Dishman Carbogen Amcis Limited announced its unaudited financial results for the third quarter ended December 31, 2025, through a press release issued on February 4, 2026. The pharmaceutical contract development and manufacturing organization (CDMO) company reported mixed performance with revenue growth but profitability challenges during the quarter.

Q3FY26 Financial Performance Overview

The company's consolidated operations demonstrated revenue growth despite facing significant profitability challenges during the quarter. Net revenue increased to ₹7,198 crores in Q3FY26 compared to ₹6,823 crores in Q3FY25, marking a 5.5% year-on-year growth. However, the company reported a consolidated net loss of ₹129.7 crores compared to a net profit of ₹46.3 crores in the corresponding quarter of the previous year.

Segment-wise Revenue Analysis

The CDMO segment continued to be the primary revenue driver, contributing 87% of total operating revenue in Q3FY26. CDMO revenue increased by 6.7% to ₹6,297 crores compared to ₹5,901 crores in Q3FY25, primarily driven by higher development revenue. The Marketable Molecules segment revenue declined by 2.4% to ₹901 crores from ₹922 crores, mainly due to lower Quats revenue.

Nine-Month Performance Shows Recovery

The nine-month period ended December 31, 2025, demonstrated stronger overall performance with significant improvement in profitability metrics. Net revenue for 9MFY26 reached ₹20,805 crores, up 4.3% from ₹19,952 crores in 9MFY25. The company achieved a remarkable turnaround with net profit of ₹757 crores compared to a net loss of ₹398.5 crores in the previous year.

Operational Challenges and Margin Pressures

The company faced several operational headwinds during the quarter that impacted margins significantly. EBITDA margin compression occurred due to decreased margins in both CDMO segment (from 22.1% to 16.9%) and Marketable Molecules segment (from 11.3% to 7.2%). The CDMO segment margin decline was attributed to lower contribution from late Phase III molecules, while the MM segment margin decrease was due to high composition of cholesterol revenue. Additionally, supplies of approximately ₹20 crores were deferred from Q3FY26 to Q4FY26 due to delayed intermediate supply and holiday period in Europe.

Company Profile and Global Operations

Established in 1983, Dishman Carbogen Amcis Limited operates as a fully integrated CDMO company with comprehensive capabilities spanning from process research and development to late-stage clinical and commercial manufacturing. The company maintains a global presence with 23 multi-purpose manufacturing facilities across India, Switzerland, UK, France, Netherlands, and China, serving over 250 clients with 32 research and development laboratories. The company's product portfolio includes APIs, High Potent APIs, Intermediates, Phase Transfer Catalysts, Vitamin D Analogues, Cholesterol, Lanolin-related products, and Antiseptic and Disinfectant formulations.

Dishman Carbogen Amcis Limited has successfully completed the allotment of non-convertible debentures worth ₹50.00 crores through private placement. The Management Committee of the Board of Directors approved the allotment during its meeting held on January 20, 2026, which commenced at 11:30 AM and concluded at 12:15 PM.

Debenture Allotment Details

The company has allotted 5,000 senior, secured, rated, listed, transferable, taxable, redeemable non-convertible debentures with specific terms and conditions outlined in the general information document dated December 30, 2025, and the key information document dated January 19, 2026.

Maturity and Terms

The non-convertible debentures carry a maturity period of three years from the date of allotment. The instruments are structured as senior secured debt with comprehensive ratings and transferability features.

Regulatory Compliance

The allotment has been completed in accordance with Regulations 30, 51, and other applicable provisions of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The company had previously intimated the stock exchanges about the Board meeting on December 23, 2025, and the Board's approval for the debenture issue on December 27, 2025.

The debentures were issued for cash through private placement, providing the company with additional capital for its business operations. The successful completion of this debt fundraising exercise demonstrates the company's ability to access capital markets for its financing requirements.