Themis Medicare Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹919 Cr
- ROE
- 0.41%
- Price to sales
- 2.77
- Debt to equity
- 0.25
- 52W high / low
- ₹133 / ₹66.1
- Sales growth (5Y)
- 8.21%
- EBITDA margin
- -12.65%
- Net profit margin
- 0.48%
- Promoter holding
- 67.11%
- Sales (last year)
- ₹332 Cr
Incorporated in 1969, Themis Medicare manufactures Formulation and API pharmaceutical products[1]
Guidance scorecard · Q1 FY27 call
What Themis Medicare's management guided
and where it ranks in Pharmaceuticals & Biotechnology
RevenueQ2 FY24 call
20–40%- The hospital segment is expected to see significantly higher growth in the second half of the year compared to the first half, driven by de-bottlenecking and improved supply capabilities.
- New product launches, such as Remithem, are anticipated to boost sales and expand market presence, especially in hospitals.
- The domestic hospital and trade (branded) businesses contributed notably to recent growth, with trade domestic business growing 35-40%.
- Growth is expected to sustain and improve in the domestic market as the company leverages its established distribution network and expands product offerings.
- Marketing investments aim to increase doctor touchpoints and product portfolio in hospitals without increasing fixed costs, focusing on productivity over headcount growth.
2 more points from Themis Medicare's call on revenue
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MarginsQ2 FY24 call
Up 2%+See what Themis Medicare said on margins — free account, 30 seconds.
CapexQ2 FY24 call
None planned- No significant planned capex for capacity expansion over the next few years; current production can be met through contract manufacturing facilities.
- Investment focus is on increasing productivity and marketing efforts rather than expanding manpower or fixed capacity.
- The company has set up a small R&D unit in Gujarat (Baroda) to work on certain molecules not permitted in existing facilities; this is not a manufacturing unit.
- Strategic investment is focused on expanding product offerings in hospital business, leveraging existing distribution networks.
- Capital allocation is more towards varied marketing expenditure to promote new products, especially in hospital and trade segments.
2 more points from Themis Medicare's call on capex
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FundraisingQ2 FY24 call
Ask what Themis Medicare said on fundraising →
Full Q2 FY24 analysisOrder bookQ2 FY24 call
- It highlights a strong momentum in the hospital segment with 20% growth in Q2 FY’24 and expectations of even higher growth ahead.
- The company has completed de-bottlenecking to meet demand, implying a readiness to fulfill existing and future orders.
- Multiple new product launches, including Remithem (Remifentanil) and others, are expected to boost hospital business growth.
- Investments in expanding the hospital team and marketing efforts signal increasing capacity to handle more orders.
2 more points from Themis Medicare's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹480 Cr | 19.1 | |
| 2 | 40%+ | Up 0–2% | ₹212 Cr | 16.1 | |
| 3 | 40%+ | Flat | ₹17,925 Cr | — | |
| 4 | 40%+ | Flat | ₹5,223 Cr | 39.1 | |
| 5 | 40%+ | Flat | ₹4,268 Cr | — | |
| 6 | 40%+ | Flat | ₹40 Cr | — |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingThemis Medicare announcements
All announcements →- Credit ratingMajor development· Adverse for the businessThemis Medicare Limited's bank facilities ratings downgraded by CARE Ratings
- Credit ratingMajor development· Adverse for the businessThemis Medicare Limited's bank facilities ratings downgraded by CARE Ratings Ltd.
Financials of Themis Medicare
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Themis Medicare
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 80.10 | 96.65 | 104.78 | 82.51 | 97.82 | 122.99 | 117.01 | 93.81 | 71.70 | 97.58 | 77.99 | 90.13 | 76.53 |
| Expenses + | 69.62 | 74.91 | 92.37 | 74.46 | 88.53 | 93.81 | 99.88 | 87.84 | 79.40 | 107.80 | 81.09 | 80.33 | 72.77 |
| Operating Profit | 10.48 | 21.74 | 12.41 | 8.05 | 9.29 | 29.18 | 17.13 | 5.97 | -7.70 | -10.22 | -3.10 | 9.80 | 3.76 |
| OPM % | 13.08% | 22.49% | 11.84% | 9.76% | 9.50% | 23.73% | 14.64% | 6.36% | -10.74% | -10.47% | -3.97% | 10.87% | 4.91% |
| Other Income + | 5.32 | 6.29 | 6.66 | 5.94 | 4.67 | 6.93 | 5.56 | 1.02 | 1.55 | 1.18 | 4.98 | 5.93 | 10.60 |
| Interest | 2.71 | 2.49 | 2.04 | 2.68 | 2.16 | 2.36 | 2.44 | 2.79 | 2.45 | 2.47 | 2.76 | 2.75 | 2.70 |
| Depreciation | 2.80 | 3.03 | 3.07 | 3.10 | 3.06 | 2.41 | 2.45 | 2.54 | 2.53 | 2.55 | 2.57 | 2.59 | 2.60 |
