Dishman Carbogen Amcis Limited has informed the Exchange about General Updates
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Dishman Carbogen Amcis has received consent from its Debenture Trustee (Axis Trustee Services Limited) for waiving three financial covenants on its INR 50 crore Non-Convertible Debentures. The waiver covers Total Net Debt to EBITDA (4x limit), Adjusted Debt Service Coverage Ratio (1.15x minimum), and Interest Coverage Ratio (2x minimum) for FY ended 31 March 2026. One covenant (Net Debt to Tangible Net Worth at 1.75x) remains unchanged. The company cites standalone performance pressures due to geopolitical tensions, tariff disruptions, customer delivery deferrals, and market share losses as reasons for the conservative covenant approach. On a consolidated basis, performance remains strong with 9MFY26 net revenue up 4.3% YoY to Rs. 20,805 million and EBITDA margin improving to 19.4% from 15.9%.
The covenant waiver provides flexibility but signals that standalone financials may fall short of thresholds. This is a negative credit signal as it suggests the company needed to renegotiate debt terms, though the consolidated performance remains healthy.