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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

₹174.05 1.00 (0.58%)

As on 24-Jun'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

₹174.05 1.00 (0.58%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,729 Cr.
Current Price
₹174.1
52-Week Low / High
₹129 / 321
TTM EPS
₹6.2
TTM Sales
₹2,932 Cr.
Book Value per Share
₹425.9
P/E Ratio
28.00
Industry PE
48.5
Price to Book (P/B)
0.41
Lower than its 5-year historical median
Price to Sales (P/S)
0.93
Lower than its 5-year historical median
EV/EBITDA
7.26
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
0.06%
Underperforms industry median
Return on Capital Employed (ROCE)
2.31%
Underperforms industry median
Return on Assets (ROA)
0.03%
Operating Profit Margin
16.6%
Net Profit Margin
0.12%
Gross Profit Margin
12.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
3.66%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
66.61%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
59.32%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹6,646 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

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Valuation

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Price Trend

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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.

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.

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 5.82%, compared to the industry median CAGR of 5.35%, 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 0.49% based on the current price.

10 Year X-Ray : Login to view analysis.

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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 0%4.6%4.7%5.8%3.9%-0.3%0.8%0.4%-0%2.3%-
Value Creation
Index
NA-0.7-0.7-0.6-0.7-1.0-1.0-1.0-1.0-0.8-

Growth Parameters

Sales 01,7141,6952,0592,0441,9122,1412,4132,6162,7122,932
Sales YoY Gr.-NA-1.1%21.5%-0.7%-6.4%12%12.7%8.4%3.7%-
Adj EPS 0010.213.810.9-8.91.92.7-8.91.56.2
YoY Gr.-NANA35.2%-21.2%-181.9%NA42.5%-435.5%NA-
BVPS (₹) 00316.4333.3364.3363.5353.9370.5358.9371.9425.9
Adj Net
Profit
0159165223171-14029.241.5-13923.198
Cash Flow from Ops. 0303226282585513355266384375-
Debt/CF from Ops. 03.14.83.71.82.346.95.15.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA5.8%8.2%3.7%
Adj EPS NA-33%-7.5%NA
BVPSNA0.4%1.7%3.6%
Share Price - -2.6% 7.9% -30.1%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
03.33.34.33.1-2.50.50.7-2.40.41.6
Op. Profit
Mgn %
026.626.927.925.215.215.51610.716.619.3
Net Profit
Mgn %
08.49.810.98.4-7.31.41.7-5.30.93.3
Debt to
Equity
0238.60.20.20.20.20.30.30.40.40.2
Working Cap
Days
00339308332346279254241239159
Cash Conv.
Cycle
0013912714215514115615716222

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,7141,6952,0592,0441,9122,1412,4132,6162,712
Operating Expenses + 1,2601,2571,5071,5461,6381,8152,0812,3522,272
Manufacturing Costs148132171178160207259314259
Material Costs329337404459468447517597502
Employee Cost 5966257157628739811,0301,2081,294
Other Costs 187162217147137179275233218
Operating Profit 453438552498274326332264440
Operating Profit Margin (%) 26.5%25.8%26.8%24.3%14.3%15.2%13.8%10.1%16.2%
Other Income + 265354443949285151
Exceptional Items 0000-22-15-48-6-18
Interest 49495762485786120159
Depreciation 214211240283308308281311294
Profit Before Tax 216231309197-65-4-55-12219
Tax 71769839100-22-253116
Profit After Tax 145155210159-16518-30-1533
PAT Margin (%) 8.5%9.1%10.2%7.8%-8.6%0.8%-1.2%-5.9%0.1%
Adjusted EPS (₹)0.09.613.010.1-10.51.2-1.9-9.80.2
Dividend Payout Ratio (%)0%0%1.50%0%0%0%0%0%0%

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!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 45,1075,3795,7155,6995,5495,8105,6285,832
Share Capital 03232313131313131
Reserves 45,0755,3475,6845,6675,5185,7785,5965,800
Debt +8459188839301,0461,2551,7271,8661,805
Long Term Debt4605253622415047621,0472461,149
Short Term Debt3853935206885424936811,620655
Minority Interest000000000
Trade Payables86186195284169193220244231
Others Liabilities 5,6409578641,2651,4411,6371,6831,8332,120
Total Liabilities 6,5747,1697,3218,1938,3568,6349,4399,5719,986

Fixed Assets

Net Fixed Assets +4,8475,0615,0925,6735,6935,7686,1836,7207,051
Gross Block6,1876,6216,8977,8918,1558,6339,45810,30810,545
Accumulated Depreciation1,3401,5601,8052,2182,4622,8653,2753,5883,495
CWIP 1331511752344867801,043646467
Investments 4019616719117232424910297
Inventories427485549581516645804883900
Trade Receivables286444445577421473590484665
Cash Equivalents 876996161308172189413507
Others Assets 755764796776760472381322299
Total Assets 6,5747,1697,3218,1938,3568,6349,4399,5719,986

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 303226282585513355266379375
PBT 216231309197-65-4-55-12219
Adjustment 232235277330313325392377467
Changes in Working Capital -29-206-17413231690-38144-81
Tax Paid -116-34-130-74-51-56-34-19-30
Cash Flow From Investing Activity + -142-297-169-442-380-619-494-230-192
Capex -139-205-308-409-365-455-618-303-215
Net Investments 3-14868-2821-171104150-1
Others -65671-6-36821-7624
Cash Flow From Financing Activity + -13778-102-98-11130250-22-102
Net Proceeds from Shares -100000000
Net Proceeds from Borrowing -98118-172-15416928216750194
Interest Paid -52-49-57-61-53-60-73-99-151
Dividend Paid -1900-300000
Others 338127121-127-9215626-145
Net Cash Flow 2371146122-1332212881

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)3654.026.054.012.86-2.890.32-0.52-2.680.06
ROCE (%)4.64.675.793.93-0.260.760.43-0.032.31
Asset Turnover Ratio0.260.250.280.260.230.250.270.280.28
PAT to CFO Conversion(x)2.091.461.343.68N/A19.72N/AN/A125
Working Capital Days
Receivable Days60.8078.6078.9091.3095.3076.2080.407577.40
Inventory Days90.9098.1091.60100.90104.7099109.60117.70120
Payable Days94.90147.10172190.20176.50147.90145.90141.80172.70

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 (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Dishman Carbogen Amcis Ltd FAQs

The current trading price of Dishman Carbogen Amc on 24-Jun-2026 16:59 is ₹174.1.

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 23-Jun-2026 the market cap of Dishman Carbogen Amc stood at ₹2,728.8 Cr

The latest P/E ratio of Dishman Carbogen Amc as of 23-Jun-2026 is 0.00.

The latest P/B ratio of Dishman Carbogen Amc as of 23-Jun-2026 is 0.70.

The 52-week high of Dishman Carbogen Amc is ₹321.1 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 ₹232 ( 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 Semi Strong which suggest that the price of Dishman Carbogen Amcis Ltd is likely to Rise-somewhat 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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