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ADDING INTEGRATING SOLUTIONS VALUE Investor Presentation – February 2026 Camlin Fine Sciences Limited
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Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Camlin Fine Sciences Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. 2
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Q3 & 9MFY26 Performance Highlights
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FY25 Operational Highlights *EBITDA is adjusted for FX loss 4 Revenue (Rs. In Mn) Operational EBITDA (Rs. In Mn) PAT (Rs. In Mn) 4,310 4,598 4,572 12,291 13,406 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 +6% +9% 622 334 307 1,529 832 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 14.40% 7.30% 6.70% 12.40% 6.20% Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 EBITDA Margin % Discontinued OperationContinued Operation Q3 & 9MFY26 Operational Highlights On Consolidated Basis 16 -60 -279 267 -382 -90 -89 -92 -1,849 -246 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26
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FY25 Operational Highlights *EBITDA is adjusted for FX loss 5 Q3 & 9MFY26 Highlights On Consolidated Basis • Revenue for the Q3FY26 stood at Rs. 4,572 mn, registering a growth of 6.1% YoY. • Pricing pressure on Straights impacted the profitability • Blends business maintains steady growth across key markets. • CFS acquired controlling stake in Vinpai on 30th November and contribution Rs. 129 mn revenue in Q3FY26 • Vanillin business was impacted by tariff-related challenges. • Benefits of higher realization on internal channel inventory of Vanillin in subsequent quarters due to withdrawal of tariff. • Employee costs and other expenses remain under control but increase due to acquisition of Vinpai during the quarter • EBITDA for the quarter was Rs. 307 mn, with a margin of 6.7%. • Fire incident was reported at one unit in Brazil on February 7, 2026; loss assessment by insurer in progress, operations at the unit suspended. However, other unit continues to operate, alternative arrangements being made to service the customers, quantum of loss not determinable at this stage. • CFS Europe likely to be liquidated, Losses of discontinued operations would be curtailed • Outlook for the remaining financial year: o Vanillin business expects to improve on realisations as well as volume with withdrawal of US tariff o Blends likely to maintain growth momentum in all geographies despite challenges in CFS Brazil
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Operational Revenue Breakup Specialty Ingredients (Rs. In Mn) (Straights) Specialty Ingredients (Rs. In Mn) (Value added blends) Total Specialty Ingredients (Rs. In Mn) On Consolidated Basis Performance Chemicals (Rs. In Mn) Aroma Ingredients (Rs. In Mn) Total Revenue Breakup (%)* Specialty Ingredients (Straights) Specialty Ingredients (Value Added Blends) Performance Chemicals Aroma Ingredients 6 13% 17% 12% 9% 14% 11% 10% 11% 11% 57% 53% 60% 56% 56% 21% 19% 18% 23% 19% 9% Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 4,272 4,561 4,527 12,194 13,257 890 877 795 2,845 2,478 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 -11% -13% 2,441 2,411 2,718 6,850 7,456 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 +11% +9% 3,331 3,289 3,513 9,697 9,934 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 +5% +2% 369 480 467 1,349 1,420 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 +26% +5% 571 793 547 1,150 1,904 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 -4% +66% *Excluding Other Products # Excludes Diphenol CFS Europe and CFSWL discontinued operations From Continuing Operations Operational Revenue Breakup
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Regional Highlights CFS India (Rs. In Mn) CFS Mexico (Rs. In Mn) CFS Europe (Rs. In Mn) CFS Brazil (Rs. In Mn) CFS North America (Rs. In Mn) 7 2,051 2,440 2,189 6,139 6,544 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 +7% +7% 1,360 1,201 1,285 3,883 3,736 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 -6% -4% 116 129 182 399 495 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 +57% +24% 395 400 445 1,138 1,214 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 +13% +7% 1,028 694 709 2,643 2,352 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 -31% -11% 358 402 297 690 975 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 -17% +41% CFS Vitafor^ (Rs. In Mn) Regional Highlights From Continuing Operations On Consolidated Basis ^ CFS Vitafor was acquired in June 2024# Excludes Diphenol CFS Europe and CFSWL discontinued operations
