Camlin Fine Sciences Limited has informed the Exchange about Credit Rating- Revision
CAMLINFINE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 3.4 pts more than Nifty Microcap 250 and 2.7 pts more than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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India Ratings & Research has downgraded Camlin Fine Sciences' long-term bank loan rating from IND BBB to IND BBB- (Stable Outlook) and short-term rating from IND A3+ to IND A3, on a total facility of INR 4,699.2 million. The downgrade reflects expected weak performance in FY26 driven by higher fixed costs and increased working capital needs in the vanillin business, along with pricing pressure on the aroma segment from US tariff hikes. Consolidated EBITDA fell 42% year-on-year to INR 525 million in 1HFY26, while net loss widened to INR 2,075 million in FY25. The agency noted some positives including the promoters' INR 2,250 million rights issue infusion in FY25, expected EBITDA improvement in FY27, and the company's strong global position in antioxidants and vanillin.
Negative for shareholders — the rating cut signals rising credit risk, stretched leverage (expected above 5x), and weakening interest coverage, which could raise future borrowing costs. However, the Stable Outlook and expectation of recovery in FY27 may limit further downside in the near term.