NSE: DCAL · BSE: 540701 · ISIN INE385W01011
Dishman Carbogen Amcis Limited stock analysis
Dishman Carbogen Amcis Limited ranks #3152 in the TickerSutra evidence-ranked universe with a score of 42/100 and 95% data confidence. The latest captured fundamentals show ROCE of 3.1%, quarterly sales growth of -4.3% and quarterly profit growth of -327.6%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Strong CFO/EBITDA of 0.87×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,141cr | ₹331cr | ₹18cr | 15.0% |
| 2023 | ₹2,413cr | ₹332cr | ₹-30cr | 14.0% |
| 2024 | ₹2,616cr | ₹286cr | ₹-153cr | 11.0% |
| 2025 | ₹2,712cr | ₹469cr | ₹3cr | 17.0% |
| 2026 | ₹2,932cr | ₹566cr | ₹97cr | 19.0% |
| TTM | ₹2,901cr | ₹485cr | ₹16cr | 17.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Dishman Carbogen Amcis Limited has informed the Exchange regarding allotment of 1500 securities pursuant to Non Convertible Securities at its meeting held on September 28, 2026
RoutineDishman Carbogen Amcis Ltd - 540701 - Announcement under Regulation 30 (LODR)-AllotmentBSE · 28 Sept 2026Please find attached herewith Intimation of allotment of NCDs.
RoutineDishman Carbogen Amcis Ltd - 540701 - Disclosure Pursuant To Regulations 30 And 51 Of SEBI (LODR) Regulations, 2015: The Company'S Wholly Owned Subsidiary, CARBOGEN AMCIS AG Successfully Completed US FDA Inspection At Its Manufacturing Site Located At Vionnaz, Switzerland Without Any ObservationsBSE · 12 Sept 2026Pls. find enclosed herewith Disclosure regarding completion of US FDA Inspection at Company''s wholly owned subsidiary company site without any observation.
RoutineGeneral UpdatesNSE · 12 Sept 2026Dishman Carbogen Amcis Limited has informed the Exchange about General Updates
MANAGEMENT COMMENTARY
Signals from filed documents
We adjusted our sourcing strategy, diversified suppliers, and negotiated better terms, which reduced costs and restored profitability in the Netherlands. Combined with strong demand for Vitamin D analogues, this made our specialties portfolio a meaningful contributor to the year’s margin expansion. As orders convert, India’s revenue and utilisation will drive both revenue growth and margin improvement for the group.
Pricing Pressure & Healthcare Cost Controls: Governments across developed markets continue to introduce drug price negotiations, reimbursement reforms, and healthcare spending controls, which could affect industry margins and future R&D investments. Geopolitical & Supply Chain Disruptions: Ongoing geopolitical tensions, including disruptions in key trade routes, have increased energy, logistics, packaging, and raw ma
Source: MOSPL Feb 2026 Report 68 69 Dishman Carbogen Amcis Limited / Annual Report 2025-26 Strategic Review Statutory Reports Financial Statements MANAGEMENT DISCUSSION AND ANAL YSIS (CONT.) INDUSTRY OVERVIEW Global Pharma Industry Overview The global pharmaceutical industry remained resilient in 2025-26, supported by rising healthcare demand, ageing populations, increasing prevalence of chronic diseases, and continu
Industry Outlook The outlook for the Indian pharmaceutical industry remains positive, supported by strong domestic demand, rising exports, government policy support, increasing chronic disease prevalence and growing global demand for affordable medicines. The sector is expected to gradually move up the value chain from plain generics towards complex generics, specialty products, biosimilars, injectables, APIs, advanc
Go vernment Policy Support and Manufacturing Push The Indian pharmaceutical sector continues to benefit from strong policy support aimed at enhancing self-reliance, strengthening domestic manufacturing, and improving global competitiveness. Government initiatives such as the Production Linked Incentive (PLI) Scheme, API localization programs, bulk drug parks, and increased support for research and development are fos
Pricing pressure in regulated markets, especially the US, continues to impact margins for generic players. Domestic price controls under essential medicines lists also create margin pressure in certain therapies. Mordor Intelligence identifies frequent retail price caps and NLEM revisions as a key restraint for the Indian market.
The specialty, that's our cholesterol and Vitamin D and analogues business, has nicely developed in the first quarter, especially the VDA, the Vitamin D and the analogues business, has increased its sales, but also the margin, which is very good news for us. Also, we got new Wool grease sources with more attractive prices, which could be accessed, and we are confident that this will continue talking to different supp
• 9 50+ R&D professionals across global locations • H igh proportion of technically qualified workforce • C ross-functional expertise spanning development to manufacturing • C ontinuous focus on capability building and knowledge depth Our presence across key markets enables closer engagement and better responsiveness. • O perations across India, Europe, and China • Pr oximity to innovation hubs and customer locations
MANUFACTURING NETWORK AT A GLANCE 32 R&D and HiPo laboratories 9,500m2 Sterile injectables facility in France 1,150m3 Cumulative reactor capacity Presence across India, Switzerland, UK, France, Netherlands, and China 7,500m2 R&D infrastructure across global locations 23 Multi-purpose manufacturing facilities globally 30 Successful regulatory audits (last 5 years) 26 27 Dishman Carbogen Amcis Limited / Annual Report 2
This statement containing information as required in terms of clause (iv) of the second proviso of Paragraph (B) of Section II of Part II of Schedule V of the Companies Act, 2013, is also placed as under: (Contd.) 101 Dishman Carbogen Amcis Limited / Annual Report 2025-26 III. Other information: (1) Reasons of loss or inadequate profits After the EDQM and USFDA along with other critical regulatory approvals for Bavla
Key Challenges and Industry Headwinds Despite favourable long-term demand, the industry faces several challenges that could impact growth and profitability: Patent Cliff Risk: Several blockbuster oncology, immunology and metabolic drugs are expected to lose exclusivity through 2030, increasing competition from generics and biosimilars. Pricing Pressure & Healthcare Cost Controls: Governments across developed markets
Assessments covering child labour, forced labour, sexual harassment, discrimination and wages extended to 100% of our plants and offices, and our Board and Key Managerial Personnel received full coverage under structured awareness programmes spanning ESG performance, risk and governance, compliance management and BRSR reporting. Our Naroda facility was also inspected by the United States Food and Drug Administration
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Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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