Dishman Carbogen Amcis Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dishman Carbogen Amcis Ltd filed with BSE on 25 May 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 Q4 FY26 revenue of INR 851 crores, up close to 19% year-on-year, with EBITDA margin at 19.1% for the quarter. For the full year, revenue rose to INR 2,932 crores from INR 2,711 crores, and EBITDA margin improved to 19.3% from 17.3% in FY25. Management discussed a proposed related-party external commercial borrowing to refinance high-cost India debt, growth in the Vitamin D analogs and ADC linker-payload businesses, and plans for India capacity ramp-up.
Numbers mentioned
Revenue: INR 851 crores (Q4 FY26)
p. 5
“we reported a revenue of INR 851 crores for the quarter, which represents close to 19% growth as compared to the comparable quarter of the last financial year”
Harshil Dalal, page 5 of the filed PDF · View the filing
CDMO segment revenue: INR 690.8 crores (Q4 FY26)
p. 5
“where on the CDMO side of the business, we saw a revenue growth of about 21% as compared to Q4 of FY25, going up from INR 569 crores to INR 690.8 crores in the quarter ending March 31, 2026”
Harshil Dalal, page 5 of the filed PDF · View the filing
Marketable molecules segment revenue: INR 160.5 crores (Q4 FY26)
p. 5
“Overall, for this segment, we saw a growth of 9.3% as compared to Q4 of FY25, INR 146.9 crores of revenue in that quarter going up to INR 160.5 crores in the quarter ending March 31, 2026”
Harshil Dalal, page 5 of the filed PDF · View the filing
EBITDA: INR 163 crores, 19.1% margin (Q4 FY26)
p. 5
“Overall, from an EBITDA perspective, all of this translated into a healthy EBITDA for Q4 FY26 of close to about INR 163 crores, representing 19.1% as the EBITDA margin for the quarter”
Harshil Dalal, page 5 of the filed PDF · View the filing
Profit after tax: INR 21.7 crores (Q4 FY26)
p. 6
“The profit after tax for the quarter stood at about INR 21.7 crores”
Harshil Dalal, page 6 of the filed PDF · View the filing
Income from operations: INR 2,932 crores (FY26)
p. 6
“The income from operations stood at about INR 2,932 crores as compared INR 2,711 crores in FY25, representing close to about 8% growth in the revenue”
Harshil Dalal, page 6 of the filed PDF · View the filing
EBITDA margin: 19.3% (FY26)
p. 6
“all of this resulting into an EBITDA of INR 565 crores, equating to 19.3% for the full FY26 as compared to 17.3% in the previous financial year”
Harshil Dalal, page 6 of the filed PDF · View the filing
Profit before tax: INR 104.9 crores (FY26)
p. 6
“All of this translated into a profit before tax of INR 104.9 crores for the full financial year as compared to INR 19.3 crores in the previous financial year”
Harshil Dalal, page 6 of the filed PDF · View the filing
Profit after tax: INR 97.4 crores (FY26)
p. 6
“the profit after tax stood at INR 97.4 crores as compared to INR 3.2 crores in the previous financial year”
Harshil Dalal, page 6 of the filed PDF · View the filing
Marketable molecules segment EBITDA margin: 18.8% (FY26)
p. 6
“we were able to increase the margins to 21.1% for the quarter and 18.8% for the full financial year of 2026, representing a 940 bps increase in this margin”
Harshil Dalal, page 6 of the filed PDF · View the filing
CapEx: CHF 22.4 million (FY26)
p. 7
“Regarding the CapEx that was done for the full financial year, that stood at roughly about CHF 22.4 million”
Harshil Dalal, page 7 of the filed PDF · View the filing
Net debt (excluding lease liabilities): CHF 146.8 million (FY26)
p. 7
“Our net debt, excluding the lease liabilities for the year ending March 31, 2026, stood at about CHF 146.8 million as compared to CHF 157.6 million at the end of the last financial year, representing a decrease of close to about CHF 11 million”
Harshil Dalal, page 7 of the filed PDF · View the filing
India debt: INR 800-odd crores
p. 16
“The India debt is roughly about INR 800-odd crores. And I would say, the average interest cost would be close to about 10.5 -11%”
Harshil Dalal, page 16 of the filed PDF · View the filing
Goodwill: INR 4,798 crores (March 31, 2026)
p. 28
“On March 31, 2025, our goodwill was INR 4,053.56 crores. But we see on March 31, 2026, it has increased to INR 4,798 crores.”
Ramanuj Chandak, page 28 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.
Overall EBITDA margin — 25% · FY28
stated as an aspiration by Harshil Dalal
p. 14
“Our target remains the same, which is to get to the 25% mark in the year after next, that is FY28.”
