Analysts/Institutional Investor Meet/Con. Call Updates

Dishman Carbogen Amcis Limited's Q1 FY27 earnings call highlighted a soft quarter with revenue de-growth of 4% to INR 677.6 Cr (from INR 708 Cr) and EBITDA falling to INR 60 Cr (from INR 140.6 Cr), primarily due to a postponed INR 1 Cr order and forex impact. **Key Takeaways:** * **Financials:** Q1 saw a loss before tax of INR 51.2 Cr.

CDMO EBITDA margin was 6.3%, while Marketable Molecules revenue grew, with margins at 18.6%. * **Outlook:** Management projects FY27 single-digit revenue growth and similar EBITDA margins.

FY28-29 targets double-digit revenue growth and EBITDA closer to 25-26%. Indian operations anticipate 30-35% revenue growth and ~10% operating margin for FY27. * **Operations:** Successful MFDS inspection at Naroda.

Key tech transfers from Switzerland to India are underway to leverage cost efficiencies and boost margins.

A new Chief Commercial Officer has been appointed to strengthen sales efforts, and one Phase III molecule recently commercialized. * **Debt & Refinancing:** Plans are in motion for the promoter entity to raise up to CHF 200 million at 4% interest over 10 years to refinance high-cost Indian debt, expected within 60-90 days. * **Investor Angle:** Despite Q1 challenges, management remains optimistic, focusing on strategic transfers, commercial expansion, and debt optimization for future growth.