Dishman carbogen amcis Limited has successfully concluded its board meeting on March 18, 2026, with the approval of Non-Convertible Debentures aggregating up to Rs 150 crores through private placement. The Board of Directors convened from 4:00 PM to 5:00 PM and formally approved the comprehensive fund raising proposal that was previously scheduled for consideration.

Board Meeting Outcome

The board has approved the issuance of two tranches of Senior, secured, rated, listed, redeemable, transferable, taxable Non-Convertible Debentures. The meeting concluded with formal approval for the structured debt instrument offering, marking a significant corporate development for the pharmaceutical company.

NCD Structure and Terms

The approved issuance comprises two distinct tranches with specific terms and conditions. The first tranche involves up to 10,000 debentures of face value Rs 1,00,000 each, aggregating up to Rs 100 crores. The second tranche includes up to 5,000 debentures with the same face value, totaling Rs 50 crores.

Security and Listing Details

Both tranches will be secured with a security cover of 1.1x and listed on the Wholesale Debt Market Segment of BSE Limited. The Rs 100 crores tranche will be secured by exclusive charge over identified property belonging to promoter Mr. Arpit Vyas and first paripassu charge over fixed assets of the Bavla Property. The Rs 50 crores tranche includes a base issue of Rs 35 crores plus green shoe option of Rs 15 crores, secured by exclusive charge over identified property of Dishman Infrastructure Limited.

Regulatory Compliance

The company has fulfilled all disclosure requirements under Regulations 30 and 51 of SEBI LODR Regulations, 2015. Company Secretary Shrima Dave signed the formal intimation on March 18, 2026, ensuring complete compliance with stock exchange listing obligations and stakeholder communication requirements.

Source: Company/INE385W01011/df6d81ae-c078-4e46-b93d-491447fc8c82.pdf

Dishman Carbogen Amcis Limited has issued a detailed clarification regarding the recent credit rating downgrade by India Ratings & Research Pvt. Ltd. (IND-RA). The pharmaceutical company addressed stakeholders through a regulatory filing dated 23rd February, 2026, explaining the context behind the rating action and highlighting its improving financial metrics.

Credit Rating Downgrade Details

India Ratings recently downgraded the company's credit facilities ratings from the previous levels. The rating agency assigned new ratings taking a consolidated view of the company's operations.

The last rating exercise before this recent downgrade was undertaken by India Ratings in April 2025, when the ratings were affirmed at A+ and A1+ respectively with a stable outlook.

Improved Financial Metrics

Despite the rating downgrade, Dishman Carbogen Amcis highlighted significant improvements in its financial position. The company's net leverage ratio showed substantial improvement over the six-month period.

The company emphasized that the net leverage as on 30th September, 2025, considered for the current rating action, improved to 3.18x compared to 3.92x as on 31st March, 2025.

EBITDA Margin Performance

The company's EBITDA margins have shown consistent improvement, particularly when excluding the impact of new facilities. The consolidated EBITDA margins demonstrate a recovery trajectory.

The EBITDA margins for the group have kept improving, excluding the new French site and recently re-approved India site, as compared to the pre-EDQM observation period margins. The margins generated in FY25 and nine months ended December 31, 2025, excluding those from France and India sites, show growth compared to pre-EDQM observation margins.

Management's Position

The company stated that the recent credit rating action does not represent the improving business and financial performance of the group. Management expects to achieve EBITDA levels at pre-EDQM observation levels of 24.4% with the scale-up in business at the newly established French facility and the recently re-approved Bavla site in India, along with continuing growth at other sites.

Dishman Carbogen Amcis remains committed to maintaining transparent communication with stakeholders and has provided this clarification to ensure proper understanding of its financial position despite the rating downgrade.