Dishman Carbogen Amcis Limited (DCAL)

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Dishman Carbogen Amcis Limited (DCAL) · mywealthgrid

About

Dishman Carbogen Amcis Limited is a pharmaceutical company in the Healthcare sector, with a market cap of ₹2,989.55 Cr. Recent quarters show consolidated revenue in the ₹700–850 Cr range, supported by group operations; standalone revenue is smaller at ₹40–70 Cr. The company trades at a PE of 30.68 with consolidated operating margins averaging 19.29%.

Face value: ₹2

Market cap

₹2,357 Cr

P/E

145.9×

P/B

0.4×

Dividend yield

ROE

1.6%

ROCE

3.2%

Debt / equity

0.42

OPM

19.3%

EPS (TTM)

₹1.0

Book value

₹425.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation appears disconnected from returns: PE of 30.68 paired with minimal ROE of 1.56% and a 1-year return of -20.44% suggests the market is not pricing in near-term earnings generation.
Standalone business is consistently unprofitable: net losses of ₹23.13 Cr (Dec 2025) and ₹4.34 Cr (Mar 2026) reveal operational weakness in the core segment, masked by consolidated subsidiary performance.
Operating margins are volatile even in consolidated results: OPM ranged from 15.71% (Dec 2025) to 22.81% (Sep 2025), indicating exposure to mix, regulatory, or input-cost shifts that may not be fully controlled.
Earnings power remains unproven: verify whether the consolidated revenue level (₹851.4 Cr in Mar 2026) is sustainable and whether standalone profitability can recover, given results were released Aug 14.

Generated analysis · source review pending

Growth drivers

Consolidated revenue reached ₹851.4 Cr in Mar 2026, up from ₹652.65 Cr in Sep 2025; verify whether this momentum can be sustained and whether FY2026 shows consistent expansion.
Operating margin of 19.29% on consolidated basis suggests pricing power or cost efficiency; verify whether this level can expand or whether margin uplift is the primary growth lever.
Group structure shows substantial consolidated operations (₹851.4 Cr) relative to standalone (₹68.72 Cr) in Mar 2026, indicating synergies or acquired-entity contributions; verify whether integration or further acquisitions can drive growth.

Generated analysis · source review pending

2,226 historical price candles were omitted because the exchange source has not been verified.

₹150.4-6.8%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -0.4% (3-yr avg)
−Modest revenue growth of 8.9% a year over the last 5 years
−Weak interest coverage of 1.6×
−Expensive at 145.9× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

27/100

Business quality: 26
Growth: 10
Valuation: 45

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,695	1,695	2,059	2,044	1,912	2,141	2,413	2,616	2,712	2,932
COGS	337	337	404	434	468	447	511	597	502	409
Gross profit	1,358	1,358	1,655	1,610	1,444	1,693	1,902	2,019	2,210	2,523
	913	913	1,103	1,087	1,170	1,362	1,569	1,732	1,741	1,957
	445	445	552	522	274	331	332	287	469	566
OPM %	26.3%	26.3%	26.8%	25.6%	14.4%	15.5%	13.8%	11%	17.3%	19.3%
Depreciation	211	211	240	283	308	308	281	311	294	339
Interest	49	49	57	62	48	57	86	120	159	174
	46	46	54	44	16	29	-20	22	4	52
Profit before tax	231	231	309	222	-65	-4	-55	-122	19	105
Tax	76	76	98	42	100	-22	-25	31	16	7
Tax %	33%	33%	31.9%	18.8%	153.9%	-523.8%	-45.4%	25.5%	83.2%	7.1%
	155	155	210	180	-165	18	-30	-153	3	97
PAT margin %	9.1%	9.1%	10.2%	8.8%	-8.6%	0.8%	-1.2%	-5.9%	0.1%	3.3%
EPS (₹)	9.6	9.6	13	11.2	-10.5	1.2	-1.9	-9.8	0.2	6.2
EPS adjusted (₹)	9.6	9.6	13	11.5	-10.5	1.2	-1.9	-9.8	0.2	6.2
	0%	0%	1.5%	0%	—	0%	—	—	0%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	32	32	32	31	31	31	31	31	31	31
Reserves	4,814	5,075	5,347	5,684	5,667	5,518	5,778	5,596	5,800	6,646
	845	918	883	930	1,166	1,421	1,825	1,964	2,084	2,775
	902	1,151	1,067	1,555	1,501	1,668	1,819	1,990	2,084	2,471
Total equity & liabilities	6,593	7,176	7,328	8,200	8,366	8,637	9,454	9,581	9,999	11,923
	4,847	5,061	5,092	5,494	5,376	5,768	5,913	6,448	6,815	7,845
CWIP	122	119	143	202	425	755	996	501	252	275
Investments	134	196	167	191	177	329	254	106	102	96
	1,491	1,801	1,926	2,313	2,389	1,786	2,290	2,526	2,831	3,708
Total assets	6,593	7,176	7,328	8,200	8,366	8,637	9,454	9,581	9,999	11,923

