Dishman Carbogen Amcis Q2 net loss reaches Rs 66.73 crore

Dishman Carbogen Amcis Limited reported a consolidated net loss of Rs 66.73 crore for the three months ended September 30, 2026, versus a Rs 65.27 crore profit a year earlier, while revenue from operations fell 22% to Rs 507.37 crore and operating margin declined to 9.06% from 22.81%.

Why did Dishman Carbogen Amcis report a Q2 loss?

Dishman Carbogen Amcis reported a pre-tax loss of Rs 81 crore in the September 2026 quarter, compared with a pre-tax profit of Rs 30.54 crore in the September 2025 quarter. Total income fell to Rs 510.93 crore from Rs 660.76 crore, while total expenses decreased to Rs 591.93 crore from Rs 630.22 crore. The gap between total income and expenses was Rs 81 crore before tax.

The reported net loss was Rs 66.73 crore after a tax credit of Rs 14.27 crore, against a net profit of Rs 65.27 crore after a tax credit of Rs 34.73 crore in the prior-year quarter. Basic and diluted earnings per share changed to a loss of Rs 4.26 each from earnings of Rs 4.16 each. The September 2026 result was also below the Rs 57.88 crore net loss in the three months ended June 30, 2026.

How far did Dishman Carbogen Amcis revenue and margins decline in Q2?

Dishman Carbogen Amcis generated Rs 507.37 crore of revenue from operations in the September 2026 quarter, down Rs 145.28 crore from Rs 652.65 crore a year earlier. Revenue was also lower than Rs 677.64 crore in the preceding June 2026 quarter. Other income declined to Rs 3.56 crore from Rs 8.11 crore year on year and from Rs 18.16 crore sequentially.

Dishman Carbogen Amcis disclosed an operating margin, defined as earnings before interest, tax, depreciation and amortisation divided by revenue from operations, of 9.06% for the quarter. That was 13.75 percentage points below 22.81% in September 2025, although it was above 8.87% in June 2026. Net profit margin moved to negative 13.15% from positive 10.00% a year earlier and negative 8.54% in the previous quarter.

Employee benefits expense was Rs 321.62 crore, down from Rs 332.94 crore a year earlier, while depreciation and amortisation increased to Rs 90.42 crore from Rs 84.13 crore. Finance costs declined to Rs 40.10 crore from Rs 42.33 crore. Cost of materials consumed was Rs 30.97 crore, compared with Rs 34.10 crore in the prior-year quarter.

What do the half-year results show for Dishman Carbogen Amcis?

Dishman Carbogen Amcis recorded a consolidated loss of Rs 124.61 crore for the six months ended September 30, 2026, compared with a Rs 88.68 crore profit in the corresponding six months of 2025. Revenue from operations for the half year declined to Rs 1,185.01 crore from Rs 1,360.70 crore, while total income fell to Rs 1,206.73 crore from Rs 1,393.56 crore.

The half-year pre-tax loss was Rs 132.22 crore, compared with a pre-tax profit of Rs 69.21 crore in the prior-year period. Total expenses rose to Rs 1,337.26 crore from Rs 1,321.70 crore despite the decline in income. Employee benefits expense increased to Rs 710.72 crore from Rs 684.84 crore and depreciation and amortisation rose to Rs 181.10 crore from Rs 165.48 crore.

Operating margin for the first half was 8.95%, versus 21.28% in the six months ended September 30, 2025. Net profit margin changed to negative 10.52% from positive 6.52%, and half-year basic earnings per share were negative Rs 7.95, compared with positive Rs 5.66. The filing also recorded Rs 1.69 crore of exceptional items for the half year, compared with Rs 2.65 crore in the prior-year half.

What changed in Dishman Carbogen Amcis cash flow and debt?

Dishman Carbogen Amcis used Rs 15.35 crore in operating activities during the six months ended September 30, 2026. Its operating profit before working-capital changes was Rs 116.10 crore, but a Rs 236.82 crore decrease in trade payables and other payables, together with a Rs 93.65 crore inventory increase, accompanied the operating cash outflow. A Rs 232.15 crore reduction in trade receivables partly offset those movements.

Investing activities used Rs 80.87 crore in the half year, including Rs 99.11 crore spent on property, plant and equipment, capital work in progress and capital advances. Financing activities generated Rs 317.55 crore, primarily reflecting net short-term borrowing proceeds of Rs 481.10 crore, partly offset by Rs 201.61 crore of non-current borrowing repayments and Rs 74.22 crore of interest paid. Cash and cash equivalents consequently increased to Rs 1,009.09 crore at September 30, 2026 from Rs 787.76 crore at March 31, 2026.

Total borrowings were Rs 3,163.69 crore at September 30, consisting of Rs 1,531.75 crore of non-current borrowings and Rs 1,631.94 crore of current borrowings. Current borrowings increased from Rs 1,240.54 crore at March 31, while non-current borrowings changed little from Rs 1,534.86 crore. The disclosed debt-equity ratio was 0.47 times, compared with 0.42 times at March 31, 2026, and the current ratio was 1.11 times, down from 1.23 times.

How did Dishman Carbogen Amcis balance sheet move by September?

Dishman Carbogen Amcis had total assets of Rs 11,796.10 crore at September 30, 2026, compared with Rs 11,923.31 crore at March 31, 2026. Total equity was Rs 6,671.07 crore, marginally below Rs 6,676.90 crore at year-end. Other equity fell to Rs 6,639.71 crore from Rs 6,645.54 crore, while share capital remained Rs 31.36 crore.

Current assets increased to Rs 3,013.81 crore from Rs 2,842.10 crore, led by cash and cash equivalents of Rs 1,009.09 crore versus Rs 787.76 crore. Inventories rose to Rs 1,112.76 crore from Rs 1,019.12 crore, whereas trade receivables declined to Rs 470.39 crore from Rs 672.91 crore. Total current liabilities rose to Rs 2,721.06 crore from Rs 2,317.05 crore, including higher current borrowings.

The filing reported total comprehensive income of Rs 32.81 crore for the September quarter despite the Rs 66.73 crore net loss. Other comprehensive income was Rs 99.54 crore, including a Rs 175.13 crore remeasurement gain on defined-benefit plans, partly offset by an Rs 81.67 crore movement in the foreign-currency translation reserve. These items are reported separately from the period’s net profit or loss.

Conclusion

Dishman Carbogen Amcis’ September 2026 consolidated quarter reversed from a Rs 65.27 crore profit to a Rs 66.73 crore loss, alongside a Rs 145.28 crore year-on-year reduction in revenue from operations. The 9.06% operating margin, negative 13.15% net margin, half-year Rs 124.61 crore loss and Rs 15.35 crore operating cash outflow show that the reported pressure extended beyond the quarterly profit line.

The filing does not disclose a forward plan, target or scheduled event. Subsequent results will show whether revenue, operating margin and working-capital movements change from the levels reported at September 30, when inventories stood at Rs 1,112.76 crore, current borrowings were Rs 1,631.94 crore and the debt service coverage ratio was 0.83 times, compared with 1.49 times a year earlier.