Camlin Fine Sciences (CAMLINFINE) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue rose 9.15% YoY to ₹4,914.65 million, while consolidated net loss widened to ₹297.00 million; continuing-operations PAT was a loss of ₹280.8 million.

• Higher input costs, limited pass-through and liquidity constraints pressured margins; Blends and Straights grew while Aroma revenue declined.

Financial highlights

• Q2 FY27 revenue was ₹4,914.65 million vs ₹4,502.65 million; H1 revenue was ₹10,113.44 million vs ₹8,579.86 million.

• Q2 adjusted EBITDA, excluding FX loss, was ₹22.3 million vs ₹356.3 million YoY; adjusted EBITDA margin was 0.45% vs 7.91%.

• H1 adjusted EBITDA was ₹198.8 million vs ₹559.2 million; adjusted EBITDA margin was 1.97% vs 6.52%.

• Q2 gross margin was 39.8% vs 46.5%; H1 continuing-operations PAT was a loss of ₹598.8 million vs a loss of ₹50.2 million.

Outlook and guidance

• Q3 EBITDA is expected to be at least at Q2 levels with slightly better margins; Q4 turnover guidance is ₹6,000 million and EBITDA above ₹600 million, assuming current input prices.

• The earlier FY27 ambition of ₹2,000 crore revenue and ₹200 crore EBITDA is not expected to be achieved.

• Vanillin target is at least 1,000 tonnes per quarter from Q4 FY27; Blends growth target is 20%, with over half expected from functional ingredients.

• Priorities include improving margins and working-capital cycles, developing functional ingredients and expanding specialty applications and high-value markets.