Dishman Carbogen Amcis Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Dishman Carbogen Amcis Ltd filed with BSE on 21 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Dishman Carbogen Amcis reported a 4% year-on-year decline in Q1 FY27 revenue to INR 6,776 million, which management attributed largely to an order postponed to the second half of the year. EBITDA fell to INR 600 million from INR 1,406 million in the prior year quarter, with the CDMO segment margin dropping to 6.3% from 17.9%. Management discussed an in-progress plan to raise up to CHF 200 million via the promoter entity to refinance high-cost Indian debt, and outlined expectations of single-digit revenue growth for the full year with EBITDA margins similar to the prior year.
Numbers mentioned
Income from operations: INR 6,776 million (Q1 FY27)
p. 7
“The income for operations for the quarter ending June 30 stood at INR 6,776 million as compared to INR 7,080 million in the comparable quarter of last year.”
Harshil Dalal, page 7 of the filed PDF · View the filing
Revenue de-growth: 4% (Q1 FY27)
p. 7
“This represents a 4% de-growth as far as the revenue is concerned.”
Harshil Dalal, page 7 of the filed PDF · View the filing
COGS: INR 1,142 million (Q1 FY27)
p. 7
“The COGS for the quarter stood at INR 1,142 million.”
Harshil Dalal, page 7 of the filed PDF · View the filing
Employee expenses: INR 3,891 million (Q1 FY27)
p. 7
“The employee expenses at INR 3,891 million, very much in line with what we had in Q4 of the last financial year.”
Harshil Dalal, page 7 of the filed PDF · View the filing
EBITDA: INR 600 million (Q1 FY27)
p. 7
“EBITDA stood at INR 600 million as compared to INR 1,406 million in the comparable quarter of the previous financial year.”
Harshil Dalal, page 7 of the filed PDF · View the filing
Finance cost: INR 370 million (Q1 FY27)
p. 7
“we were at about INR 370 million for the quarter.”
Harshil Dalal, page 7 of the filed PDF · View the filing
Loss before tax: INR 512 million (Q1 FY27)
p. 7
“All of this resulted into loss before tax of about INR 512 million and a tax expense of about INR 66 million.”
Harshil Dalal, page 7 of the filed PDF · View the filing
Foreign exchange impact: INR 117.3 million (Q1 FY27)
p. 7
“We also had a foreign exchange impact on the financials, which is also part of the other expenses, which is to the tune of about INR 117.3 million.”
Harshil Dalal, page 7 of the filed PDF · View the filing
CDMO segment revenue: INR 5,343 million (Q1 FY27)
p. 8
“the CDMO segment posted a revenue of INR 5,343 million for the quarter as compared to INR 6,112 million in the comparable quarter of the last year.”
Harshil Dalal, page 8 of the filed PDF · View the filing
Marketable Molecules segment revenue: INR 1,432 million (Q1 FY27)
p. 8
“The revenue stood at INR 1,432 million for the quarter as compared to INR 968 million in the Q1FY26.”
Harshil Dalal, page 8 of the filed PDF · View the filing
CDMO segment EBITDA margin: 6.3% (Q1 FY27)
p. 8
“the CDMO segment because of the deferment of the revenue and the foreign exchange loss posted an EBITDA margin of 6.3% as compared to 17.9% in the comparable quarter of last year.”
Harshil Dalal, page 8 of the filed PDF · View the filing
CapEx: CHF 4.9 million (Q1 FY27)
p. 8
“The CapEx that was done in Q1 of the financial year stood at about CHF 4.9 million”
Harshil Dalal, page 8 of the filed PDF · View the filing
Net debt excluding lease liabilities: CHF 153.6 million (As of 30th June 2026)
p. 8
“the net debt excluding the lease liabilities stood at CHF 153.6 million as of 30th June, '26.”
Harshil Dalal, page 8 of the filed PDF · View the filing
ADC revenue: INR 150 crores (Q1 FY27)
p. 25
“In this quarter, the total ADC, that would be roughly about INR 150 crores.”
