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Nirmal Bang Report
Camlin Fine Sciences Ltd.'s Q3 FY24 Ebitda came ~16% below our estimate on account of continued global challenges, major pricing pressure across the portfolio and slower than expected ramp up of Vanillin.
Vanillin, a major future earnings driver for Camlin Fine Sciences apart from the blends business, is facing pricing pressure due to increased Chinese competition.
The management is banking on FY25 basis, a gradual recovery over the next two-three quarters, ramp up of Vanillin and continued momentum in the Blends business.
Maintain 'Buy' with a revised target price of Rs 150 (18 times earning price on December 25E)
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