Camlin Fine Sciences Limited (CAMLINFINE) AI Stock Analysis

• Market Cap: ₹24.90B
• Dividend Yield: N/A
• Average Volume (3M): 39.05K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.89
• Revenue Growth: 9.21%
• EPS Growth: 87.89%
• Country: IN
• Employees: 624
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -0.25
• Shares Outstanding: 192,091,610
• 10 Day Avg. Volume: 26,894
• 30 Day Avg. Volume: 39,045
• PEG Ratio: -0.48
• Price to Book (P/B): 3.33
• Price to Sales (P/S): 1.80
• P/FCF Ratio: -190.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹170.00
• Price Target Upside: 17.81% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 2.57
• Revenue Forecast (FY): ₹15.56B

• Rating: 47 Neutral
• Price Target: ₹128.00 ▼(-11.30% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily held back by weak financial performance driven by ongoing losses and negative free cash flow. Technicals are mixed with some near-term strength but a still-weak longer-term trend, while valuation is pressured by the loss-making profile and lack of a provided dividend yield.

Positive Factors

Specialty B2B product portfolio

A focused specialty-chemicals product set (antioxidants, shelf-life and aroma/performance additives) supports recurring B2B demand from food and industrial customers. Structural end-market needs for preservation and sensory performance create durable, repeatable revenue streams and higher switching costs.

Improving gross margins

An uptick in gross margins indicates progress on pricing, product mix or manufacturing efficiency. Sustained margin improvement directly improves operating leverage and the company’s ability to fund R&D and customer service without relying solely on revenue growth.

Moderate leverage with equity coverage

A moderate debt-to-equity ratio plus a relatively strong equity ratio provide asset coverage and financial flexibility. This balance sheet posture supports capital spending and working-capital cycles and lowers immediate refinancing risk versus highly leveraged peers.

Negative Factors

Persistent net losses

Sustained net losses erode retained earnings and limit internal funding for growth initiatives. Continued negative profitability constrains reinvestment, weakens return on capital, and makes it harder to attract long-term strategic partners or scale production while maintaining margins.

Negative free cash flow

Declining operating cash flow and negative free cash flow create structural funding pressure. Persistent cash deficits increase reliance on external financing, restrict capacity to fund capex or working capital, and raise vulnerability to raw-material or demand shocks.

Modest revenue growth

Low single-digit top-line growth limits the company’s ability to achieve scale economies and dilute fixed costs. When revenue growth is modest against persistent losses and cash constraints, operational improvements must be large to restore sustainable profitability.

Camlin Fine Sciences Limited Business Overview & Revenue Model

Company Description

Camlin Fine Sciences Limited, together with its subsidiaries, engages in the research, development, manufacture, and marketing of specialty chemical, ingredients, and additive blend products in India and internationally. It offers shelf-life solutions, which include antioxidants comprises Tertiary Butyl Hydroquinone, Butylated Hydroxy Anisole, and Ascorbyl palmitate; and mold inhibitors, preservatives, acidifiers, antibacterial agents, toxin binders, pellet binders, and growth promoters, as well as natural antioxidants, such as mixed tocopherols, green tea extract, rosemary extract, and acerola extract that are used to enhance the shelf life under the Xtendra and NaSure brands. The company also provides aroma ingredients, including vanillin and ethyl vanillin; and nutraceutical products from fermentation and plant extraction sources. In addition, it offers performance chemicals, such as hydroquinone and catechol; and downstream fine chemicals, including Guaiacol, Veratrole, TBC, MEHQ, HQEE, etc. The company also exports its products. Its products are used in food and beverage, pet food and animal nutrition, biodiesel, aquaculture, rendering, petrochemical, agrochemical, pharmaceutical, polymers, dyes and pigment, biscuits and cookies, chocolate and confectionery, fragrance manufacturing, bakery, flavor, electroplating, and dietary supplement industries. The company was formerly known as Camlin Fine Chemicals Limited and changed its name to Camlin Fine Sciences Limited in August 2011. Camlin Fine Sciences Limited was founded in 1931 and is headquartered in Mumbai, India.

