DISHMAN CARBOGEN AMCIS LIMITED
ISIN: INE385W07059
10.50%YTM
₹ 92,424.94
Min Investment
Quarterly
Payout
₹ 1,00,000
Face Value
10.00%
Coupon
20 Jan 2029
Maturity Date
Currently subscribedLot Size : 50 Units available
Interest Calculator
InterestQuarterly
InterestQuarterly
About The Issuer
Dishman Carbogen Amcis Limited (DCAL) is a globally integrated CRAMS (Contract Research & Manufacturing Services) and specialty chemicals company serving innovator and generic pharmaceutical clients. The group offers end-to-end services across process R&D, scale-up, late-stage clinical and commercial manufacturing, including APIs, intermediates, high-potency APIs and Vitamin-D analogues. DCAL operates manufacturing and R&D facilities across India, Europe and other global locations through the Carbogen Amcis network and supplies to regulated markets.
Metric
FY25
Revenue (₹ cr)
1,360.7 (Sep 2025)
Net Worth (₹ cr)
6,365.0 Cr (Sep 2025)
EBITDA (₹ cr)
289.6 (Sep 2025)
PAT (₹ cr)
88.7 (Sep 2025)
ROCE
3.6% (Sep 2025)
Net debt / EBITDA
2.8x (Sep 2025)
Issuer Health Summary
Key financial indicators to assess stability & repayment capacity.
Key Risks & Disclosures
Rating downgrade and negative outlook:India Ratings downgraded DCAL’s NCDs and bank facilities to IND A / Negative in Feb 2026. The downgrade reflects still-elevated leverage, lower-than-pre-EDQM profitability, and expectation that leverage may remain above 3x through FY26. This is a direct credit signal investors should see prominently.
Profitability still below pre-EDQM levels:Although EBITDA margin improved to 19.35% in 9MFY26 and 21.3% in H1 FY26, margins remain below the pre-EDQM level of 24.46% seen in FY20. Recovery is still dependent on better ramp-up at Bavla and the French facility.
Leverage remains high despite improvement:Consolidated net adjusted leverage improved to 3.92x in FY25 from 6.35x in FY24, and 3.20x in 1HFY26, but rating agency commentary still treats leverage as high. Standalone leverage remains much weaker.
Working capital remains stretched:The working capital cycle stretched to 180 days in FY25 from 157 days in FY24, driven by higher receivable days and inventory needs tied to lumpy commercial orders. This can keep debt elevated and reduce flexibility.
Regulatory execution risk is lower than before, but not gone:The company has cleared key inspections and received approvals from PMDA, EDQM, and USFDA for Bavla, which supports recovery. However, the credit profile remains sensitive to any fresh adverse regulatory action because the business is dependent on regulated-market manufacturing.
Invest
Trade & Settlement
26 May 2026
Orders placed after 4 PM will be executed on the next business day.Weekends & exchange holidays are skipped.
Totals (For Selected Units)
Price per Unit
₹1,00,827.2Investment amount
₹1,00,827.2Total Interest
₹15,007.48Total Receivable
₹1,15,007.48Download Diligence Documents
Consent letter from DT
NCD Rating Letter
Disclosure Documents
KEY INFORMATION DOCUMENT
Annexure V Shareholding Structure for quarter ended 30 09 2025
Annexure II Related Party Transactions
Annexure III Resolutions
Annexure VII Peer Review Certificate
GENERAL INFORMATION DOCUMENT
