Overview

Detailed Summary

Vikram Thermo (India) Limited is a rapidly growing pharmaceutical company specializing in the manufacture, marketing, and export of pharmaceutical excipients for the pharma industry.
Its prominent brand, Drugcoat, is a well-known name in pharmaceutical industries, providing solutions for coating and formulations such as enteric and film coatings.
The company operates two advanced manufacturing plants in Gujarat, with capacities of 6000 TPA and 4000 TPA, dedicated to aromatic chemicals and pharma polymers respectively.
Having started in 1984, the company was the first in India to produce Diphenyl Oxide and has expanded its product range to include various coating and release formulations.
Vikram Thermo is renowned for its cGMP-compliant facilities and is among Asia's largest manufacturers in pharmaceutical coating polymers.

Sector: Chemicals
Industry: Chemicals - Organic - Medium / Small
Market Cap: 472 Cr
Volatility: Low Risk
P/E Ratio: 13.8
Industry P/E: 24.0
PEG Ratio: 0.2
P/B Ratio: 3.4
52W High: 202.00
52W Low: 126.85

Sales CAGR

1Y: 24.65%
3Y: 10.89%
5Y: 17.71%
10Y: 12.85%

Profit CAGR

1Y: -68.09%
3Y: 57.20%
5Y: 36.07%
10Y: 25.91%

ROE

TTM: 23.39%
3Y: 15.52%
5Y: 15.34%
10Y: 14.06%

ROCE

TTM: 32.28%
3Y: 30.25%
5Y: 26.51%
10Y: 22.88%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SADHNANIQ	1.89	560 Cr	-1.27	1.10	0.59	-8.30	-0.34	-7.91
SHRIAHIMSA	232.25	544 Cr	20.02	3.47	0.00	15.82	21.89	14.90
VIKRAMTH	150.15	472 Cr	13.83	3.44	0.66	23.39	32.28	20.62
MANORG	406.90	348 Cr	14.03	1.13	0.00	8.72	9.07	3.42
DSFCL	33.48	290 Cr	—	16.65	0.00	—	—	0.00
KOTYARK	243.30	250 Cr	8.08	1.75	3.49	1.82	4.98	1.31
KESARPE	24.90	240 Cr	18.31	1.54	0.00	10.75	10.42	6.91

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

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	34	32	27	31	34	34	27	29	35	34
Expenses	22	22	20	20	21	21	20	17	19	19
Operating Profit	12	9.73	7.50	12	12	13	6.68	11	15	15
OPM %	35.73	30.85	27.38	37.14	37.08	38.87	24.64	39.51	44.72	44.50
Other Income	0.22	0.20	0.35	-23	-0.03	0.55	1.04	0.17	0.22	0.46
Interest	0.26	0.30	0.19	0.19	0.18	0.42	0.16	0.12	0.09	0.13
Depreciation	0.87	0.89	0.62	0.62	0.64	0.64	0.63	0.70	0.74	0.76
Profit Before Tax	11	8.75	7.02	-13	12	13	6.92	11	15	15
Tax %	26.21	26.51	21.08	-23.57	15.38	21.57	41.18	25.52	25.55	25.44
Net Profit	8.25	6.44	5.55	-16	9.84	10	4.07	7.94	11	11
EPS in Rs	2.63	2.05	1.57	-5.05	3.12	3.21	1.30	2.53	3.53	3.50

Standalone Profit Loss (in ₹ Crores)

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	50	50	58	56	74	93	112	126	126	124
Expenses	37	44	49	44	55	78	85	89	82	80
Operating Profit	13	5.86	8.96	12	18	15	26	38	45	44
OPM %	26.34	11.77	15.38	21.16	24.59	15.86	23.36	29.70	35.41	35.41
Other Income	0.25	0.23	0.17	0.41	0.44	0.76	1.35	1.15	2.91	1.73
Interest	0.11	0.68	1.14	0.80	0.55	0.88	1.17	1.14	0.94	0.88
Depreciation	1.35	1.55	1.82	1.98	2.00	2.79	3.21	3.49	2.52	2.61
Profit Before Tax	7.25	3.12	6.16	9.45	16	12	23	34	44	42
Tax %	35.09	24.77	28.13	23.38	24.54	26.14	26.58	25.49	23.51	24.11
Net Profit	4.71	2.34	4.43	7.24	12	8.69	17	25	34	32
EPS in Rs	1.51	0.75	1.41	2.42	3.85	2.77	5.39	8.09	2.58	10.86
Dividend Payout %	19.57	11.90	18.92	12.66	7.80	10.83	9.28	9.27	38.76	—

