In the concall; they had mentioned that net debt levels would start to come down as early as this coming quarter. They had also raised NCDs recenty; but quarter on quarter net debt reduced from 173 CHF to 168 CHF.
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can you pl share link for concall recording
Note: My bad, they have a 2~3 year perspective to bring the net debt level down to 120m from current 168m.
is there any information on their capacities across countries and info on unit wise utilization, sales and margins.
they have 25 manufacturing units which is very high for a company with 2,500 Cr of sales !!
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anybody has any research / info on Dishman. Seems to be turning around.. but not sure.
Have been holding them for quite some time. The issues regarding approvals seem to be behind them now. Capacity building capex is also mostly done. Only maintenance costs to be incurred for the near future. That should help to reduce their debt. Guidance is around 10-15% growth, so nothing too extraordinary but should atleast start showing profitability.
One concern in my opinion should be the weakening of dollar and strengthening for the Swiss franc (mainly this April onwards).
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My couple of cents -
They are on the cusp of improving the performance. I am anticipating FY26 revenue to be about 3,000 Cr. and with 20% EBITA, their current valuation is at 5.5 times EBITA. I feel the research driven business has good probability of re-rating.
Just in terms of human capital - they have 550 Scientist whereas Laurus has 1,100 which is double. However Laurus’s market cap is 10 times that of Dishman. I understand it not a comprehensive comparison but confined to only one parameter. But definitely sufficient to believe that with capabilities (Human and Plants and Approvals) Dishman has potential for a decent market cap growth in coming years.
Disc - Invested
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All units are doing well now. it seems stock will be rerated.