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Dishman Carbogen Amcis Ltd (DCAL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540701 NSE: DCAL Pharmaceuticals & Drugs | Small Cap | Dishman Carbogen Amc Share Price

₹167.60 -0.80 (-0.48%)

As on 25-Sep'26 16:59

Dishman Carbogen Amcis Ltd (DCAL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540701 NSE: DCAL Pharmaceuticals & Drugs | Small Cap | Dishman Carbogen Amc Share Price

₹167.60 -0.80 (-0.48%)

As on 25-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,628 Cr.
Current Price
₹167.6
52-Week Low / High
₹129 / 307
TTM EPS
₹1
TTM Sales
₹2,901 Cr.
Book Value per Share
₹422.2
P/E Ratio
162.60
Industry PE
54.9
Price to Book (P/B)
0.40
Lower than its 5-year historical median
Price to Sales (P/S)
0.91
Lower than its 5-year historical median
EV/EBITDA
8.26
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
1.56%
Underperforms industry median
Return on Capital Employed (ROCE)
3.21%
Underperforms industry median
Return on Assets (ROA)
0.89%
Operating Profit Margin
19.3%
Net Profit Margin
3.32%
Gross Profit Margin
15.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-42.09%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
28.63%
Net Profit Growth (1 Year)
-
2907.72%
Asset Quality
Promoter Holding
59.32%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹6,588 Cr.
Equity
₹31.4 Cr.
Face Value
₹2
All Time Low / High
₹46.45 / 396.55

Dishman Carbogen Amcis stock performance

Key Ratios
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Quality

Not Good
Check detailed performance

Valuation

Undervalued

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Price Trend

Weak
Check Price chart
Q.1 Is Dishman Carbogen Amcis Ltd a good quality company?
Dishman Carbogen Amcis Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Dishman Carbogen Amcis Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Dishman Carbogen Amcis Ltd vs industry peers?
Dishman Carbogen Amcis Ltd revenue CAGR is 8.93%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Dishman Carbogen Amcis Ltd?
Promoters hold 59.32% of the Dishman Carbogen Amcis Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Dishman Carbogen Amcis Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of -3.56% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dishman Carbogen Amcis Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ3.2%1.8%2.4%1.9%-2.4%-0.9%-0.8%-0.8%0.9%0.6%-
Value Creation
Index ⓘ		-0.8-0.9-0.8-0.9-1.2-1.1-1.1-1.1-0.9-1.0-

Growth Parameters ⓘ
Sales ⓘ451474549581200307403327400232226
Sales YoY Gr.-5.1%15.8%5.7%-65.5%53.1%31.3%-18.7%22.1%-42.1%-
Adj EPS ⓘ02.73.12.8-13.3-2.1-3.2-4.5-0.7-4.9-4.1
YoY Gr.-NA16.5%-9%-570.9%NANANANANA-
BVPS (₹) ⓘ0296.9303.1305.7298.1269.9262.4258.5257.1247.6246.1
Adj Net
Profit ⓘ		8.642.950.144.3-208-32.6-50.2-70.5-11-76.4-65
Cash Flow from Ops. ⓘ27020.1120197-1.5227-52.924.255.846.1-
Debt/CF from Ops. ⓘ1.7314.92.8-348.52.3-11.221.712.213.7-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ-7.2%2.9%-16.8%-42.1%
Adj EPS ⓘNANANANA
BVPSⓘNA-3.7%-1.9%-3.7%
Share Price - -3.2% 0.8% -40.3%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		0.40.910.9-4.4-0.7-1.2-1.7-0.3-1.9-1.7
Op. Profit
Mgn % ⓘ		32.935.735.331.3-12.4114.64.3182.3-4.4
Net Profit
Mgn % ⓘ		1.999.17.6-104-10.6-12.5-21.5-2.8-33-28.8
Debt to
Equity ⓘ		-11.30.10.10.10.10.10.10.10.20.2-
Working Cap
Days ⓘ		3157207257232,1231,1167219478101,471482
Cash Conv.
Cycle ⓘ		64141151161524286211287205394-99

