INE385W07083 | 11.15% | Dishman Carbogen Amcis Ltd.

11.15%

YTM

₹99,907.62

Minimum investment

Quarterly

Payout

28 Mar 2028

Maturity

10.00%

Coupon Rate

₹1,00,000

Face Value

Currently subscribed10 Units available

0% Sold

11.15% / +115 bpsYTM vs coupon

yield above stated coupon

99.0583 / 99.9076Clean / 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 Ltd
Issuance date: 28 Sep 2026

Key terms

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 at Maturity

₹99,907.62Principal Invested

₹14,972.68Interest earned

₹1,14,972.68Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
28 Dec 2026	₹2,493.15	--
28 Mar 2027	₹2,465.75	--
28 Jun 2027	₹2,520.55	--
28 Sep 2027	₹2,520.55	--
28 Dec 2027	₹2,486.34	--
28 Mar 2028	₹2,486.34	₹1,00,000
Total	₹14,972.68	₹1,00,000

Issuer and structure highlights

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.

Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.

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

Invest

Units

Trade & Settlement

Settlement date

29 Oct 2026

Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.

Totals (For Selected Units)

Price per Unit

₹99,907.62

Investment amount

₹99,907.62

Total Interest

₹14,972.68

Total Receivable

₹1,14,972.68

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Dishman Carbogen Amcis Ltd.