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Consolidated Profit & Loss Statement Particulars (Rs. In Mn) Q3 FY26 Q3 FY25 Q2 FY26 9MFY26 9MFY25 Revenue from Operation 4,572.0 4,310.2 4,598.3 13,405.8 12,290.6 Raw material consumption 2,480.2 2,141.1 2,467.2 7,316.1 6,339.6 Employee Cost 637.6 479.2 602.9 1,836.3 1,421.6 Other expenses 1,233.9 1,112.4 1,194.1 3,421.7 3,042.3 EBITDA 220.3 577.6 334.1 831.6 1,487.1 EBITDA Margins (%) 4.8% 13.4% 7.3% 6.2% 12.1% Adjusted EBITDA* 307.2 621.6 334.1 831.6 1,529.4 Adjusted EBITDA Margins (%) 6.7% 14.4% 7.3% 6.2% 12.4% Other Income 29.4 13.4 45.9 74.0 48.6 Depreciation 167.3 144.8 188.3 524.8 454.5 Finance cost 183.3 340.7 189.1 530.6 837.7 Exceptional Item 175.1 0.0 0.0 175.1 42.2 Share of profit / (loss) of associate -2.5 -18.5 -3.6 2.8 -13.4 PBT -278.5 87.0 -0.9 -322.1 187.8 Tax 0.5 71.4 59.1 59.5 -78.9 PAT -279.0 15.5 -60.0 -381.6 266.6 8 *EBITDA is adjusted for FX loss PBT from discontinued operation -92.0 -90.2 -89.5 -245.8 -1,848.9 Tax expense of discontinued operations 0.0 0.0 0.0 0.0 0.0 PAT including Discontinued Operations -92.0 -90.2 -89.5 -245.8 -1,848.9 From Discontinued Operations# From Continuing Operations # Pertains to Diphenol CFS Europe and CFSWL discontinued operations
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Innovation at Work 9 Vinpai Acquisition Key Rationale Acquisition Details: • Acquisition of majority stake in Vinpai representing ~83.82% of outstanding share capital. Acquisition Details: • Acquisition of majority stake in Vinpai representing ~83.82% of outstanding share capital. Portfolio Diversification: Vinpai specializes in algae- and plant-based functional ingredients that offer natural alternatives to chemical additives, allowing CFSL to enter the high-growth natural ingredients space. Market Expansion & Synergies: The acquisition allows CFSL to leverage Vinpai's existing footprint, as Vinpai serves customers in over 36 countries. Enhanced R&D Capabilities: Combining Vinpai’s R&D capabilities in functional ingredients with CFSL's existing expertise is designed to foster innovation. Financial Growth: The move is intended to drive revenue growth and improve margins through a more diversified product offering. Cross-Selling Opportunities: Vinpai’s expertise in the food industry, along with its expansion into cosmetics and nutraceuticals, opens new cross-selling avenues for the combined entity. • Incorporated in 2011 • Specializes in natural functional ingredients derived from algae, plants, minerals, and fibers, offering alternatives to chemical additives • Serves food, cosmetics, and nutraceutical industries, leveraging cross-technology expertise to enhance nutritional value • Operates two sites in Saint-Dolay (Morbihan) and near the port of Saint-Nazaire • Developed 3,500+ formulations with a team of 43 employees • Incorporated in 2011 • Specializes in natural functional ingredients derived from algae, plants, minerals, and fibers, offering alternatives to chemical additives • Serves food, cosmetics, and nutraceutical industries, leveraging cross-technology expertise to enhance nutritional value • Operates two sites in Saint-Dolay (Morbihan) and near the port of Saint-Nazaire • Developed 3,500+ formulations with a team of 43 employees
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Company Overview
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100+ Range of Diversified Products offerings Among Global Leaders in the Manufacturing of Antioxidants Preferred Partner For Customized Shelf-Life Solutions 1,250+ Base of Satisfied Customers Worldwide 49,000+ Led by Integrated Global Production Capacity High Quality & Wide Range Vanillin Manufacturer *Breakup excludes revenue from Other Products FY25 Revenue Mix*# ₹ 16,319 mn Food & Beverage Animal Nutrition Pet Food Flavours & Fragrances Dietary Supplements Pharmaceuticals & Pharma Intermediates Petrochemicals Dyes & Pigments Polymers Agrochemicals Poultry & Livestock Bio-Fuels Aquaculture & Fishmeal Personal Care & Home Care Incense Sticks Catering Diverse Industries Company Overview 11 11% 12% 54% 23% Specialty Ingredients Value added Blends Performance Chemicals Aroma Ingredients # Excludes Diphenol CFS Europe and CFSWL discontinued operations 8 Global Manufacturing Facilities 7 Application Laboratories 80+ Presence in Countries 2 R&D Centres
