Dishman Carbogen Amcis Ltd. (IN:DCAL)
:DCAL
Top Page
Dishman Carbogen Amcis Ltd.
(DCAL)
Select Model
Select Model
Rating:61Neutral
Price Target:
₹168.00
▼(-34.16% Downside)
Action:ReiteratedDate:03/24/26
The score is primarily supported by improving fundamentals (revenue growth, very strong gross margin, stable leverage, and strong free-cash-flow growth), but is held back by extremely low net profitability/ROE. Technically, the stock remains in a clear downtrend below key moving averages with negative MACD, despite oversold readings. Valuation is also a headwind due to the negative P/E and lack of dividend yield data.
Positive Factors
Very high gross margin
A sustained gross margin of ~81% indicates structural pricing power and specialized manufacturing know-how in APIs/CDMO services. This margin buffer supports investment in process development, absorbs cost shocks, and underpins long-term product differentiation versus commodity peers.
Negative Factors
Extremely low net profitability and ROE
Despite robust gross margins and revenue growth, near-zero net margin and minimal ROE show weak conversion to retained earnings. Persistently low bottom-line profitability limits retained capital for growth, reduces ability to return cash to shareholders, and signals structural cost, tax, or non-operating headwinds.
Read all positive and negative factors
Positive Factors
Negative Factors
Very high gross margin
A sustained gross margin of ~81% indicates structural pricing power and specialized manufacturing know-how in APIs/CDMO services. This margin buffer supports investment in process development, absorbs cost shocks, and underpins long-term product differentiation versus commodity peers.
Read all positive factors
Dishman Carbogen Amcis Ltd. (DCAL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹24.99B
Dividend YieldN/A
Average Volume (3M)13.55K
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue Growth5.38%
EPS GrowthN/A
CountryIN
Employees1,132
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.83
Shares Outstanding156,783,100
10 Day Avg. Volume9,637
30 Day Avg. Volume13,551
Financial Highlights & Ratios
PEG Ratio-10.28
Price to Book (P/B)0.58
Price to Sales (P/S)1.25
P/FCF Ratio21.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 man...
How the Company Makes Money
DCAL makes money primarily by selling (1) contract development and manufacturing services and (2) manufactured chemical and pharmaceutical products. A major revenue stream comes from CDMO/CRDMO work, where customers pay DCAL for process developmen...
Dishman Carbogen Amcis Ltd. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
68
Positive
| 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
Neutral
255.15
Price Trends
177.82
Negative
209.93
Negative
238.83
Negative
Market Momentum
-6.80
Negative
48.71
Neutral
86.51
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DCAL, the sentiment is Neutral. The current price of 255.15 is above the 20-day moving average (MA) of 154.94, above the 50-day MA of 177.82, and above the 200-day MA of 238.83, indicating a neutral trend. The MACD of -6.80 indicates Negative momentum. The RSI at 48.71 is Neutral, neither overbought nor oversold. The STOCH value of 86.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:DCAL.
Dishman Carbogen Amcis Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹111.09B | 54.58 | ― | 0.80% | 3.63% | -1.21% | |
63 Neutral | ₹564.50B | 91.56 | ― | 0.12% | 10.62% | -66.88% | |
61 Neutral | ₹24.99B | -74.58 | ― | ― | 5.38% | ― | |
61 Neutral | ₹103.31B | 59.25 | ― | 0.74% | 3.80% | 64.94% | |
61 Neutral | ₹163.09B | 439.86 | ― | 0.19% | 8.57% | -2.93% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | ₹19.73B | 144.78 | ― | ― | 9.78% | 50.78% |
* Healthcare Sector Average
IN:DCAL
Dishman Carbogen Amcis Ltd.
159.40
-50.35
-24.00%
IN:BIOCON
Biocon Limited
348.60
19.74
6.00%
IN:CONCORDBIO
Concord Biotech Ltd.
1,061.90
-659.54
-38.31%
IN:JUBLINGREA
Jubilant Ingrevia Ltd.
648.60
19.96
3.18%
IN:PANACEABIO
Panacea Biotec Limited
326.00
-148.35
-31.27%
IN:SYNGENE
Syngene International Ltd.
404.75
-316.35
-43.87%
Dishman Carbogen Amcis Ltd. Corporate Events
Dishman Carbogen Amcis Wins Waivers on Key NCD Financial Covenants
Apr 2, 2026
Dishman Carbogen Amcis Ltd. disclosed that its debenture trustee, Axis Trustee Services Ltd., has consented to amend certain financial covenants for the financial year ended March 31, 2026, tied to a Rs 50 crore tranche of non-convertible debentur...
Dishman Carbogen Amcis Subsidiary Wins GMP Approval for Dutch Site
Feb 20, 2026
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. Th...
Dishman Carbogen Amcis Posts Modest Q3 Revenue Growth but Mixed Margin Trends
Feb 4, 2026
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 contracte...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.