Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Dishman Carbogen Amcis Ltd

DCAL
Pharma - API & CRAMS

Dishman Carbogen Amcis Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: annual EPS moved +2,861.9% against a −26.5% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (26 weeks in) while the P/E sits at the 56th percentile of its own 8-year range. Underneath, the last four quarters read deteriorating — profit −48.8% year on year, and 1,035% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Price
₹191
−26.5% 1Y
P/E
29.0×
56th pctile
of its own 8-year range
Revenue (Mar 26)
₹851 Cr
+18.9% YoY
Profit (Mar 26)
₹22.0 Cr
−48.8% YoY
Operating margin
19.0%
−2.0 pp YoY
ROCE
3%
FY26
ROIC
2.5%
vs WACC 12.0% → −9.5 pp
Cash conversion
1,035%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dishman Carbogen Amcis Ltd trades at ₹191, in a downtrend and 26 weeks into that stage. That is −5.6% against its own 200-day average. It sits at 31% of a 52-week range of ₹143 to ₹300. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).

Today the stock is in a downtrend — week 26 of stage 4, confirmed. At ₹191 it trades −5.6% versus its 200-day average and sits at 31% of its 52-week range (₹143–₹300).

Jul 26: ₹191 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−5.6% versus the 200-day line, week 26 of stage 4
Price50-day avg200-day avg
S2S4S2S2S4₹315₹263₹212₹161₹110₹191₹203Jul 23Apr 24Jan 25Oct 25Jul 26
S2S4S2S2S4₹315₹263₹212₹161₹110₹191₹203Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2017 Each cell is one week from 2017 to now (464 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Sep 17Jul 26

Against the market, two honest reads. Cumulative: over the last 8.8 years the stock moved −43% while the NIFTY 500 moved +174% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 56th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dishman Carbogen Amcis Ltd trades at 29.0× P/E, mid-range by its own standards (56th percentile). Its long-run median P/E is 26.5×, measured across 8.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 29.0× is mid-range by its own standards (56th percentile), against a long-run median of 26.5× measured over 8.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 29.0× vs a 26.5× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 8.2-year window; loss-period spikes above 80× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (56th percentile)
P/EMedianEPS (TTM) (quarterly)
85.4×₹14.164.1×₹10.642.7×₹7.121.4×₹3.50.0×₹0.0×29.10×₹6May 18Oct 19Feb 21Oct 23Jul 26
85.4×₹14.164.1×₹10.642.7×₹7.121.4×₹3.50.0×₹0.0×29.10×₹6May 18Feb 21Jul 26
PEG 1.69 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
1.7×1.5×1.3×1.1×0.9××1.69×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
1.7×1.5×1.3×1.1×0.9××1.69×Q1 FY22Q2 FY24Q4 FY26
P/E
29.0×
56th percentile of 8y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +2,861.9% against a −26.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +11.4%/yr price move, ~+77.4%/yr came from earnings growth and ~−66.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: No read

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dishman Carbogen Amcis Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 2 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
24%348%16%174%7.4%0.0%−0.9%−174%−9.2%−348%%%8.2%−48.8%300%Jun 23Sep 24Mar 26
24%348%16%174%7.4%0.0%−0.9%−174%−9.2%−348%%%8.2%−48.8%300%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
4.5%2.9%1.4%−0.2%−1.8%%3.2%Jun 23Sep 24Mar 26
4.5%2.9%1.4%−0.2%−1.8%%3.2%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +8.2% · span −6.9% to +21.8%
ROCE
Stuck low
latest 3.2% · span −1.4%–4.1%

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Growth, year by year: revenue +8.1% in FY26, profit +3,133.3% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
72%345%51%181%30%17%8.8%−148%−12%−312%%%8.1%300%FY11FY21FY26
72%345%51%181%30%17%8.8%−148%−12%−312%%%8.1%300%FY11FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+8.2%) with the last 8 annualized (+5.9%). Spikes shown pinned (▲).
revenue stabilising
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
24%348%16%174%7.4%0.0%−0.9%−174%−9.2%−348%%%8.2%300%Jun 23Sep 24Mar 26
24%348%16%174%7.4%0.0%−0.9%−174%−9.2%−348%%%8.2%300%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+8.1%+6.7%+8.9%
Profit+3,133.3%
EPS+2,861.9%
Share price−26.5%+11.4%−2.1%
Revenue YoY (Mar 26)
+18.9%
latest quarter vs a year ago
Profit YoY (Mar 26)
−48.8%
latest quarter vs a year ago
Revenue 10y
7.2%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

38.6/100 — rank 18 of 24 in Pharma - API & CRAMS · 83% evidence confidence

Dishman Carbogen Amcis Ltd scores 38.6 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 18. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.1 + 8.2 + 8.2 + 4.1 = 38.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dishman Carbogen Amcis Ltd reported ₹851 Cr of revenue in the Mar 26 quarter, +18.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 15 years it has compounded at 7.2% a year. The last full year, FY26, came in at ₹2,932 Cr. The last four reported quarters add to ₹2,932 Cr.

