INE385W07059 | Dishman Carbogen Amcis Ltd.

10.40%

YTM

₹83,326.5

Minimum investment

Quarterly

Payout

20 Jan 2029

Maturity

10.00%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed50 Units available

0% Sold

10.40% / +40 bpsYTM vs coupon

yield above stated coupon

99.9644 / 99.9918Clean / dirty price

Excluding / including accrued interest

About the Issuer

Dishman Carbogen Amcis Limited is a global pharmaceutical CDMO/CRAMS player offering development, scale-up and manufacturing services from chemical development to commercial API supply.

Debenture trustee: Axis Trustee Services Limited
Issuance date: 20 Jan 2026

Why this bond?

IND A/Negative rating from India Ratings for the NCD issue.
10% fixed coupon paid quarterly over an 18-month tenor.
1.10x security cover over mortgages and lien-marked FDs.
Put/call window opens after 12 months subject to KID terms.

Quarterly Interest PayoutPrincipal Paid Across Schedule

₹83,326.5Principal Invested

₹11,471.47Interest earned

₹94,804.81Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
20 Oct 2026	₹2,100.46	₹8,333.33
20 Jan 2027	₹1,890.41	₹8,333.33
20 Apr 2027	₹1,643.84	₹8,333.33
20 Jul 2027	₹1,450.36	₹8,333.33
20 Oct 2027	₹1,256.83	₹8,333.33
20 Jan 2028	₹1,047.36	₹8,333.33
20 Apr 2028	₹828.78	₹8,333.33
20 Jul 2028	₹623.29	₹8,333.33

Key Strengths

Global CDMO

GID states 10 manufacturing sites across India, Europe, China and the Netherlands.

Diversified mix

Rating note cites CRAMS at 84% of 9MFY26 revenue and marketable molecules at 16%.

Regulatory progress

Rating note says EDQM, PMDA and USFDA approvals were received in 2024.

Adequate liquidity

Ind-Ra cites adequate liquidity with 615.7 Cr cash at 1HFY26.

Promoter holding

Promoter and promoter group held 59.32% as of March 31, 2026.

Key Risks

Negative outlook

Rating action is IND A/Negative after downgrade from IND A+/Stable.

High leverage

Ind-Ra expects adjusted net leverage to remain above 3x in FY26.

Margin pressure

EBITDA margin stayed below pre-EDQM levels despite FY26 improvement.

Working capital

Cycle stretched to 180 days in FY25, with high inventory requirements.

Customer concentration

GID says top ten customers form about 48% of consolidated revenue.

IND AIndia RatingsAdequate liquidity0.25% step-up

AAssigned

Rating rationale summary

Ind-Ra assigned IND A to the proposed NCD programme and downgraded existing NCDs/bank facilities; negative outlook reflects leverage and margin pressure.

Summary points

Current instrument rating: IND A.
Downgraded from IND A+/Stable in Feb-2026.
Liquidity assessed as adequate by Ind-Ra.
Positive trigger: leverage below 3x with scale increase.

Rating history timeline

A+/Stable

NCDs and bank facilities carried IND A+/Stable

A+/Stable

Existing NCDs and bank facilities shown at IND A+/Stable

Downgraded

NCDs and bank facilities downgraded to IND A

Assigned

Proposed INR2,000m NCD programme assigned IND A

Outlook implications

Negative outlook flags downside risk if revenue/EBITDA weakens and adjusted leverage stays above 3x; upside depends on scale increase with leverage below 3x.

Watch for: Fund raise, net leverage, EBITDA margin, working-capital cycle and regulatory actions.

Rating Drivers

CRAMS 84% and marketable molecules 16% of 9MFY26 revenue

CHF114m development pipeline and CHF85m commercial project cited

19.35% in 9MFY26; below pre-EDQM 24.46% FY20 level

Net adjusted leverage 3.20x at 1HFY26; above 3x expected in FY26

FY25 working-capital cycle stretched to 180 days

Ind-Ra assessed liquidity as adequate; cash 615.7 Cr at 1HFY26

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