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GUJTHEM - Guj. Themis Bio.

📊 NSE: GUJTHEM 🏢 Pharmaceuticals 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Gujarat Themis Biosyn Shareholders Approve Rajneesh Anand as Director with 98.39% Majority

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Feb 2026, 04:04 PM

Shareholders of Gujarat Themis Biosyn Limited have approved the appointment of Mr. Rajneesh Anand as a Non-Executive Non-Independent Director through a postal ballot. The resolution passed with a significant majority, receiving 98.39% of the total votes cast. While promoters and non-institutional public shareholders voted overwhelmingly in favor, public institutional investors showed notable dissent, with 98.54% of their segment voting against the resolution. Overall voter turnout was healthy at 71.54% of the total outstanding shares.

Appointment of Mr. Rajneesh Anand as Non-Executive Non-Independent Director approved by shareholders.
Total of 77,954,837 votes were polled, representing 71.54% of the company's outstanding shares.
Resolution passed with 76,699,101 votes (98.39%) in favor and 1,255,736 votes (1.61%) against.
Promoter group supported the resolution with 100% of their 76,642,537 votes cast in favor.
Public institutions cast 1,255,322 votes against the resolution, representing 98.54% of the institutional votes polled.

💡 This is a routine management update and requires no immediate portfolio action. However, investors may want to monitor future governance filings to understand the reason behind the high institutional dissent regarding this specific appointment.

Gujarat Themis Biosyn Q3 Net Profit Dips 4% to ₹12.46 Cr; Appoints New CFO

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 07:02 PM

Gujarat Themis Biosyn reported a 10.1% year-on-year increase in total income to ₹43.78 crore for Q3 FY26. However, net profit for the quarter declined by 3.9% to ₹12.46 crore, primarily due to a significant rise in depreciation and employee benefit expenses. The company also announced a management transition, with Krupesh Patel appointed as the new CFO effective April 1, 2026, as the current CFO moves to a plant-level accounting role. The 9-month net profit stands at ₹35.79 crore, slightly lower than the ₹36.77 crore recorded in the previous year.

Total Income for Q3 FY26 rose to ₹4,378.45 Lakhs from ₹3,976.15 Lakhs in Q3 FY25.
Net Profit after tax decreased to ₹1,246.46 Lakhs compared to ₹1,297.23 Lakhs in the same quarter last year.
Depreciation and Amortization expenses more than doubled to ₹388.81 Lakhs from ₹156.33 Lakhs YoY.
Mr. Krupesh Patel, an MBA/CS/ICWA professional, is appointed as CFO effective April 1, 2026.
A one-time financial impact of ₹13.36 lakhs was recognized following the notification of new Labour Codes.

💡 Investors should monitor the company's ability to scale revenue to offset the rising depreciation costs associated with recent capital expenditures. The stock remains a hold as core operations show steady revenue growth despite temporary margin pressure.

GUJTHEM Q3 Revenue Up 10%, EBITDA Up 13%; New API Unit and 18.5 MW Power Plant Progressing

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 05:58 PM

Gujarat Themis Biosyn reported a 9.74% YoY increase in Q3 FY26 revenue to ₹43.37 crore, supported by healthy demand and volume growth. EBITDA grew 12.93% to ₹22.06 crore with strong margins of 49.13%, although PAT declined slightly by 3.92% to ₹12.46 crore due to higher depreciation and interest from recent capex. The company is successfully transitioning toward forward integration, having completed validation batches in its new API block. Furthermore, a new 18.5 MW hybrid renewable power plant is being established to optimize long-term power costs and enhance sustainability.

Q3 FY26 Revenue increased 9.74% YoY to ₹43.37 crore with EBITDA margins improving 139 bps to 49.13%.
Completed new fermentation facility and finished validation batches for the forward-integrated API production block.
Setting up a 18.5 MW Wind-Solar hybrid power plant for captive consumption to reduce grid dependence and costs.
R&D expenditure maintained at 3% of revenue for the 9-month period to drive new product development.
Net Block (Property, Plant & Equipment) increased significantly to ₹159.36 crore as major capex projects are capitalized.

