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Revenue
₹425 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Where this quarter sits.
Quarter read
What the record says.
Camlin Fine Sciences reported FY26 revenue of ₹1,723 crore, impacted by ~20% shipment delays due to geopolitical disruptions. The blends business grew 17% (18% including discontinued Europe), missing the 20% target due to Winpai liquidity issues. Vanillin realizations improved to $12.5/kg in Q4 from $11, with tariffs reduced to 15.5% in the US. Management maintained FY27 guidance of ₹2,200-2,400 crore revenue and 12-14% EBITDA margins, driven by vanillin volumes of 4,000-4,200 MT and blends scaling to ₹1,400 crore. Key risks include lingering logistics disruptions, rising raw material costs (phenol up from ₹85 to ₹150/kg), and potential cash flow stress from extended working capital cycles.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated revenue between ₹2,200 and ₹2,400 crore for FY27, driven by vanillin volume recovery and blends growth.
- Management targets EBITDA margins of 12-14% for FY27, supported by vanillin margin improvement and cost control.
- Blends revenue is expected to cross ₹1,400 crore in FY27, with Winpai and Beta4 turning EBITDA positive.
- Management expects vanillin sales volume of 4,000-4,200 MT in FY27, with US volumes of 2,200-2,400 MT.
Risks flagged
- Geopolitical tensions have extended shipping times to 40-50 days and tripled freight costs, impacting working capital and sales execution.
- Phenol prices have surged from ₹85 to ₹150/kg due to the conflict, increasing vanillin production costs by ~$1.5-2/kg.
- Longer delivery times and liquidity crunch at Winpai have strained cash flows; management may need additional debt or equity.
- Solvay is pricing vanillin at $17-18/kg to gain market share, limiting Camlin's ability to raise prices despite tariff reductions.
Key quotes
- We are not changing our guidance for FI27. We're guiding on the same line.
- Our bigger challenge is of course the longer working capital cycles and logistics and cash flow. So that's what we need to address.
- We have a large order book even in all our businesses actually and executing that with tight cash flow position is a bigger challenge than the market itself.
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