Dishman Carbogen Amcis Ltd. · NSE:DCAL
Dishman Carbogen Amcis — Q2 FY2026 Earnings Presentation
28 slides from Dishman Carbogen Amcis's earnings presentation, Nov 5, 2025
Slide 1: Exchange filing cover letter
5th November, 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 Code
Slide 2: Investor Presentation Quarter ended September 30, 2025
Investor Presentation Quarter ended September 30, 2025
Slide 3: Safe Harbor Statement
This presentation and the following discussion may contain “forward looking statements” by Dishman Carbogen Amcis Limited (‘Dishman’ or the ‘Company’) that are not historical in nature. These forward-looking statements, which may include statements relating to future results of operations, financial
Slide 4: Dishman in a Nutshell
Solving Complex Problems for 23 32 4 250+ Clients Multi-Purpose MANUFACTURING FACILITIES Globally RESEARCH & DEVELOPMENT and HIPO LABS Successful IN-ORGANIC GROWTH TRANSACTIONS DISHMAN IN 4 decades of Long-Standing Track Record in Global Health Authorities Approved & Recognized by CHF 115 M NEW PROD
Slide 5: Historical Performance at a Glance
Revenue from Operations (₹ mn) EBITDA (₹ mn) and EBITDA % EBITDA EBITDA % 21.3% 17.3% Strong basket of 12 APIs in Late 14.3% 15.5% 13.8% Phase III development. 11.0% Focused on improving capacity 21,407 24,129 26,158 27,115 13,607 19,120 HISTORICAL 2,743 4,690 2,895 3,314 3,322 2,865 utilization
Slide 6: Agenda
AGENDA 01 02 03 Quarter & Half Company Industry Year Highlights Overview Overview
Slide 7: Quarter & Half Year Highlights
01 Section Divider 01 02 03 Quarter & Company Industry Half Year Overview Overview Highlights
Slide 8: Q2FY26 Result Highlights
NET REVENUE (₹ mn) EBITDA (₹ mn) & EBITDA MARGIN 22.8% 18.7% 7,890 6,527 1,472 1,489 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY26 RESULT SEGMENT WISE REVENUE BREAKUP (₹ mn) HIGHLIGHTS 772 1,433 1 7,119 5,094 Q2FY25 Q2FY26 CDMO Marketable Molecules '1. Higher Revenue from CDMO business in Q2 2024-25 is due to
Slide 9: H1FY26 Result Highlights
NET REVENUE (₹ mn) EBITDA (₹ mn) & EBITDA MARGIN 21.3% 3,000 2,500 13.4% 2,000 1,500 1,000 1,761 2,895 13,128 13,607 500 - H1FY25 H1FY26 H1FY25 H1FY26 H1FY26 RESULT Segment Wise Revenue Breakup (₹ mn) HIGHLIGHTS 1,795 2,401 11,333 11,206 H1FY25 H1FY26 CDMO Marketable Molecules 8
Slide 10: Consolidated P&L Statement
Particulars (₹ mn) Q2 FY26 Q2 FY25 YoY % H1 FY26 H1 FY25 YoY % Income from Operations (Net) 6,526.5 7,890.4 -17.3% 13,607.0 13,128.2 3.6% COGS 343.1 1,905.6 -82.0% 1,324.0 2,569.1 -48.5% Employee Expenses 3,329.4 3,197.3 4.1% 6,848.4 6,365.5 7.6% Other Expenses 1,365.1 1,316.0 3.7% 2,538.9 2,432.4 4
Slide 11: Consolidated Balance Sheet
Particulars (₹ mn) Sep-25 Mar-25 Particulars (₹ mn) Sep-25 Mar-25 Equity Share Capital 313.6 Property, plant and equipment 28,378.7 26,838.6 313.6 Capital Work in Progress 3,086.8 2,516.9 Other Equity 63,336.0 58,001.6 Right to use Lease Assets 2,398.1 2,355.3 Total - Shareholder Funds 63,649.6 58,3
Slide 12: Revenue Breakup Analysis & Margin Breakup Analysis
Revenue (₹ mn) Q2 FY26 Q2 FY25 YoY % H1 FY26 H1 FY25 YoY % CDMO 5,094.0 7,118.71 -28.4% 11,206.4 11,333.3 -1.1% Marketable Molecules 1,432.5 771.7 85.6% 2,400.6 1,794.9 33.7% Total Revenue 6.526.5 7,890.4 13,607.0 13,128.2 Total Operating Revenue – Q2 FY26 Total Operating Revenue – H1 FY26 REVENUE B
Slide 13: Q2 & H1FY26 Result Highlights
Net Revenue at Rs 13,607.0 mn in H1FY26 up by 3.65% YoY mainly due to higher Development revenue and higher Cholesterol and Vitamin D analogues revenue. CDMO revenue marginally declined by 1.1% YoY in H1FY26 primarily due to lower commercial supplies. CDMO revenue for Q2 FY26 is lower by 28.4% co
Slide 14: ADC & Bioconjugation Business
1.1 Section Divider 1.1 02 03 ADC & BICONJUGATION Company Industry Overview Overview BUSINESS
Slide 15: ADC & Bioconjugation Integrated Business at CGAM / DCAL
BIO-CONJUGATION Services DL/BDS/DP GMP-manufacturing Process Transfer/development/validation ICH Stability QC&A Transfer/development/validation End-to-end RA support ADC & Bioconjugation Integrated DL BDS DP Business at Drug Linker* Bulk Drug Substance Drug Product GMP-manufacture GMP-manu
