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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Disconnect between vanillin realization and tariff reduction math
Asked by Rushikesh Sha, Alchemy Capital
Management clearly explained the duty pass-through mechanism.
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Question
So according to me let's say your realization in US is $18. If it your tariffs move down by 25% then your realization so should increase by $6. So where is the disconnect in this?
Management (unidentified)
So the price in US is around $18. That's correct. But what comes from India was being 50% duty has to be paid. So to match the realizable value because there is a local manufacturer that's always selling at 18 who doesn't have the duty. If we have to match the price of 18 we have to bear the duty.
Answered
High priority
Volume guidance for vanillin in FY27
Asked by Rushikesh Sha, Alchemy Capital
Management gave a specific volume number.
Read the exchange
Question
And what is the volume guidance for FI27?
Management (unidentified)
For FI27, we have both methyl vanillin and ethyl vanillin. And our guidance for FI27 is between the two, the total would be 4,000 metric tons.
Answered
High priority
Steady-state margin expectations after vanillin ramp-up
Asked by Rushikesh Sha, Alchemy Capital
Management provided specific margin guidance ranges.
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Question
So what are the kind of margins you expect gross margin as well as a better margins from next year onwards?
Management (unidentified)
Our guidance is that we should improve the margin by 1 to 2%. It'll be in the range of 46 to 47%. And EBITDA margins based on the growth that we are projecting in vanillin and the blend business should improve and go to between 12 to 14%.
Answered
High priority
Current US duty rate and expected reduction
Asked by Satish Kumar, Incred Equity
Management clearly stated current and expected duty rates.
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Question
So I just wanted to understand what is the duty right now in US? It is 25% or it is only 18%.
Management (unidentified)
No it is 25%. What is expected is once the trade deal is officially signed and announced. Right now only fact sheets and some other documents have been shared by both sides. But once it is finalized it'll come down to 18%.
Answered
Medium priority
Quantity of vanillin sales deferred to next quarter
Asked by Satish Kumar, Incred Equity
Management gave a specific volume deferred.
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Question
So what was the quantity and of that?
Management (unidentified)
We would have pushed and sold another 200 trucks. We went slow and try to push it in the next quarter so that we get the duty benefit. So we would have made around another 200 tons at 12 and a half.
Answered
High priority
Vanillin pricing outlook in Europe post-tariff change
Asked by Surya Narendra, Philip Capital India Private Limited
Management explained why Europe pricing won't rise similarly.
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Question
In the post tariff scenario if the US pricing is likely to see a rise so whether we should expect similarly in the Europe also.
Management (unidentified)
No not in Europe. So Europe the anti-dumping duty on Chinese material is 131% whereas on in the US it's effectively with the tariff at about 265%. So there is a difference that delta will remain.
Answered
High priority
Integration and growth plans for Vinfi and Vitafor
Asked by Surya Narendra, Philip Capital India Private Limited
Management provided specific revenue targets and growth percentages.
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Question
This is a year of acquisition integration and some strategic plans about it people addition all that. So next year how should one really think about those two business and that's contribution to the overall blend.
Management (unidentified)
Vitafor we look at scaling up from roughly 12 to 13 million euros top line to about 17 to 18 million euro top line in the next financial year. So we're looking at at least a 40-50% growth there.
Evasive
Medium priority
Fire impact on Brazil operations and insurance
Asked by Surya Narendra, Philip Capital India Private Limited
Management did not quantify potential impact despite being asked.
no quantificationdeferred to future
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Question
About any fire impact that we are likely to see in the upcoming quarter for Brazil although it is fully insured.
Management (unidentified)
We will have to see how the insurance process goes. Very difficult to predict right now whether there will be any impact and if so what will be the impact. At this point of time it's in fact the access to the premises has not been allowed as yet by the fire department.
Partial answer
Medium priority
Margin profile of Vini and Vitafor acquisitions
Asked by Rahan, Coher and Wealth
Management gave qualitative margin status but not precise numbers for Vini.
no specific margin percentage for Vini
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Question
What would be the margin profile at the EBITDA level or gross level for Vini and the other acquisitions?
Management (unidentified)
VPI is just near break even. The break even should be at 15 crores they have done 13 crores but they at present they are just below the break even margin. Vitafor is already broke even and has been making small 4 to 5% EBITDA.
Answered
Medium priority
Reason for sharp jump in other expenses
Asked by Rahan, Coher and Wealth
Management explained the increase with specific monthly cost figures.
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Question
On the other expense front, we've seen a sharp jump of about 10 to 15 crores on a yearly basis. Any reason for such a sharp jump we're seeing or is it only a one time because of the acquisition?
Management (unidentified)
The increase in other expenses are predominantly because of Vinfi for a month. Vinfi had an operating cost of around 3 to 3.5 crores on a monthly basis. Similarly Vitafor's employee cost is around 1.5 to 2 crores per month.
Answered
Medium priority
Vanillin tonnage in first 9 months of FY26
Asked by Rohan Advant, Pra Capital
Management gave a specific number.
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Question
What was the vanillin tonnage in the first 9 months of FI26?
Management (unidentified)
740 metric tons.
Answered
High priority
Realization calculation under different tariff scenarios
Asked by Nirjman Singha, White Pine Investment Management Private Limited
Management confirmed and refined the realization estimates.
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Question
If right now the prices in the US is $19 and if we have a 25% tariff, we'll get a realization of $15. Is it right?
Management (unidentified)
Yeah about 14 and a half or so because there is also local freight and things. And if the tariff goes to 18% our realization would be 15 and a half or so.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin guidance for FY27 is 46-47% | 46.5% | 5% | Overstated vs filing |
| EBITDA margin guidance for FY27 is 12-14% | 13% | 5% | Overstated vs filing |
| Vitafor revenue target FY27: 17-18 million euros | 17.5 | 441 | Understated vs filing |
| Vitafor growth target FY27: 40-50% | 45% | 6% | Overstated vs filing |
| Vinfi revenue target FY27: 40-50% growth | 45% | 6% | Overstated vs filing |
| Blends business growth target FY27: 20-25% | 22.5% | 6% | Overstated vs filing |
| Blends revenue target FY27: 1300-1350 crores | ₹1,325 cr | ₹441 cr | Overstated vs filing |
| Revenue guidance FY27: 2200 crores | ₹2,200 cr | ₹441 cr | Overstated vs filing |
| Revenue guidance FY28: 2400 crores | ₹2,400 cr | ₹441 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.