Standalone Balance Sheet (in ₹ Crores)

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	5.58	5.58	5.58	5.58	6.27	6.27	6.27	31	31	31
Reserves	27	32	33	37	48	59	67	58	82	90
Borrowings	0.58	4.96	10	12	3.37	10	15	19	7.04	6.40
Other Liabilities	7.92	11	11	11	15	16	16	19	22	18
Total Liabilities	41	53	60	66	73	92	104	127	143	146
Fixed Assets	17	21	30	34	34	32	53	61	61	45
CWIP	0.94	7.24	4.09	0.00	6.23	18	0.00	0.00	1.43	0.24
Investments	0.45	0.00	0.00	0.00	1.25	10	11	11	15	0.00
Other Assets	22	25	26	32	32	32	40	55	65	101
Total Assets	41	53	60	66	73	92	104	127	143	146

Standalone Cash Flows (in ₹ Crores)

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	2.04	5.72	3.30	3.78	13	15	6.04	13	23	24
Cash from Investing Activity	-0.55	-10	-7.54	-1.83	-9.64	-19	-7.46	-13	-9.44	-22
Cash from Financing Activity	-3.85	4.25	4.21	0.57	-4.46	3.15	2.66	1.49	-14	-3.96
Net Cash Flow	-2.36	-0.17	-0.02	2.53	-1.07	-1.36	1.24	1.92	-0.42	-2.72

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	65.58%	65.58%	65.94%	65.94%	65.94%	65.94%	65.94%	65.94%	65.94%	66.00%	66.00%	66.00%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	34.42%	34.42%	34.06%	34.06%	34.06%	34.06%	34.06%	34.06%	34.06%	34.00%	34.00%	34.00%
Total Shareholders	10,378	10,294	11,087	11,284	12,229	14,538	14,121	13,981	13,640	13,305	12,721	12,165

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Frequently Asked Questions about Vikram Thermo (India) Ltd

Vikram Thermo (India) Ltd (VIKRAMTH) is currently trading at 150.00 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Vikram Thermo (India) Limited is a rapidly growing pharmaceutical company specializing in the manufacture, marketing, and export of pharmaceutical excipients for the pharma industry. Its prominent brand, Drugcoat, is a well-known name in pharmaceutical industries, providing solutions for coating and formulations such as enteric and film coatings. The company operates two advanced manufacturing plants in Gujarat, with capacities of 6000 TPA and 4000 TPA, dedicated to aromatic chemicals and pharma polymers respectively. Having started in 1984, the company was the first in India to produce Diphenyl Oxide and has expanded its product range to include various coating and release formulations. Vikram Thermo is renowned for its cGMP-compliant facilities and is among Asia's largest manufacturers in pharmaceutical coating polymers.

Over the past 52 weeks, Vikram Thermo (India) Ltd has traded between a low of ₹126.85 and a high of ₹202.00. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Vikram Thermo (India) Ltd has a market capitalization of approximately 471.94. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Vikram Thermo (India) Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 13.83 and operates in the Chemicals sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 471.94 Cr, Vikram Thermo (India) Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Vikram Thermo (India) Ltd operates in the Chemicals sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Vikram Thermo (India) Ltd is 13.83. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

Vikram Thermo India Ltd

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Standalone Quarterly Results (in ₹ Crores)

Standalone Profit Loss (in ₹ Crores)

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Frequently Asked Questions about Vikram Thermo (India) Ltd

What is Vikram Thermo (India) Ltd share price today?

What does Vikram Thermo (India) Ltd do?

What is the 52-week high and low of Vikram Thermo (India) Ltd?

What is the market capitalization of Vikram Thermo (India) Ltd?

Should I consider investing in Vikram Thermo (India) Ltd stock?

Is Vikram Thermo (India) Ltd a large-cap, mid-cap, or small-cap stock?

Which sector does Vikram Thermo (India) Ltd belong to and why does it matter?

What is the PE ratio of Vikram Thermo (India) Ltd?

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