Dishman Carbogen Amcis has published the full transcript of its quarterly earnings conference call. The document provides detailed insights into the company's financial performance and strategic initiatives for the quarter ended June 30, 2026.

The conference call took place on Monday, August 17, 2026, at 5:00 pm IST. In compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, the company filed the transcript with the BSE and NSE. The recording was also made available on the company's official website.

Financial Performance Highlights

During the call, Global CFO Harshil Dalal outlined the financial results for Q1FY27. Revenue from operations stood at INR 6,776 million, representing a 4% decline compared to INR 7,080 million in the corresponding quarter of the previous year. This degrowth was primarily attributed to the postponement of a significant order valued at approximately CHF 10 million to the latter half of the financial year.

EBITDA for the quarter was reported at INR 600 million, down significantly from INR 1,406 million in Q1FY26. The company incurred a loss before tax of INR 512 million and a tax expense of INR 66 million. Finance costs were recorded at INR 370 million, while foreign exchange losses amounted to INR 117.3 million, mainly due to fluctuations between the US dollar and the Swiss franc.

Segment-wise Breakdown

The CDMO segment generated revenue of INR 5,343 million, compared to INR 6,112 million in the prior year quarter. Its EBITDA margin contracted to 6.3% from 17.9%, impacted by deferred revenue and forex losses. Conversely, the Marketable Molecules segment saw revenue rise to INR 1,432 million from INR 968 million. However, its margin normalized to 18.6% from 32% in Q1FY26, driven by a shift in sales mix towards cholesterol products rather than higher-margin analogues.

Operational Updates and Debt Refinancing

Management highlighted several operational milestones. CEO Stephan Fritschi noted that multiple Phase II projects have been transformed into late-phase programs, with over 13 late-phase projects now in the portfolio. A new commercial product from a major pharma client received US FDA approval, adding to the company's commercial portfolio.

Regarding capital structure, CFO Harshil Dalal confirmed that net debt excluding lease liabilities stood at CHF 153.6 million as of June 30, 2026. The company is actively working on refinancing high-cost debt in India through an External Commercial Borrowing (ECB) raised by the promoter entity. Shareholders have approved raising up to CHF 200 million at an all-inclusive interest rate of 4% over a ten-year tenor. Management expects this process to conclude within the next 60-90 days.

Guidance and Outlook

For FY27, management expects single-digit revenue growth for the group, with Indian operations potentially growing by 30-35%. EBITDA margins are expected to be similar to or slightly better than the previous year. For FY28 and FY29, the company anticipates double-digit growth, driven by increased contributions from French and Indian entities, with EBITDA margins targeting 25-26%.

Dishman Carbogen Amcis Limited completed the allotment of its Non-Convertible Debentures (NCD) issue on August 17, 2026. The company allotted 7,500 senior, secured, rated, listed, transferable, redeemable, and taxable debentures aggregating ₹75 crore through a private placement. This transaction finalizes the capital raise approved by the Board of Directors on August 12, 2026, strengthening the firm’s capital structure without equity dilution.

Allotment Details

The Management Committee of the Board of Directors approved the allotment during a meeting held on August 17, 2026. The committee commenced proceedings at 12:30 pm and concluded at 1:00 pm. The allotment was made at par for cash, adhering to the terms outlined in the general information document dated December 30, 2025, and the key information document dated August 13, 2026.

Security and Structure

The NCDs are secured with a 1.1x security cover. Primary security includes a first-ranking exclusive charge by way of mortgage created by Dishman Infrastructure Limited (DIL) over non-agriculture land located in Bavla, Ahmedabad. The mortgaged property comprises survey numbers 744, 740, 745, 288/3, 1381, 1379, 1401, and 1377/1, aggregating to 1,71,476 square meters. DIL has also issued an unconditional and irrevocable corporate guarantee in favor of the Debenture Trustee for the benefit of debenture holders. The security package further includes a demand promissory note and a letter of continuity.

Principal repayment will be executed via a bullet payment on maturity. There are no special rights, interests, or privileges attached to the instrument beyond those standard for such debt securities. The debentures are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited.

Regulatory Compliance

The disclosure was made pursuant to Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows the earlier intimation under Regulations 29 and 50 dated August 7, 2026, and the board approval disclosure dated August 12, 2026. Shrima Gaurangbhai Dave, Company Secretary, signed the intimation letter addressed to the Department of Corporate Services at BSE Ltd. and the Listing Department at National Stock Exchange of India Ltd. The issuance complies with the SEBI Master Circular dated January 30, 2026.