Slide 16: ADC & Bioconjugation Integrated Business at CGAM / DCAL
ADC & Bioconjugation Integrated Client base is from small biotech up to the biggest pharma Business at 30% companies Successful success rate collaboration CGAM / DCAL so far agreements with start-up companies More alliances with potential Dozens of quotes partners under for multiple discussions diff
Slide 17: Company Overview
02 Section Divider 02 01 03 Company Quarter Industry Overview Highlights Overview
Slide 18: About Us
Established in 1983, Dishman Carbogen Amcis Limited is a fully integrated CDMO (Contract Development and Manufacturing Organisation) company with strong capabilities right from process research & development to late stage clinical and commercial manufacturing and supply of API to innovator pharmaceu
Slide 19: Key Strengths
Preferred global Upfront investment of outsourcing partner with more than ₹10,000 mn in capabilities across the large scale multi-purpose KEY entire CDMO value chain KEY manufacturing capacities STRENGTHS STRENGTHS Strong chemistry skills The HIPO facility at Bavla, India is one of the largest HIPO
Slide 20: Manufacturing Facilities
Superior Chemistry Skills & Capabilities Facilities are approved by recognized health agencies: USFDA, MEB, SWISS MEDIC, ANSM, WHO, MFDS, PMDA, NMPA 32 dedicated R&D labs with multiple shift R&D operations, including HIPO labs 25 multi-purpose facilities at CARBO GEN AMCIS BV., Veenendaal, The C
Slide 21: One of the Preferred Global Outsourcing Partners
CLOSE PROXIMITY LARGE SCALE INTEGRATED ACROSS STRONG CHEMISTRY TO CLIENTS WITH MANUFACTURING THE VALUE CHAIN CAPABILITIES GLOBAL PRESENCE CAPACITIES ONE OF THE PREFERRED Integrated CDMO Player present along the entire value chain from building blocks to commercialization and product launch stage GLO
Slide 22: Integrated CDMO Player
From Pre-clinical Development To Global Commercial Launch – All Under One Roof Integrated CDMO Player – Strong Capabilities across Value Chain Drug substance & Drug product Pre-clinical Phase I Phase II Phase III Market Early Stage Late Stage Commercial Supply Process Research and API supply to Proc
Slide 23: Cutting Edge HIPO Capabilities
The HIPO facility at Bavla, India, is one of the kind facility in the world and the largest facility in Asia. The facility has a sound mix of Kilo lab and full-scale manufacturing units to cater to both small volume and large volume orders. State of the art containment services, with all cGMP co
Slide 24: Industry Overview
03 Section Divider 03 01 02 Industry Quarter Company Overview Highlights Overview
Slide 25: Top 20 Therapy Areas (US$ bn) - 2029
Oncology & Obesity expected to lead growth 5-Yr CAGR 2024-2029 Oncology 441 11-14% Diabetes 259 6-9% Expected Immunology Cardiovascular 119 234 4-7% 0-3% Top 20 Therapy Areas (US$ bn) - 2029 CNS 109 6-9% Global Respiratory Other endocrine… 96 108 5-8% 5-8% Infectious diseases 80 Oncology continues
Slide 26: Specialty medicines share of spending
Specialty medicines will represent about 46% of global spending in 2029 and 56% of total spending in developed markets 54% 51% 45% 46% Specialty 42% 38% 36% 35% medicines 33% 31% 27% share of 24% 18% spending 11% 14% 8% 2014 2019 2024 2029 Pharmerging Other Developed Global 10 Developed Source: IQVI
Slide 27: Sep 2025 Shareholding Pattern
NSE Ticker DCAL BSE Ticker 540701 Sep Share Price (₹)^ 275.60 2025 Market Cap (₹ Mn )^ 43,209 % Free Float^ 40.68% Shareholding Free float market cap (₹ Mn )^ 17,577 Pattern Shares outstanding^ 15,67,83,095 PROMOTER 59.32% 3M ADTV (Shares) 2,33,956 DII 1.37% FII 8.07% 3M ADTV (₹ Mn) 66 Others 31.24%
Slide 28: Thank you
Thank you FOR FURTHER QUERIES Arpit Mundra | Krishna Patel Mr. Harshil Dalal Ernst & Young LLP Global CFO Email: arpit.mundra@in.ey.com Email: harshil.dalal@dishmangroup.com krishna.patel2@in.ey.com Dishman Carbogen Amcis Ltd Dishman Corporate House Iscon-Bopal Road, Ambli Ahmedabad – 380058 Gujarat
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