Dishman Carbogen Amcis Limited — Investor Meet, 28-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Dishman Carbogen Amcis reported 9.4% YoY revenue growth in Q4 and 3.7% for FY25, with FY revenues at INR 2,711 Cr. EBITDA hit INR 472 Cr (17.4% margin), with Q4 margin at 21.4%. Carbogen Amcis CRAMS grew 9% to INR 489 Cr in Q4, margins near 25%, while India CRAMS soared 35% with 17.3% margins. Raw material cost pressures affected cholesterol and vitamin D analogues margins but a rebound to 15%-20% is expected next year. Net debt reduced with disciplined CAPEX (~INR 250-300 Cr) planned for FY26. Regulatory milestones in France and China set the stage for faster growth; French revenue (~EUR 8.6 million) aims to double with breakeven at EUR 15-18 million. Expansion in Switzerland is supported by CHF 25 million customer investment. Management expects 12%-15% CAGR over 3-5 years, EBITDA margins improving towards 20%, and double-digit ROCE in 3 years. Confident focus on profitable growth and cash flow strengthening.