DCAL
Dishman Carbogen Amcis Limited
API manufacturing and pharmaceutical development services provider is not correct as per the rules
Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals
imdcal.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹149.83
Market cap
2,350 Cr
Stock P/E
145.4
P/B
0.35
ROE (FY26)
1.5%
ROCE (FY26)
3.0%
Operating margin (FY26)
7.7%
Debt / equity (FY26)
0.42
OCF / EBITDA (FY26)
86.9%
OCF / EBITDA (3Y)
94.7%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
DCAL (Dishman Carbogen Amcis) develops and makes drug ingredients and finished drug products under contract for pharmaceutical and biotech customers, a business known as contract development and manufacturing (CDMO), and also sells its own specialty molecules such as cholesterol and vitamin D analogues.
Company snapshot
72ndBy market cap
Ranked among 119 companies in Pharmaceuticals.
Segment mix
Reportable segments as of 2022-03-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 78.8% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| CRAMS | 78.8% | 448 Cr | -50 Cr | 0 Cr |
| OTHERS | 21.2% | 121 Cr | 6 Cr | 0 Cr |
What we see
Positives
- ✓95% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
- ✗Interest coverage of 1.3x — earnings barely cover interest payments, which is a warning sign.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 587 Cr | 651 Cr | 655 Cr | 524 Cr | 789 Cr | 682 Cr | 716 Cr | 708 Cr | 653 Cr | 720 Cr | 851 Cr | 678 Cr |
| Operating expenses (approx.) | 526 Cr | 610 Cr | 592 Cr | 495 Cr | 642 Cr | 542 Cr | 564 Cr | 567 Cr | 504 Cr | 607 Cr | 688 Cr | 618 Cr |
| EBITDA | 61 Cr | 41 Cr | 63 Cr | 29 Cr | 147 Cr | 140 Cr | 153 Cr | 141 Cr | 149 Cr | 113 Cr | 163 Cr | 60 Cr |
| OPM % | 10.4% | 6.3% | 9.6% | 5.5% | 18.6% | 20.5% | 21.3% | 19.9% | 22.8% | 15.7% | 19.1% | 8.9% |
| Other income | 8 Cr | 6 Cr | 7 Cr | 1 Cr | 7 Cr | 6 Cr | 8 Cr | 25 Cr | 8 Cr | 7 Cr | 16 Cr | 18 Cr |
| Interest | 27 Cr | 33 Cr | 31 Cr | 32 Cr | 37 Cr | 49 Cr | 42 Cr | 43 Cr | 42 Cr | 46 Cr | 43 Cr | 37 Cr |
| Depreciation | 75 Cr | 80 Cr | 85 Cr | 71 Cr | 72 Cr | 72 Cr | 79 Cr | 81 Cr | 84 Cr | 84 Cr | 89 Cr | 91 Cr |
| Profit before tax | -36 Cr | -66 Cr | -49 Cr | -78 Cr | 42 Cr | 27 Cr | 28 Cr | 39 Cr | 31 Cr | -10 Cr | 46 Cr | -51 Cr |
| Tax % | -12.8% | 10.0% | -42.1% | -0.0% | 21.4% | 82.9% | -55.6% | 39.5% | -113.7% | -24.2% | 52.9% | -13.0% |
| Net profit | -41 Cr | -60 Cr | -70 Cr | -78 Cr | 33 Cr | 5 Cr | 43 Cr | 23 Cr | 65 Cr | -13 Cr | 22 Cr | -58 Cr |
