Camlin Fine Sciences Limited has strengthened its position in French ingredient technology company Vinpai by converting EUR 33,00,000 worth of convertible bonds into equity shares. The conversion, completed on January 9, 2026, has increased the company's shareholding in Vinpai from 78.68% to 83.82%.

Bond Conversion Details

The conversion involved 3,300 convertible bonds that matured on December 31, 2025. These bonds were converted into 11,00,000 new ordinary shares of Vinpai at a conversion price of EUR 3.00 per share.

The new shares were credited to Camlin Fine Sciences' demat account held with Financière d'Uzès, Paris, and will be subsequently listed on Euronext Growth Paris.

Updated Shareholding Position

Following this conversion, Camlin Fine Sciences now holds a total of 38,23,316 ordinary shares in Vinpai, representing 83.82% of the French company's outstanding share capital. This marks an increase from the previous holding of 27,23,316 shares (78.68%) acquired through earlier share swap arrangements.

About Vinpai

Vinpai is a French société anonyme specializing in ingredient technology, focusing on the design, manufacture, and marketing of algae, plant, mineral, and fiber-based functional ingredients. The company provides natural alternatives to chemical additives for manufacturers in the food, cosmetics, and nutraceutical industries.

Operating from two sites in Saint-Dolay (Morbihan) and near the port of Saint-Nazaire, Vinpai has developed over 3,500 formulas and employs 43 people. The company has been listed on Euronext Growth Paris since its IPO on July 19, 2023.

Financial Performance

Vinpai has demonstrated consistent revenue growth over the past three years:

The company reported a loss of EUR 3.40 million after tax for the financial year 2023, despite generating EUR 7.90 million in turnover.

Strategic Implications

This conversion represents the completion of the convertible bond agreement executed between Camlin Fine Sciences and Vinpai. The transaction does not fall within related party transactions, and no governmental or regulatory approvals were required for the conversion. The increased stake solidifies Camlin Fine Sciences' control over Vinpai's operations in the ingredient technology sector, particularly in natural alternatives to chemical additives across food, cosmetics, and medical industries.

Camlin Fine Sciences Limited (CFSL) has successfully resolved technical challenges at its vanillin manufacturing plant and is now positioned to capitalize on tight global market conditions. The company's current market price stands at ₹154.55 against a target price of ₹480.00.

Vanillin Plant Operations Stabilize

CFSL's vanillin plant, commissioned in January 2023, experienced a prolonged startup phase due to technical issues including colour inconsistency and chlorine contamination. These challenges delayed commercial sales until H2-CY24, but the company has now resolved these operational problems and begun commercial production.

Global Market Dynamics Favor CFSL

The global vanillin market presents favorable conditions for CFSL, particularly in its key target markets of Europe and the United States. These regions consume approximately 14,000 tonnes per annum of high-quality Solvay-grade vanillin.

Several factors have created meaningful supply gaps in these markets:

• Limited local manufacturing capacity
• Gradual restart of Solvay's previously mothballed production facilities
• Elimination of Chinese imports following punitive anti-dumping duties

These market conditions structurally benefit non-Chinese suppliers like CFSL, with US spot prices expected to rise from current levels of $20-22 per kg to over $32 per kg by H2-CY26F.

Diversified Product Portfolio

CFSL operates across multiple product categories with its comprehensive blend portfolio:

• Xtendra: Synthetic antioxidants
• Nasure: Natural, plant-based antioxidants
• Ezential: High-value functional blends

The company's product offerings are characterized by rising formulation complexity, application specificity, and increasing entry barriers, which strengthen its competitive positioning.

Strategic Expansion Through Vinpai Acquisition

The Vinpai acquisition has strategically transformed CFSL into a global clean-label and natural solutions platform. This acquisition provides access to approximately 3,000 products across diverse industry segments:

• Dairy additives
• Flavours and texturisers
• Emulsifiers
• Nutraceuticals
• Cosmetics
• Medical alginates

This expansion significantly broadens CFSL's market reach and positions the company as a comprehensive solutions provider in the natural and clean-label ingredients space.