Dishman Carbogen Amcis Ltd. (DCAL) AI Stock Analysis

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Dishman Carbogen Amcis Ltd.

(NSE:DCAL)

Select Model

Rating:56Neutral

Price Target:INR 155.00▼(-10.87% Downside)

Action:reiterated

Date:08/18/26

The company's improving profitability and stable balance sheet are offset by a significant gross margin decline and weak technical momentum. The stock trades below key moving averages with a moderate valuation, resulting in a neutral-to-cautious overall score.

Positive Factors

CDMO Business ModelDCAL operates across development, scale-up and commercial manufacturing, allowing customer projects to progress through multiple stages of the pharmaceutical value chain. This integrated offering can support repeat business and deepen customer relationships when molecules advance into ongoing supply.

Negative Factors

Profit VolatilityRepeated swings between losses and profits, together with very low profit in 2025 despite higher sales, indicate that revenue growth has not translated consistently into earnings. This makes future profitability less predictable and weakens confidence in stable margin performance.

Dishman Carbogen Amcis Ltd. (DCAL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 27.11B
Dividend Yield: ―
Average Volume (3M): 16.34K
Price to Earnings (P/E): 39.8
Beta (1Y): 1.29
Revenue Growth: -20.86%
EPS Growth: -34.51%
Country: India
Employees: 934
Sector: General
Sector Strength: 55
Industry: Biotechnology

Dishman Carbogen Amcis Ltd. Business Overview & Revenue Model

Company Description

Established in 1983 and headquartered in Ahmedabad, India, Dishman Carbogen Amcis Limited provides specialized contract research and manufacturing solutions to the worldwide pharmaceutical sector. The company operates through two main business segmen...

How the Company Makes Money

DCAL makes money primarily by supplying custom-manufactured molecules and associated development/manufacturing services to customers in the pharmaceutical and life-sciences value chain, and by selling specialty chemicals. 1) Contract development and...

Dishman Carbogen Amcis Ltd. Financial Statement Overview

Summary

Revenue growth and a return to profitability are positive, supported by solid operating cash flow and a manageable debt-to-equity ratio of 0.46. However, the sharp decline in gross margin to 25.2% and historically volatile earnings temper the score.

Income Statement

58Neutral

Balance Sheet

65Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	22.92B	29.32B	27.11B	26.16B	23.15B	21.41B
Gross Profit	5.69B	7.37B	22.10B	18.45B	17.81B	16.82B
EBITDA	4.44B	5.62B	4.73B	3.07B	3.08B	3.43B
Net Income	682.52M	974.50M	32.40M	-1.53B	-298.00M	180.10M
Balance Sheet
Total Assets	0	119.23B	99.99B	95.81B	94.53B	86.37B
Cash, Cash Equivalents and Short-Term Investments	10.07B	10.07B	5.32B	4.31B	3.09B	4.67B
Total Debt	0	30.76B	23.89B	23.13B	22.09B	18.30B
Total Liabilities	-66.77B	52.46B	41.68B	39.54B	36.44B	30.89B
Stockholders Equity	66.77B	66.77B	58.32B	56.27B	58.10B	55.49B
Cash Flow
Free Cash Flow	0	780.50M	1.58B	807.20M	-3.54B	-1.09B
Operating Cash Flow	0	3.45B	3.75B	3.84B	2.66B	3.55B
Investing Cash Flow	0	-2.55B	-1.92B	-2.30B	-4.94B	-6.19B
Financing Cash Flow	0	3.57B	-1.02B	-221.50M	2.50B	1.30B

Dishman Carbogen Amcis Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price173.90

Price Trends

50DMA159.28Positive

100DMA171.97Positive

200DMA176.85Negative

Market Momentum

MACD3.95Negative

RSI68.89Neutral

STOCH93.84Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DCAL, the sentiment is Positive. The current price of 173.90 is above the 20-day moving average (MA) of 152.83, above the 50-day MA of 159.28, and below the 200-day MA of 176.85, indicating a neutral trend. The MACD of 3.95 indicates Negative momentum. The RSI at 68.89 is Neutral, neither overbought nor oversold. The STOCH value of 93.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:DCAL.

Dishman Carbogen Amcis Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:DCAL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:BLUEJET	71Outperform	INR 102.28B	33.71	―	0.22%	-7.05%	-21.25%
IN:SYNGENE	67Neutral	INR 180.70B	95.96	―	0.28%	-5.99%	-60.30%
IN:CONCORDBIO	61Neutral	INR 125.76B	44.05	―	1.27%	4.02%	-12.81%
IN:DCAL	56Neutral	INR 27.28B	39.75	―	―	-20.86%	-34.51%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:ONESOURCE	48Neutral	INR 185.42B	-10734.00	―	―	10.66%	-104.59%
IN:BIOCON	47Neutral	INR 604.03B	121.75	―	0.14%	5.70%	-24.72%

* General Sector Average

Performance Comparison

IN:DCAL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:DCAL	Dishman Carbogen Amcis Ltd.	173.90	-77.55	-30.84%
IN:BIOCON	Biocon Limited	366.80	-54.00	-12.83%
IN:BLUEJET	Blue Jet Healthcare Limited	539.00	-41.83	-7.20%
IN:CONCORDBIO	Concord Biotech Ltd.	594.50	-151.73	-20.33%
IN:SYNGENE	Syngene International Ltd.	444.70	-205.06	-31.56%
IN:ONESOURCE	OneSource Specialty Pharma Limited	1613.45	-171.70	-9.62%

Dishman Carbogen Amcis Ltd. Corporate Events

Dishman Carbogen Amcis Adopts FY26 Standalone Accounts at Virtual AGM

Sep 30, 2026

Dishman Carbogen Amcis Ltd. held its 19th Annual General Meeting on September 30, 2026, via video conferencing and other audio-visual means, in compliance with Ministry of Corporate Affairs and SEBI guidelines for virtual shareholder meetings. Partic...

Dishman Carbogen Amcis Announces Cessation of Vice President (Operation)

Aug 29, 2026

Dishman Carbogen Amcis Limited has announced a change in senior management, disclosing that Vice President (Operation) Mr. Deepak Ram Chandra Mittal has ceased to hold his position with effect from the close of business hours on August 27, 2026.The c...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 18, 2026

Dishman Carbogen Amcis Ltd. AI Stock Analysis