Dishman Carbogen Amcis Ltd. (DCAL) AI Stock Analysis

• Market Cap: ₹27.00B
• Dividend Yield: N/A
• Average Volume (3M): 13.55K
• Price to Earnings (P/E): 22.7
• Beta (1Y): 1.43
• Revenue Growth: 5.38%
• EPS Growth: N/A
• Country: IN
• Employees: 1,132
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.83
• Shares Outstanding: 156,783,100
• 10 Day Avg. Volume: 9,637
• 30 Day Avg. Volume: 13,551
• PEG Ratio: -10.28
• Price to Book (P/B): 0.58
• Price to Sales (P/S): 1.25
• P/FCF Ratio: 21.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: ₹179.00 ▼(-29.85% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is primarily supported by improving fundamentals—revenue growth, strong gross margins, and better operating performance with solid cash generation—offset by very weak technicals (price below all major moving averages and negative MACD) and a valuation that looks only moderate given minimal net profitability.

Positive Factors

High gross margin and steady revenue growth

Sustained 81.49% gross margin combined with multi-year revenue growth (~6.6%) indicates durable unit economics and pricing power in its CDMO/API businesses. High gross margins provide structural room to absorb SG&A and R&D while funding scale-up of manufacturing for long-term contracts.

Improving operating profitability (EBIT/EBITDA recovery)

A recovery in EBIT/EBITDA margins signals management progress on cost control and project execution efficiency. For a CDMO, improved operating margins reflect better project ramp methodology and throughput, which are durable improvements that enhance free cash generation over contract lifecycles.

Strong cash generation and manageable leverage

Near-doubling of free cash flow and operating cash flow comfortably above net income indicate improving cash conversion and liquidity. Combined with a solid equity ratio and moderate leverage, this provides financial flexibility to invest in capacity, meet long-duration CDMO commitments, and fund selective capex without stress.

Negative Factors

Very thin net profitability

A net margin near zero constrains retained earnings and reduces the firm’s ability to build reserves or return capital to shareholders. Persistently minimal net profits may indicate structural cost or non-operating pressures that erode the benefit of high gross margins, limiting long-term shareholder value creation.

Very low return on equity

ROE near zero implies the company is not effectively translating equity into earnings. Over months, this signals weak capital efficiency and raises questions about management’s ability to deploy capital into high-return projects, potentially constraining growth funding and investor confidence over the medium term.

Suboptimal free cash flow conversion vs net income

Only about half of reported net income converting to free cash flow limits internal funding for capex, working capital needs, or dividends. For a capital-intensive CDMO, inconsistent FCF conversion raises the risk that growth investments may require external financing, reducing long-term margin stability.

Dishman Carbogen Amcis Ltd. Business Overview & Revenue Model

Company Description

Dishman Carbogen Amcis Limited provides contract research and manufacturing services to the pharmaceutical industry worldwide. The company operates through Contract Research and Manufacturing Services and Marketable Molecules segments. It also manufactures and supplies bulk drugs, intermediates, phase transfer catalysts, quaternary ammonium compounds, phosphoranes, wittig reagents, vitamin D products, fine chemicals, hand and body wash, sanitisers, antiseptics, and various pharmaceutical and cosmetic-related products, as well as generic and highly potent active pharmaceutical ingredients. The company was incorporated in 1983 and is headquartered in Ahmedabad, India. Dishman Carbogen Amcis Limited is a subsidiary of Adimans Technologies LLP.

How the Company Makes Money

DCAL generates revenue primarily through its contract manufacturing and development services. The company earns money by engaging in contracts with pharmaceutical and biotech clients for the production of APIs and intermediates, as well as offering research and development support. Key revenue streams include fees for manufacturing services, project management, and consultancy related to drug development. DCAL also benefits from partnerships with major pharmaceutical firms, enhancing its market reach and credibility. Additionally, its ability to innovate and adapt to client needs contributes to client retention and repeat business, further solidifying its financial performance.

Dishman Carbogen Amcis Ltd. Financial Statement Overview

Summary

Financials show solid revenue growth (+6.61%) and very strong gross margin (81.49%), with improving EBIT/EBITDA margins signaling operational recovery. However, net profitability remains extremely thin (net margin 0.12%, ROE 0.06%), and cash-flow conversion is mixed despite strong FCF growth.

Income Statement

Dishman Carbogen Amcis Ltd. has shown strong revenue growth over the years, with the latest year reporting a 6.61% increase in revenue. Gross profit margin is healthy at 81.49%, indicating efficient cost management. However, the net profit margin remains low at 0.12%, reflecting challenges in converting revenue into net income despite improvements from negative margins in prior years. The EBIT and EBITDA margins demonstrate recovery from previous losses, signaling enhanced operational efficiency.

Balance Sheet

The balance sheet shows a solid equity base with an equity ratio of 58.31%, indicating a stable financial position. The debt-to-equity ratio stands at 0.41, reflecting manageable leverage levels. Return on equity is modest at 0.06%, suggesting limited profitability on shareholders' investment. Overall, the company maintains a sound financial structure with moderate leverage.

