Outcome of Board Meeting held on 19th May, 2026.
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Dishman Carbogen Amcis Limited reported consolidated total income of Rs 2,987.84 Cr for FY26 (up from Rs 2,733.18 Cr in FY25), with consolidated net profit after tax of Rs 97.45 Cr vs Rs 3.24 Cr in the prior year — a dramatic turnaround. However, standalone operations showed a net loss of Rs 38.40 Cr (vs loss of Rs 9.87 Cr in FY25), driven by lower revenue of Rs 316.08 Cr and high finance costs. The auditors (T R Chadha & Co. LLP) issued an unmodified opinion with an Emphasis of Matter on two items: (1) deviation from a standalone financial covenant in respect of debentures worth Rs 84.44 Cr and a term loan of Rs 63.67 Cr (waivers partially obtained), and (2) the company's goodwill accounting treatment where Rs 580.96 Cr of goodwill is being amortized over 99 years from 2015. The Board also approved an ECB of up to CHF 200 million (approx. Rs 2,452 Cr) from promoter entity Aamanya AG to refinance existing debt, and increased borrowing limits to Rs 4,000 Cr subject to shareholder approval.
Consolidated profitability improved sharply year-on-year, but the standalone loss and the financial covenant breach at the standalone level are concerns for debenture holders. The large promoter-group ECB, if approved, will significantly increase debt levels and is a related-party transaction.