Dishman Carbogen Amcis Ltd reported ₹851 Cr of revenue in the Mar 26 quarter, +18.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 15 years it has compounded at 7.2% a year. The last full year, FY26, came in at ₹2,932 Cr. The last four reported quarters add to ₹2,932 Cr.

FY26 revenue came in at ₹2,932 Cr (+8.1% on the year), capping 15 years at 7.2% compound. The latest quarter (Mar 26) printed ₹851 Cr, +18.9% year on year — the 2nd consecutive quarter of year-over-year growth.

FY26 revenue ₹2,932 Cr (+8.1% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
7.2% a year over 15 years
RevenueYoY growth
3.2k72%2.4k51%1.6k30%7928.8%0−12%₹ Cr%₹2,9328.1%FY11FY21FY26
3.2k72%2.4k51%1.6k30%7928.8%0−12%₹ Cr%₹2,9328.1%FY11FY21FY26
Mar 26: ₹851 Cr (+18.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Revenue (quarterly)YoY growth
91940%68922%4603.8%230−14%0−33%₹ Cr%₹85118.9%Jun 23Sep 24Mar 26
91940%68922%4603.8%230−14%0−33%₹ Cr%₹85118.9%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +10.6% growth against the decade's 7.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +8.2% over the last 4 quarters against +5.9%/yr over the last 8 — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 19.0% this quarter (−2.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dishman Carbogen Amcis Ltd's operating margin is 19.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 11.0% to 27.0%. The current quarter sits inside that band.

Dishman Carbogen Amcis Ltd's operating margin is 19.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 11.0% to 27.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 19.0%, −2.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 11.0%–27.0%.

🚨 Why the margin moved: operating margin went −2.2 pp year on year while gross margin went +4.5 pp — the loss came mostly from the gross line: input costs and pricing.

FY26: 19.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 11-year window.
within a 11.0–27.0% band over 11 years
operating marginYoY change (pp)
28%7.4%24%2.4%19%−2.5%14%−7.4%9.7%−12%%%19%2%FY11FY21FY26
28%7.4%24%2.4%19%−2.5%14%−7.4%9.7%−12%%%19%2%FY11FY21FY26
Mar 26: 19.0% operating margin (−2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
24%17%19%9.3%15%1.5%9.6%−6.3%4.6%−14%%%19%−2%Jun 23Sep 24Mar 26
24%17%19%9.3%15%1.5%9.6%−6.3%4.6%−14%%%19%−2%Jun 23Sep 24Mar 26

→ Margins slipped — did that reach the bottom line? Next: profit −48.8% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dishman Carbogen Amcis Ltd earned ₹22.0 Cr of net profit in the Mar 26 quarter, −48.8% year on year. Full-year FY26 profit was ₹97.0 Cr. The 15-year compound rate is 1.3%. That is 2.6% of the quarter's revenue. The same quarter a year earlier earned ₹43.0 Cr. 5 of the last 12 reported quarters were loss-making.

Dishman Carbogen Amcis Ltd earned ₹22.0 Cr of net profit in the Mar 26 quarter, −48.8% year on year. Full-year FY26 profit was ₹97.0 Cr. The 15-year compound rate is 1.3%. That is 2.6% of the quarter's revenue. The same quarter a year earlier earned ₹43.0 Cr. 5 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹22.0 Cr, −48.8% year on year. On the full year, FY26 printed ₹97.0 Cr (+3,133.3%), and the 15-year compound rate is 1.3%.

