Below is a structured extraction and summary of the relevant and actionable financial information from the Dishman Carbogen Amcis Limited results filing for the quarter and half year ended September 30, 2025.

1. Auditor’s Note

• Type: Limited Review Report by T R Chadha & Co LLP (Statutory Auditors).
• Opinion:
  • No qualifications or adverse remarks.
  • The auditors confirm that the financial results (Standalone and Consolidated) are prepared in accordance with applicable Indian Accounting Standards (Ind AS) and SEBI regulations.
  • The auditors highlight the accounting treatment of goodwill amortization and change in estimate of useful life (see detailed notes).
  • Limited assurance provided on Security Cover Certificates for Non-Convertible Debentures; no issues noted.
• Conclusion: Standard limited review with no qualifications or concerns.

2. Financial Performance

A. Consolidated Financials

*EBITDA approximated as Total Income - Total Expenses (excluding depreciation, finance costs, exceptional items).

B. Standalone Financials

*EBITDA approximated as Total Income - Total Expenses (excluding depreciation, finance costs).

3. Detailed Notes / Management Commentary

• Goodwill Amortization & Accounting Policy Change:
  • Goodwill of ₹1,326.86 Cr recognized on amalgamation in 2016-17, amortized over 15 years initially.
  • Revised useful life extended to 99 years starting April 1, 2024, based on improved outlook post-COVID and regulatory clearances.
  • Goodwill carrying value as of Sep 30, 2025: ₹584.25 Cr.
  • Impact: Depreciation & amortization expense would have been lower by ₹1.66 Cr (Q2 FY26) and ₹3.31 Cr (H1 FY26) if amortization was not done; PBT correspondingly higher.
  • Goodwill impairment testing to be done annually.
• Exceptional Items:
  • Inventory write-downs by subsidiary: ₹2.65 Cr (Q2 FY26), ₹2.96 Cr (Q2 FY25), related to unusable inventories for near to mid-term projects.
• Segment Information:
  • Group operates as a single segment: Contract Development and Manufacturing Organisation (CDMO) and related specialty chemicals.
• Subsidiary Merger:
  • Carbogen Amcis Specialities AG merged with Carbogen Amcis Innovation AG effective April 1, 2025.
• Regulatory & Accounting Updates:
  • Code on Social Security, 2020 impact to be assessed when notified.
• Security Cover for Debt:
  • Company maintains 100% security cover for listed Non-Convertible Debentures (NCDs) via exclusive charge on identified land parcels owned by promoter entity Dishman Infrastructure Limited (DIL).
  • Security cover ratios (book value): ~1.33; market value cover: ~1.21.
  • No principal repayments due during the quarter; interest payments made on time.
• Financial Covenants:
  • Testing of financial covenants for debt securities to be done at FY end March 31, 2026; no testing done as of Sep 30, 2025.

4. Segment Information

• No separate segment disclosures; company operates as a single business segment (CDMO and related products).
• Geographical or product-wise breakdown not provided.

5. Capex, Projects, and Corporate Activity

• Capital Expenditure:
  • Standalone: ₹22.93 Cr spent in H1 FY26 vs ₹54.90 Cr in FY25.
  • Consolidated: ₹118.38 Cr spent in H1 FY26 vs ₹216.76 Cr in FY25.
• Acquisitions / Mergers:
  • Merger of Carbogen Amcis Specialities AG with Carbogen Amcis Innovation AG effective April 1, 2025.
• Impairments / Write-downs:
  • Inventory impairment of ₹2.65 Cr in Q2 FY26 by subsidiary.
• Debt Activity:
  • Consolidated non-current borrowings: Net repayment of ₹81.07 Cr in H1 FY26 (proceeds ₹104.55 Cr, repayments ₹185.62 Cr).
  • Standalone non-current borrowings: Net repayment of ₹26.83 Cr in H1 FY26 (proceeds ₹79.55 Cr, repayments ₹106.38 Cr).
• Cost-Cutting / Strategic Shifts:
  • No explicit mention of restructuring or cost-cutting measures.
• Security Cover:
  • Maintained 100% security cover on NCDs with exclusive charge on promoter land assets.

6. Standalone vs Consolidated

• Consolidated results show significantly higher scale and profitability compared to standalone.
• Standalone continues to report losses, while consolidated shows profit recovery.
• Goodwill and intangible assets largely reside in consolidated accounts (including subsidiaries).

Additional Key Financial Ratios (Standalone & Consolidated)

*Annualised based on trailing 12 months.

Summary & Actionable Points

• Profitability: Consolidated profitability has improved significantly in Q2 FY26 and H1 FY26 compared to previous year, with net profit after tax of ₹65.27 Cr (Q2) and ₹88.68 Cr (H1). Standalone remains loss-making but shows some improvement in Q1 FY26.
• Revenue: Consolidated revenue declined QoQ but remains broadly stable YoY. Standalone revenue declined QoQ and YoY.
• Goodwill: Change in amortization policy extends goodwill life to 99 years, reducing amortization expense going forward and improving PBT. No impairment indicated.
• Capex: Significant capex continues at consolidated level, indicating ongoing investments and growth projects.
• Debt & Security: Company maintains strong security cover on listed NCDs; no defaults reported. Debt levels stable with some repayments.
• Cash Position: Consolidated cash and equivalents increased to ₹463.80 Cr, indicating strong liquidity. Standalone cash is low at ₹3.53 Cr.
• Segment: Single business segment; no further segmentation disclosed.
• Auditor’s Opinion: Clean limited review with no qualifications.
• Risks: Inventory write-downs by subsidiary and ongoing amortization of goodwill are noted but not material.
• Compliance: Financial covenants testing deferred to FY end; no issues reported.

This summary is suitable for the investment analysis team to understand the company’s financial health, performance trends, and key accounting policies as of Q2 FY26.