Camlin Fine Q2 FY27 Results (NSE: CAMLINFINE)
Signal: Loss widened
The read
The trajectory has deteriorated sharply: revenue grew 9.2% YoY, but gross margin contracted 661bps and EBITDA margin fell to 0.45%, extending the margin-contraction streak to a third consecutive quarter; Specialty Ingredients remains profitable, but Aroma and Performance Chemicals & Others are loss-making and finance costs rose 15.4%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹491.47 Cr | +9.2% | -5.5% |
| EBIT | ₹-17.69 Cr | -198.4% | |
| Net profit | ₹-29.7 Cr | -98.7% | |
| EPS | ₹-1.45 | -88.3% | |
| EBIT margin | 0.45% |
P&L walk
Revenue rose 9.2% YoY to 4,914.65 million, but gross margin compressed 661bps to 39.84% and EBITDA margin fell 746bps to 0.45%, leaving EBIT at a 176.86 million loss; finance cost of 205.92 million and discontinued-operation losses kept PAT at a 297.00 million loss.
Segments
Specialty Ingredients is driving the group with 4,078.80 million revenue and 327.91 million segment result, while Aroma swung to a 108.90 million loss and Performance Chemicals & Others posted a 196.69 million loss; the consolidated result is therefore being dragged by the two latter segments.
Key positives
- Specialty Ingredients revenue increased 26.2% YoY to 4,078.80 million and segment result remained positive at 327.91 million.
- Consolidated operating cash flow was positive at 415.68 million in H1FY27 despite a 671.47 million continuing-operations loss before tax.
- Net debt declined by 882.16 million to 5,798.65 million versus March 31, 2026.
Key concerns
- Gross margin compressed 661bps YoY to 39.84%, while raw-material cost increased to 53.75% of revenue from 46.43%.
- EBITDA fell 93.7% YoY to 22.33 million and EBITDA margin declined 746bps to 0.45%.
- Aroma swung from an 87.00 million segment profit to a 108.90 million loss, while Performance Chemicals & Others widened its loss to 196.69 million from 89.59 million.
- Finance costs rose 15.4% YoY to 205.92 million and 47.0% QoQ, adding pressure below EBITDA.
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