DISHMAN CARBO AMCIS LTD

Operates as a pharmaceutical contract development and manufacturing organisation (CDMO), supplying drug substances and drug products to other pharma and biotech companies, primarily through its Switzerland-based CARBOGEN AMCIS subsidiary. Revenue is split between a CRAMS/CDMO stream that makes APIs and intermediates on a contract basis, including high-margin antibody-drug conjugate (ADC) linker-payload work, and a marketable molecules stream that sells proprietary products such as Vitamin D analogs. The CDMO side ran more than 10 late-phase drug substance projects and more than 30 commercial products in FY26, with ADC linker-payloads contributing about 25% of CDMO revenue. Q4 FY26 revenue of INR 851 crore split between INR 690.8 crore from CDMO (up 21% YoY) and INR 160.5 crore from marketable molecules (up 9.3% YoY); Vitamin D analog margins in the quarter expanded 940 basis points to 21.1% on supplier diversification. A technology transfer of a large molecule from Switzerland to India has been approved, worth about CHF 20-25 million in annual revenue, with India revenue targeted at INR 500 crore+ by FY28. A French drug-product subsidiary lost EUR 9 million in FY26, with EBITDA breakeven targeted for FY28. The cost base is dominated by employees at 49.4% of FY26 revenue, followed by other opex at 17.4% and materials at 16.6%.