Valuation of Dishman Carbogen Amc - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,7141,6952,0592,0441,9122,1412,4132,6162,7122,932
Operating Expenses ⓘ + 1,2601,2571,5071,5461,6381,8152,0812,3522,2722,366
Manufacturing Costs148132171178160207259314256271
Material Costs329337404459468447517597502409
Employee Cost 5966257157628739811,0301,2081,2941,447
Other Costs ⓘ 187162217147137179275233221239
Operating Profit ⓘ 453438552498274326332264440566
Operating Profit Margin (%) 26.5%25.8%26.8%24.3%14.3%15.2%13.8%10.1%16.2%19.3%
Other Income ⓘ + 26535444394928515156
Exceptional Items ⓘ 0000-22-15-48-6-18-4
Interest ⓘ 49495762485786120159174
Depreciation ⓘ 214211240283308308281311294339
Profit Before Tax ⓘ 216231309197-65-4-55-12219105
Tax ⓘ 71769839100-22-2531167
Profit After Tax 145155210159-16518-30-153397
PAT Margin (%) 8.5%9.1%10.2%7.8%-8.6%0.8%-1.2%-5.9%0.1%3.3%
Adjusted EPS (₹)0.09.613.010.1-10.51.2-1.9-9.80.26.2
Dividend Payout Ratio (%)0%0%1.50%0%0%0%0%0%0%0%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 45,1075,3795,7155,6995,5495,8105,6285,8326,677
Share Capital ⓘ 032.2832.2831.3831.3631.3631.3631.3631.3631.36
Reserves ⓘ 45,0755,3475,6845,6675,5185,7785,5965,8006,646
Debt +8459188839301,0461,2551,7271,8661,8052,372
Long Term Debt4605253622415047621,0472461,1491,535
Short Term Debt3853935206885424936811,620655837
Minority Interest0000000000
Trade Payables86186195284169193220244231211
Others Liabilities ⓘ 5,6409578641,2651,4411,6371,6831,8332,1202,580
Total Liabilities ⓘ 6,5747,1697,3218,1938,3568,6349,4399,5719,98611,840

Fixed Assets

Net Fixed Assets ⓘ +4,8475,0615,0925,6735,6935,7686,1836,7207,0518,071
Gross Block6,1876,6216,8977,8918,1558,6339,45810,30810,54512,412
Accumulated Depreciation1,3401,5601,8052,2182,4622,8653,2753,5883,4954,341
CWIP ⓘ 1331511752344867801,043646467570
Investments ⓘ 401961671911723242491029791
Inventories4274855495815166458048839001,019
Trade Receivables286444445577421473590484665673
Cash Equivalents 876996161308172189413507991
Others Assets ⓘ 755764796776760472381322299424
Total Assets ⓘ 6,5747,1697,3218,1938,3568,6349,4399,5719,98611,840
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 303226282585513355266379371491
PBT ⓘ 216231309197-65-4-55-12219105
Adjustment ⓘ 232235277330313325392377467436
Changes in Working Capital ⓘ -29-206-17413231690-38144-85-45
Tax Paid ⓘ -116-34-130-74-51-56-34-19-30-5
Cash Flow From Investing Activity ⓘ + -142-297-169-442-380-619-494-230-192-245
Capex -139-205-308-409-365-455-618-303-215-267
Net Investments 3-14868-2821-171104150-110
Others ⓘ -65671-6-36821-762411
Cash Flow From Financing Activity ⓘ + -13778-102-98-11130250-22-102201
Net Proceeds from Shares ⓘ -1000000000
Net Proceeds from Borrowing ⓘ -98118-172-15416928216750194325
Interest Paid ⓘ -52-49-57-61-53-60-73-99-151-156
Dividend Paid ⓘ -1900-3000000
Others ⓘ 338127121-127-9215626-14532
Net Cash Flow ⓘ 2371146122-1332212877447
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)3654.026.054.012.86-2.890.32-0.52-2.680.061.56
ROCE (%)4.64.675.793.93-0.260.760.43-0.032.313.21
Asset Turnover Ratio0.260.250.280.260.230.250.270.280.280.27
PAT to CFO Conversion(x)2.091.461.343.68N/A19.72N/AN/A123.675.06
Working Capital Days
Receivable Days60.8078.6078.9091.3095.3076.2080.407577.4083.30
Inventory Days90.9098.1091.60100.90104.7099109.60117.70120119.50
Payable Days94.90147.10172190.20176.50147.90145.90141.80172.70197.30

