Board Meeting Details
The Board of Directors meeting was held on Friday, 13th November 2026, commencing at 04:00 PM and concluding at 08:45 PM. The meeting approved the Un-Audited Financial Results (Standalone and Consolidated) for the second quarter and half year ended 30th September 2026.
Financial Results Overview
Consolidated Financial Results (Rupees in Crores)
Quarter Ended September 30, 2026:
- Total Income from operations (net): ₹507.37
- Other Income: ₹3.56
- Total Income: ₹510.93
- Total Expenses: ₹591.93
- Loss before tax: ₹(81.00)
- Tax expense: ₹(14.27)
- Net Loss after tax: ₹(66.73)
- Basic EPS: ₹(4.26)
- Diluted EPS: ₹(4.26)
Half Year Ended September 30, 2026:
- Total Income from operations (net): ₹1,185.01
- Other Income: ₹21.72
- Total Income: ₹1,206.73
- Total Expenses: ₹1,337.26
- Loss before tax: ₹(132.22)
- Tax expense: ₹(7.61)
- Net Loss after tax: ₹(124.61)
- Basic EPS: ₹(7.95)
- Diluted EPS: ₹(7.95)
Standalone Financial Results (Rupees in Crores)
Quarter Ended September 30, 2026:
- Total Income from operations (net): ₹83.59
- Other Income: ₹3.79
- Total Income: ₹87.38
- Total Expenses: ₹121.14
- Loss before tax: ₹(33.76)
- Tax expense: ₹(8.49)
- Net Loss after tax: ₹(25.27)
- Basic EPS: ₹(1.61)
- Diluted EPS: ₹(1.61)
Half Year Ended September 30, 2026:
- Total Income from operations (net): ₹140.67
- Other Income: ₹22.68
- Total Income: ₹163.35
- Total Expenses: ₹227.12
- Loss before tax: ₹(65.46)
- Tax expense: ₹(16.28)
- Net Loss after tax: ₹(49.18)
- Basic EPS: ₹(3.14)
- Diluted EPS: ₹(3.14)
Balance Sheet Position (Consolidated)
As at September 30, 2026:
- Total Assets: ₹11,796.10 Crores
- Total Equity: ₹6,671.07 Crores
- Non-current liabilities: ₹2,403.97 Crores
- Current liabilities: ₹2,721.06 Crores
- Cash and cash equivalents: ₹1,009.09 Crores
- Inventories: ₹1,112.76 Crores
- Trade receivables: ₹470.39 Crores
Key Financial Ratios (Consolidated)
As at September 30, 2026:
- Debt-equity ratio: 0.47 Times
- Interest service coverage ratio: 2.61 Times
- Current ratio: 1.11 Times
- Operating margin: 8.95%
- Net profit margin: (10.52)%
- Debt service coverage ratio: 0.83 Times
Goodwill Accounting Change
The Board reassessed the useful life of goodwill arising from the 2016-17 amalgamation of Dishman Pharmaceuticals and Chemicals Limited and Dishman Care Limited into Dishman Carbogen Amcis Limited. The carrying value of ₹594.17 Crores as on April 1, 2024, will be amortized over a revised life of 99 years starting from January 1, 2015, instead of the remaining useful life of 7 years.
Had the goodwill not been amortized as required under Ind AS 103, the Depreciation and Amortization expense for the quarter ended September 30, 2026 would have been lower by ₹1.66 crores, and the Profit Before Tax would have been higher by an equivalent amount.
Non-Convertible Debenture Issuances
The company issued and allotted the following secured NCDs on private placement basis:
1. August 17, 2026 Issuance:
- Amount: ₹75.00 Crores
- Security: Exclusive charge on identified land parcel of Dishman Infrastructure Limited
- Use of proceeds: Capex, working capital, repayment of debt, general corporate purposes
- No deviation in use of proceeds
2. September 28, 2026 Issuance:
- Amount: ₹15.00 Crores
- Security: Exclusive charge on identified land parcel of Dishman Infrastructure Limited
- Use of proceeds: Capital expenditure, working capital, repayment of debt, general corporate purposes
- No deviation in use of proceeds
Debt Servicing Updates
The company duly paid principal and interest payments for various NCDs during the quarter:
- ISIN INE385W07034: ₹49.99 Crores paid during July 13-15, 2026
- ISIN INE385W07042: Quarterly interest paid during September 22-25, 2026
- ISIN INE385W07059: Quarterly interest and partial principal redemption paid on July 17, 2026
- ISIN INE385W07067: Quarterly interest paid on September 4-7, 2026
All NCDs maintained 100% security cover of principal and interest amounts as on September 30, 2026.
Tax Provision Change
The company has decided to exercise the option available under Section 200 of the Income Tax Act, 2025, applicable from FY 2026-27 onwards, resulting in a change in the effective tax rate.
Auditor Review
M/s. T R Chadha & Co LLP, Chartered Accountants, carried out a limited review of both standalone and consolidated financial results and issued unmodified review reports dated November 13, 2026.
The auditors noted the accounting treatment relating to the scheme involving merger of Dishman Pharmaceuticals and Chemicals Limited and Dishman Care Limited with Dishman Carbogen Amcis Limited, which resulted in goodwill recognition of ₹1,326.86 Crores that is being amortized.
Subsidiary Information
Consolidated financial results comprise the results of the parent company and 17 subsidiaries, including:
- Dishman CARBOGEN AMCIS (Europe) Ltd.
- Dishman USA Inc.
- Carbogen Amcis Holdings AG, Switzerland
- Dishman International Trading (Shanghai) Co. Ltd
- Dishman Biotech Ltd.
- Dishman Medicare Limited
- Various other step-down and step-stepdown subsidiaries
Segment Information
The Group operates as a single segment engaged in Contract Development and Manufacturing Organisation (CDMO), quats, specialty chemicals, Vitamins D3 and its analogues, cholesterols, disinfectants, etc.
Exceptional Items
Previous quarter and half year include a charge of ₹1.69 crores representing transaction costs for a proposed QIP of equity shares, written off following management's decision to abandon the issue due to adverse market conditions.
Security Cover Certificates
The company enclosed certificates on security cover for Non-Convertible Debentures issued under ISINs INE385W07042, INE385W07059, INE385W07067, INE385W07075 and INE385W07083, as prescribed by SEBI circular dated May 19, 2022.
Availability of Results
The financial results are available on the Company's website (www.imdcal.com) and on the stock exchange websites (www.bseindia.com and www.nseindia.com).