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Dishman Carbogen Amcis

DCAL NSE
₹154.81 +3.72 (+2.46%)
P/E
150.30
View as Markdown
MCP
Close 4 Nov 2026 ₹154.81 −113.04 −42.2% 1Y
Start ₹267.85

Key Fundamentals

MicrocapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
3.14%
Debt to Equity
0.46
EPS (TTM)
₹1.03
Book Value
₹425.87
Market Cap
—
P/E (TTM)
150.30
P/B
0.36
ROE
1.58%
Dividend Yield
0.00%
EBITDA
₹622 Cr
52W High
₹291.00
52W Low
₹128.50
Day Range
₹149.21 – ₹155.61
Volume
1,15,223

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

41 Weak

Data confidence 100/100

Category scores

Quality
57
Good
Returns, margins, earnings quality 22% weight
Valuation
48
Average
Cheap vs sector & own history 24% weight
Growth
12
Poor
Sales & profit trajectory 9% weight
Financial Health
24
Poor
Solvency, leverage, coverage 9% weight
Momentum
21
Poor
Trend strength, vol-adjusted 12% weight
Ownership
41
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Stock is trading at 0.33 times its book value
  • Company has delivered good profit growth of 20.9% CAGR over last 5 years

Weaknesses

5
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 8.93% over past five years.
  • Company has a low return on equity of -0.40% over last 3 years.
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish946
OscillatorsBearish342
Moving AveragesStrong Bearish604

Key readings

RSI (14)
53.47
Neutral
MACD (12,26,9)
−2.83
Bullish
SMA (50)
160.23
Bearish
SMA (200)
179.06
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10YIrregular period
5Y+8.93%
3Y+6.71%
1Y+8.11%
TTM+0.24%

Net profit

Net profit growth by window
10YIrregular period
5YTurned to profit
3YTurned to profit
1YTiny base
TTM−84.62%

Operating cash flow

Operating cash flow growth by window
10YIrregular period
5Y−0.87%
3Y+22.67%
1Y+32.35%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10YIrregular period
5Y+4.97 pp
3Y+5.54 pp
1Y+2.01 pp
TTM−3.36 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,714 Cr
Mar 2018₹1,695 Cr
Mar 2019₹2,059 Cr
Mar 2020₹2,044 Cr
Mar 2021₹1,912 Cr
Mar 2022₹2,141 Cr
Mar 2023₹2,413 Cr
Mar 2024₹2,616 Cr
Mar 2025₹2,712 Cr
Mar 2026₹2,932 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹145 Cr
Mar 2018₹155 Cr
Mar 2019₹210 Cr
Mar 2020₹159 Cr
Mar 2021−₹165 Cr
Mar 2022₹18.00 Cr
Mar 2023−₹30.00 Cr
Mar 2024−₹153 Cr
Mar 2025₹3.00 Cr
Mar 2026₹97.00 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Dishman Carbogen Amcis Ltd trades at a market cap of Rs 3,078 Cr with a P/E of 31.6x and a P/B of just 0.46x, reflecting a significant discount to book value. The company has shown strong profit growth (20.9% CAGR over 5 years) but continues to struggle with low return on equity (negative 0.40% over 3 years) and has not paid any dividends despite reporting profits.

Bull Case 8
  • Stock trades at 0.46x book value, indicating significant discount to its net asset base
  • Compounded profit growth of 20.9% CAGR over 5 years demonstrates improving profitability trajectory
  • TTM profit growth of 642% signals a sharp turnaround in recent earnings
  • Compounded sales growth of 9% over 5 years shows steady top-line expansion in the CDMO space
  • TTM revenue growth of 8% indicates continued business momentum
  • 3-year compounded profit growth of 140% reflects sustained earnings recovery
  • ROE improved to 2% in the last year from 0% over 3- and 5-year periods, showing early signs of return improvement
  • 3-year stock CAGR of 12% shows the market has partially re-rated the company over the medium term
Bear Case 8
  • 3-year average ROE of negative 0.40% indicates the company has struggled to generate adequate returns on shareholder equity
  • Zero dividend yield despite reporting profits suggests poor capital return policy or cash flow constraints
  • Low interest coverage ratio points to elevated debt-servicing burden relative to operating earnings
  • Possible capitalization of interest costs may be inflating reported asset values and understating true expenses
  • Sales growth of only 8.93% over 5 years is modest for a healthcare/CDMO company in a high-growth market
  • 1-year stock decline of 25% reflects significant negative market sentiment and possible derating
  • P/E of 31.6x is elevated relative to the weak ROE and modest sales growth, creating valuation risk if earnings falter
  • 10-year ROE averaging just 1% suggests structural challenges in generating consistent shareholder value

