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CamlinFS – Annual Report

INVESTOR RELATIONS

NOTE FROM THE LEADERSHIP

BUILDING WITH PURPOSE

“Like every cell in a hive that plays its essential role in sustaining the whole, each business, each product, and each team at CFS is a cell of capability – purposefully placed, precisely blended, and collectively unstoppable”.

ASHISH DANDEKAR

Chairman & Managing Director

Dear Stakeholders,

It is with pride and privilege that we present the Annual Report for FY2025-26.

This year, our story is one of convergence and of blending the strengths we have built across decades and transforming them into a unified, forward-moving force. Amid a complex global environment shaped by macroeconomic headwinds, geopolitical disruption, and evolving market dynamics, the CFS hive held firm. We adapted, we integrated, and we grew.

The global chemical sector continued to navigate prolonged softness due to inflationary pressures, currency volatility, and the persistent overhang of Chinese oversupply weighed on margins across key segments. Yet, these very conditions sharpened our focus and validated our strategic choices. Businesses built on science, differentiation, and deep customer relationships demonstrated their resilience.

The performance was achieved amid a challenging operating environment marked by tight working capital conditions, and cash flow during the year. While we recorded consolidated revenue of ₹172,330.81 lakh and adjusted EBITDA of ₹10,687.88 lakh, we remained focussed on maintaining operational continuity, customer servicing, and financial discipline under constrained conditions.

“At CFS, we are building our own version of this system: one that brings together our diverse strengths, deep expertise, and shared ambition into a unified force for progress. The pace of transformation will increase, and with it, our ability to unlock new opportunities”.

Nirmal Momaya

Managing Director

Focussed efforts on receivables management, inventory rationalisation and cost control helped support liquidity and improve overall financial stability during the year. Profitability was impacted by prudential provisioning related to our discontinued operations of the Cash Generating Unit in CFS Europe and the Vanillin manufacturing facility of CFS Wanglong, China. These are decisions made with clear-eyed responsibility. We enter the next year with a cleaner, stronger foundation.

₹172,330.81 lakh

Consolidated Revenue
5.8% YoY Growth

₹10,687.88 lakh

Adjusted EBITDA (Continuing Operations)

The Sum of the Parts: One CFS, One Hive

This year, we kept returning to a singular strategic conviction: that the whole is greater than the sum of its parts. Like every cell in a hive that plays its essential role in sustaining the whole, each business, each product, and each team at CFS is a cell of capability – purposefully placed, precisely blended, and collectively unstoppable.

Our businesses across Specialty Ingredients, Aroma Ingredients, and Performance Chemicals are not independent cells operating in isolation. They are interconnected, synergistic, and collectively more powerful than any single vertical could be alone.

We have been deliberate about building One CFS, a culture of collaborative effort where science, application expertise, and customer intimacy flow freely across business verticals and geographies. Last year was about creating the foundation. This year, we can see that the foundation is supporting growth with real momentum.

our long-term conviction in the power of science-driven, application-focused blending solutions.

The strategic pivot towards Blends has begun to pay off in a meaningful way. Blends revenue surged to ₹99,725.33 lakh, solidifying its place as the dominant force within this vertical. Our highly science-driven Blend solutions’ philosophy is about more than product formulation. It is about understanding the customer’s need and optimising their outcomes with precision. Whether the need is food/ feed protection, safety, texture, taste, nutrition, health or livestock solutions, we bring the expertise to deliver measurable results.

At CFS, we believe the future of food lies not only in nourishing a growing world, but in doing so responsibly and sustainably. Our Xtendra® and NaSure® antioxidant platforms, together with our broader portfolio of protection and safety solutions, are designed to help address one of the industry’s most pressing challenges; reducing food loss while extending product quality, safety, and shelf life across diverse applications.

By combining advanced formulation science, technical excellence, and application insight, we partner with our customers to create products that are sustainable and better aligned with the evolving needs of consumers and the food ecosystem. As global food systems continue to evolve, we remain committed to advancing solutions that protect value, preserve resources, and contribute to a more sustainable future for generations to come.

Complementing this is our Ezential® portfolio of functional excellence solutions further enriched through the addition of Vinpai’s natural texture solutions reflects our strategic focus on delivering application-led, science-backed ingredient systems tailored for evolving food industry requirements. From dairy and specialty fats to processed food applications, the platform combines functionality, clean-label positioning and formulation expertise to create differentiated customer value.

