Dishman Carbogen Amcis Limited has informed the Exchange about clarification on Credit Rating assigned by India Ratings & Research Pvt. Ltd. ("IND-RA").
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On the reaction day the stock moved 0.2 pts more than Nifty Microcap 250 and 0.4 pts less than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Dishman Carbogen Amcis has issued a clarification on the recent credit rating action by India Ratings & Research (IND-RA). The agency downgraded the company's long-term rating from A+ to A and short-term rating from A1+ to A1 for India credit facilities, with a negative outlook. The previous rating exercise was done in April 2025. The company disagrees with the rating action, stating it does not reflect the group's improving business and financial performance. As supporting evidence, the company highlighted that net leverage improved from 3.92x (March 2025) to 3.18x (September 2025), and consolidated EBITDA margins (excluding the new French site and recently re-approved India site) have grown from 19.75% in FY2020 to 25.68% in 6MFY2026. The company expects to return to pre-EDQM observation EBITDA levels of 24.4% as the French facility and Bavla site scale up.
The rating downgrade with a negative outlook is a negative signal that could raise the company's borrowing costs and may pressure the stock in the short term. However, the company's strong rebuttal backed by improving leverage and margin data may help limit the downside if the market views the downgrade as unjustified.