Camlin Fine Sciences (CAMLINFINE) Q2 25/26 earnings summary

Executive summary

• Revenue for the quarter reached INR 4,600 million, up 8.6% sequentially and year-over-year, driven by growth in trades, blends, and Speciality Ingredients Straights, with significant volume recovery post-plant shutdowns.

• EBITDA for the quarter was INR 334 million (7.27% margin), up from INR 190 million in the previous quarter, reflecting improved plant utilization and stable costs.

• Losses from discontinued operations continued, while losses before taxes from continued business were substantially reduced.

• Board approved unaudited financial results for the quarter and half year ended September 30, 2025.

• Grant of 1,623,000 employee stock options under ESOP-2021.

Financial highlights

• Q2 FY26 revenue: Rs. 4,598.3 mn (up from Rs. 4,173.2 mn in Q2 FY25 and Rs. 4,235.5 mn in Q1 FY26).

• Adjusted EBITDA: Rs. 334.1 mn in Q2 FY26 (7.27% margin), up from Rs. 190.3 mn in Q1 FY26 (4.49% margin), but down from Rs. 514.9 mn in Q2 FY25 (12.34% margin).

• Net debt stood at INR 520 million, slightly up due to working capital needs, with gross debt stable.

• Consolidated net loss for Q2 FY26 was ₹1,495.00 lakh, compared to a net loss of ₹1,068.11 lakh in Q1 FY26 and ₹11,610.78 lakh in Q2 FY25.

• Standalone net loss for Q2 FY26 was ₹363.91 lakh, compared to a net loss of ₹1,068.10 lakh in Q1 FY26 and ₹7,262.16 lakh in Q2 FY25.

Outlook and guidance

• Management reiterated full-year sales guidance of INR 2,000-2,100 crore and vanillin volume target of 2,500-3,000 tons for FY26.

• Blends business expected to grow 18-20% year-over-year, supported by field force expansion and upcoming acquisition in France.

• Vanillin volumes projected to continue growing with margin improvement as tariff issues ease.

• Discontinued operations in Italy and China continue to be classified as such, with remote prospects of revival.