Revenue drops 25.13% sequentially as DCAL remains loss-making
Operating margin edged up 0.19 percentage points, but higher interest and a 30.62-point tax-rate swing pushed the net loss to Rs 66.73 cr.
Filed 13 Nov 2026, 21:42 IST · after market close · Dishman Carbogen Amcis Ltd (DCAL)
Key takeaways
- Consolidated revenue fell 25.13% sequentially to Rs 507.37 cr, while expenses fell slightly faster at 25.28%.
- Operating margin improved by 0.19 percentage points to 9.06%, but interest rose 8.12% and the net loss widened 15.29% sequentially to Rs 66.73 cr.
- Dishman Carbogen Amcis's 9.06% operating margin was 12.58 percentage points below the 21.64% median for 103 reported healthcare peers.
Price around the results
Revenue contraction kept the quarter weak
Dishman Carbogen Amcis reported consolidated revenue of Rs 507.37 cr in Q2FY27, down 25.13% from Q1FY27. Expenses declined 25.28%, slightly faster than revenue, helping operating profit margin rise by 0.19 percentage points to 9.06%. Profit before tax nevertheless worsened 58.14% sequentially to a loss of Rs 81.00 cr.
Interest, depreciation and tax weighed on earnings
Interest increased 8.12% sequentially to Rs 40.10 cr, while depreciation remained broadly flat at Rs 90.42 cr. Other income was only 4.40% of pre-tax profit and did not offset the operating and financing burden. The tax-rate measure moved up 30.62 percentage points from Q1FY27, and net loss widened 15.29% to Rs 66.73 cr.
Margin remains below the healthcare peer median
The company's 9.06% operating margin was 12.58 percentage points below the 21.64% median among 103 healthcare peers that had reported the same quarter. Sequentially, margin improved from 8.87%, but the quarter still ended with a loss per share of Rs -4.26 versus Rs -3.69 in Q1FY27.
Results were filed after market close
The consolidated results were filed at 21:42 IST on 13 November 2026, after the market close. No post-results stock reaction is included here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹507 cr | ₹678 cr | -25.13% |
| Other income | ₹4 cr | ₹16 cr | -78.38% |
| Expenses | ₹461 cr | ₹618 cr | -25.28% |
| Operating profit | ₹46 cr | ₹60 cr | -23.50% |
| Operating margin (%) | 9.06% | 8.87% | — |
| Interest | ₹40 cr | ₹37 cr | +8.12% |
| Depreciation | ₹90 cr | ₹91 cr | -0.29% |
| Profit before tax | ₹-81 cr | ₹-51 cr | -58.14% |
| Tax | ₹-14 cr | ₹7 cr | — |
| Net profit | ₹-67 cr | ₹-58 cr | -15.29% |
| EPS (₹) | ₹-4.26 | ₹-3.69 | -15.45% |
Operating margin of 9.06% compares with a Healthcare sector median of 21.64% across 103 peers that have reported Q2FY27.
What to watch
- Whether revenue recovers from Rs 507.37 cr after the 25.13% sequential decline.
- Whether operating margin holds above 9.06%.
- Whether interest falls back from Rs 40.10 cr after its 8.12% sequential increase.