💡 Investors should focus on the successful commercialization and ramp-up of the new API facility which marks a shift in the business model. While depreciation and interest costs may weigh on PAT in the short term, the forward integration and captive power project are strong long-term margin drivers.

Gujarat Themis Biosyn Q3 Profit at ₹12.46 Cr; Appoints Krupesh Patel as New CFO

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 05 Feb 2026, 04:57 PM

Gujarat Themis Biosyn Limited reported a 10.1% YoY increase in total income to ₹43.78 crore for Q3 FY26. However, net profit saw a slight decline to ₹12.46 crore from ₹12.97 crore in the previous year's corresponding quarter, largely due to a significant rise in depreciation and employee expenses. The company also announced a strategic management transition, appointing Mr. Krupesh Patel as the new CFO effective April 1, 2026, as the current CFO moves to a plant-focused accounting role. Additionally, the board approved the re-appointment of Ms. Kirandeep Madan as an Independent Director for a second five-year term.

Total Income for Q3 FY26 rose to ₹4,378.45 Lakhs compared to ₹3,976.15 Lakhs in Q3 FY25.
Net Profit after tax decreased by 3.9% YoY to ₹1,246.46 Lakhs due to higher operational costs.
Depreciation and Amortisation expenses more than doubled to ₹388.81 Lakhs from ₹156.33 Lakhs YoY.
Mr. Krupesh Patel appointed as CFO starting April 2026, bringing 15 years of experience from Tata Advanced Systems and Lupin.
Current CFO Mr. Bhavik Shah to transition to Senior Accounts Manager to focus on plant-related accounting and ongoing projects.

💡 Investors should note the margin pressure caused by rising depreciation and employee costs despite steady revenue growth. The transition in the finance department appears to be a planned internal restructuring to strengthen plant-level operations and corporate finance separately.

Gujarat Themis Biosyn Q3 Revenue Up 10% YoY; Appoints Krupesh Patel as New CFO

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 04:55 PM

Gujarat Themis Biosyn reported a 10.1% YoY increase in total income for Q3 FY26, reaching ₹4,378.45 lakhs. Despite the revenue growth, net profit slightly declined by 3.9% YoY to ₹1,246.46 lakhs, impacted by a significant rise in depreciation and employee costs. The company announced a management transition with Mr. Krupesh Patel taking over as CFO from April 1, 2026, as the incumbent moves to a plant-level role. Additionally, Ms. Kirandeep Madan was re-appointed as an Independent Director for a second five-year term.

Total income for Q3 FY26 grew to ₹4,378.45 lakhs from ₹3,976.15 lakhs in Q3 FY25.
Net profit for the quarter stood at ₹1,246.46 lakhs, a marginal decrease from ₹1,297.23 lakhs YoY.
Depreciation and Amortization expenses more than doubled to ₹388.81 lakhs compared to ₹156.33 lakhs in the previous year.
Mr. Krupesh Patel appointed as CFO effective April 1, 2026, bringing 15 years of experience from firms like Tata Advanced Systems and Wockhardt.
Nine-month net profit for FY26 reached ₹3,579.03 lakhs compared to ₹3,677.35 lakhs in the corresponding period last year.

💡 Investors should monitor if the increased depreciation, likely stemming from recent capital expenditure, leads to higher production capacity and revenue in coming quarters. The management transition appears orderly, but the slight dip in profitability despite revenue growth warrants a cautious watch on operating margins.

Gujarat Themis Biosyn Q3 FY26: Revenue Up 9.7% YoY to ₹43.37 Cr, Net Profit Dips to ₹12.46 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 04:15 PM

Gujarat Themis Biosyn Limited reported a 9.7% YoY increase in revenue from operations, reaching ₹43.37 crore for the quarter ended December 31, 2025. Despite the revenue growth, net profit declined to ₹12.46 crore from ₹12.97 crore in the same period last year, primarily due to a sharp rise in depreciation and employee benefit expenses. The company also announced a leadership transition with Mr. Krupesh Patel appointed as the new CFO effective April 1, 2026. For the nine-month period, the company's net profit stands at ₹35.79 crore, slightly lower than the ₹36.77 crore recorded in the previous year.

