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The rating agency for this Bond is IND-RA.
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Dishman Carbogen Amcis Limited Jan '29
₹83,456.45YTM
10.80%Tenure left
29 monthsInterest payout
QuarterlyPrincipal payout
QuarterlyBond details
Minimum investment₹83,456.45
Date of maturity20 Jan 2029
ISININE385W07059
Bond typeSenior Secured
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About
Dishman Carbogen Amcis Limited (DCAL), incorporated in 1983, is an integrated contract research and manufacturing services (CRAMS) player operating in the pharmaceutical sector. The company operates through two primary business segments: CRAMS, which contributed 86% to 9MFY25 revenue, and Marketable Molecules (MM), contributing 14%. The CRAMS segment is further split into Carbogen Amcis (EU) and Dishman India, providing process research, drug development, and active pharmaceutical ingredient (API) manufacturing services. DCAL operates 10 manufacturing sites across six countries (India, UK, Switzerland, Netherlands, China, and France) approved by various global health authorities, with a core therapeutic focus on high-value areas like oncology.;
Pros and Cons
Pros
Cons
DCAL possesses a well-diversified business profile across CRAMS and marketable molecules, supported by 10 global manufacturing facilities approved by major regulatory agencies including the USFDA.
The Carbogen Amcis European business delivers stable operational performance with strong order book visibility, supported by long-standing relationships with innovator pharmaceutical companies.
Revenue visibility has improved significantly following the completion of major capital expenditure programs and the successful clearance of regulatory audits by USFDA, EDQM, AIFA, and PMDA.
The company maintains a strong strategic focus on high value-added therapeutic areas, with oncology products accounting for more than 50% of total revenues.
The liquidity position remains adequate, backed by unrestricted cash balances, current investments, and unutilized fund-based bank limits to cover upcoming debt servicing requirements.
Other details
Clean price₹82,931.34
Dirty price₹83,456.45
Current yield10.80%
Security cover--
Issue size50.00Cr
Original bond tenure36 months
TrusteeAxis Trustee Services Limited
Mode of issueNCD
Listed onNSE
Listing date20 Jan 2026
Coupon rate10.00%
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