India · Delayed Price · Currency is INR Camlin Fine Sciences Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue grew 6% year-over-year to INR 572 crore, with blends up 11% and vanillin sales managed for future tariff benefits. Gross margin declined to 45%, but FY 2027 guidance targets 4,000 tons vanillin, 25% blends growth, and improved margins.
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Quarterly revenue grew 8.6% sequentially, with strong volume recovery and improved margins, despite ongoing tariff and realization pressures. Management reaffirmed full-year guidance and expects further growth from field force expansion and a new acquisition in France.
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Q1 FY2026 saw revenue and EBITDA decline due to plant shutdowns and one-time costs, but the blends business continued strong growth. Vanillin production ran at 50% capacity, with tariffs and channel inventory impacting near-term outlook. Gross margins are expected to stabilize at 40%-45%.
Fiscal Year 2025
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Annual revenue grew 15% to INR 1,666 crore, with strong blend and vanillin segment growth. Discontinued operations' cash burn will reduce, and vanillin capacity utilization is set to reach 100% in two years, benefiting from anti-dumping duties in key markets.
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Revenue and margins improved year-over-year, with vanillin and blends segments showing strong growth. Anti-dumping duties are boosting vanillin prices, while rights issue proceeds have strengthened the balance sheet and reduced debt.
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Revenue grew 6.9% sequentially to INR 422 crore, with gross margin at 48.2% and EBITDA margin at 10.2%. Major impairments in Europe and China totaled INR 151 crore, but core businesses—aroma and blends—are expanding, with double-digit EBITDA margins expected to sustain.
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Q1 FY25 saw stable revenues and improved margins despite global demand weakness and pricing headwinds. Blends business grew strongly, while European operations remained a drag. Management expects double-digit EBITDA margins for FY25, aided by acquisitions and anti-dumping actions.