DCAL Secures Waiver on Financial Covenants for NCDs Issued Under ISIN INE385W07059
Dishman Carbogen Amcis Limited received consent for amendments to financial covenants on its ₹50 crore NCDs (ISIN INE385W07059) for FY ended March 31, 2026. Waivers were granted for Total Net Debt to EBIDTA, Adjusted Debt Service Coverage Ratio, and Interest Coverage Ratio.
The amendment relates to financial covenants on existing debt instruments, which provides operational flexibility but does not directly indicate an immediate positive or negative impact on the company's revenue or profitability. The waiver on key ratios suggests a potential easing of financial obligations.
The company has secured waivers on certain financial covenants for its NCDs, which is a positive development in terms of flexibility. However, the core financial covenants remain unchanged, and the announcement pertains to debt restructuring rather than growth or profit improvement.
Dishman Carbogen Amcis Limited (DCAL) has announced an amendment to the financial covenants for its Non-Convertible Debentures (NCDs) issued under ISIN INE385W07059. The company received a consent letter from the Debenture Trustee, Axis Trustee Services Limited, dated March 31, 2026, proposing amendments for the Financial Year ended March 31, 2026.
While the Net Debt to Tangible Net Worth covenant remains unchanged at 1.75 times on a consolidated and standalone basis, waivers have been granted for other key financial covenants. These include the Total Net Debt to EBIDTA ratio (previously 4 times), the Adjusted Debt Service Coverage Ratio (previously at least 1.15x), and the Interest Coverage Ratio (previously at least 2x). These waivers are applicable on a consolidated basis.
The NCDs in question amount to ₹50 crore, with each debenture having a face value of ₹1,00,000. The Debenture Trust Deed was executed on January 17, 2026. The announcement was made on April 2, 2026.
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Dishman Carbogen Amcis Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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