Camlin Fine Sciences (CAMLINFINE) Q3 25/26 earnings summary

Executive summary

• Q3 revenue was INR 572 crore (Rs. 4,572 mn), up 6% year-over-year, with blends segment growth aided by the Vinpai acquisition and vanillin sales managed for tariff optimization.

• Profitability was impacted by pricing pressure in ingredients, tariff-related challenges in vanillin, and a fire at the Brazil blending unit, which resulted in significant inventory loss but operations continue via alternate arrangements.

• Liquidation processes for European and Chinese subsidiaries are underway to stem ongoing cash losses from discontinued operations.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, prepared per Indian Accounting Standards.

Financial highlights

• Q3 consolidated revenue: INR 572 crore (Rs. 4,572 mn), up 6% year-over-year; 9M FY26: Rs. 13,406 mn (+9% YoY).

• Vanillin sales: 490 tons, INR 55 crore, average realization $12.5/kg.

• Blends revenue: INR 271 crore, with Vinpai contributing INR 13 crore (Rs. 129 mn) in its first consolidated month.

• Adjusted EBITDA margin for Q3: 6.7%-6.8%; gross margin declined to 45% from 46% in the previous quarter.

• Q3 net loss after tax: Rs. 3,622.99 lakh; 9M net loss: Rs. 13,832.19 lakh.

Outlook and guidance

• FY 2027 vanillin volume guidance: 4,000 metric tons (methyl + ethyl), with 60% targeted for the U.S. and 40% for Europe.

• Revenue guidance: INR 2,200 crore for FY 2027 and INR 2,400 crore for FY 2028, assuming current price levels.

• Blends business expected to grow 25% in FY 2027; gross margin expected to improve to 46-47%, EBITDA margin to 12-14% in FY 2027.

• Vanillin business expects improved realizations and volumes following the withdrawal of US tariffs.