FY26 profit ₹97.0 Cr (+3,133.3% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
1.3% a year over 15 years
Net profitYoY growth
2403,405%1312,419%231,433%−86447%−195−539%₹ Cr%₹973,133.3%FY11FY21FY26
2403,405%1312,419%231,433%−86447%−195−539%₹ Cr%₹973,133.3%FY11FY21FY26
Mar 26: ₹22.0 Cr (−48.8% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
76396%35139%−7−117%−48−373%−89−630%₹ Cr%₹22−48.8%Jun 23Sep 24Mar 26
76396%35139%−7−117%−48−373%−89−630%₹ Cr%₹22−48.8%Jun 23Sep 24Mar 26

🚨 Why profit moved: revenue contributed +18.9% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −103.9% vs revenue +10.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 1,035% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 1,035% of Dishman Carbogen Amcis Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹491 Cr of operating cash against ₹97.0 Cr of profit. After ₹1,463 Cr of capital spending, ₹−972 Cr was left as free cash.

FY26: operating cash of ₹491 Cr against reported profit of ₹97.0 Cr, leaving free cash of ₹−972 Cr after ₹1,463 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 1,035% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹491 Cr vs profit ₹97.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
1,035% of 3-year profit arrived as cash
Operating cashNet profitFree cash
710258−194−645−1.1k₹ Cr₹491₹97₹−972FY11FY21FY26
710258−194−645−1.1k₹ Cr₹491₹97₹−972FY11FY21FY26
FY26: CFO = 506% of profit (three-year rate 1,035%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
316%258%200%142%84%%300%FY11FY21FY26
316%258%200%142%84%%300%FY11FY21FY26

Why conversion sits at 1,035%: the cash cycle stretched 455 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹2,359 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dishman Carbogen Amcis Ltd's cash conversion cycle runs 805 days in FY26, up from 350 days in FY21. Capital spending ran ₹2,359 Cr over the last 3 years. At FY26 sales of ₹2,932 Cr each day of that cycle holds about ₹8.0 Cr, so roughly ₹6,466 Cr sits inside the business at any moment.

FY26: debtors at 84 days, inventory at 910 days — roughly 29.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 805 days, looser than FY21's 350.

The full loop: cash goes out to suppliers and production on day 0; stock waits 910 days to sell; customers pay about 84 days after that; and suppliers themselves are paid at 189 days — netting out to the 805-day cycle.

In money terms: at FY26 sales of ₹2,932 Cr, each day of the cycle holds about ₹8.0 Cr — so the 805-day loop keeps roughly ₹6,466 Cr sitting inside the business at any moment.

FY26: a 805-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 11-year window.
+455 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
9787324852390days805d910d84d189dFY11FY18FY21FY23FY26
9787324852390days805d910d84d189dFY11FY21FY26

On the investment side: capital spending of ₹2,359 Cr over the last 3 fiscal years against ₹944 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹275 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹1,463 Cr, work-in-progress ₹275 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
1.6k1.2k7903950₹ Cr₹1,463₹275FY18FY20FY22FY24FY26
1.6k1.2k7903950₹ Cr₹1,463₹275FY18FY22FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 3% and the ROIC − WACC spread is −9.5 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Dishman Carbogen Amcis Ltd earns a ROCE of 3% in FY26. That is up from a trough of 0% in FY21. Return on invested capital clears the cost of that capital by −9.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.3% net margin on 0.25× asset turns.

FY26 ROCE is 3%, recovered from a FY21 trough of 0% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 3.3% net margin × 0.25× asset turns × 1.79× balance-sheet leverage ≈ 1.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 2.5% − 12.0% = a −9.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 3% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 9-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 0%
ROCEROIC (annual)WACC
13%9.5%6.0%2.5%−1.0%%3%2.6%FY18FY22FY26
13%9.5%6.0%2.5%−1.0%%3%2.6%FY18FY22FY26
Q4 FY26: ROCE 2.4% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
13%9.3%5.6%1.9%−1.8%%2.4%2.8%Q1 FY24Q2 FY25Q4 FY26
13%9.3%5.6%1.9%−1.8%%2.4%2.8%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.46.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Dishman Carbogen Amcis Ltd carries total debt of ₹3,076 Cr against shareholder equity of ₹6,677 Cr as of Mar 26, a debt-to-equity of 0.46. On the annual view that ratio went from 0.33 in FY22 to 0.46 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹3,076 Cr against shareholder equity of ₹6,677 Cr — a debt-to-equity of 0.46. On the annual view, debt-to-equity went from 0.33 (FY22) to 0.46 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹3,076 Cr at 0.46× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
3.3k0.47×2.5k0.43×1.7k0.40×8310.36×00.32×₹ Cr×₹3,0760.46×FY22FY24FY26
3.3k0.47×2.5k0.43×1.7k0.40×8310.36×00.32×₹ Cr×₹3,0760.46×FY22FY24FY26
Mar 26: debt ₹3,076 Cr, debt-to-equity 0.46 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
3.3k0.47×2.5k0.44×1.7k0.42×8310.40×00.37×₹ Cr×₹3,0760.46×Jun 23Sep 24Mar 26
3.3k0.47×2.5k0.44×1.7k0.42×8310.40×00.37×₹ Cr×₹3,0760.46×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 1.2 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 1.2 points of Dishman Carbogen Amcis Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 6.9% of the company. Domestic institutions moved +0.6 points over the same window, to 2.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −1.2 points over 8 quarters to 6.9%; Domestic institutions: +0.6 points over 8 quarters to 2.1%; Promoters: +0.0 points over 8 quarters to 59.3%.

