Dishman Carbogen Amcis Ltd

Financial Performance

• Revenue for quarter ended 30 Jun 2026: INR 6,776 million, down 4% YoY.
• EBITDA: INR 600 million; vs INR 1,406 million prior year.
• PBT: loss before tax INR 512 million; tax INR 66 million.
• FX impact: INR 117.3 million.
• CDMO revenue: INR 5,343 million; Marketable Molecules: INR 1,432 million.
• ADC revenue in quarter: INR 150 crores.
• CapEx: CHF 4.9 million; net debt excl. lease: CHF 153.6 million.
• Consolidated goodwill: > INR 4,000 crores; standalone goodwill ~INR 550 crores.

Operations and Segments

• Marketable Molecules margin normalized to INR 18.6 million due to higher cholesterol sales.
• Naroda MFDS Korea inspection completed; MFDS Korea and US FDA observation ongoing.
• Two EDQM CEPs granted in Europe; commercial product approvals in Myanmar.
• Commercial transfers from Switzerland to India progressing; Bavla/Naroda CDMO activity rising.

Balance Sheet and Cash Flow

• CapEx in Q1: CHF 4.9 million.
• Net debt excluding lease liabilities: CHF 153.6 million as of 30 Jun 2026.
• Goodwill on consolidated basis: > INR 4,000 crores; Indian standalone goodwill ~INR 550 crores.

Outlook and Guidance

• FY27 revenue: single-digit growth; EBITDA margin similar to last year.
• FY28-29: at least double-digit growth in France and India; >10% revenue YoY.
• EBITDA margin target FY28-29: 25-26%.
• Fundraising: promoter ECB up to CHF 200 million; 4% all-inclusive; 10-year tenor; 60-90 days.
• Net debt end-FY27: ~CHF 140-150 million.

Q&A Highlights

• Debt/refinancing: promoter infusion via ECB; to prepay high-cost debt; multiple tranches.
• Indian entity revenue: +30-35% in FY27; margins ~10% operating.
• Phase III: one molecule approved and moved to commercial; none in Q1.
• ECB RBI approval: obtained; ECB funds to be infused directly to Indian entity.

Risks and Opportunities

• Top-line lumpiness inherent in development-heavy CDMO model; focus on 2–3 year horizon.
• Destocking by customers may affect quarterly visibility.
• Regulatory actions and EDQM/India-site issues influence timing of launches.

Meeting Details

• Date and time: 17 August 2026 at 17:00 IST.
• Type and mode: audio earnings conference call; group, virtual.
• Organizer: Dishman Carbogen Amcis Limited.
• Topic: discuss quarterly results for Q1 FY2026-27.
• Quarter ended: 30 June 2026.

Participants

• Key company participants: not disclosed in the filing.

Purpose

• Purpose: discuss Q1 FY2026-27 results and June 2026 performance.

Additional Notes

• Audio recording of the conference call is available on the company website.

Financial performance

• Revenue ₹6,776.4 mn; YoY -4.3%.
• EBITDA ₹600.8 mn; margin 8.9%.
• PAT ₹-578.8 mn; PAT margin -8.5%.

Segment performance

• CDMO ₹5,343.8 mn; MM ₹1,432.6 mn in Q1 FY27.
• CDMO margin 6.3%; MM margin 18.6%.
• CDMO revenue down 12.6% YoY due to deliverable deferment (~CHF 10 mn to H2).
• MM revenue up 48% YoY, led by cholesterol.

Capital structure & liquidity

• Capex CHF 4.9 mn in Q1 FY27.
• Net debt excluding lease liabilities CHF 153.6 mn as of 30 Jun 2026.

Outlook & strategic drivers

• Focus on capacity utilization and geographic diversification.
• 13 late-phase III molecules in pipeline.

Risks & mitigations

• Notional FX loss of INR 117.3 mn affected margins.
• CDMO deferment risk partially offset by MM growth.

Financials

• Consolidated total income for Q1 ended 30-Jun-2026: Rs 695.80 crore.
• Consolidated total income from operations (net): Rs 677.64 crore.
• Net loss after tax: Rs 57.88 crore for the quarter.
• EPS (basic/diluted): Rs -3.69 for the quarter.

Outlook & capital structure

• Board expects India CDMO growth; outlook positive for CDMO sector.
• Goodwill amortization life revised to 99 years; goodwill outstanding Rs 579.32 crore.
• Private placement of Rs 18 crore NCDs on 9-Jun-2026; 100% asset cover; no deviation in use of funds.

Operations & segments

• Group is treated as a single operating segment under Ind AS 108.
• Debt-equity ratio 0.48x; interest coverage 3.47x; net worth Rs 6,638.29 crore.
• Quarterly operating margin reported at 8.87% for Consolidated.

Notes & disclosures

• No deviation in use of funds for the NCD issue per disclosures.
• Limited assurance provided on security cover certificates; not a full audit.

Business model

• CDMO-focused group; primary activities include contract development and manufacturing of chemicals and vitamins D3.

Meeting Details

• Date and time: 17 Aug 2026, 17:00–18:00 IST.
• Type and mode: Earnings conference call; virtual.
• Event/organiser: Q1FY27 Earnings Conference Call.

Participants

• Global CFO
• Chief Executive Officer, Carbogen Amcis Entities

Purpose

• Discuss Q1FY27 results and performance.

Meeting Details

• Date and time: 17 August 2026, 17:00–18:00 IST.
• Mode: virtual group earnings conference call.
• Event: Q1 FY27 Earnings Conference Call, organized by Dishman Carbogen Amcis Limited.
• Pre-registration: Express Join with DiamondPass available.

Participants

• Global CFO to represent management.
• CEO, Carbogen Amcis Entities to participate.

Purpose

• Purpose: discuss Q1 FY27 results and performance for quarter ended 30 June 2026.

Additional Notes

• Details of conference call are attached.

NCD issuance details

• Board approves private placement of up to 7,500 senior secured NCDs aggregating Rs 75 crore.
• NCDs have face value Rs 1,00,000 and will be listed on BSE Wholesale Debt Market.
• Coupon rate 10% p.a.; quarterly interest; bullet repayment at maturity (18 months).
• Actual allotment date subject to completion of requirements.
• Allotment date expected 17 August 2026; maturity 17 February 2028.
• Security cover of 1.1x; mortgage over DIL land; corporate guarantee by DIL.
• Charge details include promissory note and continuity; other security as required.
• Type: Senior, Secured, Rated, Listed, Transferable, Redeemable, Taxable NCDs.

Regulatory and other disclosures

• SEBI LODR disclosures per Master Circular attached as Annexure I.

Meeting Details

• Board meeting scheduled for Friday, August 14, 2026; time and venue not disclosed.

Key Agenda Items

• Un-Audited financial results for Q1 ended June 30, 2026 to be considered.

Other Notes

• Trading window open from Aug 17, 2026; closed Jul 1 to Aug 16, 2026.

Meeting Details

• Date: 12 August 2026; Time and venue not disclosed.

Key Agenda Items

• Board to consider fund-raising via private placement of Non-Convertible Debentures.