| EPS (₹) | ₹-2.61 | ₹-3.80 | ₹-4.46 | ₹-4.95 | ₹2.11 | ₹0.30 | ₹2.75 | ₹1.49 | ₹4.16 | ₹-0.83 | ₹1.39 | ₹-3.69 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,714 Cr | 1,695 Cr | 2,059 Cr | 2,044 Cr | 1,912 Cr | 2,141 Cr | 2,413 Cr | 2,616 Cr | 2,712 Cr | 2,932 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,260 Cr | 1,249 Cr | 1,507 Cr | 1,521 Cr | 1,638 Cr | 1,809 Cr | 2,081 Cr | 2,329 Cr | 2,243 Cr | 2,366 Cr | Sign in free for the trailing twelve months |
| EBITDA | 453 Cr | 445 Cr | 552 Cr | 522 Cr | 274 Cr | 331 Cr | 332 Cr | 287 Cr | 469 Cr | 566 Cr | Sign in free for the trailing twelve months |
| OPM % | 26.5% | 26.3% | 26.8% | 25.6% | 14.3% | 15.5% | 13.8% | 11.0% | 17.3% | 19.3% | Sign in free for the trailing twelve months |
| Other income | 26 Cr | 46 Cr | 54 Cr | 44 Cr | 38 Cr | 43 Cr | 28 Cr | 28 Cr | 22 Cr | 56 Cr | Sign in free for the trailing twelve months |
| Interest | 49 Cr | 49 Cr | 57 Cr | 62 Cr | 48 Cr | 57 Cr | 86 Cr | 120 Cr | 159 Cr | 174 Cr | Sign in free for the trailing twelve months |
| Depreciation | 214 Cr | 211 Cr | 240 Cr | 283 Cr | 308 Cr | 308 Cr | 281 Cr | 311 Cr | 294 Cr | 339 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 216 Cr | 231 Cr | 309 Cr | 222 Cr | -65 Cr | -4 Cr | -55 Cr | -122 Cr | 19 Cr | 105 Cr | Sign in free for the trailing twelve months |
| Tax % | 32.7% | 33.0% | 31.9% | 18.8% | -153.9% | 523.8% | 45.4% | -25.5% | 83.2% | 7.1% | Sign in free for the trailing twelve months |
| Net profit | 145 Cr | 155 Cr | 210 Cr | 180 Cr | -165 Cr | 18 Cr | -30 Cr | -153 Cr | 3 Cr | 97 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹9.01 | ₹9.58 | ₹13.03 | ₹11.20 | ₹-10.53 | ₹1.15 | ₹-1.90 | ₹-9.79 | ₹0.21 | ₹6.22 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | 0.0% | — | — | 0.0% | 0.0% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 32 Cr | 32 Cr | 31 Cr | 31 Cr | 31 Cr | 31 Cr | 31 Cr | 31 Cr | 31 Cr |
| Reserves | 4,814 Cr | 5,075 Cr | 5,347 Cr | 5,706 Cr | 5,667 Cr | 5,518 Cr | 5,778 Cr | 5,596 Cr | 5,800 Cr | 6,646 Cr |
| Borrowings | 845 Cr | 918 Cr | 883 Cr | 930 Cr | 1,046 Cr | 1,421 Cr | 1,825 Cr | 1,964 Cr | 2,084 Cr | 2,775 Cr |
| Other liabilities | 934 Cr | 1,151 Cr | 1,067 Cr | 1,555 Cr | 1,579 Cr | 1,668 Cr | 1,819 Cr | 1,990 Cr | 2,084 Cr | 2,471 Cr |
| Total liabilities | 6,593 Cr | 7,176 Cr | 7,328 Cr | 8,222 Cr | 8,325 Cr | 8,637 Cr | 9,454 Cr | 9,581 Cr | 9,999 Cr | 11,923 Cr |
| Fixed assets (net) | 1,343 Cr | 1,503 Cr | 1,533 Cr | 1,712 Cr | 1,699 Cr | 1,743 Cr | 1,961 Cr | 2,459 Cr | 2,684 Cr | 2,942 Cr |
