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- Q2 FY26 results
Dishman Carbogen Amcis Q2 FY26 results: net profit up 97.2% to ₹65.27 crore, revenue down 17.3%
Dishman Carbogen Amcis Limited reported consolidated revenue of ₹652.65 crore in Q2 FY26, down 17.3% from Q2 FY25, while EBITDA rose 1.2% to ₹148.89 crore and margin expanded 4.2 percentage points to 22.8%. Net profit increased 97.2% to ₹65.27 crore and basic EPS was ₹4.16, compared with ₹2.11 in the year-ago quarter; on a standalone basis, revenue was ₹60.3 crore and PAT was a net loss of ₹13.6 crore.
Key points
- Consolidated revenue was ₹652.65 crore in Q2 FY26, down 17.3% from ₹789.04 crore in Q2 FY25 and 7.8% from ₹708.05 crore in Q1 FY26.
- EBITDA was ₹148.89 crore, up 1.2% year on year and 5.8% sequentially; EBITDA margin rose to 22.8% from 18.6% and 19.9%, respectively.
- Profit before tax was ₹30.54 crore, down 27.5% from ₹42.12 crore, while net profit rose 97.2% to ₹65.27 crore after tax expense of ₹34.73 crore.
- Basic EPS was ₹4.16, up from ₹2.11 in Q2 FY25 and ₹1.49 in Q1 FY26; there was no exceptional item in the quarter.
- H1 FY26 revenue was ₹1,360.7 crore, up 3.6%, and PAT was ₹88.68 crore compared with a net loss of ₹44.48 crore in H1 FY25.
How did Dishman Carbogen Amcis perform in Q2 FY26?
Dishman Carbogen Amcis reported consolidated revenue of ₹652.65 crore in Q2 FY26, down 17.3% from ₹789.04 crore in Q2 FY25 and 7.8% from ₹708.05 crore in Q1 FY26. Total income was ₹660.76 crore, down 17.0% year on year and 9.8% sequentially.
EBITDA was ₹148.89 crore, up 1.2% from ₹147.15 crore a year ago and 5.8% from ₹140.68 crore in the previous quarter. EBITDA margin increased 4.2 percentage points year on year to 22.8% and 2.9 percentage points sequentially from 19.9%.
PBT was ₹30.54 crore, down 27.5% from ₹42.12 crore in Q2 FY25 and 21.0% from ₹38.67 crore in Q1 FY26. Net profit was ₹65.27 crore, up 97.2% year on year and 178.8% sequentially, while basic EPS rose to ₹4.16 from ₹2.11 and ₹1.49. Standalone revenue was ₹60.3 crore, with PAT before exceptional items of ₹14.25 crore and a net loss of ₹13.6 crore.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 652.65 | 708.05 | 789.04 | −17.3% | −7.8% |
| Other income | 8.11 | 24.75 | 6.65 | +22.0% | −67.2% |
| Total expenses | 630.22 | 691.48 | 750.61 | −16.0% | −8.9% |
| EBITDA | 148.89 | 140.68 | 147.15 | +1.2% | +5.8% |
| EBITDA margin | 22.8% | 19.9% | 18.6% | +4.2 pp | +2.9 pp |
| Profit before tax | 30.54 | 38.67 | 42.12 | −27.5% | −21.0% |
| Tax | −34.73 | 15.26 | 9.03 | ||
| Net profit | 65.27 | 23.41 | 33.09 | +97.2% | +178.8% |
| EPS (₹) | 4.16 | 1.49 | 2.11 | +97.2% | +179.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Dishman Carbogen Amcis' costs and profit?
Total expenses fell 16.0% year on year to ₹630.22 crore from ₹750.61 crore and were down 8.9% from ₹691.48 crore in Q1 FY26. Cost of materials consumed fell 84.2% to ₹34.10 crore from ₹216.09 crore, while employee cost rose 4.1% to ₹332.94 crore.
Employee cost fell 5.4% from ₹351.90 crore in Q1 FY26, finance costs were ₹42.33 crore against ₹42.76 crore, and depreciation was ₹84.13 crore against ₹81.35 crore. Other expenses rose to ₹136.51 crore from ₹131.60 crore a year ago and ₹117.38 crore sequentially. There was no exceptional item, against a ₹2.96 crore charge in Q2 FY25 and a ₹2.65 crore charge in Q1 FY26.
