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Nirmal Bang Report
Camlin Fine Science Ltd. Q1 FY25 earnings performance came significantly below our estimates on account of industry headwinds such as subdued demand and China dumping. As a result, the company reported net loss of Rs 340 million during the quarter.
Among the product segments, only blends business reported growth on a QoQ basis (17% YoY). Vanillin is yet in the scale up mode and pricing pressure continues.
While the management has not changed its guidance of Rs 2 billion, Ebitda for FY25, anticipating better growth in H2, taking cognisance of the Q1 FY25 result and the overall commentary by peers, we have cut our earnings.
We believe that Camlin Fine Science earnings and return ratios can improve only if the overall pricing scenario improves and the company executes well on Vanillin, potential MPP at Italy.
Downgrade to Acc with a revised target price of Rs 110 after rolling forward valuation to June 2026E (15 times price to earning)
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Varroc Engineering Q1 Review – Sub-10% Ebitda Margin Trend Continues; Downgrade To Hold: ICICI Securities
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