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Dishman Carbogen Amcis Ltd FAQs

The current trading price of Dishman Carbogen Amc on 25-Sep-2026 16:59 is ₹167.6.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of Dishman Carbogen Amc stood at ₹2,627.7 Cr

The latest P/E ratio of Dishman Carbogen Amc as of 24-Sep-2026 is 0.00.

The latest P/B ratio of Dishman Carbogen Amc as of 24-Sep-2026 is 0.68.

The 52-week high of Dishman Carbogen Amc is ₹306.8 and the 52-week low is ₹129.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dishman Carbogen Amc is ₹226 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Dishman Carbogen Amcis Ltd is a below average quality company.

The key valuation ratios of Dishman Carbogen Amcis Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Dishman Carbogen Amcis Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Dishman Carbogen Amcis Ltd

Incorporated in 1983, Dishman Carbogen Amcis Limited (DCAL) started out as a manufacturer of quaternary ammonium and phosphate compounds. Having ventured into the CRAMS space in India, the company soon became one of the fastest growing companies. Today, the company is a leading global outsourcing partner for the pharmaceutical industry, offering a portfolio of development, scale-up, and manufacturing services.

The company aids drug innovators for development and process optimization for novel drug molecules in various stages of the development process. Once the innovative molecules are approved, the company further explore the possibility of large scale commercial supply tie-ups. The company is generating a healthy pipeline of contract manufacturing opportunities commensurate to the growing revenue base of manufacturing. Its robust business model is capable of sustaining growth, with CRAMS being the focal point of all its strategic efforts.

Business area of the company

The company is a fully integrated CRAMS player working with global pharmaceutical innovators. It has a global presence with development and manufacturing facilities across Europe, India, and China. It provides end-to-end, integrated, high-value, niche CRAMS offering, right from process research & development to late-stage clinical and commercial manufacturing facilities along with the supply of Active Pharmaceutical Ingredients (API) to innovator pharmaceutical companies.

Products and services

  • CRAMS
  • Vitamin D & Analogues
  • Disinfectants
  • Highly Potent API Supply
  • Niche Generic API
  • Speciality Chemicals

History and Milestones

  • 1983: Incorporation of Dishman Pharmaceutical and Chemicals Limited.
  • 1989: Commencing production of Phase Transfer Catalysts at Naroda facility.
  • 1995: Entered into a JV with Schutz & Co. for manufacturing Chlorhexidine and Derivatives for European market.
  • 1996: Commencement of Bavla facility for Bulk Intermediates.
  • 2001: First commercial contract manufacturing agreement signed with a major western pharmaceutical company.
  • 2004: Came out with an IPO on Indian stock exchanges.
  • 2005: Acquisition of Synprotec - DCR (now known as CARBOGEN AMCIS Ltd, UK).
  • 2006: Acquisition of CARBOGEN AMCIS - a Swiss based CRAMS player.
  • 2007: Acquisition of Solvay Pharmaceuticals’ Vitamins and Chemicals business (now known as CARBOGEN AMCIS BV).
  • 2010: Commenced Dishman Shanghai manufacturing facility.
  • 2012: Acquisition of Riom (France) - CARBOGEN AMCIS SAS.
  • 2014: Acquisition of Vionnaz (CH) site - CARBOGEN AMCIS.
  • 2017: Change of name of the parent to Dishman Carbogen Amcis Limited, reinforcing the synergies between Dishman and Carbogen Amcis brands.
  • 2020: Global Reorganization of Roles and Responsibilities of the Management Team.
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