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
| ₹ 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) |
| ₹ 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) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,41,471 | 36.5 | 5.26 | 23.7 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,47,033 | 84.6 | 14.74 | 63.7 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,062 | 79.3 | 9.56 | 41.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,11,686 | 24.9 | 3.78 | 14.5 | 17.3 | 18.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Notice of 19th AGM and e-voting details published in newspapers | compliance | minimal | — | — |
| 5 Sept 2026 · Notice of 19th AGM along with FY26 Annual Report filed | board shareholder meetings | low | — | — |
| 5 Sept 2026 · BRSR filing for FY 2025-26 with ESG and sustainability disclosures | compliance | low | — | — |
| 5 Sept 2026 · AGM notice and FY26 annual report filed - AGM on September 30, 2026 | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · Notice of 19th AGM on 30 September 2026 via video conferencing | compliance | minimal | — | — |
| 31 Aug 2026 · Dishman Carbogen Amcis fixes 19th AGM on 30 September 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Vice President Operations ceases from Dishman Carbogen Amcis | management changes | medium | — | — |
| 21 Aug 2026 · Q1 FY27 earnings call: soft quarter, CHF 200M promoter debt refi | investor communications | medium | — | — |
| 17 Aug 2026 · Audio recording of Q1 FY27 earnings call uploaded to company website | investor communications | low | — | — |
| 17 Aug 2026 · Allotment of 7,500 secured NCDs worth Rs 75 crore via private placement | fund raising | medium | — | — |
| 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 |
| 12.4 |
| 25.2 |
| CIPLA LTD | 1,10,352 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,375 | 97.2 | 19.59 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 97,319 | 30.1 | 2.55 | 13.1 | 10.9 | 13.0 | 12.1 | 15.0 |
| AUROBINDO PHARMA LTD | 96,656 | 26.3 | 2.55 | 13.4 | 9.2 | 12.6 | 6.3 | 23.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 162.6 | 28.9 | 165 of 169 | 2% |
| P/B | 0.4 | 3.3 | 5 of 163 | 97% |
| ROCE | 1.1 | 10.8 | 147 of 183 | 20% |
| ROE | 1.5 | 10.4 | 140 of 171 | 18% |
| Debt / Equity | 0.4 | 0.1 | 133 of 171 | 22% |
| 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 | 2626 | 839 | 70 of 182 | 62% |
| 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 |
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.
