Camlin Fine Sciences (CAMLINFINE) Q4 24/25 earnings summary

Executive summary

• Revenue for FY25 grew to Rs. 16,665 crore from Rs. 14,391 crore year-over-year, with Q4 turnover at Rs. 4,375 crore, and core business EBITDA margin at 12.5%.

• Blends segment revenue rose 18% YoY to Rs. 8,784 crore, with strong growth in North America, India, and Mexico; Aroma Ingredients contributed Rs. 1,758 crore.

• Discontinued operations in Europe and China have been fully impaired and segregated from continuing operations.

• Net debt reduced to Rs. 4,918 crore as of March 2025, with net debt-to-equity ratio improving to 0.55x from 0.65x YoY.

• Major structural changes included the Vitafor acquisition, rights issue, and subsidiary restructuring.

Financial highlights

• Core business EBITDA improved to Rs. 2,081 crore in FY25 from Rs. 1,840 crore last year, with margins maintained at 12.5%.

• Q4 FY25 revenue from continuing operations was Rs. 4,375 crore, up 16.1% YoY; adjusted EBITDA for Q4 FY25 was Rs. 594 crore, up 20.7% YoY.

• FY25 PAT from continuing operations was Rs. 494 crore, with a PAT margin of 3.0%.

• Net debt-to-EBITDA improved to 2.4x in FY25 from 3.1x in FY24.

• Rights issue in January 2025 increased equity and was used to repay NCD of Rs. 1,000 crore.

Outlook and guidance

• Blend business expected to grow at 20% CAGR over the next two years, with EBITDA margins in the high teens.

• Vanillin plant capacity utilization targeted to reach 100% in two years, up from current 45-50%.

• Gross margin expected to remain in the 45-55% range, with potential for higher margins as vanillin ramps up.

• Board and auditors confirmed going concern basis for both standalone and consolidated financials.

• Focus on maintaining market leadership in antioxidants and expanding high-margin blends and additives.