About the Camlin Fine Sciences Limited (CFS) 

Camlin Fine Sciences Limited (CFS) is an Indian speciality chemicals company incorporated on November 30, 1993. The company is engaged in the research, development, manufacturing and marketing of speciality ingredients, aroma ingredients, performance chemicals and additive blends used across food, animal nutrition, pet food, pharmaceutical, petrochemical and industrial sectors worldwide.

Its key product lines include:

• Shelf-Life Solutions – TBHQ, BHA, BHT, Ascorbyl Palmitate and synergistic antioxidant blends

• Aroma Ingredients – Vanillin, Ethyl Vanillin and Natural Vanillin

• Performance Chemicals – Hydroquinone (HQ), Catechol, MEHQ, TBC, Guaiacol and Veratrole

• Health & Wellness – algae-based Omega-3 products

CFS operates two manufacturing plants in India—Boisar (Tarapur) in Thane district and Dahej SEZ II in Bharuch, Gujarat. It also maintains an R&D Centre at Boisar and an Application Lab at Wagle Estate, Thane. The registered office is located in Mumbai.

CFS has built a significant global footprint through blending and manufacturing operations across India, Mexico, Brazil, USA and Europe. The company is also recognised as one of the world’s largest producers of Methyl Vanillin. It serves 28 Indian states/UTs and 56 countries, with exports contributing 64.84% of turnover in the reported year.

As on March 31, 2025, the Group comprised 21 subsidiaries (including step-down subsidiaries) and 1 associate of a step-down subsidiary.

Business Segments

Segment Contribution (Turnover Mix):

• Specialty Ingredients: 77%

• Performance Chemicals: 12%

• Aroma Ingredients: 11%

Geographical Mix:

• Exports: 64.84% of turnover

• Domestic: 35.16%

Key Management

• Ashish S. Dandekar – Chairman & Managing Director

• Nirmal V. Momaya – Managing Director

• Arjun Dukane – Executive Director – Technical

• Santosh Parab – Chief Financial Officer

• Rahul Sawale – Company Secretary & VP – Legal

Latest Updates

Strategic Acquisitions & Consolidation

• June 11, 2024: Mexican subsidiary Dresen Quimica SAPI de CV acquired 100% of Vitafor Invest NV (Belgium) to strengthen its presence in European and African feed/pet food markets.

• February 24, 2025: Entered a Share Purchase Agreement to acquire a majority stake in Vinpai S.A. (France), along with a €3.3 million convertible bond investment. The transaction involves a share swap followed by a mandatory tender offer at €3.60 per share (subject to approvals).

• Reverse merger: CFS De Mexico Blends S.A.P.I. de C.V. merged into Dresen Quimica S.A.P.I. de C.V., effective February 28, 2025.

Divestments & Discontinuations

• Decision to close and liquidate CFS Wanglong Flavors (Ningbo) Co. Ltd., China, with impairment charges recognised.

• Production of Diphenols at CFS Europe S.p.A., Italy discontinued due to economic viability; results disclosed as discontinued operations.

Financing & Capital Support

• Challenging market conditions mitigated by shareholder support through a rights issue and interim NCD funding.

• Employee Stock Option Plan (2021) amended on April 23, 2025; no new grants issued during the year.

Ratings

India Ratings downgraded CFS by two notches:

• IND BBB/Negative (term loan)

• IND BBB/Negative / IND A3+ (fund-based limits)

• IND A3+ (non-fund-based limits)

Operations & Sustainability

• Transition plans to shift power at Tarapur and Dahej to renewable (hybrid wind–solar) sources.

• Energy-efficiency upgrades implemented across both plants.

• Setting up a co-generation plant at Tarapur for operational resilience.

Technology & Partnerships

• Strategic collaboration with Lockheed Martin to deploy long-duration flow battery technology, strengthening energy resilience and enabling expanded renewable energy usage.