Financial Performance for Q1 FY27 (Quarter Ending June 30, 2026)
Income from operations stood at INR 6,776 million, compared to INR 7,080 million in Q1 FY26, representing a 4% year-on-year decline.
The decline was primarily attributed to the postponement of an order worth approximately INR 10 million (CHF 10 million equivalent) to the latter half of the financial year.
Cost of goods sold (COGS) was INR 1,142 million.
Employee expenses were INR 3,891 million, consistent with Q4 FY26 levels.
Other expenses were INR 1,142 million, which included a foreign exchange loss of INR 117.3 million primarily due to USD/CHF fluctuations.
EBITDA was INR 600 million, significantly lower than INR 1,406 million in Q1 FY26.
Finance cost reduced to INR 370 million for the quarter.
Loss before tax was INR 512 million with a tax expense of INR 66 million.
Segment-wise Performance
CDMO Segment: Revenue of INR 5,343 million (vs. INR 6,112 million in Q1 FY26) with EBITDA margin of 6.3% (vs. 17.9% in Q1 FY26).
Marketable Molecules Segment: Revenue of INR 1,432 million (vs. INR 968 million in Q1 FY26) with EBITDA margin of 18.6% (normalized from 32% in Q1 FY26 due to higher cholesterol sales vs. analogues).
Capital Structure and Debt Position
Net debt excluding lease liabilities stood at CHF 153.6 million as of June 30, 2026.
Capital expenditure for Q1 FY27 was CHF 4.9 million.
The company obtained shareholder approval for raising up to CHF 200 million through external commercial borrowing (ECB) at the promoter entity level to be infused into the Indian entity.
The ECB will carry 4% all-inclusive interest with a 10-year tenor, aimed at prepaying high-cost debt and financing future Capex/working capital requirements.
The fundraise is expected to be completed within the next 60-90 days, involving personal assets and guarantees from promoters.
Operational and Business Updates
Project Developments:
Signed commercial contract with a US company to transfer a legacy project from Switzerland to Bavla site, expected completion within FY27.
Second major legacy project tech transfer approved by a prominent Swiss MNC, already initiated.
Three additional tech transfer projects from Switzerland to India in advanced discussion phase.
Supported the July 2026 US launch of a microcyclic peptide for a multinational company.
Over 13 late-phase projects including PPQ campaigns in portfolio, with one recent FDA approval moving from Phase III to commercial.
SPRINT initiative for early-phase project acquisition showing positive results.
Commercial and Sales Strategy:
Appointment of Angela Ameriks as Chief Commercial Officer with decades of CDMO experience.
New sales leadership team hired for India, with additional recruitment in Europe and US West Coast.
Focus on integrated offerings between Carbogen Amcis and Dishman entities.
Pursuing first deal with Celonic as biologics partner for bioconjugation offering.
Guidance and Outlook:
FY27 Revenue: Expected single-digit growth.
FY27 EBITDA Margin: Similar to FY26 levels (approximately 20-21%), potentially slightly higher.