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Product Highlights Specialty Ingredients Value – added Blends Performance Chemicals Aroma Ingredients › TBHQ › BHA › Ascorbyl palmitate (ASP) › 200+ custom formulations, encompassing both traditional and natural solutions (forward-integrated antioxidant blends) › HQ derivatives products like Chloranil, MEHQ, HQEE, TBHQ, PDMB, CME, › CT derivative products like 4 TBC, Guethol, Veratrole, Guaiacol, 1, 2MDB › Vanillin, Ethyl Vanillin and Vanillin ex- clove (adorr ) › Pet Food › Livestock Nutrition › Food & Beverages › Fish Meal › Animal Feed Mills › Biodiesel › Aquaculture & Fishmeal › Rendering › Petrochemicals › Dyes & Pigments › Agrochemicals › Polymers › Pharmaceuticals › Acrylates › Electroplating › Printing Inks › Food & Beverages › Pharmaceutical › Incense sticks › Animal Feed › Flavors & Fragrance › Agrochemicals › Personal Care Key Products End User Industries Key Brands › These formulations are specifically tailored to meet the diverse needs of the industry › Aim to increase focus on high-value blends and additives FY25 Sales%*# 23% 54% 12% Straights 11% 12 *Breakup excludes revenue from Other Products # From continued operations
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Innovation at Work 13 Powered by Vertical Integration • Efforts in both organic and inorganic expansions, showcases company’s commitment to fortifying position in the market • Strategic focus on captive consumption ensures utilization of raw materials for downstream products • Strategic forward integration into Blends and Vanillin swings company's business model to high-value additives / solutions • High-Quality Hydroquinone : Developed a high-quality specialized grade for Hydroquinone, leading to the crucial phase of conducting plant trials • Catechol Downstream Products : Development of new downstream products in progress • Antioxidant Innovations : Continuous development and enhancement of quality antioxidants, tailored specifically for discerning customers . These products have smoothly transitioned from R&D to full scale production and have already made market debut • Naturals & Emulsifiers : Newest offerings include emulsifier -based ingredients designed to enhance texture, consistency, mouthfeel, appearance, process efficiency and yield for diverse range of food industry applications • Upcoming Products : FY26 will see the commercialization of many new speciality ingredients . Product Development : Process Optimization Initiatives • Vanillin Production Optimization : Continuous improvement at Dahej plant, refining processes and setting a future – oriented strategic direction • Animal Nutrition : Dedicated to the continuous improvement and development of products using technical expertise of CS Dresen and customizing products to suit the market needs, anticipated for the upcoming year • Quality Enhancements : Focused on Analytical and Quality Enhancements through Instrumental Analysis and Method Development, which play critical roles in ensuring the integrity and efficacy of our products Innovation at Work
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Guethol Phenol Hydroquinone CatecholDiphenols TBHQ VanillinBHA Ascorbyl Palmitate1 Blends Specialty Ingredients Performance Chemicals Aroma Ingredients Ethyl Vanillin MEHQ Other derivatives of HQ Guaiacol Veratrole Other derivatives of Catechol like 4 TBC Performance Chemicals Manufactured In-house 1 Ascorbyl Palmitate is not a part of HQ / Catechol value-chain and is manufactured from ascorbic acid 14 Integration Chain
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ESG Envi ronment • Main goal by 2030 is to switch to renewable electricity for all manufacturing facilities. Currently, company is exploring different options to achieve this goal • Dedicated to sustainability and done few initiatives from reducing food waste to sourcing clean energy • Constantly seeking new ways to promote eco-friendliness • Specifically target food segments that require improved shelf life • Offer solutions for improving nutrition, health, and hygiene in livestock, resulting in enhanced Food Conversion Ratio (FCR) and overall animal performance Social • Employee Wellness Initiatives to provides nutritionist consulting, diet planning, gym access, and frequent health monitoring to boost employee wellness Governance • Have a Governance Board that comprises highly skilled and visionary leaders from diverse backgrounds, bringing a wealth of technical and business expertise to the table • Actively participate in brainstorming sessions with the aim of formulating comprehensive strategies and policies 15 ESG
