Commodities · Q2FY27 · Consolidated

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.

By Ashutosh

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 itemQ2FY27Q1FY27QoQ
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.