Harshil Dalal, page 25 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — single-digit growth · FY27
stated firmly by Harshil Dalal
p. 9
“We do expect single-digit growth as far as the revenues are concerned.”
Harshil Dalal, page 9 of the filed PDF · View the filing
EBITDA margin — similar to last year, possibly a little higher · FY27
stated conditionally by Harshil Dalal
p. 9
“As far as the EBITDA margin is concerned, it should be similar to what we did last year.”
Harshil Dalal, page 9 of the filed PDF · View the filing
Revenue growth — more than 10% YoY · FY28-29
stated as an aspiration by Harshil Dalal
p. 9
“All of this should help us to achieve more than 10% growth in the revenue YoY.”
Harshil Dalal, page 9 of the filed PDF · View the filing
EBITDA margin — closer to 25-26% · FY28-29
stated as an aspiration by Harshil Dalal
p. 9
“The EBITDA margin should be closer to the 25-26% that we were doing prior to the EDQM issues that we had at the India sites.”
Harshil Dalal, page 9 of the filed PDF · View the filing
Promoter fundraise/refinancing — up to CHF 200 million · next couple of months
stated conditionally by Harshil Dalal
p. 10
“the total amount for which we have taken the approval is up to CHF 200 million.”
Harshil Dalal, page 10 of the filed PDF · View the filing
Fundraise timeline — 60-90 days
stated conditionally by Harshil Dalal
p. 13
“The idea is to conclude in the next, I would say, 60-90 days as far as the fundraise is concerned.”
Harshil Dalal, page 13 of the filed PDF · View the filing
Net debt — CHF 140-150 million, reducing by roughly CHF 8-9 million · FY27-FY28
stated conditionally by Harshil Dalal
p. 16
“we should be somewhere around CHF 140-150 million and this is in Swiss franc, and that would be the right way to look at our debt.”
Harshil Dalal, page 16 of the filed PDF · View the filing
India entity revenue growth — 30-35% increase · FY27
stated firmly by Harshil Dalal
p. 18
“The Indian entity, as such, for the current financial year, the revenue should increase by at least 30-35% as compared to the previous year.”
Harshil Dalal, page 18 of the filed PDF · View the filing
India entity operating margin — close to 10% · FY27
stated conditionally by Harshil Dalal
p. 18
“As far as the margins are concerned, at an operating level, we should be at close to about 10%.”
Harshil Dalal, page 18 of the filed PDF · View the filing
Group revenue growth — single digits · FY27
stated conditionally by Harshil Dalal
p. 20
“No, for the whole group, we expect it would be in single digits, largely because, one, we have the French entities where, again, it's taking more time than expected to get it to a breakeven stage level.”
Harshil Dalal, page 20 of the filed PDF · View the filing
Second co-investment capacity completion — next calendar year
stated conditionally by Harshil Dalal
p. 25
“we are already in the process of completing the second co-investment for the customer. That is something that we expect during the course of the next calendar year to get completed.”
Harshil Dalal, page 25 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Single-digit revenue growth expected, EBITDA margin similar to or slightly higher than last year.
Answered by Harshil Dalal
Asked by Harshit Khadka: What is the revenue and EBITDA margin target for FY27?
p. 9
“We do expect single-digit growth as far as the revenues are concerned.”
Harshil Dalal, page 9 of the filed PDF · View the filing
A promoter-level foreign currency fundraise to prepay high-cost Indian debt is in progress.
Answered by Harshil Dalal
Asked by Keshav Goyal: Is there any plan to refinance or reduce debt given high finance costs?
p. 10
“we had announced in the last Board meeting as well as subsequently we obtained the shareholders' approval for raising funds in foreign currency at the promoter entity level, and infuse those funds in the Indian entity”
Harshil Dalal, page 10 of the filed PDF · View the filing
None in Q1; one molecule received approval just after the quarter closed.
Answered by Harshil Dalal
Asked by Amish Sanghavi: How many Phase III molecules were commercialized during the quarter?
p. 11
“No. There was none in Q1.”
