Dishman Carbogen Amcis Limited — PPTs, 22-05-2025: Investor Presentation

1. Financial Highlights:

Net revenue rose 3.7% to ₹27115 mn in FY25, with Q4 showing stronger 9.4% growth to ₹7163 mn. EBITDA grew 15.6% to ₹4719 mn, lifting margins from 15.6% to 17.4%, while Q4 margin expanded sharply to 21.4%, driven by CRAMS segment gains. Cash PAT increased 5.3% to ₹3202 mn, with Q4 cash PAT surging 44% to ₹1083 mn. Margin improvement in CRAMS offset pressure in cholesterol and Vitamin D analogues. Shareholder funds strengthened to ₹58315 mn; long-term borrowings rose to ₹11492 mn supporting capex. Net debt (ex-lease) stood at CHF 157.6 mn vs CHF 162.9 mn last year.

2. Strategic Initiatives & Growth Drivers:

Capacity expansion and capability enhancement continue in specialty CRAMS and high-potency (HIPO) APIs, with new development and small-scale manufacturing units active in Switzerland and France. Focus remains on late-phase oncology projects, leveraging Asia’s largest HIPO facility at Bavla. Investments in sterile injectable capacity in France and growth in development revenues at CARBOGEN AMCIS underpin future momentum.

3. Business Developments:

CARBOGEN AMCIS AG’s share of development revenue increased, while CARBOGEN AMCIS BV saw robust sales in cholesterol analogues despite raw material cost pressures. DCAL India’s NCE APIs/intermediates segment delivered strong 34.7% full-year growth, with slight Q4 dip due to shipment mix. The shift towards higher-margin CRAMS and specialty projects is clear from segment trends.

4. Market Position & Competitive Advantage:

Dishman stands out as a fully integrated global CRAMS player with strong chemistry and HIPO capabilities, multipurpose manufacturing bases, and multiple regulatory approvals (USFDA, ANSM, WHO, PMDA). With 950+ R&D scientists and presence across the drug lifecycle, its scale and technical edge, especially in oncology-related high-potency APIs, remain key differentiators.

5. Investor Implications:

A diversified revenue base, growing late-stage development pipeline (14 molecules in Phase III), and investments in specialty segments point to positive growth potential. Margin improvements and strong cash PAT growth reflect solid operational execution. Execution risks include raw material cost volatility and timely capacity ramp-up. Overall, Dishman’s positioning and specialty focus support sustainable long-term value creation.