How the Company Makes Money

Camlin Fine Sciences makes money by manufacturing and selling specialty chemical ingredients and additives to business customers (B2B). Its core revenue model is product sales across its ingredient and additive portfolio—particularly antioxidants and related shelf-life extension solutions supplied to food and beverage processors and other industrial users—priced based on volumes, specifications, and contractual supply terms. Additional revenue is generated from sales of aroma/performance chemical products used as intermediates or functional ingredients in various applications. Earnings are influenced by the company’s ability to maintain product quality and regulatory compliance, secure customer contracts with repeat/recurring demand, operate manufacturing at efficient utilization levels, and manage key input/raw material costs and availability. Specific details on major partnerships, customer concentration, or segment-wise revenue breakdown are null.

Camlin Fine Sciences Limited Financial Statement Overview

Summary

Modest revenue growth (4.48%) but profitability is weak with a negative net profit margin (-8.34%) and net losses in the past two years. Balance sheet leverage is moderate (debt-to-equity ~0.76) with a relatively strong equity ratio (44.53%), yet cash generation has deteriorated as operating cash flow fell and free cash flow turned negative.

Income Statement

The revenue growth over the last year was modest at 4.48%. However, the company has struggled with profitability, as indicated by a negative net profit margin of -8.34% for the latest year. This marks a deterioration from the previous year's margin, which was also negative. Gross profit margins have improved slightly, but overall profitability remains weak, evidenced by negative net income for the past two years.

Balance Sheet

The debt-to-equity ratio is approximately 0.76, indicating a moderate level of leverage. Return on equity has turned negative due to the recent net losses, which is concerning. However, the equity ratio is relatively strong at 44.53%, providing some asset coverage. The balance sheet indicates stability in the asset base but highlights challenges in profitability.

Cash Flow

Operating cash flow has significantly decreased from the previous year. Free cash flow has turned negative, reflecting challenges in generating cash relative to capital expenditures. The operating cash flow to net income ratio is positive, suggesting operational activities are still generating cash, but the free cash flow to net income ratio is negative, highlighting cash constraints.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	17.31B	16.67B	15.95B	16.82B	14.04B	11.81B
Gross Profit	9.07B	7.78B	6.58B	8.41B	6.34B	5.77B
EBITDA	3.89B	1.95B	487.60M	1.84B	1.79B	1.89B
Net Income	-292.05M	-1.39B	-927.53M	521.06M	606.78M	509.63M
Balance Sheet
Total Assets	20.37B	20.24B	19.52B	20.60B	18.00B	14.82B
Cash, Cash Equivalents and Short-Term Investments	1.63B	1.92B	812.28M	951.90M	1.29B	1.21B
Total Debt	6.72B	6.81B	6.83B	8.01B	6.46B	5.50B
Total Liabilities	11.77B	11.49B	10.95B	12.36B	10.35B	7.68B
Stockholders Equity	8.90B	9.02B	8.65B	8.19B	7.48B	6.43B
Cash Flow
Free Cash Flow	374.83M	-157.24M	784.06M	-934.11M	-683.40M	335.07M
Operating Cash Flow	671.39M	267.23M	1.39B	508.98M	1.45B	1.17B
Investing Cash Flow	-160.19M	-753.50M	-664.98M	-1.25B	-2.49B	-1.33B
Financing Cash Flow	-677.54M	724.43M	-859.72M	596.58M	1.36B	386.27M

Camlin Fine Sciences Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 144.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CAMLINFINE, the sentiment is Negative. The current price of 144.3 is above the 20-day moving average (MA) of 140.42, below the 50-day MA of 148.15, and below the 200-day MA of 202.78, indicating a bearish trend. The MACD of -4.75 indicates Positive momentum. The RSI at 36.72 is Neutral, neither overbought nor oversold. The STOCH value of 21.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:CAMLINFINE.

