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Stock Analysis

Description

Dishman Carbogen Amcis Ltd is engaged in Contract Research and Manufacturing Services (CRAMS) and the manufacture and supply of marketable molecules such as specialty chemicals, vitamins & chemicals and disinfectants with presence in Switzerland, UK, Europe, China and other countries.

Key Growth Triggers

Robust performance in the CDMO segment, driven by late-stage development projects and Japanese innovator supplies.
Significant revenue growth and margin expansion in the Marketable Molecules segment.
Planned expansion of the French facility and ramp-up at the Bavla site to boost capacity.
Strategic focus on integrated operational models, high-margin products, and advancements in areas like ADCs.
Refinancing of credit facilities to support innovation initiatives, including AI and continuous flow chemistry.

Order Book

Order Book: FY26 = INR 23,094 Mn

Key Red Flags

Historical periods showed significant losses, although recent quarters indicate a turnaround.
Standalone operations reported net losses in recent periods (Q2 FY26).
High debtor days (160 days previously reported).
Previous low interest coverage ratios, though improving.

Key Dates To Watch

Upcoming Q3 FY26 results announcement and investor conference call (expected early February 2026).
Continued engagement with investors through scheduled meetings and plant visits.

Corporate Announcements

13th Apr 26

Impact Rating: 3

Dishman Carbogen Amcis has filed its confirmation certificate for dematerialisation under SEBI's Regulation 74(5) for the quarter ending March 31, 2026. This ensures regulatory compliance regarding share processing.

2nd Apr 26

Impact Rating: 7

Axis Trustee Services granted Dishman Carbogen Amcis a waiver on financial covenants for its Rs. 50 crore NCDs due to geopolitical issues, tariff impacts, and market share loss affecting standalone performance.

25th Mar 26

Impact Rating: 7

The trading window for Dishman Carbogen Amcis insiders will be shut from April 1, 2026, in line with SEBI's insider trading rules, reopening post-financial results.

18th Mar 26

Impact Rating: 9

Dishman Carbogen Amcis' board has approved a fundraising of Rs 150 crore by issuing secured, listed Non-Convertible Debentures (NCDs) on a private placement basis.

15th Mar 26

Impact Rating: 8

A board meeting of Dishman Carbogen Amcis is set for March 18, 2026. The agenda includes considering and approving fund raising by issuing Non-Convertible Debentures via private placement, subject to regulatory approvals.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Sun Pharma.Inds.	1760.20	36.58	422330.94	0.91	3124.95	2.56	14478.31	8.93	20.21	54964.01	30.12	11543.96	3117.95	5.43	12.97	0.07
2.	Divi's Lab.	6642.50	70.96	176337.50	0.45	689.00	35.10	2715.00	16.12	20.44	10029.00	32.37	2485.00	689.00	11.44	13.53	0.01
3.	Torrent Pharma.	3936.80	61.50	133239.20	0.81	591.00	32.49	3302.00	14.30	27.05	12248.00	32.60	2166.53	600.17	15.77	13.26	0.33
4.	Cipla	1530.80	22.73	123653.62	0.85	1353.37	3.73	7589.44	7.64	22.72	28349.57	25.40	5441.14	1351.17	3.76	14.72	0.01
5.	Dr Reddy's Labs	1256.20	18.16	104846.27	0.64	1336.80	7.28	8828.30	9.83	22.69	34310.00	24.64	5772.20	1347.10	2.91	12.95	0.16
6.	Lupin	2149.70	22.71	98198.04	0.56	1484.83	73.34	7047.51	24.23	21.30	24750.69	27.25	4324.63	1477.92	5.00	12.41	0.32
7.	Zydus Lifesci.	931.05	18.63	93685.42	1.18	1238.60	40.92	6123.20	16.92	24.31	24493.90	31.10	5029.35	1283.60	3.70	14.64	0.38
8.	Dishman Carbogen	256.72	–	4024.94	0.00	-13.60	-195.44	60.30	-35.36	0.82	326.30	15.73	-31.58	-13.60	1.01	-0.22	0.17
–	Median: 151 Co.	405.75	30.87	1679.94	0.11	11.11	10.46	147.91	10.58	14.89	568.27	15.93	43.75	12.57	3.11	8.56	0.22

