Camlin Fine's operating margin falls to 0.45% as interest costs jump
Revenue fell faster than expenses sequentially, while a tax benefit reduced the reported net loss despite a weaker pre-tax result.
Filed 03 Nov 2026, 15:47 IST · after market close · Camlin Fine Sciences Ltd (CAMLINFINE)
Key takeaways
- Consolidated operating profit fell 75.97% QoQ as expenses declined 4.19% against a 5.47% revenue drop.
- Operating margin narrowed 1.33 percentage points to 0.45%, leaving Camlin Fine 13.73 points below the 14.18% median of 92 reporting commodity peers.
- Net loss narrowed 11.66% QoQ to Rs -29.70 cr because a Rs -6.81 cr tax benefit offset a 46.97% rise in interest cost.
Price around the results
Revenue fell faster than costs in Q2FY27
Camlin Fine reported consolidated revenue of Rs 491.46 cr, down 5.47% QoQ, while expenses fell 4.19%. That mismatch pushed operating profit down 75.97% and reduced operating margin by 1.33 percentage points to 0.45%. Pre-tax loss widened 8.15% to Rs -34.89 cr, even as the net loss narrowed 11.66% to Rs -29.70 cr.
Higher interest cost outweighed the operating recovery
Interest expense rose 46.97% QoQ to Rs 20.59 cr, while depreciation increased 3.97% to Rs 19.92 cr. Other income improved from Rs -8.37 cr to Rs 3.39 cr, but it still represented -9.72% of pre-tax profit because the company remained loss-making. The Rs -6.81 cr tax line, versus Rs -0.46 cr in Q1FY27, drove the improvement in net loss; the tax rate rose 18.07 percentage points to 19.51%.
Margin remains near the bottom of the commodity peer set
Camlin Fine's 0.45% operating margin was 13.73 percentage points below the 14.18% median for 92 commodity peers that had reported the same quarter. It ranked sixth from the bottom in that comparison. Sequentially, this was a second quarter in the available trend with margin declining, from 1.78% in Q1FY27 to 0.45%.
Presentation flags acquisition and efficiency initiatives
The company said it acquired a 100% stake in Vitafor Invest NV. The presentation also said Camlin Fine had moved to real-time environmental monitoring through online installations and infrastructure upgrades. Management further said it had undertaken a thermal insulation programme to reduce heat loss and improve energy use.
Results were filed after market close
Camlin Fine filed its consolidated Q2FY27 results after market close on 3 November 2026. The filing came after the 15:47 IST reporting time.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹491 cr | ₹520 cr | -5.47% |
| Other income | ₹3 cr | ₹-8 cr | — |
| Expenses | ₹489 cr | ₹511 cr | -4.19% |
| Operating profit | ₹2 cr | ₹9 cr | -75.97% |
| Operating margin (%) | 0.45% | 1.78% | — |
| Interest | ₹21 cr | ₹14 cr | +46.97% |
| Depreciation | ₹20 cr | ₹19 cr | +3.97% |
| Profit before tax | ₹-35 cr | ₹-32 cr | -8.15% |
| Tax | ₹-7 cr | ₹-0 cr | -1380.43% |
| Net profit | ₹-30 cr | ₹-34 cr | +11.66% |
| EPS (₹) | ₹-1.45 | ₹-1.65 | +12.12% |
Operating margin of 0.45% compares with a Commodities sector median of 14.18% across 92 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- The company acquired a 100% stake in Vitafor Invest NV.
New initiatives
- The company transitioned from periodic monitoring to real-time environmental visibility through online installations and infrastructure upgrades.
- The company undertook a thermal insulation programme to minimise heat loss and optimise energy.
What to watch
- Whether operating margin recovers from 0.45% in the next quarter.
- Whether interest expense falls from Rs 20.59 cr after rising 46.97% sequentially.
- Whether revenue improves from Rs 491.46 cr after the 5.47% QoQ decline.