Camlin Fine Sciences Limited (CAMLINFINE) share price

₹94.52 on NSE as of 2026-10-07. -0.51% on the day. market cap ₹1,816 Cr. 52-week range ₹91.01 to ₹210.62. Chemicals.

www.camlinfs.com

What the company does

CFSL is one of the leading manufacturers of antioxidants and vanillin in the world. The company categorises its business into three different verticals based on its product portfolio: shelf -life solutions (which include antioxidants, its blends and additives), performance chemicals and aroma chemicals.

Filed by India Ratings, page 5.

Camlin Fine Sciences Q1 FY27: Revenue Up 27.5% to ₹520 Cr, Operating Profit at ₹9 Cr, and a Brand-New Three-Segment Disclosure

At a glance

Camlin Fine Sciences sells speciality chemicals, chiefly antioxidants that keep food and animal feed from spoiling. Revenue in the three months to June 2026 was ₹519.88 crore, against ₹407.72 crore a year earlier. That is a rise of 27.5%, and the largest quarterly revenue in the company's history. Operating profit for the same three months was ₹9.28 crore. The year-ago quarter produced ₹20.30 crore, and the three months to March 2026 produced ₹21.18 crore. The company booked a net loss of ₹31.71 crore. Earnings per share came to minus ₹1.65.

The quarter also came with new furniture. Management moved the accounts from lakhs and crores into millions. It also split the business into three reporting segments. They are Specialty Ingredients, Aroma, and Performance Chemicals & Others. Management describes the change as looking at the business 'in a more structured manner'. Nothing reorganises a chemicals company's slide deck quite like the discovery that it has been three companies all along.

An exceptional item of ₹11.11 crore sat alongside the results. It is the shortfall on settlement of the insurance claim for the February 2026 fire at the Brazil blending unit. A second fire followed on 23 May 2026, at the Diphenol unit at Dahej. Two fires in one financial year is not a business model anyone drafts on purpose. Management stated that ₹6.70 crore of machinery, inventory and related expenses is entirely covered by insurance. On that basis, management expects no residual loss.

Gross margin was 41.2%, against 48.5% in the three months to March 2026. The gap between the two is 7.3 percentage points. Management attributed the fall to higher raw material prices, limited pass-through and liquidity issues.

Introduction

The company describes itself, with admirable economy, as engaged in the business of speciality chemicals. That covers a good deal of ground. Its products end up in food, pet food, animal feed and biodiesel. They also reach fishmeal, incense sticks and printing inks. Electroplating and agrochemicals take the rest. It is the customer list a firm ends up with when its core competence is stopping things from going off.

The company is among the global leaders in antioxidant manufacturing. It states a 50% market share in TBHQ and BHA, two preservatives used in food. It is also one of the largest makers of Methyl Vanillin in the world. There are 8 manufacturing sites, with total capacity above 49,000 tonnes. The company runs 7 application laboratories and 2 research centres. It sells into more than 80 countries and to more than 1,300 customers. In the year to March 2025, exports were 83% of revenue and domestic sales 17%.

Recent years have been busy on the corporate-action side. Vinpai S.A. of France makes natural functional ingredients from algae, plants, minerals and fibres. It holds more than 3,500 formulations and employs 43 people. Camlin took 78.68% of it in November 2025 through a contribution in kind, a deal paid in assets rather than cash. Convertible bonds lifted the holding to 83.82% in January 2026. A simplified cash tender offer completed in July 2026 took it to 95.41%. The company has stated it will not implement a squeeze-out, the forced buyout of the remaining minority holders. Belgium's Vitafor Invest NV came earlier, bought outright for 1 million euros in cash. That is roughly what a mid-size Mumbai flat costs, and considerably less negotiating.

Going the other way, CFS Europe SpA entered judicial liquidation, a court-supervised winding up, on 17 March 2026. It was classified as discontinued operations. The company recorded a gain of ₹102.9 crore on derecognition of liabilities, meaning debts removed from its books. It states the closure removes recurring cash burn of about ₹50 crore to ₹60 crore a year. CFS Wanglong Flavours (Ningbo) is in liquidation too, with ₹1.58 crore of related expenditure booked this quarter. The consolidated review report lists 22 subsidiaries, step-down subsidiaries and associates. That is the sort of family tree that makes an audit partner reach for a second coffee. The auditors did not review 6 of them, and relied on other auditors for 15 more.

Business model

There are three verticals, freshly named.

Specialty Ingredients was 76% of revenue in the year to March 2026, and is itself two businesses. Straights were 18% of that year, and are the classical antioxidants. They include TBHQ, BHA and Ascorbyl Palmitate. These are molecules whose entire professional purpose is to sit inside a packet of biscuits doing nothing, forever. Blends were 58%, and cover more than 200 custom formulations built on those straights. They are sold under the NaSure, Xtendra, Biosus Omega and Enzentia names. Blends grew from ₹416.8 crore in the year to March 2022 to ₹997.3 crore in the year to March 2026. Straights went the other way over the same span, from ₹381.2 crore to ₹314.3 crore. The company mixes what it makes with other things it makes, and charges more for the mixture. That is either forward integration or the most respectable markup in the trade.

Aroma was 14% of the year to March 2026, and the product is vanillin. Methyl Vanillin sells under Vanesse and Ethyl Vanillin under Evanil. Vanillin made from clove sells under Adorr. The segment went from ₹13.5 crore in the year to March 2022 to ₹239.1 crore in the year to March 2026.

Performance Chemicals & Others was 10% of the year to March 2026. It covers derivatives of hydroquinone and catechol. The list runs to Chloranil, MEHQ, HQEE and 4-TBC. Guaiacol, Veratrole and 1,2-MDB sit alongside them. They go into petrochemicals, dyes, acrylates and electroplating. The managing director clarified that of roughly ₹175 crore of segment revenue, about ₹130 crore is internal transfer. External sales are around ₹40 crore. That makes it less a segment than an in-house supplier that files its own paperwork.

The Diphenol plant is currently shut. Management cited economic reasons and high phenol prices. It said hydroquinone is secured from China for the next two quarters, at comparable and competitive rates. Management also said ample catechol is available to service aroma needs. A decision on restart or repurposing is expected in the third quarter of the current financial year.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Camlin Fine Sciences Limited.

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