Revenue and Operating Performance
Over the seven-year period ending March 2025, Dishman Carbogen’s net sales demonstrated a generally upward trend, increasing from ₹2,058.60 crores in 2019 to ₹2,711.50 crores in 2025. This represents a compound growth trajectory, with notable acceleration from 2021 onwards. Total operating income mirrored this pattern, reflecting the absence of other operating income throughout the period.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income showed volatility. It declined from ₹551.90 crores in 2019 to a low of ₹274.35 crores in 2021, before recovering to ₹468.94 crores in 2025. Including other income, operating profit (PBDIT) followed a similar pattern, peaking at ₹605.72 crores in 2019 and dipping to ₹314.71 crores in 2024 before rebounding to ₹490.62 crores in 2025.
Operating profit margins excluding other income contracted from 28.75% in 2019 to 17.29% in 2025, indicating margin pressure despite revenue growth. Gross profit margins also declined from 28.6% to 11.55% over the same period, reflecting rising costs and operational challenges.
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Profitability and Earnings
Dishman Carbogen’s profitability has been inconsistent. Profit before tax swung from a high of ₹308.79 crores in 2019 to losses in several years, including a significant loss of ₹122.26 crores in 2024. The company returned to a modest profit before tax of ₹19.31 crores in 2025. Correspondingly, profit after tax (PAT) was positive in 2019 and 2020 but suffered steep losses in 2021 and 2024, with a marginal profit of ₹3.24 crores in 2025.
Earnings per share (EPS) reflected this volatility, falling from ₹13.03 in 2019 to negative values in 2021 and 2024, before recovering slightly to ₹0.21 in 2025. The PAT margin also declined sharply, from 10.96% in 2019 to a mere 0.12% in 2025, underscoring the challenges in sustaining profitability despite revenue growth.
Balance Sheet and Financial Position
The company’s shareholder funds remained relatively stable, increasing modestly from ₹5,698.82 crores in 2021 to ₹5,831.52 crores in 2025. However, total liabilities rose significantly from ₹8,355.86 crores in 2021 to ₹9,986.34 crores in 2025, driven largely by an increase in long-term borrowings which surged from ₹503.94 crores in 2021 to ₹1,149.19 crores in 2025. Short-term borrowings also fluctuated, peaking at ₹1,718.79 crores in 2024 before declining to ₹934.72 crores in 2025.
Net block of fixed assets grew steadily, reaching ₹6,815.19 crores in 2025, reflecting ongoing capital investments. Capital work in progress also increased, indicating expansion or upgrade projects underway. Total assets rose from ₹8,355.86 crores in 2021 to nearly ₹10,000 crores in 2025, signalling growth in the company’s asset base.
Cash Flow Trends
Cash flow from operating activities showed resilience, with ₹375 crores generated in 2025, slightly down from ₹379 crores in 2024 but significantly higher than ₹265 crores in 2023. Investing activities consistently reflected cash outflows, peaking at ₹618 crores in 2022, indicative of sustained capital expenditure. Financing activities varied, with a net outflow of ₹102 crores in 2025 following a minor outflow in 2024 and a substantial inflow in 2023.
Net cash inflow was positive in 2025 at ₹76 crores, improving from ₹21 crores in 2023, while closing cash and cash equivalents rose to ₹341 crores, supporting liquidity despite the company’s elevated debt levels.
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Summary and Outlook
Dishman Carbogen’s historical performance reveals a company that has managed to grow its top line steadily over recent years, yet has struggled to maintain consistent profitability. The operating and gross margins have contracted, reflecting rising costs and operational pressures. Profitability metrics have been volatile, with losses in multiple years offset by modest profits in others.
The balance sheet shows a growing asset base supported by increased borrowings, which may pose financial risk if not managed prudently. Cash flow from operations remains positive, providing some comfort on liquidity, although significant investing outflows highlight ongoing capital commitments.
Investors should weigh the company’s revenue growth and operational scale against its profitability challenges and rising debt. The recent improvement in operating profit margins and cash flow generation could signal a stabilising phase, but cautious monitoring of financial health and market conditions remains essential.
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