Harshil Dalal, page 14 of the filed PDF · View the filing
Overall EBITDA margin — 22-23% · FY27
stated conditionally by Harshil Dalal
p. 16
“that's the target. But as I said, let's wait for a quarter or so, and then we can be confident of giving the guidance on the numbers.”
Harshil Dalal, page 16 of the filed PDF · View the filing
CDMO vs marketable molecules revenue mix — 85-15 · next 2-3 years
stated as an aspiration by Harshil Dalal
p. 15
“I would say it would be somewhere like 85-15. So, 85% being the CDMO part of the business and 15% being the marketable molecules.”
Harshil Dalal, page 15 of the filed PDF · View the filing
Consolidated tax rate — close to about 40% · FY27
stated as an aspiration by Harshil Dalal
p. 8
“So, for FY27, it could be close to about 40% for the full financial year.”
Harshil Dalal, page 8 of the filed PDF · View the filing
Consolidated tax rate — 15-20% · in about 3 years
stated as an aspiration by Harshil Dalal
p. 8
“I would say in about 3 years’ time, we should be closer to about 20%, anywhere between 15-20% as the effective tax rate on the profit before tax.”
Harshil Dalal, page 8 of the filed PDF · View the filing
Interest cost per quarter — INR 30-35 crores · FY27
stated conditionally by Harshil Dalal
p. 9
“Yeah. It could go even lower than that. But, yeah, on a conservative basis, INR 30-35 crores should definitely be doable.”
Harshil Dalal, page 9 of the filed PDF · View the filing
Interest cost reduction timing — Q2 or Q3 of the financial year
stated conditionally by Harshil Dalal
p. 10
“Well, conservatively, we can say from Q2 of the financial year, Q2 or Q3?”
Harshil Dalal, page 10 of the filed PDF · View the filing
India standalone revenue — INR 500 crore-plus · FY28
stated as an aspiration by Harshil Dalal
p. 18
“For FY28, yes, that's the target that we have in mind.”
Harshil Dalal, page 18 of the filed PDF · View the filing
India standalone revenue growth — 25-odd percent growth · current financial year
stated as an aspiration by Harshil Dalal
p. 22
“In the current year itself, we will see at least 25-odd percent of growth in the revenue.”
Harshil Dalal, page 22 of the filed PDF · View the filing
French entity EBITDA breakeven — turn profitable · FY28
stated as an aspiration by Harshil Dalal
p. 20
“I think, in FY28, is when we aim that it should turn profitable, especially now that we have about a year back, we already received the ANSM approval”
Harshil Dalal, page 20 of the filed PDF · View the filing
French entity revenue — EUR 11-12 million · current year
stated as an aspiration by Harshil Dalal
p. 20
“What we expect is that in the current year, it should get up to close to about EUR 11-12 million of revenue.”
Harshil Dalal, page 20 of the filed PDF · View the filing
French entity EBITDA loss — close to about EUR 6 million · current year
stated as an aspiration by Harshil Dalal
p. 20
“And the losses should come down to close to about EUR 6 million.”
Harshil Dalal, page 20 of the filed PDF · View the filing
Group revenue CAGR — close to about 15% · next 3 years
stated as an aspiration by Harshil Dalal
p. 27
“So overall, from a revenue perspective, we do expect close to about 15% as the CAGR over the next 3 years.”
Harshil Dalal, page 27 of the filed PDF · View the filing
Net debt reduction — CHF 10-15 million (roughly INR 150-odd crores) · per year, next 2-3 years
stated firmly by Harshil Dalal
p. 30
“So, that would be at least to the tune of about CHF 10-15 million. So, roughly about INR 150-odd crores every year is what the target is.”
Harshil Dalal, page 30 of the filed PDF · View the filing
Consolidated net interest cost — not more than INR 70-odd crores · FY28
stated conditionally by Harshil Dalal
p. 21
“I would say we would see a net interest cost of not more than INR 70-odd crores for the full financial year.”
Harshil Dalal, page 21 of the filed PDF · View the filing
Overall gross debt — current year
stated firmly by Harshil Dalal
p. 17
“We don't expect any increase, because as we have been saying, there are no major CapEx plans apart from the co-investment that we are doing with the Japanese innovator, where 100% of the CapEx financing is being done by the partner.”
Harshil Dalal, page 17 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.
Management said depreciation in functional currency has remained roughly constant, with FX translation being a key driver of reported INR figures.
Answered by Harshil Dalal
Asked by Harshit Khadka: How should depreciation be modeled for FY27 and FY28?
p. 9
“as far as the functional currency is concerned, we have not seen a significant increase in the depreciation.”
Harshil Dalal, page 9 of the filed PDF · View the filing
Management indicated interest cost could fall to INR 30-35 crores per quarter starting Q2 or Q3 of the current financial year.
