Dishman Carbogen Amcis Ltd. · NSE:DCAL
Dishman Carbogen Amcis — Investor Presentation (September 2025)
32 slides from Dishman Carbogen Amcis's investor presentation, Sep 17, 2025
Slide 1: Revised Investors Presentation cover letter to exchanges
17th September, 2025 To, To, Department of Corporate Services The Manager, BSE Ltd. Listing Department, Phiroze Jeejeebhoy Towers, National Stock Exchange of India Ltd. Dalal Street, “Exchange Plaza”, C-1, Block G, Mumbai – 400 001. Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051. Ref.: Scrip Cod
Slide 2: Cover letter continuation, Company Secretary signature
We request you to kindly take the same on record and disseminate it for the information of stakeholders. Thanking You, Yours faithfully, For, Dishman Carbogen Amcis Limited SHRIMA GAURANGBHAI DAVE Digitally signed by SHRIMA GAURANGBHAI DAVE Date: 2025.09.17 09:37:02 +05'30' Shrima Dave Company Secre
Slide 3: Discussion Material September 2025
Discussion Material September 2025 1 1
Slide 4: Disclaimer
DISCLAIMER This presentation and the accompanying slides (the “Presentation") contains selected information about the activities of Dishman Carbogen Amcis Limited ("Company") and its subsidiaries (together, the “Group") as at the date of the presentation. It does not purport to present a comprehensi
Slide 5: Glossary
Glossary • Spec. Chem.: Specialty Chemicals • DPCL: Dishman Pharmaceuticals & Chemicals Ltd. • EDQM: European Directorate for the Quality of Medicines & HealthCare • RFP: Request for proposal • API: Active Pharmaceutical Ingredient • FDA: Food and Drug Administration • HIPo: Highly potent active pha
Slide 6: Charting Dishman Carbogen Amcis's Growth Story
Charting Dishman Carbogen Amcis’s Growth Story 1983 1989 1996 2003 2004 2006 2007 Incorporation of 1st Quats 1st production • Acquired its 1st Dishman IPO • Acquisition of • Formation of Dishman Dishman Production facility for bulk Manchester facility on Indian CARBOGEN AMCIS Japan & Dishman Pharmac
Slide 7: Partner For Complex, High-value Molecules With A Multi-site, Bi-continental Presence
Partner For Complex, High-value Molecules With A Multi-site, Bi-continental Presence Front-end + back-end End-to-end ➢ Leading global player in High Integrated From Pre-clinical to launch / Drug CDMO Swiss Precision RnD + India cost efficient substance to Drug Product / Clinical to Potency APIs manu
Slide 8: Global Integrated CDMO – From Innovation Hubs to Scalable Manufacturing
Global Integrated CDMO – From Innovation Hubs to Scalable Manufacturing Proximity to big pharma decision makers + cost advantage from Asian manufacturing Global presence Front-end Innovation & expertise customer interface Revenue spilt by End use1 Innovation hub – 2.3% Switzerland Customer interface
Slide 9: Swiss Precision, Indian Scale – One Partner for Every Client
Swiss Precision, Indian Scale – One Partner for Every Client World’s First Truly Bi-continental Drug Development And Manufacturing Platform Making Therapies Affordable At Scale Swiss BD – India GMP Mfg. 02 Single R&D/ Analytical 04 (Cost effective, scale) 01 06 Swiss Client Lifecycle Need Mgmt. Tech
Slide 10: From Pre-clinical Development To Global Commercial Launch – All Under One Roof
From Pre-clinical Development To Global Commercial Launch – All Under One Roof Integrated CDMO Player – Strong Capabilities across Value Chain Drug substance & Drug product Capabilities Across Value Chain 1 Pre-clinical Phase I Phase II Phase III Market Seamless Early Stage Late Stage tech transfer
Slide 11: Robust Execution Track Record with High Value Pipeline
