Overview

Detailed Summary

Themis Medicare Limited manufactures finished pharmaceutical formulations and synthetic Active Pharmaceutical Ingredients (APIs), operates a hospital-focused commercial division, and exports to over 44 countries while operating three state-of-the-art manufacturing facilities across India with EU GMP certifications for key units.
Q3 FY26 showed a notable profitability turnaround with consolidated revenue of ₹90.13 crore, EBITDA of ₹9.8 crore (10.9% margin) and PAT of ₹10.09 crore, driven by API growth and cost rationalization, despite 9M FY26 revenue falling 20.4% year-on-year to ₹265.7 crore and negative cumulative profitability.
The company is strategically pivoting toward a higher-margin Hospital Business, which contributed 49% of revenue in 9M FY26 versus 38% for FY24-25, reflecting an intentional shift in sales mix and dedicated commercial effort to capture fragmented hospital and critical care segments in India.
Vertically integrated manufacturing capacity, EU GMP approvals, and consistent R&D investment (historical annual spend ~₹13 crore and management guidance of ~3% of revenue) underpin Themis Medicare’s product pipeline and aim to support in-house API consumption and external commercial sales as part of growth plans.

Sector: Pharmaceuticals & Biotechnology
Industry: Pharmaceuticals
Market Cap: 941 Cr
Volatility: High Risk
P/E Ratio: -54.0
Industry P/E: 34.3
PEG Ratio: —
P/B Ratio: 2.8
52W High: 179.25
52W Low: 65.00

Sales CAGR

1Y: 6.22%
3Y: 0.91%
5Y: 15.00%
10Y: 7.79%

Profit CAGR

1Y: -31.46%
3Y: -27.03%
5Y: 8.50%
10Y: 5.27%

ROE

TTM: -7.10%
3Y: 11.63%
5Y: 14.69%
10Y: 12.55%

ROCE

TTM: -3.47%
3Y: 15.95%
5Y: 19.80%
10Y: 17.99%

Technicals

‌

Forecasts

Peers

Healthcare Healthcare Pharmaceuticals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BAJAJHCARE		340.40	1,026 Cr	65.07	1.92	0.00	8.81	10.79	1.71
THEMISMED		97.44	965 Cr	-55.41	2.78	0.48	-7.10	-3.47	-2.99
WANBURY		230.40	902 Cr	20.97	11.64	0.00	51.51	27.98	10.39
REMUS		635.00	889 Cr	26.53	3.47	0.10	10.92	16.89	7.42
BPLPHARMA		1180.00	859 Cr	-105.79	2.60	0.08	-1.63	-0.95	-4.97
SIGACHI		19.45	840 Cr	-11.03	1.65	0.45	12.11	12.71	-8.73
FERMENTA		288.70	830 Cr	9.55	2.12	0.88	28.46	27.38	13.04
Median: 7 Co.	—	288.70	889 Cr	9.55	2.60	0.10	10.92	12.71	1.71

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	105	83	98	123	117	94	72	98	78	90
Expenses	92	74	89	94	100	85	77	108	81	80
Operating Profit	12	8.06	9.30	29	17	8.53	-5.79	-10	-3.10	9.79
OPM %	11.83	9.77	9.51	23.73	14.64	9.09	-8.08	-10.33	-3.97	10.86
Other Income	6.66	5.93	4.67	6.94	5.56	-1.54	-0.36	1.04	4.98	5.93
Interest	2.04	2.68	2.16	2.36	2.44	2.79	2.45	2.47	2.76	2.75
Depreciation	3.07	3.10	3.06	2.41	2.45	2.54	2.53	2.55	2.57	2.59
Profit Before Tax	14	8.22	8.75	31	18	1.66	-11	-14	-3.45	10
Tax %	18.91	10.34	24.11	21.24	19.66	68.67	13.12	-1.14	-4.64	2.79
Net Profit	11	7.37	6.64	25	14	0.52	-9.66	-14	-3.62	10
EPS in Rs	1.23	0.80	0.72	2.68	1.55	0.06	-1.05	-1.54	-0.39	1.09

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	226	212	184	202	231	395	354	382	406	380
Expenses	184	184	181	166	181	299	287	330	356	370
Operating Profit	42	27	2.28	36	49	96	67	52	49	9.79
OPM %	18.70	12.85	1.24	17.69	21.46	24.24	19.04	13.49	12.10	2.58
Other Income	4.07	5.60	4.94	12	13	18	25	24	11	4.70
Interest	12	12	12	13	13	8.77	9.56	9.38	10	10
Depreciation	7.47	7.42	7.99	8.27	8.55	9.48	10	12	9.93	10
Profit Before Tax	18	11	-13	27	41	95	73	53	40	-5.73
Tax %	9.13	0.90	14.59	7.79	13.62	23.49	21.53	18.56	24.81	-58.29
Net Profit	16	11	-11	25	36	73	57	44	30	-9.07
EPS in Rs	1.72	1.20	-1.00	2.69	3.88	7.90	6.17	4.72	3.24	-1.89
Dividend Payout %	0.00	0.00	0.00	6.49	11.07	6.32	80.91	10.57	15.43	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	8.52	9.04	9.18	9.18	9.19	9.19	9.20	9.20	9.20	9.20
Reserves	66	143	160	149	174	209	278	330	368	393
Borrowings	115	66	75	76	89	87	80	92	96	83
Other Liabilities	85	71	61	80	78	65	61	82	93	102
Total Liabilities	275	289	305	314	350	371	428	514	566	588
Fixed Assets	117	124	126	123	116	133	144	162	168	172
CWIP	5.79	8.95	2.47	2.45	7.54	2.47	2.56	2.60	2.60	2.51
Investments	5.64	23	24	27	35	45	56	70	89	95
Other Assets	146	133	153	162	191	191	225	279	307	318
Total Assets	275	289	305	314	350	371	428	514	566	588

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	26	-1.51	7.86	11	0.33	57	34	16	22	35
Cash from Investing Activity	-7.17	-4.14	-0.04	-3.72	-5.47	-16	-16	-24	-16	-12
Cash from Financing Activity	-13	5.27	-9.11	-9.94	6.72	-26	-18	0.14	-8.77	-26
Net Cash Flow	5.31	-0.38	-1.29	-2.74	1.59	16	1.26	-7.73	-2.62	-3.36

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	67.16%	67.16%	67.16%	67.15%	67.15%	67.15%	67.15%	67.15%	67.15%	67.15%	67.11%	67.11%
FIIs	0.04%	0.05%	0.01%	0.03%	0.05%	0.10%	0.10%	0.14%	0.00%	0.06%	0.05%	0.11%
DIIs	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.11%	0.01%	0.01%	0.01%
Public	32.79%	32.78%	32.82%	32.81%	32.79%	32.74%	32.74%	32.70%	32.74%	32.78%	32.83%	32.78%
Total Shareholders	6,007	6,970	11,244	11,295	11,322	14,270	17,773	17,889	19,335	22,490	22,576	21,818

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan