Dishman Carbogen Amcis Limited — Credit Ratings, 19-02-2026: Credit Rating

India Ratings (Ind-Ra) has downgraded Dishman Carbogen Amcis's NCDs and long-term bank facilities to 'IND A' (Negative) from 'IND A+/Stable'. Short-term facilities are now 'IND A1'. Proposed NCDs are assigned 'IND A' (Negative). This action reflects persistently high leverage and lower-than-expected EBITDA margins, despite management plans to raise INR1,000 Cr capital to deleverage.