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Dishman Carbogen Amcis (DCAL) delivered LTM Q1FY26 revenue of **₹2,895.8 Cr** with a strong 20.1% EBITDA margin. The CDMO segment drives 85.7% of revenue, with commercial manufacturing contributing **₹1,326.6 Cr**. The bi-continental CDMO model, leveraging Swiss R&D and India's cost efficiency, is a key growth driver, focusing on high-value niche areas like Highly Potent APIs (HiPo), ADCs, and advanced chemistry.
Recent developments include two co-investment agreements, each worth **₹238.5 Cr**, with a Japanese client for oncology drug linker and ADC expansion. The new French injectable manufacturing facility is now operational and GMP certified, while the Bavla site's re-approval by USFDA, EDQM, and PMDA positions it for higher order inflows.
The FY26 order book is robust at **₹2,309.4 Cr**. Net Debt/EBITDA improved to 2.8x (LTM Q1FY26). FY21-25 EBITDA CAGR outperformed revenue CAGR (11.6% vs 9.1%), indicating operational leverage. The core CDMO business shows impressive FY25 ROCE of 25.1%. Management aims for 80% growth from existing clients, pushing into high-growth ADCs, and optimizing capacity utilization. #DCAL #Pharma #CDMO