Answered by Harshil Dalal
Asked by Harshit Khadka: What will the interest cost be after the refinancing and from which quarter?
p. 9
“Yeah. It could go even lower than that. But, yeah, on a conservative basis, INR 30-35 crores should definitely be doable.”
Harshil Dalal, page 9 of the filed PDF · View the filing
Management gave figures of CHF 20-25 million annual revenue for the tech-transfer molecule and a similar CHF 20-25 million opportunity for the other project.
Answered by Harshil Dalal
Asked by Yash Tanna: Can you quantify the value of the tech-transfer molecule and the innovator opportunity for India?
p. 11
“the annual revenue that we currently do is close to about CHF 20-25 million per annum. For the other project, if everything goes well, it could be at least another CHF 20-25 million of opportunity for the India business.”
Harshil Dalal, page 11 of the filed PDF · View the filing
Management said growth looks promising but they remain cautious in near-term guidance while confident on a 3-year view.
Answered by Harshil Dalal
Asked by Disha Bhordia: How does management see FY27 revenue growth given India ramp-up and geopolitical uncertainty?
p. 15
“we do see that, overall, from a business perspective, things should look up, but we are continuously assessing the market situation as well. Hence, we would remain cautious as far as the guidance for the year is concerned.”
Harshil Dalal, page 15 of the filed PDF · View the filing
Management said no major increase is expected given limited CapEx plans and financing structure for the Japanese co-investment.
Answered by Harshil Dalal
Asked by Prit Nagarseth: Does the company expect overall debt to increase this year?
p. 17
“We don't expect any increase, because as we have been saying, there are no major CapEx plans apart from the co-investment that we are doing with the Japanese innovator, where 100% of the CapEx financing is being done by the partner.”
Harshil Dalal, page 17 of the filed PDF · View the filing
Management said ADC-related molecules together contributed about 25% of the CDMO business.
Answered by Harshil Dalal
Asked by Ankit Gupta: What is the ADC business contribution to CDMO revenue in FY26?
p. 19
“So FY26, that would be close to about all molecules put together on the ADC side would be close to about 25%.”
Harshil Dalal, page 19 of the filed PDF · View the filing
Management confirmed that Swiss franc EBITDA growth would translate into a larger INR increase due to currency movement.
Answered by Harshil Dalal
Asked by Viraj Mehta: Will currency translation gains from the Swiss entity flow directly into consolidated P&L?
p. 24
“That's correct. Yes.”
Harshil Dalal, page 24 of the filed PDF · View the filing
Management argued the debt acts as a natural hedge against foreign currency revenue and that leverage is actually decreasing, not increasing.
Answered by Harshil Dalal
Asked by Subrata Sarkar: Does taking on more foreign-currency debt increase currency risk given rising leverage and low valuation versus peers?
p. 27
“No, we are not getting more leverage. That is what I would like to correct here. We are not getting more leverage.”
Harshil Dalal, page 27 of the filed PDF · View the filing
Management said the target is at least CHF 10-15 million (about INR 150 crores) per year, though it could be higher.
Answered by Harshil Dalal
Asked by Vikram Mehta: What is the target for net debt reduction over the next 2-3 years?
p. 30
“So, that would be at least to the tune of about CHF 10-15 million. So, roughly about INR 150-odd crores every year is what the target is.”
Harshil Dalal, page 30 of the filed PDF · View the filing
Risks flagged
Onerous contract provisions from cost overrun assessments increased other expenses
p. 6
“wherever we see that could be a possibility of an overrun, we would immediately book a provision.”
Harshil Dalal, page 6 of the filed PDF · View the filing
One-off pension plan switch increased employee expenses at Swiss entities
p. 5
“there was an additional provision, based upon the actual valuation that was done, that was booked as part of the employee expenses to the extent of about CHF 2.5 million.”
Harshil Dalal, page 5 of the filed PDF · View the filing
Geopolitical uncertainty affecting near-term revenue growth outlook
p. 15
“right now, because of the geopolitical situation, there are certain uncertainties as well.”
Harshil Dalal, page 15 of the filed PDF · View the filing
Molecule dropouts in late Phase 3 have occurred historically
p. 19
“in the past, we have seen molecules even in late Phase 3 dropping out.”
Harshil Dalal, page 19 of the filed PDF · View the filing
French subsidiary has incurred continued losses
p. 20
“we had a loss of close to about EUR 9 million for that particular entity.”
Harshil Dalal, page 20 of the filed PDF · View the filing
Market challenges at drug product site in Saint Beauzire
p. 4
“The market shows some challenges, but still, we could increase our quotation rate.”
Stephan Fritschi, page 4 of the filed PDF · View the filing
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