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Dishman Carbogen Amcis is showing a meaningful earnings turnaround with ₹97.45 crore net profit in FY26 after a loss-making prior year. The company is actively raising debt via NCDs and ECB routes, suggesting ongoing capital needs for operations or expansion. No clear headwinds emerged in recent news, but the reliance on fresh borrowings warrants monitoring. The trend is improving on profitability, and the renewable energy investment signals long-term cost discipline.

Positives 2
  • FY26 profit turnaround Jun 22

    Dishman Carbogen Amcis reported consolidated net profit of ₹97.45 crore for FY26, a significant turnaround from the previous year. Board also approved raising ECB limits to CHF 200 million.

  • Solar plant commissioned in Switzerland Jun 29

    Subsidiary CARBOGEN AMCIS AG commissioned a 1,200 kWp photovoltaic system in Switzerland to boost renewable energy use and reduce operational costs.

Neutral 2
  • Borrowing limit hike approved Jun 19

    Shareholders approved increasing borrowing limits and a loan from promoter Aamanya AG via ECB route at the EGM held on June 19, 2026.

  • ₹18 crore NCD allotment Jun 9

    Dishman allotted 1,800 secured, senior NCDs aggregating ₹18 crore on June 9, 2026, redeemable by December 2027.

Quarterly Results

₹ Cr
DCAL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
723
587
651
655
524
789
682
716
708
653
720
851
678
Expenses
602
526
610
592
495
642
542
564
567
504
607
688
618
Operating Profit
122
61
41
63
29
147
140
153
141
149
113
163
60
OPM %
17%
10%
6%
10%
6%
19%
21%
21%
20%
23%
16%
19%
9%
Other Income
7
5
6
4
−4
4
8
−4
22
8
7
16.42
18.16
Interest
28
27
33
31
32
37
49
42
43
42
46
43
37
Depreciation
70
75
80
85
71
72
72
79
81
84
84
89
91
PBT
29
−36
−66
−49
−78
42
27
28
39
31
−10
46
−51
Tax %
42%
13%
−10%
42%
0%
21%
83%
−56%
39%
−114%
24%
53%
13%
Net Profit
17
−41
−60
−70
−78
33
5
43
23
65
−13
22
−58
EPS (₹)
1.08
−2.61
−3.8
−4.46
−4.95
2.11
0.3
2.75
1.49
4.16
−0.83
1.39
−3.69

Profit & Loss

₹ Cr
DCAL profit and loss, annual, ₹ crore
Particulars Mar 2011Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,031
1,714
1,695
2,059
2,044
1,912
2,141
2,413
2,616
2,712
2,932
2,901
Expenses
830
1,261
1,249
1,507
1,540
1,638
1,809
2,081
2,329
2,243
2,366
2,416
Operating Profit
201
452
445
552
503
274
331
332
286
469
566
485
OPM %
20%
26%
26%
27%
25%
14%
15%
14%
11%
17%
19%
17%
Other Income
14
26
46
54
39
16
29
−20
22
4
52
47
Interest
56
49
49
57
62
48
57
86
120
159
174
169
Depreciation
69
214
211
240
283
308
308
281
311
294
339
348
PBT
91
216
231
309
197
−65
−4
−55
−122
19
105
15
Tax %
12%
33%
33%
32%
20%
154%
−524%
−45%
26%
83%
7%
—
Net Profit
80
145
155
210
159
−165
18
−30
−153
3
97
16
EPS (₹)
—
—
9.58
13.03
10.1
−10.53
1.15
−1.9
−9.79
0.21
6.22
1.03
Div. Payout %
0%
0%
0%
2%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
DCAL balance sheet, annual, ₹ crore
Particulars Mar 2011Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
16
0
32
32
31
31
31
31
31
31
31
Reserves
863
4,814
5,075
5,347
5,684
5,667
5,518
5,778
5,596
5,800
6,646
Borrowings
868
950
1,095
1,042
1,357
1,589
1,830
2,209
2,313
2,389
3,076
Other Liabilities
334
811
967
899
1,121
1,068
1,255
1,421
1,631
1,766
2,158
Total Liabilities
2,081
6,574
7,169
7,321
8,193
8,356
8,634
9,439
9,571
9,987
11,911
Fixed Assets
1,012
4,852
5,066
5,098
5,678
5,698
5,773
6,188
6,724
7,055
8,076
CWIP
307
133
151
175
234
486
780
1,043
646
467
570
Investments
1
40
196
167
191
172
324
249
102
97
91
Other Assets
761
1,550
1,757
1,881
2,091
2,000
1,758
1,959
2,098
2,368
3,174
Total Assets
2,081
6,574
7,169
7,321
8,193
8,356
8,634
9,439
9,571
9,987
11,911

