Camlin Fine maintains FY27 guidance despite geopolitical headwinds
Management held firm on double-digit EBITDA margin guidance despite a sharp Q4 hit from shipping disruptions and raw material inflation, betting on vanillin and blends growth.
What management said
- Q4 revenue hit by ~20% due to delayed shipments and longer voyage times from Middle East conflict
- Vanillin realizations improved to $12.5/kg in Q4 vs sub-$11 earlier; FY27 blended $13.5-$14 guided
- Fire at diphenol plant contained; raw material phenol prices doubled to INR 150/kg
- CFS Europe liquidation generated ~95 crores gain; discontinued operations cash burn to zero
- Blends business targeted at north of 1,400 crores revenue for FY27, with Vita 4 and Windpie at breakeven
The brief
Camlin Fine Sciences reported Q4 revenue of 424 crores, down ~20% due to shipping delays and longer transit times from the Middle East conflict. EBITDA came in at 21 crores, a 5% margin, dragged by 10 crores of losses at Windpie and supply chain disruption. Management maintained FY27 guidance of 2,200–2,400 crores in revenue and 12–14% EBITDA margin, citing vanillin realizations improving to $12.5/kg and a target of 4,000–4,200 MT volume. Blends revenue is expected to exceed 1,400 crores, with Vita 4 and Windpie reaching breakeven. A fire at the diphenol plant was contained and insured. The liquidation of CFS Europe yielded a ~95 crore gain, and discontinued operations cash burn will stop. The company faces tight working capital but plans debt rather than equity. Guidance was held; sentiment is constructive.
In their words
“We are not changing our guidance for FY27. We are guiding on the same line.”— Ashish Dandekar — Chairman & Managing Director
“Middle east crisis has impacted our sale by about 50 crores... our EBITDA should have been higher by about 30 crores.”— Santosh Parab — Chief Financial Officer
“Our realization moved from sub $11 in almost 12.5 plus dollars in this quarter... realizations will increase in the next part.”— Santosh Parab — Chief Financial Officer
Summarised from the Camlin Fine Sciences Limited Q4 2026 earnings-call transcript. View transcript.