Dishman Carbogen Amcis Ltd

- Primarily, Dishman Carbogen Amcis Limited plans to fund upcoming investments through internal accruals and operational cash flow. - There might be fundraising in the future, but only at the right valuation and after considering all relevant factors. - Currently, there is no definitive plan to raise funds through new debt or equity; emphasis is on using internal cash flow. - Regarding current debt, they are focused on reducing higher-cost debt in India (about INR 750 crores) using free cash flow. - No explicit mention of immediate or planned debt or equity fundraising beyond these points in the near term.

- Dishman Carbogen Amcis is undertaking co-investment projects with a Japanese customer to ramp up capacity for ADC linker payload supplies, expected to complete in about 1.5 years (Page 13). - The company plans significant ramp-up in revenues from this co-investment, with expectations of CHF 30-40 million incremental revenue in coming years (Page 14). - The French facility, with ~EUR 50 million (~INR 500 crore) investment, started operations recently and is expected to ramp up and reach breakeven next financial year (Page 24). - The India site has seen investments of about INR 300 crore, with a large focus on filling up capacities via submitted RFPs worth ~INR 1,200 crore; target revenue from India is INR 500 crore in next 12-18 months and INR 800 crore over 3-5 years (Pages 12-13, 24). - Over the next three years, internal accruals will primarily fund further investments; fundraising may be considered depending on valuation and conditions (Page 33).

- Expect significant ramp-up in India operations with INR 1,200 crores worth of RFPs submitted; 30-35% expected conversion into orders within 6 months, targeting INR 500 crores revenue in next 12-18 months and INR 800 crores in 3-5 years. - Swiss entity aims to double development revenue over next 5 years by securing more initial phase and phase III projects. - French subsidiary plans breakeven next financial year, with FY27 revenue projected at ~EUR 18 million and increasing interest/orders. - Shanghai facility targeting pharmaceutical market in China with recently obtained local FDA certification; utilization expected to rise from 50% to ~75%. - Supply of ADC drug molecules expected to grow strongly, with blockbuster drugs expanding indications, increasing volumes over next 3-5 years. - Overall, full year EBITDA margin target remains around 20%, with long-term goal of 25-26% consolidated margin by 2028 and 30% by 2030.

- The company targets to improve consolidated EBITDA margins from around 20% in FY26 to 25-26% within the next two years and aims to reach 30% by 2030. - Revenues from key blockbuster ADC molecules are expected to ramp up significantly over the next 3-5 years, driven by additional indications and breakthrough therapy designations. - The French facility is expected to break even in FY27 with revenues rising to approximately EUR 18 million. - India site utilization is targeted to increase 2.5x within 2-3 years, with revenue expected to rise from the current base towards INR 500 crores in 12-18 months and INR 800 crores in 3-5 years. - The Swiss entity plans to double development revenue over the next five years by securing early-stage projects and phase III supplies. - Overall, revenue growth and margin expansion are expected to be driven by operational ramp-up, new orders, and capacity utilization improvements.

- Dishman Carbogen Amcis has submitted approximately INR 1,200 crores worth of RFPs (Requests for Proposals) from the India site. - The expected conversion rate of these RFPs into orders is about 30% to 35%. - Orders converted from RFPs are anticipated to be supplied mostly within the next 12 to 18 months. - The India site aims to reach INR 500 crores in revenue within 12 to 18 months and INR 800 crores in the subsequent 3-5 years. - For the Japanese ADC customer, there is a confirmed visibility of revenues over the next three years, supported by ongoing co-investment. - The company is pursuing multiple rounds of co-investments and capacity expansions, indicating a growing order pipeline. - RFPs in Switzerland include both early-phase and commercial production, with some commercial-scale orders expected soon.