Camlin Fine Sciences Limited — Investor Meet, 14-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Q2 revenue reached Rs. 460 Cr (+8.6% QoQ), driven by Trades & Blends. EBITDA improved to Rs. 33 Cr (7.27% margin) from Rs. 19 Cr last quarter, with gross margins at 46% due to higher plant utilization. Vanillin volumes grew 35% QoQ, but realizations are soft at $11-12 due to US tariffs and channel inventory expected to clear by Q4 FY'26 (US) and Q1 FY'27 (Europe). Blends sales force expanded by 21%, targeting 18-20% growth. Vinpai acquisition (current run rate €1M+/month) to consolidate this quarter. Management is confident in achieving ~2,500 tons Vanillin volumes this year and 4,000 tons next year, alongside Rs. 2,000-2,100 Cr sales. Focus remains on Blends expansion and improving Vanillin realizations as inventory normalizes.