Cash Flow

₹ Cr
DCAL cash flow, annual, ₹ crore
Particulars Mar 2011Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
203
303
226
282
585
513
355
266
379
371
491
Investing
−231
−107
−297
−169
−442
−380
−619
−494
−225
−192
−245
Financing
25
−137
78
−102
−98
−11
130
250
−22
−102
201
Net Cash Flow
−3
59
7
11
46
122
−133
22
132
77
447
Free Cash Flow
−37
164
22
−26
177
147
−101
−352
76
156
225
CFO/EBITDA
107
92
58
75
131
206
124
90
139
86
88

Ratios

DCAL financial ratios, annual
Particulars Mar 2011Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
60
61
96
79
103
80
81
89
68
90
84
Inventory Days
272
473
525
496
462
402
526
568
540
655
910
Days Payable
172
95
201
176
226
132
158
155
149
168
189
Cash Conversion Cycle
160
439
419
399
340
350
449
502
458
577
805
Working Capital Days
−52
35
44
43
−10
−2
−8
−37
−148
−35
−60
ROCE %
—
—
5%
6%
4%
0%
1%
1%
0%
2%
3%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Dishman Carbogen Amcis insights

66 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 59.32%
  • Public 27.71%
  • FIIs 6.97%
  • Others 4.35%
  • DIIs 1.66%

8.39% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Dishman Carbogen Amcis

What does Dishman Carbogen Amcis Ltd do?
Dishman Carbogen Amcis Ltd is engaged in Contract Research and Manufacturing Services (CRAMS) and manufacture and supply of marketable molecules such as specialty chemicals, vitamins & chemicals and disinfectants with presence in Switzerland, UK, Europe, China and other countries.
Where is Dishman Carbogen Amcis Ltd (DCAL) listed?
Dishman Carbogen Amcis Ltd trades as DCAL on the NSE and under code 540701 on the BSE.
Which sector does Dishman Carbogen Amcis Ltd belong to?
Dishman Carbogen Amcis Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the PE ratio of Dishman Carbogen Amcis Ltd?
Dishman Carbogen Amcis Ltd trades at a PE ratio of 150.30 as of 4 Nov 2026, on earnings per share of ₹1.03, against a book value of ₹425.87 per share.
What is the 52-week high and low of Dishman Carbogen Amcis Ltd?
Over the last 52 weeks Dishman Carbogen Amcis Ltd has traded between ₹128.5 and ₹291 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Dishman Carbogen Amcis Ltd?
Dishman Carbogen Amcis Ltd reported a return on equity of 1.58%. Its debt-to-equity ratio is 0.46.

Company Information

Dishman Carbogen Amcis Ltd is engaged in Contract Research and Manufacturing Services (CRAMS) and manufacture and supply of marketable molecules such as specialty chemicals, vitamins & chemicals and disinfectants with presence in Switzerland, UK, Europe, China and other countries.

Website dishmangroup.com
CEO Mr. Arpit Janmejay Vyas
Employees 1,106
Listed 21 Sep 2017
Face Value ₹2

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