Camlin Fine Sciences Q3 Results Review - Macro Challenges Continue To Impact Growth: Nirmal Bang

Performance chemicals witnessed the maximum decline in revenue on account of Italy closure and overall price decline

<div class="paragraphs"><p>Bottles are pictured at an R&amp;D facility of Camlin Fine Sciences. (Photo: Company website)</p></div>
Bottles are pictured at an R&D facility of Camlin Fine Sciences. (Photo: Company website)

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Nirmal Bang Report

Camlin Fine Sciences Ltd.'s Q3 FY24 Ebitda came ~16% below our estimate on account of continued global challenges, major pricing pressure across the portfolio and slower than expected ramp up of Vanillin.

Vanillin, a major future earnings driver for Camlin Fine Sciences apart from the blends business, is facing pricing pressure due to increased Chinese competition.

The management is banking on FY25 basis, a gradual recovery over the next two-three quarters, ramp up of Vanillin and continued momentum in the Blends business.

Maintain 'Buy' with a revised target price of Rs 150 (18 times earning price on December 25E)

Click on the attachment to read the full report:

Nirmal Bang Camlin-Fine Q3 FY24 Result Result.pdf
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