| Profit before tax | 10.29 | 22.51 | 13.96 | 8.21 | 8.74 | 31.34 | 17.80 | 1.66 | -11.13 | -14.06 | -3.45 | 10.39 | 9.06 |
| Tax % | 18.37% | 19.19% | 18.91% | 10.35% | 24.14% | 21.25% | 19.66% | 68.67% | -13.12% | 1.14% | 4.64% | 2.79% | 1.88% |
| Net Profit + | 8.41 | 18.19 | 11.32 | 7.37 | 6.64 | 24.68 | 14.29 | 0.52 | -9.66 | -14.22 | -3.62 | 10.09 | 8.89 |
| EPS in Rs | 0.91 | 1.98 | 1.23 | 0.80 | 0.72 | 2.68 | 1.55 | 0.06 | -1.05 | -1.54 | -0.39 | 1.10 | 0.97 |
Financials of Themis Medicare
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 202 | 232 | 217 | 210 | 184 | 202 | 231 | 395 | 354 | 382 | 406 | 342 |
| Expenses + | 184 | 194 | 184 | 184 | 181 | 166 | 181 | 299 | 287 | 330 | 356 | 342 |
| Operating Profit | 18 | 38 | 33 | 25 | 2 | 36 | 49 | 96 | 67 | 52 | 49 | 0 |
| OPM % | 9% | 16% | 15% | 12% | 1% | 18% | 21% | 24% | 19% | 13% | 12% | 0% |
| Other Income + | 13 | 3 | 4 | 6 | 5 | 12 | 13 | 18 | 25 | 24 | 11 | 23 |
| Interest | 15 | 12 | 12 | 12 | 12 | 13 | 13 | 9 | 10 | 9 | 10 | 11 |
| Depreciation | 11 | 12 | 7 | 7 | 8 | 8 | 9 | 9 | 10 | 12 | 10 | 10 |
| Profit before tax | 5 | 17 | 18 | 11 | -13 | 27 | 41 | 95 | 73 | 53 | 40 | 2 |
| Tax % | -20% | 11% | 9% | 1% | -15% | 8% | 14% | 23% | 22% | 19% | 25% | 40% |
| Net Profit + | 6 | 16 | 16 | 11 | -11 | 25 | 36 | 73 | 57 | 44 | 30 | 1 |
| EPS in Rs | 0.73 | 1.91 | 1.77 | 1.23 | -1.17 | 2.70 | 3.88 | 7.92 | 6.18 | 4.73 | 3.24 | 0.12 |
| Dividend Payout % | 25% | 9% | 0% | 0% | 0% | 6% | 11% | 6% | 8% | 11% | 15% | 0% |
Financials of Themis Medicare
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 51 | 66 | 143 | 160 | 149 | 174 | 209 | 278 | 330 | 368 | 393 | 389 |
| Borrowings + | 140 | 128 | 82 | 80 | 82 | 100 | 87 | 80 | 92 | 96 | 83 | 100 |
| Other Liabilities + | 77 | 73 | 54 | 56 | 74 | 67 | 65 | 61 | 82 | 93 | 102 | 99 |
| Total Liabilities | 277 | 275 | 289 | 305 | 314 | 350 | 371 | 428 | 514 | 566 | 588 | 598 |
| Fixed Assets + | 122 | 117 | 124 | 126 | 123 | 116 | 133 | 144 | 162 | 168 | 172 | 167 |
| CWIP | 4 | 6 | 9 | 2 | 2 | 8 | 2 | 3 | 3 | 3 | 3 | 2 |
| Investments | 5 | 6 | 23 | 24 | 27 | 35 | 45 | 56 | 70 | 89 | 95 | 109 |
| Other Assets + | 146 | 146 | 133 | 153 | 162 | 191 | 191 | 225 | 279 | 307 | 318 | 320 |
| Total Assets | 277 | 275 | 289 | 305 | 314 | 350 | 371 | 428 | 514 | 566 | 588 | 598 |
Financials of Themis Medicare
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 19 | 26 | -2 | 8 | 11 | 0 | 57 | 34 | 16 | 22 | 35 | |
| Cash from Investing Activity + | -6 | -7 | -4 | -0 | -4 | -5 | -16 | -16 | -24 | -16 | -12 | |
| Cash from Financing Activity + | -18 | -13 | 5 | -9 | -10 | 7 | -26 | -18 | 0 | -9 | -26 | |
| Net Cash Flow | -5 | 5 | -0 | -1 | -3 | 2 | 16 | 1 | -8 | -3 | -3 | |
| Free Cash Flow | 13 | 18 | -7 | 5 | 5 | -5 | 39 | 15 | -13 | 4 | 21 | |
| CFO/OP | 101% | 73% | -5% | 29% | 490% | 2% | 115% | 55% | 48% | 60% | 93% |
Financials of Themis Medicare
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 82 | 75 | 81 | 120 | 145 | 186 | 123 | 93 | 149 | 170 | 159 | 190 |
| Inventory Days | 246 | 243 | 250 | 253 | 287 | 315 | 272 | 150 | 213 | 188 | 233 | 229 |
| Days Payable | 237 | 145 | 163 | 156 | 187 | 171 | 143 | 79 | 123 | 126 | 142 | 143 |
| Cash Conversion Cycle | 91 | 172 | 168 | 216 | 244 | 330 | 251 | 164 | 239 | 232 | 250 | 275 |
| Working Capital Days | -20 | -17 | -16 | 19 | -1 | 37 | 51 | 72 | 110 | 116 | 121 | 138 |
| ROCE % | 9% | 15% | 13% | 10% | -1% | 15% | 18% | 30% | 20% | 14% | 10% | 3% |
Guidance history
How Themis Medicare's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY24 call → | 20–40% | Up 2%+ | None planned | — | — |
| Q4 FY23 call → | 20–40% | Up 2%+ | Planned | — | — |
| Q3 FY23 call → | 20–40% | Up 2%+ | Planned | — | — |
| Q2 FY23 call → | 20–40% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
22 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,908 stocks |
|---|---|---|
| Last 12 months | −20.3% | 35% |
| Last 6 months | +1.3% | 56% |
| Last 3 months | −13.6% | 34% |
The price is 66% below its all-time high of ₹293.55 (6 Dec 2024). Stocks more than 20% below their peak have their score halved, so 43 became 22.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,908 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Themis Medicare: 0.4 × 35 + 0.4 × 56 + 0.2 × 34 = 43, halved to 22 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 3 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Themis Medicare's management said in earlier quarters
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