Harshil Dalal, page 11 of the filed PDF · View the filing
Management explained that fixed employee costs and lumpy B2B shipment timing cause quarterly swings, and that Q4 is typically strongest.
Answered by Harshil Dalal
Asked by Vivian Joshi: Why does the company swing between losses and profits quarter to quarter rather than being consistently profitable?
p. 12
“So yes, there would be lumpiness in the business if you look QoQ, and that is something is kind of inherent in our business, especially because we deal with new chemical entities.”
Harshil Dalal, page 12 of the filed PDF · View the filing
The promoter will raise funds using personal assets and guarantees, largely outside India, to directly infuse into the Indian entity.
Answered by Harshil Dalal
Asked by Prit Nagersheth: How is the promoter raising the funds to inject into the company?
p. 15
“It's going to be a combination. It's going to be largely the personal assets of the promoter as well as, guarantees, etc., everything at, private promoter entity level.”
Harshil Dalal, page 15 of the filed PDF · View the filing
Net debt is expected around CHF 140-150 million, with quarterly interest expense of INR 35-40 crores.
Answered by Harshil Dalal
Asked by Harshit Khadka: What is the expected debt level and interest expense for FY27 and FY28?
p. 16
“I think we should be somewhere around CHF 140-150 million and this is in Swiss franc, and that would be the right way to look at our debt.”
Harshil Dalal, page 16 of the filed PDF · View the filing
Indian entity revenue expected to grow at least 30-35% with operating margin close to 10%.
Answered by Harshil Dalal
Asked by Venkata Padavala: What is the revenue and profit guidance for the Indian entity in FY27?
p. 18
“The Indian entity, as such, for the current financial year, the revenue should increase by at least 30-35% as compared to the previous year.”
Harshil Dalal, page 18 of the filed PDF · View the filing
Consolidated goodwill exceeds INR 4,000 crores; standalone goodwill of originally INR 1,350 crores has been amortized down to about INR 550 crores, while consolidation goodwill is tested for impairment rather than amortized.
Answered by Harshil Dalal
Asked by Ramanuj Chandak: How much goodwill remains on the balance sheet and how is it treated?
p. 22
“the goodwill on the standalone balance sheet, which originally was about INR 1,350 crores, has now been amortized to about INR 550 crores, About INR 800 crores has been written off.”
Harshil Dalal, page 22 of the filed PDF · View the filing
Total ADC-related revenue was roughly INR 150 crores including linker, payload and hyper molecule.
Answered by Harshil Dalal
Asked by Harshith: What was the ADC revenue share this quarter?
p. 25
“No, INR 150 crores. But this includes everything. Just the linker, the payload, the hyper molecule, everything put together.”
Harshil Dalal, page 25 of the filed PDF · View the filing
Risks flagged
Order postponement to later in the financial year caused revenue de-growth
p. 7
“the major reason for the de-growth is one of the orders that was postponed to the latter half of the financial year as compared to what we were expecting should have gone out in Q1 of the year.”
Harshil Dalal, page 7 of the filed PDF · View the filing
Foreign exchange fluctuation between US dollar and Swiss franc impacted financials
p. 8
“This was mainly on account of the fluctuation between the U.S. dollar to the Swiss franc.”
Harshil Dalal, page 8 of the filed PDF · View the filing
French entity taking longer than expected to reach breakeven
p. 20
“we have the French entities where, again, it's taking more time than expected to get it to a breakeven stage level.”
Harshil Dalal, page 20 of the filed PDF · View the filing
Slowdown in biotech funding affecting customer demand for development work
p. 21
“we had seen a bit of a slowdown as far as the funding in the biotech companies are concerned, who are our main customers as far as the development work is concerned.”
Harshil Dalal, page 21 of the filed PDF · View the filing
Post-pandemic customer destocking affecting order patterns
p. 13
“Also, after the pandemic, many of our customers, they had also stocked up a lot of quantities where even now we are seeing that many of that destocking is also happening.”
Harshil Dalal, page 13 of the filed PDF · View the filing
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