Cash Flow

The company reported positive free cash flow growth of 96.36%, indicating effective cash management. The operating cash flow to net income ratio of 115.79 suggests robust cash generation relative to net income. However, the free cash flow to net income ratio is lower at 49.05%, pointing to room for improvement in translating profits into free cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	28.96B	27.11B	26.16B	23.15B	21.41B	19.12B
Gross Profit	23.62B	22.10B	18.45B	17.81B	16.82B	14.28B
EBITDA	6.10B	4.73B	3.07B	3.08B	3.43B	2.86B
Net Income	1.04B	32.40M	-1.53B	-298.00M	180.10M	-1.65B
Balance Sheet
Total Assets	0.00	99.99B	95.81B	94.53B	86.37B	83.66B
Cash, Cash Equivalents and Short-Term Investments	5.32B	5.32B	4.31B	3.09B	4.67B	4.31B
Total Debt	0.00	23.89B	23.13B	22.09B	18.30B	15.89B
Total Liabilities	-58.32B	41.68B	39.54B	36.44B	30.89B	26.67B
Stockholders Equity	58.32B	58.32B	56.27B	58.10B	55.49B	56.99B
Cash Flow
Free Cash Flow	0.00	1.58B	807.20M	-3.54B	-1.09B	1.47B
Operating Cash Flow	0.00	3.75B	3.84B	2.66B	3.55B	5.13B
Investing Cash Flow	0.00	-1.92B	-2.30B	-4.94B	-6.19B	-3.81B
Financing Cash Flow	0.00	-1.02B	-221.50M	2.50B	1.30B	-110.40M

Dishman Carbogen Amcis Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 255.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DCAL, the sentiment is Negative. The current price of 255.15 is above the 20-day moving average (MA) of 196.37, above the 50-day MA of 223.48, and above the 200-day MA of 251.48, indicating a bearish trend. The MACD of -13.41 indicates Positive momentum. The RSI at 29.67 is Positive, neither overbought nor oversold. The STOCH value of 18.74 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DCAL.

Dishman Carbogen Amcis Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CONCORDBIO	66 Neutral	₹125.45B	40.14	―	0.80%	3.63%	-1.21%
BIOCON	63 Neutral	₹628.87B	80.29	―	0.12%	10.62%	-66.88%
JUBLINGREA	61 Neutral	₹90.68B	33.81	―	0.74%	3.80%	64.94%
SYNGENE	61 Neutral	₹166.49B	47.10	―	0.19%	8.57%	-2.93%
DCAL	58 Neutral	₹27.00B	22.73	―	―	5.38%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PANACEABIO	51 Neutral	₹20.07B	-257.99	―	―	9.78%	50.78%

Dishman Carbogen Amcis Ltd. Corporate Events

Dishman Carbogen Amcis Subsidiary Wins GMP Approval for Dutch Site

Dishman Carbogen Amcis announced that its wholly owned subsidiary, Carbogen Amcis B.V. in the Netherlands, has received a Certificate of Good Manufacturing Practice compliance for its Veenendaal site from the Health and Youth Care Inspectorate. The GMP certification strengthens the subsidiary’s regulatory standing in Europe, supporting ongoing pharmaceutical manufacturing activities and potentially enhancing customer confidence and market opportunities for the group.

The recognition from the Dutch health authority confirms that operations at the Veenendaal facility meet stringent quality and safety standards for pharmaceutical production. This development may facilitate smoother regulatory interactions, bolster the company’s reputation as a compliant manufacturing partner, and help underpin future growth in contract development and manufacturing services across its European footprint.

Dishman Carbogen Amcis Posts Modest Q3 Revenue Growth but Mixed Margin Trends

Dishman Carbogen Amcis reported consolidated net revenue of Rs 7,198 million for the third quarter of FY26, a 5.5% year-on-year increase driven mainly by higher CDMO revenue, while Q3 EBITDA declined to Rs 1,131 million and EBITDA margin contracted to 15.7% from 20.5%. For the first nine months of FY26, net revenue rose 4.3% to Rs 20,805 million, supported by strong growth in cholesterol and Vitamin D analogue sales and higher CDMO development revenue, lifting EBITDA to Rs 4,027 million and expanding the nine-month EBITDA margin to 19.4%, despite a softer performance in the Marketable Molecules segment in the latest quarter due to lower quats revenue.

Dishman Carbogen Amcis Schedules Analyst and Investor Meet at Bavla Plant

Dishman Carbogen Amcis Limited has announced that it will host an in-person analyst and investor meeting on 24 December 2025, featuring a plant visit and management interaction at its Bavla, Ahmedabad facility. The company emphasized that discussions during the visit will be confined to information already in the public domain, with no unpublished price-sensitive information to be shared, underscoring its effort to maintain regulatory compliance while enhancing transparency and engagement with the investor community.