Dishman Carbogen Amcis Limited announced its unaudited financial results for the third quarter ended December 31, 2025, presenting a mixed performance with revenue growth offset by profitability challenges and margin compression. The pharmaceutical contract development and manufacturing organization (CDMO) company's board approved these results during their meeting held on February 3, 2026.

Consolidated Financial Performance

The company's consolidated operations showed revenue growth during the quarter, though profitability and operational efficiency remained under pressure. Total income from operations increased to ₹719.80 crores in Q3FY26 compared to ₹682.34 crores in Q3FY25, marking a 5.49% year-on-year growth. However, the company reported a consolidated net loss of ₹12.97 crores compared to a net profit of ₹4.63 crores in the corresponding quarter of the previous year.

EBITDA Performance and Margin Analysis

The company faced significant operational challenges reflected in its EBITDA performance. EBITDA declined to ₹113 crores in Q3FY26 from ₹140 crores in Q3FY25, representing a substantial decrease. More concerning was the EBITDA margin compression, which fell to 15.69% from 20.60% in the corresponding quarter of the previous year.

Despite the revenue growth, the company faced operational challenges that impacted profitability. Employee benefits expense increased to ₹355.88 crores from ₹332.08 crores, while finance costs decreased to ₹45.79 crores from ₹48.78 crores in the corresponding quarter.

Nine-Month Performance Analysis

The nine-month period ended December 31, 2025, demonstrated stronger overall performance with significant improvement in profitability metrics.

The company achieved a remarkable turnaround in nine-month profitability, moving from a net loss of ₹39.85 crores in the previous year to a net profit of ₹75.70 crores in the current period.

Standalone Business Challenges

The standalone operations continued to face significant headwinds during the quarter. Revenue from operations declined substantially to ₹39.68 crores in Q3FY26 from ₹97.04 crores in Q3FY25, representing a 59.11% decrease.

For the nine-month period, standalone revenue decreased to ₹162.84 crores from ₹293.74 crores, while net loss widened to ₹34.06 crores from ₹2.50 crores in the previous year.

Key Financial Ratios and Corporate Developments

The company maintained reasonable financial health indicators despite operational challenges. The consolidated debt-equity ratio stood at 0.43 times as of December 31, 2025, compared to 0.36 times in the previous year. Net worth increased to ₹6,428.10 crores from ₹5,568.04 crores year-on-year. During the period, one of the company's wholly-owned subsidiaries, Carbogen Amcis Specialities AG, merged with another subsidiary, Carbogen Amcis Innovation AG, on October 9, 2025, with retrospective effect from April 1, 2025.

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.