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Camlin Fine Sciences Limited — Q3 FY26
Camlin Fine Sciences reported Q3 FY26 revenue of ₹572 crore, up 6% YoY, driven by blends growth (+11% YoY) and the VPI acquisition.
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Camlin Fine Sciences reported Q3 FY26 revenue of ₹572 crore, up 6% YoY, driven by blends growth (+11% YoY) and the VPI acquisition. EBITDA margin contracted 60 bps YoY to 6.7%, impacted by lower vanillin sales (deliberately deferred to benefit from US tariff reduction) and margin pressure in the straights business (TBHQ/BHA). Management guided for FY27 vanillin volumes of 4,000 metric tons (vs ~2,400 in FY26) and blends growth of 20-25%, targeting overall revenue of ₹2,200 crore. A fire at a Brazil blending unit destroyed ~₹33 crore of inventory and equipment, but insurance coverage is expected. Key risk: delay in US tariff reduction or liquidation of European subsidiary could impact cash flows.
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Delay in US tariff reduction
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Vanillin volume guidance FY27
4,000 MT
+67% YoY
Management expects to double vanillin sales from ~2,400 MT in FY26 to 4,000 MT in FY27.
Blends revenue growth Q3
₹271 crore
+11% YoY
Blends segment grew 11% YoY, driven by organic growth and VPI acquisition (₹13 crore contribution).
Vanillin channel stock
400 MT
N/A
Company holds 400 MT of vanillin inventory in US, partly committed at $12.5/kg, awaiting tariff benefit.
Brazil fire loss
₹33 crore
N/A
Fire destroyed inventory (₹28 crore) and equipment (₹4.5 crore) at a blending unit; insurance survey pending.
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Guidance and risk preview
Management expects to sell 4,000 metric tons of vanillin in FY27, up from ~2,400 MT in FY26, driven by US tariff reduction and channel stock liquid...
If the US-India trade deal is not signed, vanillin realizations may remain at $12.5/kg instead of improving to $14-15/kg, impacting margins.
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