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 earl...
neutral
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✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Details on new commercialized molecule for leukemia
Asked by Smith Sha, JHP Securities
Answered indication and site but withheld customer name and molecule size.
customer name withheldno molecule size given
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Question
can you shed some light on one new molecule which we have commercialized this quarter like in terms of the molecule size if any and from which facility are we supplying this?
Harsh (management)
this is for leukemia. we will not be able to mention the name of the customer at this point and right now it was developed at the Swiss site and would be supplied from the Swiss side.
Answered
High priority
Revenue guidance for Babla site in FY26
Asked by Smith Sha, JHP Securities
Provided 9-month revenue and reaffirmed guidance at lower end of range.
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Question
can you tell us what would be the revenues in 9 month FI26 from the Babla site and after the current quarter results do we still stick to our revenue guidance of 250 to 290 cr for FI26 from the Babla site?
Harsh (management)
for the first 9 months the total revenue was about 150 odd crores and we do expect that there should be higher revenues coming in Q4 as compared to Q3. it should be closer to about 250 crores by the end of the financial year.
Partial answer
Medium priority
Integration progress between Carbogen and Dishman NTD
Asked by Smith Sha, JHP Securities
Provided client visit numbers but did not quantify molecules or commercialization.
no molecule count givenno commercialization timeline
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Question
can you also shed some light on the integration that you've been talking about between Carbon entity and Dishman NTD which is the Indian facilities. more in terms of the numbers like how many clients have already visited the facility?
Paulo (management)
in the last month we had four site clients already coming and we are seeing we already have coming other client coming in the next quarters.
Answered
High priority
EBITDA margins for development and commercial molecules
Asked by Smith Sha, JHP Securities
Provided specific margin ranges for each phase and geography.
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Question
What are the AIDA margins for development activities like phase two and phase three and that of commercial molecules? Just a broad range would also help.
Harsh (management)
phase three is where we make our highest margins upwards of 30%. early phase would be close to 12 to 15% and commercial in Switzerland about 25%. in India commercial work would be close to about 35 to 40% at a minimum.
Answered
High priority
RFP pipeline and conversion rate for India operations
Asked by Yash Tana, I. TMS
Provided RFP value and expected conversion rate.
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Question
looking at the current pipeline and the RFPs submitted what is the visibility that you have at least for the next one year and also maybe the next one two years also let's say if you submit RFPs of 100 what is the conversion typically for you and also if you can share the amount of RFP submitted already.
Harsh (management)
we have given out a lot of RFPs from the India side and in terms of value this would be close to about 1200 crores worth of RFPs. we expect that at least 30-35% of this should get converted into orders.
Partial answer
High priority
Impact of additional indications on ADC molecule volumes
Asked by Yash Tana, I. TMS
Acknowledged volume increase but did not break down by indication or give specific volume projections.
no separate indication breakdownno volume numbers
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Question
if you can explain each of these indications separately and the impact on our commercial volumes that we will have in the next few years because in our understanding these additional indications expand the patient pool significantly.
Harsh (management)
based upon the projections we have seen the volume seemed to keep on increasing and that was also one of the reason why we entered into a second round of co-investment earlier this year with the customer.
Answered
High priority
Revenue numbers for ADC molecule and future expectations
Asked by Yash Tana, I. TMS
Provided current and projected revenue figures for the molecule.
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Question
if you can share a few numbers around this molecule or this therapy indication and how much revenue are we currently doing and what is the expectation in the next let's say 3 to four years.
Harsh (management)
for the last financial year we supplied roughly about 22 million Swiss Francs worth of material. this year we expect it could be about 30 million and for the next year it could be closer to about 40 million.
Partial answer
High priority
Update on large RFP for Indian operations from Japanese customer
Asked by Ankit Gupta, Bamboo Capital
Provided updated timeline but no order size or confirmation.
no order value giventimeline pushed out
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Question
we had submitted some of the RFPs for which we were expecting approvals from the customer and this were expected to be pretty big given our Indian operations and we were expecting the customer to come back with the order in Jan this year so any updates on that?
Harsh (management)
the preliminary feedback was that they were okay with the price but the final confirmation should be most likely in April or in May.
Answered
Medium priority
Revenue and losses for French subsidiary, outlook
Asked by Ankit Gupta, Bamboo Capital
Provided revenue figures and breakeven timeline.
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Question
on the French subsidiary side if you can tell us how much has been the revenue for the quarter for the 9 months and how have been the losses here and how do you expect the performance to improve going forward?
Harsh (management)
in the first nine months we did a revenue of about 7 million euros and we should end the year with close to about 9.5 to 10 million euros of revenue. we are expecting that in the next financial year we should be breaking even.
Answered
Medium priority
Revenue expectation for French subsidiary in FY27
Asked by Ankit Gupta, Bamboo Capital
Provided specific revenue target for FY27.
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Question
what revenues do you expect for FI27 from the French sub?
Harsh (management)
that should be closer to about 18 million.
Partial answer
High priority
Margin miss in Q3 and FY26 EBITDA guidance
Asked by Harsh (from Neoen Advisers), Neoen Advisers
Reaffirmed guidance but did not quantify the margin miss breakdown.
no quantification of mix vs structuralattributed to commercial mix without numbers
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Question
In Q3 margins dropped to 15% and the company reported a loss. Can you clearly quantify how much of this margin miss was due to mixed timing versus any structural cost increase and also does the 20% guidance still stand for FA26?
Harsh (management)
the target for the full year still stands. we could be ending the year with anywhere between 19.5 to 20%. if you take the first 9 months we are already at about 19.4%.
Answered
High priority
Why Dishman's share of ADC value is low and Salonic partnership
Asked by Asha
Explained value share percentage and confirmed end-to-end capability via partnership.
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Question
why our share of value is so limited despite the scale of the molecule is it just because we don't do antibody and that is one of the biggest parts in the value chain and with our partnership with Salonic for antibodies can we manufacture the complete ADC in house?
Harsh (management)
the linker payload is not more than one and a half% at max of the final product. with this partnership with Salonic we are able to offer the end-to-end solution to the customer including the antibodies the conjugation the payload and the linker.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| 9-month Babla revenue ~150 cr | ₹150 cr | ₹720 cr | Understated vs filing |
| FY26 Babla revenue guidance ~250 cr | ₹250 cr | ₹720 cr | Understated vs filing |
| ADC molecule revenue last year ~22 million CHF | 22 | 720 | Understated vs filing |
| ADC molecule revenue expected this year ~30 million CHF | 30 | 720 | Understated vs filing |
| ADC molecule revenue expected next year ~40 million CHF | 40 | 720 | Understated vs filing |
| French subsidiary 9-month revenue ~7 million euros | 7 | 720 | Understated vs filing |
| French subsidiary FY26 revenue expected ~9.5-10 million euros | 9.75 | 720 | Understated vs filing |
| French subsidiary FY27 revenue expected ~18 million euros | 18 | 720 | Understated vs filing |
| FY26 EBITDA margin guidance 19.5-20% | 19.75% | 15.7% | Overstated vs filing |
| 9M FY26 EBITDA margin ~19.4% | 19.4% | 15.7% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.