Depreciation and interest pushed DCAL to a Rs 57.88 cr loss
The consolidated business generated Rs 60.08 cr of operating profit, but depreciation and interest drove pre-tax profit into the red.
Filed 14 Aug 2026, 20:02 IST · after market close · DCAL (DCAL)
Key takeaways
- DCAL reported a consolidated Q1FY27 net loss of Rs 57.88 cr despite operating profit of Rs 60.08 cr.
- CDMO revenue fell 12.6% year on year after a customer rescheduled about CHF 10 million of project deliverables, taking segment margin to 6.3% from 17.9%.
- Marketable Molecules revenue rose 48% year on year, but its margin fell to 18.6% from 32.4% as Cholesterol sales outweighed Vitamin D Analogue sales.
Operating profit was overtaken below the line
DCAL's consolidated operating profit of Rs 60.08 cr was not enough to absorb Rs 37.09 cr of interest and Rs 90.68 cr of depreciation, leaving a profit-before-tax loss of Rs 51.22 cr. A Rs 6.66 cr tax charge further widened the net loss to Rs 57.88 cr. The negative 13.00% tax rate reflects a tax charge alongside a pretax loss rather than a tax benefit.
CDMO timing and mix weakened margins
Management said CDMO revenue fell because a customer moved about CHF 10 million of deliverables to the second half, while the segment's largely fixed cost base remained in place. It also said a notional foreign-exchange loss of Rs 117.3 million affected CDMO margins, which fell to 6.3% from 17.9%. Management attributed the Marketable Molecules margin decline to a higher share of Cholesterol sales than Vitamin D Analogue sales.
Expansion continued alongside deferred CDMO work
Management said the company added CHF 4.9 million of capex in Q1FY27. The presentation also identifies a new 9,500 m2 sterile injectable facility in France. These expansion details sit alongside management's account of CDMO deliverables being shifted to the second half.
Results were filed after market close
The consolidated results were filed at 20:02 IST on 14 August 2026, after market close. The immediate market response is therefore not part of this quarter's read-through.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹678 cr |
| Other income | ₹16 cr |
| Expenses | ₹618 cr |
| Operating profit | ₹60 cr |
| Operating margin (%) | 8.87% |
| Interest | ₹37 cr |
| Depreciation | ₹91 cr |
| Profit before tax | ₹-51 cr |
| Tax | ₹7 cr |
| Net profit | ₹-58 cr |
| EPS (₹) | ₹-3.69 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Marketable Molecules revenue increased 48% year over year in Q1 FY27, mainly due to higher Cholesterol revenue.
- CDMO revenue declined 12.6% year over year in Q1 FY27 due mainly to rescheduled project deliverables.
Expansion
- The company added CHF 4.9 million of capex during Q1 FY27.
- The company has a 9,500 m2 new sterile injectable facility in France.
Problems & risks
- CDMO revenue declined because the customer rescheduled project deliverables worth about CHF 10 million to the second half.
- CDMO margin fell because revenue was deferred while the cost base remained largely fixed, with a CHF 117.3 million foreign-exchange loss also affecting margins.
- Marketable Molecules margin declined because Cholesterol sales were higher than Vitamin D Analogue sales.
What to watch
- Whether CDMO revenue recovers from the reported 12.6% year-on-year decline after the CHF 10 million rescheduling.
- Whether CDMO margin improves from 6.3% after the fixed-cost and Rs 117.3 million foreign-exchange impact.
- Whether Marketable Molecules margin changes from 18.6% as the Cholesterol and Vitamin D Analogue mix evolves.