Dishman Carbogen Amcis Limited (DCAL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-102.0%

-₹3.06

vs ₹151.21 price

Levered DCF

-₹261.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.9×	1,049.76×	-24.86×	-65.66×	160.65×	-10.35×	5.42×	17.04×
P/B	0.3×	0.58×	0.68×	0.34×	0.52×	0.3×	0.15×	0.67×
P/S	0.69×	1.25×	1.46×	0.84×	1.35×	0.89×	0.42×	1.87×
EV / EBITDA	7.34×	11.18×	19.09×	13.11×	13.48×	10.66×	3.99×	7.61×
Gross margin	25.2%	81.5%	70.5%	76.9%	78.6%	74.7%	18.4%	20.3%
Operating margin	7.6%	6.5%	-3.1%	4.6%	1.4%	-0.6%	11.4%	17.5%
Net margin	3.3%	0.1%	-5.9%	-1.3%	0.8%	-8.6%	7.8%	11.0%
Current ratio	1.23×	1.14×	0.75×	1.07×	1.3×	1.32×	1.13×	1.3×
Debt / equity	0.46×	0.41×	0.41×	0.38×	0.33×	0.28×	0.24×	0.19×
Interest coverage	1.28×	1.1×	-0.71×	1.29×	0.62×	-0.28×	3.76×	6.88×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.5%	0.1%	-2.7%	-0.5%	0.3%	-2.9%	2.8%	3.9%
Return on invested capital	1.9%	0.3%	-0.9%	0.7%	-1.6%	-0.2%	2.5%	3.4%
Return on assets	0.8%	0.0%	-1.6%	-0.3%	0.2%	-2.0%	1.9%	2.9%
Free cash flow yield	3.8%	4.7%	2.1%	-18.1%	-3.8%	8.6%	20.6%	-0.7%
Earnings yield	4.8%	0.1%	-4.0%	-1.5%	0.6%	-9.7%	18.5%	5.9%
Enterprise value	₹41.2B	₹52.8B	₹58.6B	₹40.3B	₹46.2B	₹30.5B	₹20.9B	₹45.5B
Net debt / EBITDA	3.71×	3.98×	6.67×	6.75×	5.02×	4.7×	2.35×	1.62×
Cash conversion cycle (days)	219	577	372	492	440	342	178	187