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The rating agency for this Bond is IND-RA.
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Dishman Carbogen Amcis Ltd. Dec '27
₹99,373.08YTM
11.15%Tenure left
14 monthsInterest payout
QuarterlyPrincipal payout
BulletBond details
Minimum investment₹99,373.08
Date of maturity09 Dec 2027
ISININE385W07067
Bond typeSenior Secured
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About
Dishman Carbogen Amcis Limited (DCAL) is an integrated Contract Research and Manufacturing Services (CRAMS) pharmaceutical company headquartered in Ahmedabad, Gujarat, led by Managing Director Mr. Arpit Vyas. The company operates primarily through two segments: CRAMS (accounting for 84% of 9MFY26 revenue) and Marketable Molecules (16%), with a focus on high-value therapeutic areas such as oncology, cardiovascular, central nervous system, and orphan drugs. DCAL maintains 10 manufacturing locations across six countries—India, the UK, Switzerland, the Netherlands, China, and France—supported by 32 dedicated R&D laboratories and 23 multi-purpose manufacturing facilities approved by global regulatory agencies including the USFDA, EDQM, Swissmedic, and PMDA.;
Pros and Cons
Pros
Cons
The company maintains a globally diversified business profile across 10 manufacturing sites in six countries with regulatory approvals from global agencies including the USFDA, EDQM, and PMDA.
Regulatory overhangs at the primary Indian manufacturing facility in Bavla were successfully resolved, securing final inspection approvals from PMDA (January 2024), EDQM (February 2024), and USFDA (May 2024).
The firm holds a strong order pipeline with a development order book of CHF 114 million and a commercial order book of CHF 85 million at end-December 2025, supported by forward-integration into a new French injectable formulation facility.
It secured a co-investment agreement valued at over CHF 25 million with a longstanding Japanese customer to expand manufacturing capabilities in Switzerland, providing revenue visibility.
Raw material price softening and supply contracts for complex late-phase molecules have supported consolidated EBITDA margins, which management projects to improve toward 19%–20% in FY26.
Other details
Clean price₹99,181.30
Dirty price₹99,373.08
Current yield11.15%
Security cover--
Issue size180.00Cr
Original bond tenure17 months
TrusteeAxis Trustee Services Ltd
Mode of issueNCD
Listed onNSE
Listing date11 Jun 2026
Coupon rate10.00%
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