Other income was ₹8.11 crore, up 22.0% from ₹6.65 crore in Q2 FY25 but down 67.2% from ₹24.75 crore in Q1 FY26. Tax expense was ₹34.73 crore, compared with ₹9.03 crore a year ago and ₹15.26 crore in the previous quarter.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 34.10 | 216.09 | −181.99 | −84.2% |
| Employee cost | 332.94 | 319.73 | +13.21 | +4.1% |
| Finance costs | 42.33 | 36.63 | +5.70 | +15.6% |
| Depreciation | 84.13 | 72.09 | +12.04 | +16.7% |
| Other expenses | 136.51 | 131.60 | +4.91 | +3.7% |
| Total expenses | 630.22 | 750.61 | −120.39 | −16.0% |
| Other income | 8.11 | 6.65 | +1.46 | +22.0% |
| Tax | −34.73 | 9.03 | −43.76 | |
| Exceptional items | none | −2.96 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY26 go?
H1 FY26 consolidated revenue was ₹1,360.7 crore, up 3.6% from ₹1,312.82 crore in H1 FY25, while total income rose 5.5% to ₹1,393.56 crore from ₹1,320.9 crore. PBT was ₹69.21 crore compared with a loss of ₹35.44 crore in H1 FY25.
PAT for the first half was ₹88.68 crore compared with a net loss of ₹44.48 crore in H1 FY25. Basic EPS was ₹5.66, compared with a loss of ₹2.84 in the year-earlier period. The company reported H1 FY26 EBITDA of ₹289.5 crore, up 64.4%.
| ₹ crore | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue from operations | 1,361 | 1,313 | +3.6% |
| Profit before tax | 69.21 | −35.44 | turned to profit |
| Net profit | 88.68 | −44.48 | turned to profit |
| EPS (₹) | 5.66 | −2.84 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2025, total assets were ₹11,109.14 crore, compared with ₹9,999.15 crore at 31 March 2025, while total equity rose to ₹6,364.96 crore from ₹5,831.52 crore. Inventories increased to ₹1,027.67 crore from ₹900.24 crore, trade receivables were ₹655.25 crore against ₹665.14 crore, and trade payables fell to ₹195.8 crore from ₹230.68 crore.
Borrowings were ₹2,244.27 crore at 30 September 2025, compared with ₹2,083.91 crore at 31 March 2025. Cash and cash equivalents rose to ₹463.8 crore from ₹341.07 crore. H1 FY26 operating cash flow was ₹295.23 crore, against ₹59.25 crore in H1 FY25; investing cash flow was negative ₹89.43 crore and financing cash flow was negative ₹83.07 crore.
Capital expenditure in H1 FY26 was ₹118.38 crore, compared with ₹129.75 crore in H1 FY25. Closing cash for H1 FY25 was ₹228.4 crore, while the closing cash figure was not given for H1 FY26.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 11,109 | 9,999 |
| Total equity | 6,365 | 5,832 |
| Borrowings | 2,244 | 2,084 |
| Cash and equivalents | 463.80 | 341.07 |
| Inventories | 1,028 | 900.24 |
| Trade receivables | 655.25 | 665.14 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | 295.23 | 59.25 |
| Cash from investing | −89.43 | −150.09 |
| Cash from financing | −83.07 | 79.63 |
| Capital expenditure | 118.38 | 129.75 |
Source: Company's results filing (XBRL).
How has Dishman Carbogen Amcis done over the last 8 quarters?
Revenue in the latest eight quarters reached a high of ₹789.04 crore in Q2 FY25 and a low of ₹523.78 crore in Q1 FY25. It was ₹652.65 crore in Q2 FY26, below ₹708.05 crore in the previous quarter but above ₹682.34 crore in Q3 FY25.
PAT reached a high of ₹65.27 crore in Q2 FY26 after a low of negative ₹77.57 crore in Q1 FY25. EBITDA margin also peaked at 22.8% in Q2 FY26, compared with 18.6% in Q2 FY25 and 19.9% in Q1 FY26.
What else did the company announce?
The board approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 at its meeting on 4 November 2025. The filing also included the statutory auditors’ limited review report dated 4 November 2025 and a certificate on security cover for the non-convertible debentures.
The company filed an investor presentation on the Q2 FY26 and H1 FY26 un-audited financial results on 5 November 2025. The same-day filings did not announce a dividend, fund raise or new appointment.
