EBITDA for the quarter was INR 334 million (7.27% margin), up from INR 190 million in the previous quarter, with margin improvement aided by optimal plant utilization.

• Losses from discontinued operations in Europe, Italy, and China continued, with consolidated net loss for Q2 FY26 at ₹1,495 lakh.

• Board approved unaudited financial results, re-appointment of a director, and grant of 1,623,000 ESOPs.

Financial highlights

• Q2 FY26 consolidated revenue: ₹45,982.69 lakh, up from ₹42,355.20 lakh in Q1 FY26 and ₹41,731.78 lakh in Q2 FY25.

• Adjusted EBITDA: INR 334.1 million (7.27% margin), up from INR 190.3 million in Q1 FY26 (4.49% margin), but down from INR 514.9 million in Q2 FY25 (12.34% margin).

• Net debt increased to INR 520 million (₹5,197 mn), reflecting working capital needs as revenue grows.

• Standalone net loss for Q2 FY26 was ₹363.91 lakh; consolidated net loss was ₹1,495.00 lakh.

• No major capex beyond maintenance; gross debt stable.

Outlook and guidance

• Management reiterated full-year sales guidance of INR 2,000-2,100 crore and vanillin volume target of 2,500-3,000 tons for FY26.

• Blends business expected to grow 18-20% year-over-year, supported by field force expansion and upcoming acquisition in France.

• Vanillin volumes projected to continue growing with margin improvement as tariff issues ease.

• Discontinued operations in Italy and China continue to be classified as such, with remote prospects of revival.