Dishman Carbogen Amcis Limited — PPTs, 05-11-2025: Investor Presentation

**Business Performance:** Dishman Carbogen Amcis reported a 3.6% YoY rise in H1FY26 net revenue to ₹1,360.7 Cr, primarily driven by higher development revenue and growth in Cholesterol and Vitamin D analogues. CDMO revenue experienced a slight dip of 1.1% YoY due to lower commercial supplies, with Q2FY26 CDMO revenue impacted by shipment postponements. Marketable Molecules revenue notably increased by 33.7% YoY.

**Growth Drivers or Strategy:** The company is strategically focused on improving capacity utilization by targeting small-to-mid sized global biotech companies and expanding into new geographies. Oncology is a key focus area, with 12 molecules currently in late Phase III development, leveraging the company's cutting-edge HIPO capabilities.

**Recent Developments:** CARBOGEN AMCIS has formed a strategic collaboration with a Swiss company to offer a fully integrated ADC platform. New development and small-scale manufacturing facilities have been established in Switzerland, alongside a new injectables manufacturing plant in France.

**Key Financial Metrics:** H1FY26 EBITDA surged 64.4% YoY to ₹289.5 Cr, with margins expanding significantly to 21.3% from 13.4%. Profit after tax for H1FY26 was ₹88.7 Cr, marking a substantial turnaround from a loss of ₹44.5 Cr in the previous year. EPS for H1FY26 stood at ₹5.7.

**Management Commentary / Outlook:** The robust margin improvement was primarily attributed to higher revenue contribution from late Phase III molecules in the CDMO segment and an increased focus on higher-margin products combined with cost reduction measures in the Marketable Molecules segment. Net debt also saw a reduction to CHF 141.43 million.