Dishman Carbogen Amcis Ltd

DCAL

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Market Cap

₹ 3,525 Cr

P/E

23.59

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Dishman Carbogen Amcis Limited, established in 1983, is a Contract Development and Manufacturing Organisation (CDMO) providing high-value services in pharmaceuticals, including APIs and advanced drug manufacturing capabilities.

The company has entered a strategic collaboration with a Swiss company to offer an integrated antibody drug conjugate (ADC) platform, aiming to bolster their capabilities in bioconjugation and serve more clients effectively.

Recent capacity expansions include a new injectables plant in France and additional facilities in Switzerland, signaling their commitment to growth in high-demand markets for pharmaceutical manufacturing and development.

In the latest financial half-year, the company reported a significant improvement in EBITDA margins, attributed to increased development services and high-potency pharmaceutical production, aligning with broader industry trends.

Operating across multiple global locations, including India, Europe, and China, Dishman emphasizes robust R&D capabilities and a strategic focus on oncology and high-potency drug markets to drive future growth.

Sector

Pharmaceuticals

Industry

Pharmaceuticals - Indian - Bulk Drugs & Formln M/S

Market Cap

3,525 Cr

Volatility

High Risk

P/E Ratio

23.6

Industry P/E

30.8

PEG Ratio

0.2

P/B Ratio

0.6

52W High

321.15

52W Low

180.00

Sales CAGR

3.66%

9.25%

-7.19%

10Y

57.23%

Profit CAGR

102.11%

—

10Y

—

ROE

TTM

2.14%

-1.19%

-1.94%

10Y

-0.63%

ROCE

TTM

3.12%

-0.25%

-0.90%

10Y

0.47%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ORCHPHARMA	830.00	4,173 Cr	79.88	3.28	0.00	4.10	4.28	3.02
SUVEN	171.60	4,034 Cr	—	14.34	0.00	-75.33	-75.33	-62.80
INNOVACAP	691.25	4,024 Cr	32.33	3.94	0.00	12.19	13.06	7.36
RPGLIFE	2312.10	3,923 Cr	35.20	7.08	1.01	20.12	26.21	30.53
DCAL	230.50	3,525 Cr	23.59	0.55	0.00	2.14	3.12	1.23
GUFICBIO	353.25	3,464 Cr	60.81	5.49	0.03	9.02	10.81	4.48
UNICHEMLAB	463.75	3,270 Cr	22.45	1.34	0.00	5.98	6.30	2.49

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	723	587	651	655	524	789	682	716	708	653
Expenses	602	526	610	592	495	642	542	564	567	504
Operating Profit	122	61	41	63	29	147	140	153	141	149
OPM %	16.85	10.37	6.31	9.57	5.53	18.65	20.54	21.32	19.87	22.81
Other Income	6.53	5.42	6.05	4.07	-4.01	3.69	7.67	-3.78	22	8.11
Interest	28	27	33	31	32	37	49	42	43	42
Depreciation	70	75	80	85	71	72	72	79	81	84
Profit Before Tax	29	-36	-66	-49	-78	42	27	28	39	31
Tax %	42.35	-12.80	10.05	-42.11	-0.01	21.44	82.88	-55.56	39.46	-113.72
Net Profit	17	-41	-60	-70	-78	33	4.63	43	23	65
EPS in Rs	1.08	-2.61	-3.80	-4.46	-4.95	2.11	0.30	2.75	1.49	4.16

