NSE: CAMLINFINE · BSE: 532834
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Blends, Straights, Vanillin, Vinpai. Specialty chemicals exporter with vanillin focus; tariff and freight cost exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,412 | 1,682 | 1,613 | 1,667 | 1,723 |
| EBITDA (ex other income) | 153 | 196 | 24 | 198 | 81 |
| margin % | 10.8 | 11.6 | 1.5 | 11.9 | 4.7 |
| Owners' profit | 61 | 52 | (93) | (139) | 28 |
| EPS, as reported (₹) | 4.65 | 3.45 | (5.58) | (8.03) | 1.46 |
| ROE % · ROCE % | 7.9 · 10.8 | 4.8 · 11.0 | (12.2) · (3.2) | (18.1) · 12.6 | 2.4 · 2.9 |
| Debt / equity (x) | 0.81 | 0.95 | 0.77 | 0.74 | 0.67 |
| Cash from operations | 145 | 51 | 139 | 27 | 82 |
| Capex | (214) | (144) | (61) | (42) | (58) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 423 | 433 | 437 | 424 | 460 | 457 | 425 | 520 |
| Profit before tax | (143) | 2 | 29 | (5) | 0 | (28) | (7) | (34) |
| Net profit | (116) | (7) | 0 | (11) | (15) | (37) | 86 | (34) |
| EPS (₹) | (5.98) | (0.24) | (0.04) | (0.53) | (0.76) | (1.91) | 4.59 | (1.65) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,47,581 | 55.7 | 13.36 | 39.1 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,214 | 32.0 | 4.93 | 21.4 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 46,552 | 76.0 | 5.88 | 37.0 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 42,476 | 53.7 | 10.69 | 38.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,367 | 86.4 | 8.29 | 55.4 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 19,572 | 25.0 | 3.33 | 20.3 | 9.4 | 10.2 | 12.6 | 21.5 |
| ATUL LTD | 15,853 | 19.9 | 2.52 | 12.9 | 10.9 | 13.3 | 10.9 | 23.1 |
| AARTI INDUSTRIES LTD | 15,833 | 29.8 | 2.66 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 311.5 | 23.0 | 96 of 99 | 3% |
| P/B | 1.6 | 2.8 | 31 of 99 | 69% |
| ROCE | (2.5) | 10.1 | 99 of 106 | 7% |
| ROE | 2.4 | 8.1 | 84 of 99 | 15% |
| Debt / Equity | 0.7 | 0.2 | 85 of 99 | 14% |
| EBITDA margin | (0.1) | 15.5 | 97 of 99 | 2% |
| Revenue growth | 22.7 | 24.4 | 52 of 94 | 45% |
| Profit growth | (214.8) | 55.1 | 92 of 92 | 0% |
| Market cap | 1616 | 697 | 39 of 108 | 65% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 18 Oct 2026 · Independent Director Pradip Kanakia's 5-year term ends | management changes | medium | — | — |
| 16 Oct 2026 · Atul Pradhan appointed as Independent Director via postal ballot | management changes | medium | — | — |
| 16 Oct 2026 · Allotment of 1,200 equity shares under ESOP 2018 | capital market events | low | — | — |
| 6 Oct 2026 · RTA submits quarterly demat compliance certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1, 2026 till Q2 results declared | compliance | minimal | — | — |
| 16 Sept 2026 · Postal ballot notice published for independent director appointment | compliance | minimal | — | — |
| 15 Sept 2026 · Postal Ballot to appoint Mr. Atul Pradhan as Independent Director | management changes | medium | — | — |
| 9 Sept 2026 · Camlin Fine Sciences appoints Atul Pradhan as Independent Director | management changes | medium | — | — |
| 17 Aug 2026 · Camlin Fine Sciences Q1FY27 call: margin pressure, FY27 guidance revised lower | investor communications | medium | — | — |
| 12 Aug 2026 · Camlin Fine Sciences publishes Q1 FY26 results in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.