Dishman Carbogen Amcis Releases Q3 FY26 Earnings Call Transcript
Dishman Carbogen Amcis reported Q3 FY26 revenue of ₹720 crore, up 5.5% YoY. Nine-month revenue grew 4.3%, with EBITDA up 27.3%. The company aims for 20-25% margins in Marketable Molecules and targets ₹500 crore India revenue in 12-18 months. Significant ramp-up expected in ADC supplies and French subsidiary to reach breakeven.
The announcement provides an update on financial performance and business outlook, including growth drivers and future targets. This information is material for investors to assess the company's trajectory.
The transcript highlights positive business developments, growth in revenue and EBITDA for the nine-month period, and strategic initiatives for future growth. While Q3 revenue was slightly below expectations, the overall outlook and management commentary are optimistic.
Dishman Carbogen Amcis Limited (DCAL) has released the transcript of its earnings conference call held on February 4, 2025, to discuss financial results for the second quarter and half-year ended December 31, 2025. The transcript details discussions on business updates, financial performance, and future outlook.
During the call, Stephan Fritschi, CEO of Carbogen Amcis, highlighted positive developments in drug product capabilities, increased RFPs, and secured projects, including interest in late-phase projects. He also mentioned a successful mock FDA audit at the Vionnaz site and progress on a co-investment expansion project in Switzerland. The specialty business unit saw strong sales of vitamin D analogs and cholesterol, with ongoing cost reduction programs. The company has also expanded its sales force in China and the US and launched the 'SPRINT' initiative to enhance early-phase project engagement.
Harshil Dalal, Global CFO, presented the financial results for the quarter ending December 31, 2025. Revenue stood at approximately ₹720 crore, a 5.5% increase year-on-year, though slightly below expectations due to a delay in shipments. Cost of goods sold increased to around 20% due to higher commercial supply. Employee expenses were ₹355 crore, including provisions for severance packages. Reported EBITDA was ₹113 crore, with a margin of 15.7%. Profit before tax was negative ₹10 crore, and profit after tax was negative ₹12.97 crore.
For the nine months ending December 31, 2025, revenue grew by 4.3%. EBITDA was ₹403 crore, a 27.3% increase year-on-year, with an EBITDA margin of 19.4%. Profit before tax was ₹58.76 crore, and profit after tax was ₹75.7 crore. The CDMO business reported revenue of ₹630 crore for the quarter and ₹1,750 crore for the nine months, with EBITDA margins of 17% and 19.7% respectively. The Marketable Molecules segment revenue was ₹90 crore for the quarter and ₹330 crore for nine months, with margins of 7.2% and 17.5% respectively. The company targets 20-25% margins for the Marketable Molecules segment.
Paolo Armanino, COO, discussed the strengthening relationship with Carbogen Amcis, consolidation of operations in India, and progress in safety and quality of CRAMS proposals. He noted increased interest from customers and planned site visits. The company is investing in market intelligence and has integrated sales and market intelligence groups globally.
Discussions also covered new molecule commercialization, with a potential blockbuster drug for leukemia being supplied from the Swiss site. The company is also evaluating tech transfer for commercial batches to the Bavla site. Revenue guidance for FY26 from Bavla is around ₹250 crore, with larger growth expected in FY27. The company has submitted RFPs worth approximately ₹1,200 crore for India operations, with an expected conversion rate of 30-35%, targeting ₹500 crore revenue in India within 12-18 months and ₹800 crore in the longer term.
Further details were provided on ADC molecule supplies, with expected significant ramp-up over the next three to five years. Co-investment with a customer for a molecule with additional indication approvals is progressing. The French subsidiary is expected to reach breakeven in the next financial year, with revenues projected between EUR 9.5 million to EUR 10 million for the current fiscal year.
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