Dishman Carbogen Amcis LimitedPharmaceuticals & HealthcareDCAL
Q1 FY27 concall · earnings callDishman Carbogen Amcis Limited
Despite a soft revenue quarter, management is focused on sales force expansion, tech transfers to India, and a significant debt refinancing to improve margins, projecting an optimistic future.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Income from Operations | ₹677.6 Cr | -4% | |
| EBITDA | ₹60 Cr | — | |
| CDMO Segment Revenue | ₹534.3 Cr | — | |
| Marketable Molecules Revenue | ₹143.2 Cr | — | |
| Net Debt (ex-lease) | CHF 153.6 million | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹682.34 Cr+4.8% YoY-13.5% QoQ | ₹4.63 CrTurned profitable YoY-86% QoQ | ₹0.30Turned positive YoY-85.8% QoQ |
| Q2 FY25 | ₹789.04 Cr+34.5% YoY+50.6% QoQ | ₹33.09 CrTurned profitable YoYTurned profitable QoQ | ₹2.11Turned positive YoYTurned positive QoQ |
| Q1 FY25 | ₹523.78 Cr-27.6% YoY-20% QoQ | ₹-77.57 CrTurned loss-making YoYLoss widened QoQ | ₹-4.95Turned negative YoYLoss/share widened QoQ |
| Q4 FY24 | ₹654.71 Cr+5.8% YoY+0.6% QoQ | ₹-69.92 CrLoss narrowed YoYLoss widened QoQ | ₹-4.46Loss/share narrowed YoYLoss/share widened QoQ |
| Q3 FY24 | ₹651.09 Cr+1.8% YoY+11% QoQ | ₹-59.63 CrTurned loss-making YoYLoss widened QoQ | ₹-3.80Turned negative YoYLoss/share widened QoQ |
TL;DR
- Revenue declined 4% YoY to INR 6,776 million due to a deferred order.
- EBITDA dropped to INR 600 million from INR 1,406 million YoY.
- Order income is picking up with increased tech transfer projects from Switzerland to India.
- Marketable Molecules segment grew strongly to INR 1,432 million.
- A new Chief Commercial Officer hired; sales teams being strengthened.
- A promoter-led fundraise of up to CHF 200 million at 4% interest is in progress to refinance high-cost Indian debt.
Said on the call
“Dishman Carbogen Amcis is very well positioned to conquer additional new business. We are looking very optimistically to our future.”
From the Q&A
| Topic | What management said |
|---|---|
| FY27 Guidance | Expect single-digit revenue growth and EBITDA margin similar to or slightly higher than last year. |
| Debt Refinancing | Promoter entity plans to raise up to CHF 200 million at 4% interest and infuse it as ECB into the Indian entity within 60-90 days to repay high-cost debt. |
| Profitability Volatility | Attributed QoQ lumpiness to B2B nature, customer shipment timing, and deferred orders; emphasized focus on increasing top line to improve EBITDA. |
| Indian Entity Growth | Expects 30-35% revenue growth and ~10% operating margin for the Indian entity in FY27, driven by tech transfers and new CDMO projects. |
| Project Pipeline | Confirmed one tech transfer contract signed and started, a second major transfer approved, and three more in advanced discussion; also highlighted increased CDMO RFPs. |
| Goodwill | Consolidated goodwill exceeds INR 4,000 crores and is tested for impairment annually; only standalone Indian goodwill (~INR 550 crores) is amortized. |
Guidance
- Single-digit revenue growth for FY27.
- EBITDA margin similar to last year for FY27.
- Indian entity revenue to grow 30-35% in FY27.
- Double-digit growth expected in French entity and India operations for FY28-29.
- Net debt expected to be around CHF 140-150 million for FY27 (excluding promoter infusion).
Source
Summary written from the transcript filed by Dishman Carbogen Amcis Limited for the call held on 17 Aug 2026; published 21 Aug 2026, 17:44 IST.
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