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Board Of Directors Ashish Dandekar Chairman & Managing Director › Over three decades of experience in pharmaceuticals and specialty chemical products including business planning, information systems, research & development, product development, and marketing › Holds a BA in Economics and Management studies from Temple University, USA Amol Shah Independent Director › Managing Director of the MJ Group with over three decades of experience covering human healthcare, F&F compounds, plant protection, and water treatment chemicals › Holds an MBA from the University of Southern California and a Bachelor’s in Engineering from the University of Kent Nirmal Momaya Managing Director › Qualified Chartered Accountant with over three decades of experience in finance, taxation, audit, and management consultancy › He has been instrumental in providing strategic guidance & direction to the company on all significant business matters Mahabaleshwar Palekar Independent Director › Over three decades of experience with corporates in India and MNCs › Chemical engineer with a degree from the Institute of Chemical Technology (ICT) in Mumbai, India Arjun Dukane Executive Director- Technical › Chemical Engineer with over three decades of experience in the chemical industry › Has been associated with CFS for more than 15 years Joseph Conrad D’souza Independent Director › Erstwhile Member of Executive Management and Ex-Chief Investor Relations Officer of HDFC Ltd › Holds an M.com from Mumbai University and an MBA from South Gujarat University Harsha Raghavan Non-Executive Non-Independent Director › Managing Partner of Convergent Finance LLP and ex- founding MD & CEO of Fairbridge Capital (a Fairfax Company) › Holds an MBA & MSc in industrial engineering from Stanford University and a B.A from University of California, Berkeley Pradip Kanakia Independent Director › Qualified Chartered Accountant (both England, Wales and India) with over three decades of experience › Held leadership position in PWC & KPMG, leveraging his expertise in strategy, transformation, performance management, accounting, auditing, reporting, controls, compliance & governance Anagha Dandekar Non-Executive Non-Independent Director › President & co-founder of Hardware Renaissance, a manufacturer of handcrafted door hardware and accessories › Holds an MBA in Finance from the University of South Carolina, USA Abeezar Faizullabhoy Independent Director › Senior Partner at Argus Partners (Solicitors & Advocates) – Mumbai and ex-partner of J Sagar Associates › Holds Bachelor of Law from University of Mumbai and a Qualified Solicitor from Bombay incorporated law society › Was previously on Board of CFS for 13 years till 2019, His immense experience in the Corporate commercial, litigation, M&A Jens Van Nieuwenborgh Non-Executive Non-Independent Director › Board member of several companies across India and Europe, with extensive experience in business administration, finance, and operations › Holds an MBA from Harvard University and a Master’s in Science from Ghent University, Belgium. Radhika Dudhat Independent Director › Over three decades of experience with corporates in India and MNCs › Partner with Shardul Amarchand Mangaldas & Co. and has worked on a wide range of transactional, regulatory and legal risk management advisory › Holds degrees in Life Sciences and Law from the University of Bombay, with postgraduate studies at Cambridge and Harvard. 16
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Senior Management Team Ashish Dandekar Chairman & Managing Director › Over three decades of experience in pharmaceuticals and specialty chemical products including business planning, information systems, research & development, product development, and marketing › Holds a BA in Economics and Management studies from Temple University, USA Nirmal Momaya Managing Director › Qualified Chartered Accountant with over three decades of experience in finance, taxation, audit, and management consultancy › He has been instrumental in providing strategic guidance & direction to the company on all significant business matters Arjun Dukane Executive Director- Technical › Chemical Engineer with over three decades of experience in the chemical industry › Has been associated with CFS for more than 15 years Santosh Parab Chief Financial Officer › Over two decades of experience working auditing profession › Previously worked at B.K. Khare & Co, an Indian accounting firm › Qualified Chartered Accountant with a Bachelor’s degree in commerce › Associated with CFS for more than 9 years Nilesh Jadhav Chief Operating Officer › Chemical Engineer with around three decades of experience in the chemical industry including heading multilocational manufacturing sites › Previously worked at Balaji Amines, Deepak Fertilizers & Petrochemicals, Essar Refinery & Schenectady › Executive Management from IIM Bangalore and Piping Engineering from IIT Powai Eric Santos Vice President – Aroma Ingredients › Over two decades of industry experience, previously worked as a commercial director at Solvay S.A. › Holds a Bachelor’s degree in chemistry Jose Arturo Paulin Head – Mexico operations › Over two decades of experience in the feed market (premix, feed additives, pet food, and rendering) › Previously worked at Trouw Nutrition and Kemin Inc in Mexico › Qualifed agriculture engineer Jennifer Igou Head – USA operations › Over two decades of experience in food and pet-food space particularly in anti-oxidants & Hydrocolloids › Previously worked at Kemin Inc. USA & FMC › Holds a Bachelor's degree in Chemistry and Biology with an emphasis in Biomedicine 17
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Historical Financial Highlights
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Historical Financial Highlights Revenue (Rs. In Mn) EBITDA (Rs. In Mn) PAT (Rs. In Mn) Net Debt to Equity (x) Net Debt to EBITDA (x) 15.3% 10.8% 12.7% 7.0% Margin9.3% 19On Consolidated Basis 0.56 0.64 0.65 0.65 0.55 FY21 FY22 FY23 FY24 FY25 2.2 3.1 3.2 5.8 3.1 FY21 FY22 FY23 FY24 FY25 11,871 14,121 16,816 FY21 FY22 FY23 14,539 1,591 FY24 16,665 263 FY25 16,131 16,928 1,819 1,528 2,131 -858 -507 FY21 FY22 FY23 1,836 FY24 2,081 FY25 978 1,574 654 604 398 530 494 FY21 FY22 FY23 -1,578 FY24 -2,075 FY25 -1,049 -1,581 Discontinued Operation Continued Operation
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Operational Revenue Break-Up Specialty Ingredients (Rs. In Mn) (Straights) Specialty Ingredients (Rs. In Mn) (Value added blends) Total Specialty Ingredients (Rs. In Mn) Aroma Ingredients (Rs. In Mn) Total Revenue Breakup (%)*Performance Chemicals (Rs. In Mn) 20On Consolidated Basis *Excluding Other Products 2,860 3,812 4,576 4,111 3,821 FY21 FY22 FY23 FY24 FY25 3,311 4,168 5,103 7,474 8,784 FY21 FY22 FY23 FY24 FY25 6,171 7,980 9,679 11,585 12,605 FY21 FY22 FY23 FY24 FY25 1,930 135 54 347 1,758 FY21 FY22 FY23 FY24 FY25 3,444 5,865 6,881 2,412 1,956 FY21 FY22 FY23 FY24 FY25 17% 11% 30% 42% 41% 17% 12% 29% 30% 31% 52% 54% 25% 27% 28% 29% 23% FY21 1% FY22 0% FY23 FY24 FY25 11,545 13,980 16,614 14,344 16,319 2% # FY24 & FY25 figures excludes Diphenol CFS Europe and entire CFSWL discontinued operations Specialty Ingredients (Straights) Specialty Ingredients (Value Added Blends) Performance Chemicals Aroma Ingredients
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Regional Highlights CFS India (Rs. In Mn) CFS Mexico (Rs. In Mn) CFS Europe (Rs. In Mn) CFS Brazil (Rs. In Mn) CFS North America (Rs. In Mn) 21On Consolidated Basis 6,000 6,855 7,894 7,733 8,865 FY21 FY22 FY23 FY24 FY25 3,762 4,395 4,883 679 525 FY21 FY22 FY23 FY24 FY25 2,735 3,198 3,533 4,822 5,062 FY21 FY22 FY23 FY24 FY25 717 902 1,129 1,505 1,571 FY21 FY22 FY23 FY24 FY25 334 520 850 2,552 3,596 FY21 FY22 FY23 FY24 FY25 # FY24 & FY25 figures excludes Diphenol CFS Europe discontinued operations
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Thank You ! – shrikant.sangani@sgapl.net / shaily.p@sgapl.net http://www.sgapl.net/images/sgapl_logo.jpg – shrikant.sangani@sgapl.net / shaily.p@sgapl.net Strategic Growth Advisors Pvt. Ltd. CIN - U74140MH2010PTC204285 Shrikant Sangani / Shaily Patwa Email – shrikant.sangani@sgapl.net / shaily.p@sgapl.net Mobile No – 9619595686 / 9819494608 www.sgapl.net Strategic Growth Advisors Pvt. Ltd. CIN - U74140MH2010PTC204285 Shrikant Sangani / Shaily Patwa Email – shrikant.sangani@sgapl.net / shaily.p@sgapl.net Mobile No – 9619595686 / 9819494608 www.sgapl.net http://www.sgapl.net/images/sgapl_logo.jpg santosh.parab@camlinfs.com www.camlinfs.com santosh.parab@camlinfs.com www.camlinfs.com Camlin Fine Sciences Ltd. CIN – L74100MH1993PLCO75361 Santosh Parab- CFO Email – santosh.parab@camlinfs.com www.camlinfs.com Camlin Fine Sciences Ltd. CIN – L74100MH1993PLCO75361 Santosh Parab- CFO Email – santosh.parab@camlinfs.com www.camlinfs.com