Camlin Fine Sciences (CAMLINFINE) Q4 25/26 earnings summary

Executive summary

• FY26 revenue was INR 17,233 million, with Q4 revenue at INR 4,248 million, impacted by global shipping delays, raw material price increases, and steady growth in value-added blends and acquisitions.

• EBITDA for Q4FY26 was INR 212 million (5% margin), affected by higher costs, currency fluctuations, and increased competition.

• PAT for FY26 was a loss of INR 2,232 million, with Q4FY26 PAT at a loss of INR 315 million, reflecting operational and exceptional challenges.

• Discontinued operations, including CFS Europe S.p.A., led to a gain of around INR 100 crore and reduced annual cash burn by INR 50-60 crore.

• Blends business grew 17% (18% including discontinued Europe business), slightly below the 20% target due to working capital constraints and Vinpai underperformance.

Financial highlights

• FY26 consolidated revenue grew 6% year-over-year to INR 17,233 million; Q4 EBITDA margin was 5%, with cost control except for increased freight and Vinpai-related expenses.

• Adjusted EBITDA margin for FY26 was 13.3%, down from 14.4% in Q4FY25.

• Net debt to equity stood at 0.52x and net debt to EBITDA at 5.1x for FY26.

• Realization for vanillin increased from $11 to over $12.5 per kg in Q4, expected to rise further.

• Debt at year-end stood at INR 670 crore, with INR 60-70 crore repayment scheduled for FY27.

Outlook and guidance

• FY27 guidance maintained: revenue expected at INR 2,200-2,400 crore, EBITDA margin 12-14%.

• Vanillin volumes in the U.S. targeted at 2,200-2,400 MT, with total vanillin production guidance around 4,000-4,200 MT.

• Blends business projected to exceed INR 1,400 crore in FY27, with Vinpai and Vitafor expected to be EBITDA positive.

• Vanillin business expects improved realizations and volumes with US tariff withdrawal.

• No immediate plans for equity infusion; debt financing preferred for liquidity.