In Animal Nutrition, our differentiated solution platforms including Novamold® range, SalPlus Ultra®, Xtendra®, Enersupra®, Mycosil®, Dresbond®, VitaforTM offerings address the complete feed-to farm value chain with high-performance, evidence-based solutions. These platforms are designed to support feed protection, nutritional efficiency, animal health, and farm productivity enabling customers to meet performance, safety and sustainability requirements across livestock and aquaculture segments.

Our integration of VitaforTM in its first full year of contribution has been a particular highlight. Through CFS’s distribution reach, VitaforTM now has direct access to premium markets across the USA and Europe in the pet food and animal nutrition segments. Its proprietary technology for liquid drinking water supplements creates genuine differentiation and helps reduce antibiotic dependency in livestock, thereby contributing positively to farm productivity, animal welfare, and consumer confidence in animal protein sources. We are excited to further nurture synergies with our existing operations in Mexico for the livestock industry.


While this vertical entered the year expecting continued momentum in vanillin, the business was impacted by tariff uncertainties in the United States, intensified global price competition, particularly from Chinese suppliers and softer demand across key markets. These factors created a highly competitive and volatile operating environment.

Despite these headwinds, we remained focussed on customer commitment and market stability. We maintained consistent supply and service levels across key regions, particularly in the U.S. and Europe, while continuing to offer table and competitive pricing. We also strengthened customer relationships by proactively supporting them through regulatory and tariff-related challenges. Importantly, we continued to expand our customer base across Europe and the USA, reinforcing our position as a reliable and quality-driven supplier.

As we move into FY2026–27, our focus remains on strengthening quality leadership, operational reliability, and scalable growth across the Aroma Ingredients business. We expect the adorr® Vanillin range to continue growing through deeper engagement with key customers, stronger presence in core markets, supply-chain optimisation and continued focus on quality, consistency and service excellence.

Performance Chemicals: At CFS, diphenol chemistries serve a broad spectrum of industries, including petrochemicals, polymers, agrochemicals, dyes, and pharmaceuticals. Our Performance Chemicals vertical builds the foundation of a diversified diphenol downstream portfolio.

FY2025–26 was a challenging year for the business due to sustained pricing pressure, particularly from Chinese competition, which impacted realizations across key product categories. In response, we accelerated our focus on specialty, application-led solutions aimed at strengthening differentiation and improving margins.

During the year, we witnessed encouraging growth in higher-value specialty products. including HQEE, TBC and ODEB. We plan to deliver enhanced performance with a more sustainable proposition

dyes, and pharmaceuticals. Our Performance Chemicals vertical builds the foundation of a diversified diphenol downstream portfolio.

FY2025–26 was a challenging year for the business due to sustained pricing pressure, particularly from Chinese competition, which impacted realizations across key product categories. In response, we accelerated our focus on specialty, application-led solutions aimed at strengthening differentiation and improving margins.

During the year, we witnessed encouraging growth in higher-value specialty products. including HQEE, TBC and ODEB.

We plan to deliver enhanced performance with a more sustainable proposition.

The Hive Grows Stronger: What Lies Ahead

We enter FY2026-27 with confidence of a team that has navigated real headwinds and come through with a stronger, more focussed, more integrated business.

The foundations for our next phase of growth are firmly in place. Vinpai’s seaweed-based, clean-label texture solutions are now strengthening our Specialty Ingredients portfolio, while VitaforTM’s expertise in precision animal nutrition enhances our capabilities across the livestock value chain. Our Aroma Ingredients business continues to remain a key pillar of long-term growth. At the same time, sharper working capital discipline is improving our financial resilience and operational stability. Underpinning all of this is the emergence of One CFS – a more collaborative, and customer centric organisation taking shape across the Group.

Sustainability remains integral to our long-term growth strategy. During FY2025–26, we made meaningful progress across our ESG priorities by advancing resource efficiency, strengthening workplace well-being, enhancing transparent and ethical business practices, as well as aligning our ESG reporting frameworks with globally recognised standards. Our commitment is to create lasting value for our stakeholders while building a more responsible and future ready organization.

The hive is a remarkable system. It is built for resilience, oriented toward growth, and sustained by the collective effort of every member. At CFS, we are building our own version of this system: one that brings together our diverse strengths, deep expertise, and shared ambition into a unified force for progress. The pace of transformation will increase, and with it, our ability to unlock new opportunities. Guided by purpose and driven by our people, we are confident that the best chapters of the CFS story are yet to be written.

We are deeply grateful to our shareholders, customers, partners, suppliers, and every member of the CFS team for their trust, their commitment, and their energy.