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,714	1,695	2,059	2,044	1,912	2,141	2,413	2,616	2,712	2,896
Expenses	1,260	1,249	1,507	1,546	1,638	1,809	2,081	2,329	2,243	2,315
Operating Profit	453	445	552	498	274	331	332	287	469	581
OPM %	26.45	26.28	26.81	24.35	14.35	15.48	13.77	10.95	17.29	20.05
Other Income	25	46	54	44	16	29	-20	22	3.57	30
Interest	49	49	57	62	48	57	86	120	159	170
Depreciation	214	211	240	283	308	308	281	311	294	305
Profit Before Tax	216	231	309	197	-65	-4.25	-55	-122	19	136
Tax %	32.70	33.03	31.89	19.62	-153.93	523.76	45.41	-25.51	83.22	23.11
Net Profit	145	155	210	159	-165	18	-30	-153	3.24	104
EPS in Rs	8.91	9.84	13.45	10.03	-10.53	1.14	-1.89	-9.79	0.21	8.70
Dividend Payout %	0.00	0.00	1.53	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	0.00	32	32	31	31	31	31	31	31
Reserves	1,018	4,814	5,075	5,347	5,684	5,667	5,518	5,778	5,596	5,800
Borrowings	800	845	918	883	1,231	1,589	1,830	2,209	2,313	2,389
Other Liabilities	457	934	1,151	1,067	1,254	1,078	1,259	1,435	1,641	1,779
Total Liabilities	2,291	6,593	7,176	7,328	8,200	8,366	8,637	9,454	9,581	9,999
Fixed Assets	1,373	4,847	5,061	5,092	5,673	5,693	5,768	6,183	6,720	7,051
CWIP	97	133	151	175	234	486	780	1,043	646	467
Investments	25	44	201	172	196	177	329	254	106	102
Other Assets	796	1,569	1,764	1,889	2,097	2,010	1,761	1,973	2,109	2,380
Total Assets	2,291	6,593	7,176	7,328	8,200	8,366	8,637	9,454	9,581	9,999

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	137	303	226	282	585	513	355	266	384	375
Cash from Investing Activity	-90	-142	-297	-169	-442	-380	-619	-494	-230	-192
Cash from Financing Activity	-50	-137	78	-102	-98	-11	130	250	-22	-102
Net Cash Flow	-3.04	23	6.92	11	46	122	-133	22	132	81

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%	59.32%
FIIs	7.20%	9.34%	8.90%	8.80%	8.61%	8.70%	8.04%	8.17%	8.74%	9.49%	9.93%	8.07%
DIIs	3.87%	2.56%	3.14%	3.52%	3.69%	2.37%	1.47%	1.23%	1.42%	1.26%	1.27%	1.37%
Public	29.61%	28.78%	28.64%	28.36%	28.39%	29.61%	31.16%	31.28%	30.51%	29.93%	29.47%	31.23%
Total Shareholders	61,175	56,583	56,221	56,272	52,336	50,656	53,683	55,280	52,822	50,757	49,744	49,455

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 11, 2024	Crony vyapar pvt ltd	Bulk	Buy	299.19	33.38 Cr	11,15,624	0.71
Dec 11, 2024	Crony vyapar pvt ltd	Bulk	Sell	299.90	34.05 Cr	11,35,435	0.72
Dec 09, 2024	Crony vyapar pvt ltd	Bulk	Sell	277.82	31.59 Cr	11,36,974	0.72
Dec 09, 2024	Crony vyapar pvt ltd	Bulk	Buy	277.86	37.01 Cr	13,31,863	0.84
Mar 05, 2024	Crony vyapar pvt ltd	Bulk	Sell	276.77	23.70 Cr	8,56,469	0.54
Mar 05, 2024	Crony vyapar pvt ltd	Bulk	Buy	276.33	24.05 Cr	8,70,469	0.55
Mar 04, 2024	Crony vyapar pvt ltd	Bulk	Sell	268.49	23.28 Cr	8,67,097	0.55
Mar 04, 2024	Crony vyapar pvt ltd	Bulk	Buy	267.80	27.44 Cr	10,24,504	0.65
Feb 16, 2023	Nikunj desai	Insider - Immediate Relative	Acquisition	99.90	0.01 Cr	554	0.00
Feb 16, 2023	Nikunj desai	Insider - Immediate Relative	Acquisition	99.75	0.06 Cr	5,729	—

Projection

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	723	587	651	655	524	789	682	716	708	653
Expenses	602	526	610	592	495	642	542	564	567	504
Operating Profit	122	61	41	63	29	147	140	153	141	149
OPM %	16.85	10.37	6.31	9.57	5.53	18.65	20.54	21.32	19.87	22.81
Other Income	6.53	5.42	6.05	4.07	-4.01	3.69	7.67	-3.78	22	8.11
Interest	28	27	33	31	32	37	49	42	43	42
Depreciation	70	75	80	85	71	72	72	79	81	84
Profit Before Tax	29	-36	-66	-49	-78	42	27	28	39	31
Tax %	42.35	-12.80	10.05	-42.11	-0.01	21.44	82.88	-55.56	39.46	-113.72
Net Profit	17	-41	-60	-70	-78	33	4.63	43	23	65
EPS in Rs	1.08	-2.61	-3.80	-4.46	-4.95	2.11	0.30	2.75	1.49	4.16