| CWIP | 122 Cr | 119 Cr | 143 Cr | 202 Cr | 425 Cr | 755 Cr | 996 Cr | 501 Cr | 252 Cr | 275 Cr |
| Investments | 40 Cr | 196 Cr | 172 Cr | 196 Cr | 207 Cr | 329 Cr | 254 Cr | 106 Cr | 102 Cr | 96 Cr |
| Loans & advances | — | — | 4 Cr | 6 Cr | 4 Cr | 43 Cr | 3 Cr | 3 Cr | 4 Cr | 3 Cr |
| Inventories | 427 Cr | 485 Cr | 549 Cr | 607 Cr | 516 Cr | 645 Cr | 804 Cr | 883 Cr | 900 Cr | 1,019 Cr |
| Trade receivables | 286 Cr | 444 Cr | 445 Cr | 577 Cr | 379 Cr | 473 Cr | 590 Cr | 461 Cr | 665 Cr | 673 Cr |
| Cash & bank | 59 Cr | 66 Cr | 76 Cr | 122 Cr | 244 Cr | 110 Cr | 132 Cr | 264 Cr | 341 Cr | 788 Cr |
| Other assets | 4,318 Cr | 4,364 Cr | 4,405 Cr | 4,800 Cr | 4,852 Cr | 4,539 Cr | 4,714 Cr | 4,904 Cr | 5,052 Cr | 6,127 Cr |
| Total assets | 6,593 Cr | 7,176 Cr | 7,328 Cr | 8,222 Cr | 8,325 Cr | 8,637 Cr | 9,454 Cr | 9,581 Cr | 9,999 Cr | 11,923 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 303 Cr | 226 Cr | 282 Cr | 585 Cr | 513 Cr | 355 Cr | 220 Cr | 384 Cr | 375 Cr | 491 Cr |
| Cash from investing | -142 Cr | -297 Cr | -169 Cr | -442 Cr | -381 Cr | -619 Cr | -448 Cr | -230 Cr | -192 Cr | -245 Cr |
| Cash from financing | -137 Cr | 78 Cr | -102 Cr | -98 Cr | -11 Cr | 130 Cr | 250 Cr | -22 Cr | -102 Cr | 201 Cr |
| Net cash flow | 23 Cr | 7 Cr | 11 Cr | 46 Cr | 122 Cr | -133 Cr | 22 Cr | 132 Cr | 77 Cr | 447 Cr |
| Free cash flow (OCF − Capex) | 155 Cr | 10 Cr | -26 Cr | 177 Cr | 147 Cr | -109 Cr | -354 Cr | 81 Cr | 158 Cr | 225 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 4.7% | 4.6% | 5.8% | 4.3% | -0.3% | 0.8% | 0.4% | -0.0% | 2.3% | 3.0% |
| ROE % | 3.0% | 3.0% | 3.9% | 3.1% | -2.9% | 0.3% | -0.5% | -2.7% | 0.1% | 1.5% |
| Debtor days | 61 | 95 | 79 | 103 | 72 | 80 | 89 | 64 | 89 | 84 |
| Inventory days | 491 | 451 | 528 | 477 | 445 | 510 | 468 | 536 | 553 | 760 |
| Days payable | 99 | 173 | 187 | 223 | 141 | 153 | 128 | 148 | 142 | 158 |
| Cash conversion cycle | 453 | 373 | 420 | 357 | 376 | 438 | 429 | 452 | 500 | 686 |
| OCF / EBITDA % | 66.8% | 50.8% | 51.1% | 112.0% | 187.1% | 107.1% | 66.3% | 134.0% | 80.0% | 86.9% |
| OCF / EBITDA % (3 years) | — | — | 55.9% | 72.0% | 102.4% | 128.8% | 116.1% | 101.0% | 90.1% | 94.7% |
| Debt / equity | 0.18 | 0.18 | 0.16 | 0.16 | 0.18 | 0.26 | 0.31 | 0.35 | 0.36 | 0.42 |
| Current ratio | 1.25 | 1.31 | 1.38 | 1.22 | 1.42 | 1.30 | 1.07 | 0.75 | 1.14 | 1.23 |
| Net debt / EBITDA | 1.73 | — | 1.46 | 1.55 | 2.93 | 3.95 | 5.10 | 5.93 | 3.72 | 3.51 |