NSE: DCAL · BSE: 540701
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CRAMS / CDMO, Marketable molecules (Specialties). Asset-heavy pharmaceutical CDMO with proprietary specialty products; asset base of INR 11,923 crore
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,141 | 2,413 | 2,616 | 2,712 | 2,932 |
| EBITDA (ex other income) | 317 | 284 | 280 | 451 | 562 |
| margin % | 14.8 | 11.8 | 10.7 | 16.6 | 19.2 |
| Owners' profit | 18 | (30) | (153) | 3 | 97 |
| EPS, as reported (₹) | 1.15 | (1.90) | (9.79) | 0.21 | 6.22 |
| ROE % · ROCE % | 0.3 · 0.7 | (0.5) · 0.4 | (2.7) · (0.0) | 0.1 · 2.2 | 1.5 · 2.9 |
| Debt / equity (x) | 0.26 | 0.31 | 0.35 | 0.36 | 0.42 |
| Cash from operations | 355 | 220 | 384 | 375 | 491 |
| Capex | (464) | (574) | (303) | (217) | (266) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 789 | 682 | 716 | 708 | 653 | 720 | 851 | 678 |
| Profit before tax | 42 | 27 | 28 | 39 | 31 | (10) | 46 | (51) |
| Net profit | 33 | 5 | 43 | 23 | 65 | (13) | 22 | (58) |
| EPS (₹) | 2.11 | 0.30 | 2.75 | 1.49 | 4.16 | (0.83) | 1.39 | (3.69) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 143.9 | 30.8 | 150 of 158 | 5% |
| P/B | 0.3 | 3.1 | 4 of 163 | 98% |
| ROCE | 1.1 | 10.8 | 147 of 183 | 20% |
| ROE | 1.5 | 9.8 | 135 of 166 | 19% |
| Debt / Equity | 0.4 | 0.2 | 128 of 166 | 23% |
| EBITDA margin | 11.3 | 17.5 | 115 of 165 | 31% |
| Revenue growth | (4.3) | 16.3 | 126 of 161 | 22% |
| Profit growth | (347.2) | 30.9 | 154 of 158 | 3% |
| Market cap | 2323 | 806 | 71 of 181 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Dishman Carbogen Amcis allots 3800 NCDs worth Rs 38 crores | fund raising | medium | — | — |
| 8 Oct 2026 · RTA confirmation certificate for Q2 FY26 dematerialisation | compliance | minimal | — | — |
| 7 Oct 2026 · Board approves Rs 38 crore NCD issue, modifies Rs 15 crore NCD security | fund raising | medium | — | — |
| 2 Oct 2026 · Board meeting on Oct 7 to consider NCD issuance and security changes | fund raising | medium | — | — |
| 1 Oct 2026 · 19th AGM results: all 5 resolutions passed with over 99.9% support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 19th AGM proceedings - Dishman Carbogen Amcis held on Sept 30, 2026 | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Scrutinizer's Report: All resolutions passed at 19th AGM | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Dishman Carbogen Amcis allots NCDs worth Rs 15 crore via private placement | fund raising | high | — | — |
| 24 Sept 2026 · Trading window closure from October 1 ahead of Q2 results | compliance | minimal | — | — |
| 12 Sept 2026 · Swiss unit clears US FDA inspection without observations | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.