India · Delayed Price · Currency is INR Camlin Fine Sciences Earnings Call Transcripts
Fiscal Year 2026
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Revenue and EBITDA were impacted by global logistics and raw material costs, but discontinued operations and tariff reductions improved profitability. FY 2027 guidance remains strong, with vanillin and blends segments expected to drive growth and margins.
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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.