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2022 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
CRAMS	1,649.34	-26.58	—	0
OTHERS	491.35	68.79	—	0

SegmentFigure

CRAMS · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	80.4%	78.8%	75.5%	79.1%	78.8%	77.2%	81.5%	86.1%
EBITDA margin %	26.8%	25.6%	14.4%	15.5%	13.8%	11%	17.3%	19.3%
EBIT margin %	15.1%	11.7%	-1.8%	1.1%	2.1%	-0.9%	6.5%	7.7%
PAT margin %	10.2%	8.8%	-8.6%	0.8%	-1.2%	-5.9%	0.1%	3.3%
Working capital
Receivable days	79	103	80	81	89	64	90	84
Inventory days	496	489	402	526	574	540	655	910
Payable days	176	1	132	158	157	149	168	189
NWC days	399	591	350	449	506	455	577	805
Leverage
Current ratio	1.3	1.13	1.32	1.3	1.07	0.75	1.14	1.23
Debt to EBITDA	1.6	1.78	4.25	4.29	5.49	6.86	4.44	4.91
Debt to equity	0.16	0.16	0.2	0.26	0.31	0.35	0.36	0.42
Interest coverage	6.5	4.6	0.1	1.2	0.9	0	1.2	1.6
Asset turnover	0.28	0.25	0.23	0.25	0.26	0.27	0.27	0.25
Return ratios
Return on assets %	2.9%	2.2%	-2%	0.2%	-0.3%	-1.6%	0%	0.8%
Return on capital employed %	6%	4.5%	0.1%	0.9%	1.1%	0.1%	2.6%	3.2%
Return on equity %	3.9%	3.2%	-2.9%	0.3%	-0.5%	-2.7%	0.1%	1.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%
	8.8%	8.61%	8.7%	8.04%	8.17%	8.75%	9.49%	9.93%	8.07%	7.66%	7.45%	6.86%
	3.52%	3.69%	2.37%	1.47%	1.23%	1.42%	1.26%	1.27%	1.37%	1.27%	1.63%	2.07%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	28.36%	28.38%	29.61%	31.17%	31.28%	30.51%	29.93%	29.48%	31.24%	31.75%	31.6%	31.75%
No. of shareholders	—	—	—	—	—	—	—	—	49,455	48,481	49,009	49,430

Promoter holding up 0 percentage points since Sep 2023.

15 deals · 13 Feb 2023 – 11 Dec 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Dec 2024	CRONY VYAPAR PVT LTD	Bulk	NSE	Sell	11,35,435	₹299.90	₹34.05 Cr
11 Dec 2024	CRONY VYAPAR PVT LTD	Bulk	NSE	Buy	11,15,624	₹299.19	₹33.38 Cr
9 Dec 2024	CRONY VYAPAR PVT LTD	Bulk	NSE	Buy	13,31,863	₹277.86	₹37.01 Cr
9 Dec 2024	CRONY VYAPAR PVT LTD	Bulk	NSE	Sell	11,36,974	₹277.82	₹31.59 Cr
5 Mar 2024	CRONY VYAPAR PVT LTD	Bulk	NSE	Buy	8,70,469	₹276.33	₹24.05 Cr
5 Mar 2024	CRONY VYAPAR PVT LTD	Bulk	NSE	Sell	8,56,469	₹276.77	₹23.70 Cr
4 Mar 2024	CRONY VYAPAR PVT LTD	Bulk	NSE	Buy	10,24,504	₹267.80	₹27.44 Cr
4 Mar 2024	CRONY VYAPAR PVT LTD	Bulk	NSE	Sell	8,67,097	₹268.49	₹23.28 Cr
28 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,25,470	₹173.06	₹16.02 Cr
28 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,25,470	₹173.12	₹16.02 Cr