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	78	87	97	70	103	63	113	111	106	107	60	93	60
Expenses	82	84	74	75	89	59	107	100	86	105	63	80	56
Operating Profit	-3	3	23	-5	15	3	6	12	21	1	-3	13	4
Other Income	10	13	-8	14	12	37	15	-3	5	21	36	24	11
Profit before tax	-10	-27	-19	-33	-6	4	-19	-34	-11	-27	-9	5	-21
Tax %	-37%	-33%	-31%	-35%	-38%	35%	-47%	-7%	-35%	-36%	-38%	-162%	-35%
Net Profit	-7	-18	-13	-21	-3	3	-10	-31	-7	-17	-6	14	-14
EPS in Rs	-0.42	-1.16	-0.85	-1.36	-0.22	0.17	-0.65	-1.98	-0.47	-1.10	-0.37	0.91	-0.87

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0	7	451	474	549	581	200	307	403	327	400	326
Expenses	0	5	303	308	356	401	253	267	394	321	328	275
Operating Profit	-0	2	148	166	194	179	-53	40	9	7	72	51
Other Income	0	0	71	66	72	64	59	53	49	60	33	46
Interest	1	1	39	35	47	47	34	37	58	68	70	80
Depreciation	0	0	136	134	136	141	141	140	96	102	65	65
Profit before tax	-0	1	44	62	82	55	-169	-84	-96	-103	-31	-47
Net Profit	-0	1	24	37	56	39	-233	-32	-59	-76	-10	-32
EPS in Rs	–	–	–	2.30	3.47	2.46	-14.85	-2.01	-3.75	-4.87	-0.63	-2.02
Dividend Payout %	0%	0%	0%	0%	6%	0%	0%	0%	0%	0%	0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	0.05	0.05	0.00	32	32	31	31	31	31	31	31	31
Reserves	-1	0	4,771	4,759	4,860	4,764	4,643	4,200	4,083	4,021	3,999	3,939
Borrowings	10	9	445	622	584	573	538	535	593	536	686	682
Other Liabilities	3	3	321	394	339	366	339	448	473	488	405	495
Total Liabilities	12	12	5,537	5,807	5,816	5,735	5,552	5,214	5,181	5,077	5,122	5,148
Fixed Assets	0	0	1,927	1,853	1,715	1,633	1,510	1,356	1,382	1,416	1,401	1,372
Gross Block	0	0	2,234	2,293	2,293	2,344	2,364	2,339	2,457	2,573	2,622	–
Accumulated Depreciation	0	0	307	440	578	712	855	983	1,074	1,157	1,221	–
CWIP	0	0	41	48	70	89	121	118	143	74	41	48
Investments	0	0	2,761	2,937	2,907	2,900	2,882	3,032	2,913	2,848	2,841	2,840
Other Assets	12	12	808	969	1,124	1,113	1,039	708	743	739	840	887
Total Assets	12	12	5,537	5,807	5,816	5,735	5,552	5,214	5,181	5,077	5,122	5,148

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1	3	270	20	120	197	-2	227	-53	24	56
Cash from Investing Activity	0	0	-16	-175	-24	-74	62	-173	41	97	-80
Cash from Financing Activity	1	-2	-225	142	-85	-124	-71	-46	1	-131	88
Net Cash Flow	-0	1	29	-12	10	-2	-10	9	-11	-10	64

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	0	58	108	86	91	217	78	133	205	160
Inventory Days	–	–	390	397	500	390	690	723	389	534	374
Days Payable	–	–	149	207	210	157	204	198	182	365	201
Cash Conversion Cycle	–	0	298	298	376	324	703	604	340	374	333
Working Capital Days	–	467	71	90	95	14	82	-111	-123	-62	-74
ROCE %	–	21%	3%	2%	2%	2%	-2%	-1%	-1%	-1%	1%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%
FIIs	7.20%	9.34%	8.90%	8.80%	8.60%	8.70%	8.05%	8.18%	8.75%	9.49%	9.94%	8.07%
DIIs	3.86%	2.55%	3.13%	3.51%	3.68%	2.36%	1.47%	1.22%	1.42%	1.26%	1.27%	1.37%
Public	29.61%	28.79%	28.65%	28.37%	28.39%	29.63%	31.17%	31.29%	30.51%	29.94%	29.48%	31.23%