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,714	1,695	2,059	2,044	1,912	2,141	2,413	2,616	2,712	2,896
Expenses	1,260	1,249	1,507	1,546	1,638	1,809	2,081	2,329	2,243	2,315
Operating Profit	453	445	552	498	274	331	332	287	469	581
OPM %	26.45	26.28	26.81	24.35	14.35	15.48	13.77	10.95	17.29	20.05
Other Income	25	46	54	44	16	29	-20	22	3.57	30
Interest	49	49	57	62	48	57	86	120	159	170
Depreciation	214	211	240	283	308	308	281	311	294	305
Profit Before Tax	216	231	309	197	-65	-4.25	-55	-122	19	136
Tax %	32.70	33.03	31.89	19.62	-153.93	523.76	45.41	-25.51	83.22	23.11
Net Profit	145	155	210	159	-165	18	-30	-153	3.24	104
EPS in Rs	8.91	9.84	13.45	10.03	-10.53	1.14	-1.89	-9.79	0.21	8.70
Dividend Payout %	0.00	0.00	1.53	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	0.00	32	32	31	31	31	31	31	31
Reserves	1,018	4,814	5,075	5,347	5,684	5,667	5,518	5,778	5,596	5,800
Borrowings	800	845	918	883	1,231	1,589	1,830	2,209	2,313	2,389
Other Liabilities	457	934	1,151	1,067	1,254	1,078	1,259	1,435	1,641	1,779
Total Liabilities	2,291	6,593	7,176	7,328	8,200	8,366	8,637	9,454	9,581	9,999
Fixed Assets	1,373	4,847	5,061	5,092	5,673	5,693	5,768	6,183	6,720	7,051
CWIP	97	133	151	175	234	486	780	1,043	646	467
Investments	25	44	201	172	196	177	329	254	106	102
Other Assets	796	1,569	1,764	1,889	2,097	2,010	1,761	1,973	2,109	2,380
Total Assets	2,291	6,593	7,176	7,328	8,200	8,366	8,637	9,454	9,581	9,999

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2013	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	137	303	226	282	585	513	355	266	384	375
Cash from Investing Activity	-90	-142	-297	-169	-442	-380	-619	-494	-230	-192
Cash from Financing Activity	-50	-137	78	-102	-98	-11	130	250	-22	-102
Net Cash Flow	-3.04	23	6.92	11	46	122	-133	22	132	81

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

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Bearish

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Overall

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Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ORCHPHARMA	830.00	4,173 Cr	79.88	3.28	0.00	4.10	4.28	3.02
SUVEN	171.60	4,034 Cr	—	14.34	0.00	-75.33	-75.33	-62.80
INNOVACAP	691.25	4,024 Cr	32.33	3.94	0.00	12.19	13.06	7.36
RPGLIFE	2312.10	3,923 Cr	35.20	7.08	1.01	20.12	26.21	30.53
DCAL	230.50	3,525 Cr	23.59	0.55	0.00	2.14	3.12	1.23
GUFICBIO	353.25	3,464 Cr	60.81	5.49	0.03	9.02	10.81	4.48
UNICHEMLAB	463.75	3,270 Cr	22.45	1.34	0.00	5.98	6.30	2.49

Overview

Detailed Summary

Sector

Pharmaceuticals

Industry

Pharmaceuticals - Indian - Bulk Drugs & Formln M/S

Market Cap

3,525 Cr

Volatility

High Risk

P/E Ratio

23.6

Industry P/E

30.8

PEG Ratio

0.2

P/B Ratio

0.6

52W High

321.15

52W Low

180.00

Sales CAGR

3.66%

9.25%

-7.19%

10Y

57.23%

Profit CAGR

102.11%

—

10Y

—

ROE

TTM

2.14%

-1.19%

-1.94%

10Y

-0.63%

ROCE

TTM

3.12%

-0.25%

-0.90%

10Y

0.47%