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Revenue
₹720 Cr
verified against source
Revenue YoY
5.5%
reported change
EBITDA
₹113 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dishman Carbogen Amcis reported Q3 FY26 revenue of ₹720 crore, up 5.5% YoY, but EBITDA margin contracted to 15.7% due to a shift toward lower-margin commercial supplies and early-phase development revenue. The company posted a PAT loss of ₹12.97 crore for the quarter, impacted by a one-time finance cost of ₹11 crore from refinancing. Management maintained its full-year EBITDA margin guidance of 19.5-20%, supported by strong 9M margins of 19.4%. Key growth drivers include a co-investment ADC project with a Japanese customer (revenue expected to rise from CHF 22M in FY25 to CHF 40M in FY27), a ₹1,200 crore RFP pipeline for India operations targeting ₹500 crore revenue in 12-18 months, and a French subsidiary aiming for breakeven in FY27. Risks include delayed customer orders, high India debt of ₹750 crore, and execution dependency on converting RFPs into firm orders.
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Guidance to track
- Management reaffirmed FY26 EBITDA margin guidance of 19.5-20%, supported by 9M margin of 19.4%.
- Target to achieve ₹500 crore revenue from India sites within 12-18 months, driven by RFP conversion.
- French facility expected to break even in FY27 with revenue of €18 million.
- Plan to reduce India debt of ₹750 crore to zero over the next 3 years using operational cash flows.
Risks flagged
- A significant portion of growth depends on one Japanese customer's ADC molecule; any loss or delay would materially impact revenue.
- ₹1,200 crore RFP pipeline may not convert as expected; management acknowledged 30-35% conversion rate and 6-month timeline for visibility.
- India debt of ₹750 crore carries high interest (~7% higher than Swiss debt), straining cash flows despite deleveraging plans.
- Business inherently lumpy due to customer shipment timing and revenue mix; Q3 PAT loss highlights unpredictability.
Key quotes
- We are very well positioned to serve the market and we are optimistic and positive to tackle this and to bring great results in the future as well.
- The target for the full year still stands. So we could be ending up ending the year with anywhere between 19.5 to 20%.
- We are seeing a lot of interest for that particular site... we should be breaking even in that particular facility in the next financial year.
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