🚨 Why the register moved: foreign institutions drove it (−1.2 points), absorbed on the other side by domestic institutions (+0.6 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
64%47%30%13%−3.4%%59.3%7.5%1.6%31.6%Mar 24Mar 25Mar 26
64%47%30%13%−3.4%%59.3%7.5%1.6%31.6%Mar 24Mar 25Mar 26
Foreign institutions cut 1.2 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
64%47%30%13%−3.4%%59.3%6.9%2.1%31.8%Jun 23Dec 24Jun 26
64%47%30%13%−3.4%%59.3%6.9%2.1%31.8%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dishman Carbogen Amcis Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Pharma - API & CRAMS Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Dishman Carbogen Amcis Ltd this page29.0×₹2,878 CrNo read
Divis Laboratories Ltd73.4×₹1.9L CrMixed
Laurus Labs Ltd79.1×₹86,505 CrMixed
Anthem Biosciences Ltd73.1×₹43,360 CrNo read
Gland Pharma Ltd37.6×₹39,257 CrImproving
Acutaas Chemicals Ltd75.2×₹26,785 CrImproving
Acutaas Chemicals Ltd69.1×₹26,686 CrMixed
Sai Life Sciences Ltd73.8×₹26,174 CrNo read
Piramal Pharma Ltd₹24,133 CrNo read
Neuland Laboratories Ltd65.9×₹23,794 CrTurning around
Granules India Ltd31.8×₹20,655 CrConsistent
OneSource Specialty Pharma Ltd₹18,961 CrNo read
Syngene International Ltd44.9×₹16,708 CrTurning around
Syngene International Ltd44.1×₹16,415 CrTurning around
Cohance Lifesciences Ltd80.9×₹15,957 CrDeteriorating
Jubilant Pharmova Ltd35.2×₹15,378 CrNo read
Concord Biotech Ltd54.8×₹13,061 CrDeteriorating
Shilpa Medicare Ltd50.8×₹11,856 CrNo read
Blue Jet Healthcare Ltd43.3×₹10,730 CrDeteriorating
Supriya Lifescience Ltd32.3×₹6,765 CrConsistent
IOL Chemicals & Pharmaceuticals Ltd30.0×₹4,380 CrImproving
SMS Pharmaceuticals Ltd35.0×₹3,569 CrMixed
Morepen Laboratories Ltd39.6×₹2,948 CrMixed
Hikal Ltd73.8×₹2,681 CrDeteriorating
Solara Active Pharma Sciences Ltd551.0×₹2,351 CrNo read
Windlas Biotech Ltd26.6×₹1,770 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Dishman Carbogen Amcis Ltd's share price today?

Dishman Carbogen Amcis Ltd trades at ₹191, −26.5% over the past year. The company is valued at ₹2,878 Cr. The stock sits at 31% of its 52-week range of ₹143–₹300, −5.6% versus its 200-day average. On the tape, the price is in a downtrend, 26 weeks in. — as of 24 July 2026.

What were Dishman Carbogen Amcis Ltd's latest quarterly results?

Dishman Carbogen Amcis Ltd reported revenue of ₹851 Cr and net profit of ₹22.0 Cr for the Mar 26 quarter. Revenue rose 18.9% and profit fell 48.8% year on year. Earnings per share were ₹1.39. The operating margin was 19.0%, 2.0 pp lower than a year earlier. — as of 24 July 2026.

What is Dishman Carbogen Amcis Ltd's revenue?