Robust Execution Track Record with High Value Pipeline Execution Capabilities Demonstrated From …Leading To Large And Sustained Market Development To Commercialization Phase… Opportunity High-value therapy areas Diverse mix of Ongoing Projects Late phase molecule2 & Commercial market size CDMO Reven
Slide 12: Fully Invested Infrastructure with Advanced Technologies
Fully Invested Infrastructure with Advanced Technologies Bubendorf, Vionnaz, Aarau, Neuland, Bavla Plant, Highly Potent APIs Facilities Switzerland Switzerland Switzerland Switzerland Ahmedabad for clinical trials and commercial use Antibody Drug HiPo APIs & Intermediate, Softgel, Chromatography And
Slide 13: Differentiated Capabilities – Proven History of Developing Complex Modalities and Techniques
Differentiated Capabilities – Proven History of Developing Complex Modalities and Techniques Chromatography Drug Product / ADC & Continuous Flow HiPo (HPLC/SMB) Formulations Bioconjugates Chemistry INR 2,220 INR 9,267 INR 935 INR 5,274 INR 697 Mn1 Mn2 Mn Mn Mn3 2000 2003 2012 2014 2017 ⚫ Set up Cent
Slide 14: ADC & Bioconjugation Integrated Business
ADC & Bioconjugation Integrated Business ADC & Bioconjugation Integrated Business at CGAM / DCAL ✓ Process Transfer / development / validation Dozens of quotes for multiple different ➢ clients ✓ QC&A Transfer / development / validation ✓ DL/BDS/DP GMP-manufacturing ➢ 30% success rate so far ✓ ICH St
Slide 15: High-Value Marketable Molecule Portfolio with Established Global Demand
High-Value Marketable Molecule Portfolio with Established Global Demand LTM Q1 FY26 Key Highlights Cost Efficiency Initiatives LTM Q1FY26 Revenue Share Ongoing renegotiation of ✓ Leading global player in Vitamin D and cholesterol supply contract with existing Revenue (INR Mn) supplier, introducing m
Slide 16: Long-standing Relationships With A Large, Diversified And Loyal Customer Base
Long-standing Relationships With A Large, Diversified And Loyal Customer Base 56% of Revenue coming from Top 5 Commercial & Development Clients Diverse & Long relationship with Customers Large Pharma 161 12% Mid Pharma 56 Small Pharma 5% 29 4% 44% # of Clients 3% Clients LTM Q1 FY26 4% Development T
Slide 17: Driving Multiple Positive ESG Outcomes
Driving Multiple Positive ESG Outcomes Dishman Carbogen Amcis is Where Innovation Meets Environmental Responsibility Adoption of ‘Green Institutionalising Pursuing operational Chemistry’ process responsible policies excellence optimization Upholding Product Responsible Waste Biodiversity Stewardship
Slide 18: Global Management Team
Global Management Team Arpit Vyas Harshil Dalal Stephan Fritschi Chief Executive Officer Global Managing Director Global Chief Financial Officer (CARBOGEN AMCIS) François Baduel Paolo Armanino Alan Fischer Martin Schneider Chief Technology Officer - Chief Quality & Compliance Officer - Global Chief
Slide 19: Poised For The Next Phase Of Growth
: Poised For The Next Phase Of Growth Revenue growth initiatives Operational & cost efficiency initiatives 05 Expanding into niche high-growth areas (eg. ADCs) 05 Renegotiating the pricing contract with its key raw material supplier 04 Close Integration between Dishman and CARBOGEN AMCIS 04 Close In
Slide 20: Strong Financial Performance with Robust Return Profile
Strong Financial Performance with Robust Return Profile INR 28,958 Mn 9.1% INR 23,094 Mn 20.1% Strong Business LTM Q1FY26 Revenue FY21-25 Revenue FY26 Orderbook LTM Q1FY26 EBITDA Performance CAGR Margin 2,200 / 950 916 KL 10 Sites Robust Technology # Employees / Scientific Staff Manufacturing Scale
Slide 21: Beyond the Numbers: Why Consolidated Ratios Miss the Real Story
