Dishman Carbogen Amcis Ltd

- A long-term external commercial borrowing (ECB) from a promoter entity to the parent company has been approved by the Board, subject to regulatory and shareholder approval. - Purpose: To repay high-cost debt in India, reduce overall interest cost, provide flexibility in repayments, and support working capital and CapEx needs. - Tenure: 10 years, completely unsecured, allowing release of securities currently provided to banks in India. - The refinancing is expected to reduce consolidated interest cost significantly, targeting net interest cost not more than INR 70 crores for FY27. - No major CapEx planned except co-investment with a Japanese partner, fully funded by the partner. - No explicit mention of equity fundraising during the call. - The company aims to decrease net debt by CHF 10-15 million (~INR 150 crore) annually over the next 2-3 years.

- No major CapEx plans currently, except for co-investment with a Japanese innovator, where 100% of CapEx financing is by the partner (Page 18). - Ongoing maintenance CapEx will continue group-wide. - Investments planned in digital transformation, including SAP implementation across the group, lab management software, and exploring AI for process efficiencies (Page 18). - The recent Swiss manufacturing line went live in Q4 FY25; no significant new fixed assets planned beyond current capacity (Page 9). - Some CapEx may be required in the future, but not planned currently; financing sources considered cheap and flexible (Page 26). - Tech transfer of a large molecule to India is a key strategic development expected to improve margins and scale India business (Pages 18, 22). - Additional working capital and CapEx may be financed through new long-term borrowing approved by the Board (Page 8).

- The company targets a consolidated revenue CAGR of approximately 15% over the next 2-3 years, higher than the 10-12% growth achieved previously. (Page 28) - India business aims to grow significantly, targeting INR 500 crores revenue by FY28, benefiting from tech transfers and multiple projects in the pipeline. (Pages 12, 18, 23) - Stand-alone India revenue expected to increase in FY27 versus FY26, with potential to reach or exceed FY25 levels (~INR 400 crores) and grow further in FY28. (Page 19) - CDMO segment to maintain approximately 85% share of revenues and grow steadily; marketable molecules about 15%. (Page 16) - Margins in both CDMO and marketable molecule segments expected to improve, targeting 25% EBITDA margin by FY28. (Page 15) - Growth driven by new contracts, increasing orders, and digital transformation initiatives without major CapEx increase. (Pages 18, 28) - French entity's breakeven delayed but expected to improve due to combined drug substance and product offerings. (Page 28)

- Revenue CAGR expected at ~15% over the next 3 years, higher than previous years (Page 28). - EBITDA margins targeted to reach 25% by FY28, improving from current levels (Page 15). - French subsidiary aims to break even at EBITDA level by FY28, improving losses from EUR 9 million to profitability (Page 21). - Indian business expects revenue growth with targets of INR 500 crore+ topline by FY28, with improved profitability (Page 18). - Interest cost expected to reduce; net interest cost projected below INR 70 crore in FY28, aiding profit growth (Page 22). - Effective consolidated tax rate expected to decline from ~40% in FY27 to ~30% in FY28, and further to 15-20% over three years, enhancing net profits (Page 9). - Currency translation gains expected to increase INR denominated profits due to Swiss franc depreciation (Page 30).

- The company holds around INR 1,100 to INR 1,200 crores worth of Requests for Proposals (RFPs) in the India business. - They expect to convert approximately 30-35% of these RFPs into firm orders. - Physical inspection by a large innovator on a product’s active pharmaceutical ingredient is expected soon, which may translate into additional orders. - New contracts and orders are in fluid stages; exact quarters of order fulfillment remain uncertain. - For India, the target is to scale up revenue by INR 500 crores over the next 12 to 18 months. - There is a tech transfer of one of the largest molecules from the Swiss entity to India, expected to increase margins despite giving discounts. - Proposals have been made for late-phase and commercial projects in the French entity, with positive effects expected from combined drug substance and drug product offerings.