Dishman Carbogen Amcis Ltd reported revenue of ₹851 Cr in the Mar 26 quarter, +18.9% year on year. For the full FY26 fiscal year, revenue was ₹2,932 Cr (+8.1%). Over the last 15 years revenue compounded at 7.2% a year. — as of 24 July 2026.

What is Dishman Carbogen Amcis Ltd's profit?

Dishman Carbogen Amcis Ltd earned ₹22.0 Cr of net profit in the Mar 26 quarter, −48.8% year on year. Full-year FY26 profit was ₹97.0 Cr. The operating margin ran 19.0% in the latest quarter. — as of 24 July 2026.

What is Dishman Carbogen Amcis Ltd's market cap?

Dishman Carbogen Amcis Ltd's market capitalisation is ₹2,878 Cr at a share price of ₹191. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Dishman Carbogen Amcis Ltd's P/E ratio?

Dishman Carbogen Amcis Ltd trades at a P/E of 29.0×, at the 56th percentile of its own 8-year range, against a long-run median of 26.5×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Dishman Carbogen Amcis Ltd pay a dividend?

Not in its latest year — Dishman Carbogen Amcis Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 1 of its last 11 reported fiscal years, so there is a history but no current dividend. — as of 24 July 2026.

Is Dishman Carbogen Amcis Ltd overvalued?

On its own history, Dishman Carbogen Amcis Ltd looks mid-range against its own history: its P/E of 29.0× sits at the 56th percentile of its 8-year range (long-run median 26.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Dishman Carbogen Amcis Ltd growing?

Not right now — Dishman Carbogen Amcis Ltd's latest numbers are shrinking: latest-quarter revenue +18.9% year on year, profit −48.8%, and the margin −2.0 pp at 19.0%. The 15-year compound rates are 7.2% (revenue) and 1.3% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.

How is Dishman Carbogen Amcis Ltd performing?

Dishman Carbogen Amcis Ltd is in a downtrend, 26 weeks in. Its latest quarter's revenue rose 18.9% and profit fell 48.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

Is Dishman Carbogen Amcis Ltd in an uptrend?

No — the price is in a downtrend (week 26 of stage 4), trading −5.6% versus its 200-day average and at 31% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Dishman Carbogen Amcis Ltd beating the market?

Not lately — on a trailing-13-week view Dishman Carbogen Amcis Ltd is currently behind the NIFTY 500 (2 weeks and counting; last ahead the week of 2026-07-03), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.8 years the stock moved −43% against the NIFTY 500's +174% — behind the index over the full window. — as of 24 July 2026.

Will Dishman Carbogen Amcis Ltd's share price go up?

This page publishes no price forecast for Dishman Carbogen Amcis Ltd. What it measures instead: the share price is ₹191, the price is in a downtrend 26 weeks in. Its P/E of 29.0× sits at the 56th percentile of its own 8-year range. — as of 24 July 2026.

Who owns Dishman Carbogen Amcis Ltd?

Promoters hold 59.3% of Dishman Carbogen Amcis Ltd, foreign institutions 6.9%, domestic institutions 2.1% and the public 31.8% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 1.2 points over 8 quarters. — as of 24 July 2026.

Does Dishman Carbogen Amcis Ltd have too much debt?

It is moderate — Dishman Carbogen Amcis Ltd's debt-to-equity is 0.46, and operating profit covers the interest bill 3×. FY26 borrowings were ₹3,076 Cr against equity of ₹6,677 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Dishman Carbogen Amcis Ltd's capex?

Dishman Carbogen Amcis Ltd spent ₹2,359 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,463 Cr, with ₹275 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Dishman Carbogen Amcis Ltd's cash flow?

Dishman Carbogen Amcis Ltd generated ₹491 Cr of operating cash flow in FY26 and ₹−972 Cr of free cash flow after ₹1,463 Cr of capital spending. Reported profit that year was ₹97.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Dishman Carbogen Amcis Ltd's profit real cash?

Yes — over the last 3 fiscal years, 1,035% of Dishman Carbogen Amcis Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹491 Cr against reported profit of ₹97.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Dishman Carbogen Amcis Ltd in its business cycle?

Dishman Carbogen Amcis Ltd's FY26 operating margin was 19.0%, against a 11-year band of 11.0%–27.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 19.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Dishman Carbogen Amcis Ltd story?

The sharpest disagreement: annual EPS moved +2,861.9% against a −26.5% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Dishman Carbogen Amcis Ltd a stock worth studying right now?

This is not investment advice. The machine read: Dishman Carbogen Amcis Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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