Themis Medicare Limited Returns to Profit in Q2 FY27

Themis Medicare Limited returned to profitability in Q2 FY27, reporting consolidated net profit of ₹7.06 crore against a ₹3.62 crore loss a year earlier, while revenue from operations rose 15.07% year on year to ₹89.74 crore for the quarter ended September 30, 2026.

What did Themis Medicare report for Q2 FY27?

Themis Medicare reported improved consolidated operating and profit figures for the September 2026 quarter. Revenue from operations was ₹89.74 crore, compared with ₹77.99 crore in Q2 FY26 and ₹86.96 crore in Q1 FY27. The sequential revenue increase was 3.20%, while the year-on-year rise was 15.07%.

Net profit stood at ₹7.06 crore, reversing the net loss of ₹3.62 crore reported in the corresponding quarter of the previous year. Basic earnings per share was ₹0.77, compared with a loss per share of ₹0.39 in Q2 FY26. The quarterly result marks a return to profit on a reported basis after the year-earlier loss.

Total income for Q2 FY27 was ₹93.88 crore, including other income of ₹4.14 crore. Profit before tax was ₹8.22 crore, against a pre-tax loss of ₹3.45 crore a year earlier. The figures were released as consolidated results for the quarter ended September 30, 2026.

Why did quarterly profit differ from the previous quarter?

Themis Medicare's Q2 FY27 net profit was lower than the ₹24.62 crore recorded in Q1 FY27 because the preceding quarter included a major exceptional gain. Q1 FY27 included a ₹92.95 crore gain from the sale of 24,97,190 shares in associate Gujarat Themis Biosyn for ₹100 crore.

No exceptional item was reported in Q2 FY27. This makes the 71.33% sequential decline in reported net profit less comparable with the previous quarter, since Q1 profit was supported by the one-time share-sale transaction. Revenue, by contrast, increased sequentially from ₹86.96 crore to ₹89.74 crore.

The operating picture also improved from the year-earlier period. Operating profit was ₹5.58 crore in Q2 FY27, compared with an operating loss of ₹3.09 crore in Q2 FY26. Another reported measure showed operating profit of ₹0.91 crore against a loss of ₹8.43 crore, while EBITDA margin was 6.2%, versus negative 4.0% a year earlier. These measures are presented differently in the supplied result summaries, but both indicate an improvement from the prior-year quarter.

How did the first-half results compare with last year?

Themis Medicare reported H1 FY27 revenue of ₹176.7 crore, compared with ₹175.6 crore in H1 FY26. Net profit for the six months was ₹31.7 crore, reversing a loss of ₹17.8 crore in the first half of the prior financial year.

The first-half profit needs to be read alongside the Q1 exceptional gain. The ₹92.95 crore gain on the partial sale of Gujarat Themis Biosyn shares materially supported H1 reported earnings. Q2 did not include an exceptional item, so the half-year profit does not solely represent income from regular quarterly operations.

The company also reported a consolidated operating cash outflow of ₹57.44 crore for H1 FY27. The disclosed cash-flow figure is relevant because reported accounting profit and cash generated from operations can move differently over a six-month period. The supplied data does not provide a detailed explanation for the cash outflow.

What do the results mean for investors and the peer comparison?

Themis Medicare's results show a year-on-year recovery in quarterly revenue and a reversal from loss to profit. Revenue growth of 15.07% was accompanied by positive operating profit and a ₹7.06 crore net profit. Investors assessing the improvement may distinguish the Q2 operating recovery from the exceptional gain that influenced Q1 and H1 profit.

At the latest stated closing price of ₹100.90, Themis Medicare had a market capitalisation of ₹929 crore. Its trailing-12-month sales were ₹343 crore and trailing-12-month profit was ₹50.6 crore. The stated price-to-earnings ratio was 18.35 times and return on equity was 12.64%.

In the supplied peer table, the median P/E was 29.72 times and the median return on equity was 15.22%. Themis Medicare's stated P/E was below that median, while its ROE was also below the peer median. These comparisons are snapshots based on the listed companies and should be considered with differences in business mix, earnings quality and company size.

The board approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, along with the statutory auditors' limited review report. The results were approved at the board meeting held on November 13, 2026 and were announced on November 14, 2026.

Conclusion

Themis Medicare recorded a stronger Q2 FY27 than the corresponding prior-year quarter, with revenue rising to ₹89.74 crore and net profit recovering to ₹7.06 crore from a loss. The results also showed a return to positive operating performance, although quarterly profit was lower than Q1 because the previous quarter included a significant exceptional share-sale gain.

Investors will watch whether revenue growth and operating profitability continue without exceptional income, as well as any further disclosures on operating cash flow. The next reported financial results will provide a clearer comparison of recurring performance after the ₹92.95 crore Q1 gain.