Camlin Fine Sciences Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BALAMINES	69 Neutral	₹32.39B	29.53	―	0.97%	-10.76%	-27.70%
ADVENZYMES	65 Neutral	₹31.46B	19.90	―	1.70%	14.11%	7.47%
ROSSARI	64 Neutral	₹23.44B	24.59	―	0.09%	15.47%	-1.72%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NEOGEN	61 Neutral	₹35.85B	211.46	―	0.09%	8.44%	-35.59%
PREMEXPLN	54 Neutral	₹24.18B	116.03	―	0.10%	48.22%	90.63%
CAMLINFINE	47 Neutral	₹24.90B	-19.42	―	―	9.21%	87.89%

Camlin Fine Sciences Limited Corporate Events

Camlin Fine Sciences’ European Subsidiary Placed in Judicial Liquidation by Italian Court

Camlin Fine Sciences has disclosed that the Ordinary Court of Ravenna in Italy has opened judicial liquidation proceedings for its wholly owned subsidiary CFS Europe S.p.A., following an appeal by the subsidiary’s Board of Statutory Auditors in January 2026. CFS Europe contributed about 4.72% of the company’s turnover and 9.73% of its net worth in the last financial year, and court‑appointed liquidators will now manage a structured wind‑down, with any potential recovery to depend on the eventual liquidation proceeds.

The move places CFS Europe under Italy’s Code of Corporate Crisis and Insolvency, signaling a formal exit or restructuring of that unit rather than a conventional sale. While the parent company has not specified expected completion timelines or proceeds, the liquidation underlines a strategic and financial retrenchment from this European operation, and Camlin Fine Sciences has indicated it will update investors as material developments arise.

Camlin Fine Sciences Delays Vinpai Tender Filing, Keeps Listing Plan Intact

Camlin Fine Sciences has updated investors on the timetable for its mandatory tender offer for the remaining shares of French company Vinpai, after previously acquiring a controlling 83.82% stake through a block deal and conversion of convertible bonds at €3.60 per share. The company now expects to file the draft simplified cash tender offer with the French market regulator by early May 2026, maintaining the €3.60 offer price, so that Vinpai’s 2025 annual results can be incorporated into the offer documentation.

The delay stems from administrative constraints tied to Indian foreign exchange regulations and the proximity of Vinpai’s results publication, but does not alter Camlin Fine Sciences’ strategic plans. CFSL also signaled it is exploring options to restructure its European operations to enhance synergies among its subsidiaries, and, crucially, stated it intends to keep Vinpai listed, suggesting a longer-term integration strategy rather than a full squeeze-out of minority shareholders.

Camlin Fine Sciences Faces GST Demand but Sees No Material Impact

Camlin Fine Sciences has disclosed that it received an order from the Office of the Commissioner of CGST & Central Excise, Palghar, demanding reversal of allegedly ineligible input tax credit of Rs 23.54 crore for FY 2019-20 to FY 2022-23. The order also seeks applicable interest and imposes an equivalent penalty of Rs 23.54 crore for alleged contraventions under the CGST, IGST and MGST Acts related to input tax credit on trade payables outstanding beyond 180 days.

The company has stated that the tax demand and penalty are not expected to have a material impact on its financial, operational or other activities at this stage. Management has reviewed the order and is preparing to file an appeal, signaling that the dispute will likely move into a litigation phase while normal business operations continue.

Camlin Fine Sciences Files SEBI Demat Compliance Certificate for December Quarter

Camlin Fine Sciences Limited has notified the stock exchanges that it has received a confirmation certificate from its registrar and share transfer agent, MUFG Intime India Private Limited, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The certificate confirms that all securities submitted for dematerialisation during the quarter were duly processed—either accepted or rejected—within prescribed timelines, listed on the relevant exchanges, and that corresponding physical certificates were verified, mutilated, cancelled, and replaced with depository records, underscoring the company’s adherence to regulatory requirements and robust share transfer and demat processes for its investors.

Camlin Fine Sciences Receives GST Order on Ineligible ITC, Plans Appeal

Camlin Fine Sciences has disclosed that it has received an order from the Assistant Commissioner, Office of the Asst./Dy. Commissioner of CGST & Central Excise, Palghar Commissionerate, demanding reversal of allegedly ineligible input tax credit (ITC) totaling Rs 48.58 lakh for FY 2018-19 and 2019-20, along with applicable interest and a 50% penalty under various provisions of the CGST, SGST/MGST and IGST Acts. The order, which relates to purported short or non-reversal of ITC on exempt, nil-rated and non-GST supplies as per discrepancies between GSTR-3B and GSTR-9 filings, is not expected to have a material impact on the company’s financial or operational activities, and the company has stated it is in the process of filing an appeal against the tax demand.