What did Dishman Carbogen Amcis' management say?
Management maintained FY26 revenue growth guidance of 8-10% and said the company should be able to reach the 20% EBITDA mark in FY26, compared with the earlier 18-20% range. It also targets ₹3,000 crore of FY27 CDMO revenue, operating-margin growth ahead of revenue growth in FY27, and 25% ROCE over 4-5 years.
Management said FY26 capex guidance was ₹200-210 crore and that the French facility was expected to reach EBITDA breakeven at €18 million revenue in FY27. It pegged the French facility’s peak revenue at about €45 million with a 35% EBITDA margin over an approximately four-year ramp.
Management identified customer ordering patterns, French utilization, Bavla utilisation of 20-25%, and Indian debt at 10-10.5% interest as risks. It said a planned fundraise of ₹500-700 crore would be used to retire high-cost Indian debt within the approved ₹1,000 crore ceiling.
CEO Stephan Fritschi said the Celonic collaboration closed the antibody-development gap in the company’s ADC offering and created a one-stop shop. Global CFO Harshil Dalal said operating-margin growth in FY27 should run ahead of revenue growth.
How did Dishman Carbogen Amcis shares react?
After the filing, the stock fell 8.0% within five minutes, 5.6% within 15 minutes and 6.9% within 30 minutes from the price when the results appeared. It closed the reaction day down 10.0% from the pre-results close, while the Pharmaceuticals sector median fell 1.1%.
By the next day’s close, the stock was down 16.4% from its pre-results close, against a 1.4% fall for the sector median. By the fifth session, it was down 16.8%, compared with a 1.5% sector decline; its relative move was 8.9 percentage points on the reaction day, 15.0 percentage points after one day and 15.3 percentage points after five days.
Past reaction-day moves were mixed: the stock fell 3.0% on 7 August 2025, rose 9.9% on 21 May 2025 and 1.0% on 12 February 2025, rose 17.9% on 13 November 2024, and fell 12.0% on 13 August 2024 and 14.5% on 30 May 2024.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | −8.0% | |
| 15 minutes | −5.6% | |
| 30 minutes | −6.9% | |
| Reaction day | −10.0% | −1.1% |
| Next day | −16.4% | −1.4% |
| 5 days | −16.8% | −1.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 August 2025 | −3.0% |
| 21 May 2025 | +9.9% |
| 12 February 2025 | +1.0% |
| 13 November 2024 | +17.9% |
| 13 August 2024 | −12.0% |
| 30 May 2024 | −14.5% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Among 160 Pharmaceuticals companies compared, the median revenue growth was 9.0%. Of the other companies, 22 grew more slowly than Dishman Carbogen Amcis and 137 grew faster.
Of the 159 peers for which profit was compared, 97 reported higher profit.
| Dishman Carbogen Amcis revenue growth (YoY) | −17.3% |
|---|---|
| Median of 160 other Pharmaceuticals companies | +9.0% |
| Companies with slower revenue growth than Dishman Carbogen Amcis | 22 of 160 |
| Companies with faster revenue growth than Dishman Carbogen Amcis | 137 of 160 |
| Companies whose net profit rose | 97 of 159 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Dishman Carbogen Amcis' revenue in Q2 FY26?
Revenue from operations was ₹652.65 crore, down 17.3% from ₹789.04 crore in Q2 FY25 (consolidated).
Did Dishman Carbogen Amcis make a profit in Q2 FY26?
Yes. Net profit was ₹65.27 crore, against a net profit of ₹33.09 crore in Q2 FY25.
What was Dishman Carbogen Amcis' EPS in Q2 FY26?
Basic earnings per share were ₹4.16, against ₹2.11 in Q2 FY25.
How did Dishman Carbogen Amcis shares react to the Q2 FY26 results?
On the reaction day the stock moved −10.0% from the previous close; the median Pharmaceuticals stock moved −1.1%.
When did Dishman Carbogen Amcis announce its Q2 FY26 results?
On 4 November 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering, Take On Record And Approving The Un-Audited Financial Results Of The Company For The Quarter And Half Year Ended On 30Th September, 2025 (BSE, 30 October 2025) · PDF
- Outcome of Board Meeting (NSE, 4 November 2025) · PDF
- Outcome of Board Meeting (NSE, 4 November 2025) · PDF
- The earnings call (11 November 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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