1–10 of 15

1 / 2

Ms. Deohooti Janmejay VyasExecutive Director
Mr. Arpit Janmejay VyasExecutive Director-MD
Mr. Dhaval Rameshchandra ShahNon-Executive - Non Independent Director
Mr. Kulin Nalinkant ShahNon-Executive - Independent Director
Mr. Hemantkumar Jayantiprasad BhattNon-Executive - Independent Director
Ms. Margie ParikhNon-Executive - Independent Director
Harshil R DalalGlobal Chief Financial Officer ("CFO")
Ms. Shrima DaveCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

1.41%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1,763	0.03	0.07%	0.001%	+2
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	191	0	0.01%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

1

Final dividend12 Sept 2019 · ex-date₹0.2

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

1 Oct 2026, 12:21 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	80.4%	78.8%	75.5%	79.1%	78.8%	77.2%	81.5%	86.1%
EBITDA margin %	26.8%	25.6%	14.4%	15.5%	13.8%	11%	17.3%	19.3%
EBIT margin %	15.1%	11.7%	-1.8%	1.1%	2.1%	-0.9%	6.5%	7.7%
PAT margin %	10.2%	8.8%	-8.6%	0.8%	-1.2%	-5.9%	0.1%	3.3%
Working capital
Receivable days	79	103	80	81	89	64	90	84
Inventory days	496	489	402	526	574	540	655	910
Payable days	176	1	132	158	157	149	168	189
NWC days	399	591	350	449	506	455	577	805
Leverage
Current ratio	1.3	1.13	1.32	1.3	1.07	0.75	1.14	1.23
Debt to EBITDA	1.6	1.78	4.25	4.29	5.49	6.86	4.44	4.91
Debt to equity	0.16	0.16	0.2	0.26	0.31	0.35	0.36	0.42
Interest coverage	6.5	4.6	0.1	1.2	0.9	0	1.2	1.6
Asset turnover	0.28	0.25	0.23	0.25	0.26	0.27	0.27	0.25
Return ratios
Return on assets %	2.9%	2.2%	-2%	0.2%	-0.3%	-1.6%	0%	0.8%
Return on capital employed %	6%	4.5%	0.1%	0.9%	1.1%	0.1%	2.6%	3.2%
Return on equity %	3.9%	3.2%	-2.9%	0.3%	-0.5%	-2.7%	0.1%	1.5%

Date	Category	Subject	Filing
1 Oct 2026, 12:21 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
30 Sept 2026, 8:12 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
30 Sept 2026, 8:06 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 12:18 pm	Company Update Allotment of Equity Shares	Announcement under Regulation 30 (LODR)-Allotment	PDF
12 Sept 2026, 4:31 pm	Company Update General	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 Observations	PDF
7 Sept 2026, 6:13 pm	AGM/EGM AGM	ANNUAL GENERAL MEETING AND E-VOTING NOTICE - NEWS PAPER ADVERTISEMENT	PDF
5 Sept 2026, 4:03 pm	AGM/EGM AGM	SUBMISSION OF NOTICE OF 19TH ANNUAL GENERAL MEETING ALONGWITH ANNUAL REPORT FOR THE FINANCIAL YEAR 2025-26 AS PER REGULATIONS 34 AND 53 OF SEBI (LODR) REGULATIONS, 2015	PDF
5 Sept 2026, 3:32 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	303	226	282	585	513	355	220	384	375	491
	-142	-297	-169	-442	-381	-619	-448	-230	-192	-245
	-137	78	-102	-98	-11	130	250	-22	-102	201
Net cash flow	23	7	11	46	122	-133	22	132	81	447
Free cash flow	155	10	-26	—	147	-109	-354	81	158	225
CFO / Operating profit %	68%	50.9%	51.1%	112%	187.1%	107.1%	66.3%	134%	80%	86.9%

Dishman Carbogen Amcis Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

CRAMS · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

1

Announcements

Not in the F&O segment

1

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

CRAMS · revenue

Compounded sales growth

Compounded profit growth

Return on equity

Dishman Carbogen Amcis Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

CRAMS · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends1

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Dividends1

Board meetings1

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

CRAMS · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1