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Dishman Carbogen Amcis Limited — Q3 FY26
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.
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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.
डिशमैन कार्बोजेन एम्सिस ने तीसरी तिमाही में 720 करोड़ रुपये का कारोबार किया, जो पिछले साल से 5.5% ज्यादा है। लेकिन मुनाफा कम हुआ क्योंकि कंपनी ने कम मार्जिन वाले कामों पर ध्यान दिया। इस तिमाही में कंपनी को 12.97 करोड़ रुपये का घाटा हुआ, जिसकी वजह 11 करोड़ रुपये का एक बार का कर्ज चुकाने का खर्च था। कंपनी का कहना है कि पूरे साल उसका मुनाफा 19.5-20% रहेगा। आगे बढ़ने के लिए कंपनी जापानी ग्राहक के साथ एक नए प्रोजेक्ट पर काम कर रही है, जिससे अगले दो सालों में कमाई बढ़ेगी। भारत में भी 1,200 करोड़ रुपये के नए ऑर्डर मिलने की उम्मीद है। लेकिन कर्ज 750 करोड़ रुपये है और ऑर्डर मिलने में देरी हो सकती है।
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Revenue concentration on single ADC customer
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India RFP pipeline
₹1,200 Cr
N/A
RFPs submitted for India sites; 30-35% conversion expected, targeting ₹500 Cr revenue in 12-18 months.
ADC revenue from Japanese customer
CHF 22M
+36% YoY
Revenue from ADC linker/payload for key customer; expected to reach CHF 30M in FY26 and CHF 40M in FY27.
India site capacity utilization
20-25%
N/A
Low utilization due to past regulatory issues; management targets 2.5x increase over 2-3 years.
French subsidiary revenue (9M)
€7M
N/A
Revenue for first 9 months; full-year expected €9.5-10M, with FY27 target of €18M and breakeven.
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Guidance and risk preview
Management reaffirmed FY26 EBITDA margin guidance of 19.5-20%, supported by 9M margin of 19.4%.
A significant portion of growth depends on one Japanese customer's ADC molecule; any loss or delay would materially impact revenue.
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