Beyond the Numbers: Why Consolidated Ratios Miss the Real Story Overall Business CDMO Business Dishman Carbogen Amcis CARBOGEN AMCIS (Excl France and Netherlands) Consolidated Figures FY25 Consolidated Figures FY25 INR Million INR Million 27,115 Revenue 20,243 Revenue 1,969 EBIT 2,977 EBIT 98 PAT1 2
Slide 22: Robust Financial Profile
Robust Financial Profile Revenue & Contribution Margin EBITDA Cash PAT INR in millions, Contribution Margin (%) INR in millions, EBITDA Margin (%) INR in millions, Cash Profit Margin (%) 78.8% 77.2% 81.5% 81.6% 13.8% 11.0% 17.3% 20.1% 10.4% 6.0% 11.0% 14.1% 4,087 28,958 5,806 26,158 27,115 24,129 4,
Slide 23: Benchmarking
Benchmarking 21
Slide 24: Dishman has most complete offerings across technologies & modalities
Dishman has most complete offerings across technologies & modalities Enzymatic High Potency SMB Biocatalysis Flow Chemistry ADC D&M Injectables Softgels Processes Manufacturing Chromatography Dishman Laurus Labs Syngene International Indian Peers Cohance Lifesciences Divi's Laboratories Piramal Phar
Slide 25: Industry-leading Growth and Return Ratio
Industry-leading Growth and Return Ratio FY21-25 Revenue CAGR FY21-25 EBITDA CAGR FY25 EBITDA Margin FY25 Return on Capital Employed Dishman Carbogen 9.1% 14.3% 6.0% 25.1%¹ 17.3% Amcis Syngene 13.6% 11.6% 28.6% 15.1% International Cohance NA NA 30.6% NA Lifesciences2 Divi’s 7.7% 0.9% 31.7% 25.9% Lab
Slide 26: Financial Overview
Financial Overview 24
Slide 27: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars FY25 FY24 FY23 ASSETS Non-current assets (a) Property, plant and equipment 26,839 24,591 19,609 (b) Right of use assets 2,355 2,721 2,699 (c) Capital work-in-progress 2,517 5,008 9,963 (d) Investment property 41 43 46 (e) Goodwill 40,536 39,107 38,638 (f) Other
Slide 28: Consolidated Balance Sheet (cont'd)
Consolidated Balance Sheet (cont’d) Particulars FY25 FY24 FY23 EQUITY AND LIABILITIES Equity (a) Equity share capital 314 314 314 (b) Other equity 58,002 55,961 57,783 Total equity 58,315 56,275 58,097 LIABILITIES Non-current liabilities (a) Financial Liabilities i. Borrowings 11,492 2,456 10,467 ii
Slide 29: Consolidated Statement of Profit and Loss
Consolidated Statement of Profit and Loss Particulars Q1FY26 Q1FY25 FY25 FY24 FY23 Income (a) Revenue from operations 7,080 5,238 27,115 26,158 24,129 (b) Other income 248 14 217 282 278 Total income 7328 5,252 27,332 26,440 24,407 Expenses (a) Cost of materials consumed 2,056 611 5,930 6,012 6,304
Slide 30: Consolidated Statement of Profit and Loss (cont'd)
Consolidated Statement of Profit and Loss (cont’d) Particulars Q1FY26 Q1FY25 FY25 FY24 FY23 Other Comprehensive Income (A) Items that will not be reclassified to profit or loss (a) Remeasurements of the defined benefit plans 2 0 410 -1,344 588 (b) Income Tax impact on above 0 0 -54 173 -76 (c) Equit
Slide 31: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Particulars FY25 FY24 FY23 Cash flow from operating activities (Loss)/Profit before tax 193 -1,223 -546 Adjustments for Depreciation and amortisation expense 2937 3109 2807 Interest Income -75 -130 -183 Interest Expenses 1595 1200 857 Unrealised foreign exchange
Slide 32: Consolidated Statement of Cash Flows (cont'd)
Consolidated Statement of Cash Flows (cont’d) Particulars FY25 FY24 FY23 Cash flow from investing activities Purchase from property, plant and equipment including Capital work in progress and Capital Advance -2,168 -3,033 -6,197 Net Proceeds from sale of property, plant and equipment 13 1 15 Net pro
Dishman Carbogen Amcis — Investor Presentation (September 2025) on 6ix