CAMLIN FINE SCIENCES LTD

Manufactures specialty chemicals, primarily vanillin and a portfolio of blends and straights, with FY26 consolidated revenue of INR1,723 crore. The Blends segment is on a steep growth trajectory, scaling from INR1,050 crore in FY26 to a guided INR1,400+ crore in FY27 on 17-18% year-on-year growth. The vanillin line has been converted from methyl to ethyl production, with realisation improving from sub-$11 to $12.5+ in Q4 FY26 and a FY27 target of ~4,000 MT of global volume at $13.5-14/kg blended, helped by a U.S. tariff cut from 50% to 15.5%. Manufacturing runs from plants at Tarapur and Dahej in Gujarat, with 667 permanent employees and 68.81% of revenue from exports across 51 countries. Recent strategic moves include completing a simplified cash tender offer for France-based Vinpai (95.41% stake), liquidating the loss-making CFS Europe subsidiary to eliminate INR50-60 crore of annual cash burn, and shutting the diphenol plant to import hydroquinone from China as phenol prices surged from INR85 to INR150/kg. Raw materials are the largest cost at 47.8% of revenue, followed by other operating expenses at 26.1% and employee costs at 14.2%.