Vikram Thermo India Ltd (530477)
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)Vikram Thermo India Ltd's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Vikram Thermo's revenue was ₹37.9 Cr (+32.4% year on year, +0.3% on the previous quarter), and net profit ₹13.3 Cr (+67.3% year on year); the operating margin was 47.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹37.9 | +32.4% | +0.3% |
| Operating profit | ₹18.0 | +59.3% | +50.6% |
| Net profit | ₹13.3 | +67.3% | +55.9% |
| EPS (₹) | 4.24 | +67.6% | +56.5% |
| Operating margin | 47.6% | — | — |
📢 Recent Corporate Announcements
Vikram Thermo India Ltd reported a strong performance for Q1 FY27, with revenue from operations growing 32.4% YoY to ₹37.87 Cr. Net profit saw a substantial surge of 67.2% YoY, reaching ₹13.28 Cr compared to ₹7.94 Cr in the same quarter last year. While revenue remained flat on a sequential basis (+0.26% QoQ), net profit grew 55.9% QoQ, primarily driven by a significant reduction in 'Other Expenditure' which fell to ₹5.74 Cr from ₹9.31 Cr in the preceding March quarter.
- Revenue from operations increased 32.4% YoY to ₹37.87 Cr from ₹28.60 Cr.
- Net profit after tax surged 67.2% YoY to ₹13.28 Cr, up from ₹7.94 Cr.
- Earnings Per Share (EPS) for the quarter rose to ₹4.24 from ₹2.53 in Q1 FY26.
- Other Expenditure decreased by 38% sequentially to ₹5.74 Cr from ₹9.31 Cr in Q4 FY26.
- Total Comprehensive Income for the period stood at ₹13.30 Cr.
Vikram Thermo India Ltd held its board meeting on August 11, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. The board also approved the re-appointment of Mr. Ankur D Patel and Mr. Dineshkumar Patel as Whole-Time Directors for a five-year term starting August 13, 2026. This leadership continuity is significant for a company with a high ROCE of 36% and TTM revenue of Rs 135 Cr. The meeting also finalized the notice for the 32nd Annual General Meeting and approved the FY26 Cost Audit Report.
- Re-appointment of two Whole-Time Directors for a 5-year term effective August 13, 2026.
- Approval of unaudited financial results for the quarter ended June 30, 2026.
- Notice approved for the 32nd Annual General Meeting (AGM) for the financial year 2025-26.
- Company maintains a strong TTM Operating Profit Margin of 39.9% on revenue of Rs 135 Cr.
- Board meeting concluded within 20 minutes, starting at 3:30 PM and ending at 3:50 PM.
Vikram Thermo India Ltd has scheduled a board meeting for August 11, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. The board will also finalize the Annual General Meeting (AGM) details and approve the Director's Report and Cost Audit Report for the financial year 2025-26. This follows a strong FY26 performance where the company achieved a TTM revenue of ₹135 Cr and a high operating margin of 39.9%. The trading window for insiders is currently closed and will reopen on August 14, 2026.
- Board meeting scheduled for August 11, 2026, to approve Q1 FY27 results.
- Trading window for insiders remains closed from July 1, 2026, to August 13, 2026.
- Board to approve the Draft Director's Report and Cost Audit Report for FY 2025-26.
- Company reported a TTM PAT of ₹38 Cr against a market cap of ₹769 Cr.
Financial Performance
Revenue Growth by Segment
Total revenue grew 3.45% YoY from INR 126.40 Cr to INR 130.75 Cr. The company operates primarily in a single business segment: Chemicals.
Geographic Revenue Split
India contributed INR 90.97 Cr (69.57%) and the Rest of the World contributed INR 39.78 Cr (30.43%).
Profitability Margins
Operating Profit Margin was 36.96% in FY25 compared to 36.71% in FY24. Net Profit Margin significantly declined from 20.08% to 6.19% due to a decrease in overall profitability.
EBITDA Margin
Operating Profit Margin remained stable at 36.96% (+0.25% YoY), but Return on Capital Employed (ROCE) dropped from 40.00% to 16.31% due to lower net earnings.
Capital Expenditure
Additions to Property, Plant & Equipment including intangible assets totaled INR 6.86 Cr in FY25, up from INR 4.43 Cr in FY24.
Credit Rating & Borrowing
Credit ratings for debt instruments are disclosed as 'Not Applicable' for the current year. Historical CRISIL ratings (BBB/Stable) were withdrawn in 2016 at the company's request.
Operational Drivers
Raw Materials
Petrochemicals and petroleum-based products are the primary raw materials, though specific chemical names are not listed.
Capacity Expansion
The company operates two dedicated plants for Aromatic Chemicals and Pharma Polymers. Specific MTPA capacity or expansion timelines are not disclosed.
Raw Material Costs
Raw material costs are highly sensitive to petroleum price fluctuations; major fluctuations in petroleum products directly affect the company's performance and margins.
Manufacturing Efficiency
The company focuses on improvement in manufacturing techniques and better working capital management to drive turnover.
Strategic Growth
Growth Strategy
Growth is driven by 'Polymer Excellence' through the discovery, development, and marketing of research-based products like the DRCOAT ready-to-use coating system. The company leverages its strong R&D and Application F&D teams to develop polymers for pharmaceutical and cosmetic applications.
Products & Services
Pharma Co-Polymers (Drug Coat), Aromatic Chemicals, and Ready-To-Use Coating Systems (DRCOAT).
Brand Portfolio
DRUGCOAT, DRCOAT, APION, and AQUAPOL.
New Products/Services
Ready-To-Use Coating System (DRCOAT) is a key focus for providing complete solutions in the solid oral dosage coating segment.
Market Expansion
The company targets growth in the Indian pharmaceutical industry and international markets where it already has business contacts.
External Factors
Industry Trends
The Indian pharmaceutical industry is growing rapidly, supported by a long tradition of chemical activities and lower capital costs for world-class facilities compared to Western nations.
Competitive Landscape
Competition arises from large global sized plants whose imports may challenge the company's product lines.
Competitive Moat
Moats include EXCIPACT, GMP, ISO 9001:2008, and Halal certifications, along with US-DMF filings for products, which enable supply to multinational pharmaceutical companies.
Macro Economic Sensitivity
Sensitive to global and domestic economic developments and changes in government tax structures/regulations.
Geopolitical Risks
Operations are subject to economic conditions in India and countries with which the company has business contacts.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (LODR) Regulations 2015, EXCIPACT GMP quality standards, and US-DMF filing requirements.
Environmental Compliance
The company maintains ISO and GMP standards, though specific ESG costs are not disclosed.
Taxation Policy Impact
The company follows Indian Accounting Standards (Ind AS) and is subject to changes in government tax structures.
Legal Contingencies
Pending litigations are disclosed in Note 40 of the financial statements; the company also faced a fine from the Bombay Stock Exchange for late submission of XBRL related to Related Party Transactions for Q2 2022.
Risk Analysis
Key Uncertainties
Petroleum price volatility and global supply chain disruptions are key uncertainties that could impact margins by over 10% if raw material costs spike.
Geographic Concentration Risk
69.57% of revenue is concentrated in the Indian market.
Third Party Dependencies
Low dependency on single customers (none > 10%), but dependent on petrochemical suppliers.
Technology Obsolescence Risk
Mitigated by a strong R&D and Application F&D team focused on polymer excellence.
Credit & Counterparty Risk
The company emphasizes better working capital management to ensure receivables quality.