Revenue from operations grew 9.7% YoY to ₹43.37 crore compared to ₹39.52 crore in Q3 FY25.
Net profit after tax stood at ₹12.46 crore, down 3.9% YoY and 12.6% QoQ.
Depreciation and Amortization expenses surged to ₹3.89 crore from ₹1.56 crore in the year-ago quarter.
Employee benefit expenses increased significantly to ₹4.76 crore from ₹3.02 crore YoY.
Mr. Krupesh Patel appointed as CFO effective April 1, 2026, succeeding Mr. Bhavik Shah who is transitioning to a different role.

💡 Investors should monitor the margin pressure resulting from increased depreciation and employee costs despite steady revenue growth. The transition in the CFO role and the impact of ongoing projects on future profitability remain key areas to watch.

Gujarat Themis Biosyn Reports Nil Physical Share Transfer Re-lodgement for December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jan 2026, 07:33 PM

Gujarat Themis Biosyn Limited has submitted its monthly compliance report for December 2025 regarding the special window for re-lodgement of physical share transfer requests. This filing follows the SEBI circular on 'Ease of Doing Investment' aimed at streamlining physical share processes. The company's Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited, confirmed that zero requests were received during the period. This is a standard administrative update with no impact on the company's financial or operational performance.

Zero (0) cases of re-lodgement of physical share transfer requests received for December 2025
Compliance with SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 02, 2025
Report confirmed by Registrar and Transfer Agent (RTA) MUFG Intime India Private Limited

💡 No action is required from investors as this is a routine regulatory filing that does not affect the company's fundamentals or stock valuation.

Gujarat Themis Biosyn Seeks Approval for Appointment of Non-Executive Director via Postal Ballot

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Jan 2026, 06:55 PM

Gujarat Themis Biosyn Limited has initiated a postal ballot to seek shareholder approval for the appointment of Mr. Rajneesh Anand as a Non-Executive Non-Independent Director. The proposed appointment is for a five-year term effective from November 10, 2025, to November 9, 2030. A special resolution is required as Mr. Anand will reach the age of 75 during his tenure on March 5, 2029. The e-voting process will conclude on February 6, 2026, with final results expected by February 10, 2026.

Proposed appointment of Mr. Rajneesh Anand for a 5-year term starting Nov 10, 2025.
Special resolution needed to continue his directorship beyond age 75 (attained in March 2029).
Remote e-voting period runs from Jan 8, 2026, to Feb 6, 2026.
Cut-off date for determining voting eligibility was Jan 2, 2026.
Results of the postal ballot to be declared on or before Feb 10, 2026.

💡 Investors should review the director's background and the proposed professional fee remuneration mentioned in the explanatory statement before casting their votes. This is a standard governance procedure and is unlikely to have a significant impact on the stock price.

Gujarat Themis Biosyn Files SEBI Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 06:15 PM

Gujarat Themis Biosyn Limited has filed the mandatory compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The report, issued by MUFG Intime India Pvt. Ltd., covers the quarter ending December 31, 2025. It confirms that all physical share certificates received for dematerialization were processed, mutilated, and cancelled according to regulatory requirements. This filing is a standard procedure to ensure the company's shareholding records are accurately maintained in electronic form.

Quarterly compliance certificate submitted for the period ending December 31, 2025.
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited.
Confirms dematerialization requests were handled within prescribed SEBI timelines.
Physical certificates were mutilated and cancelled after verification by the depository participant.

💡 This is a routine administrative filing with no impact on company fundamentals; no specific action is required from shareholders.

Gujarat Themis Biosyn Reports Nil Re-lodgement Requests for Physical Share Transfers

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Dec 2025, 12:20 PM

Gujarat Themis Biosyn Limited has submitted its compliance report regarding the special window for re-lodgement of transfer requests for physical shares for October and November 2025. This filing follows the SEBI circular aimed at the 'Ease of Doing Investment' by facilitating share dematerialization. The company's Registrar and Transfer Agent (RTA), MUFG Intime India Private Limited, confirmed that zero requests were received during this period. This is a standard regulatory disclosure with no impact on the company's financial health or business operations.

Compliance with SEBI Circular dated July 02, 2025, regarding re-lodgement of physical shares.
Report covers the specific activity for the months of October and November 2025.
Zero (0) cases of re-lodgement requests were received by the company's RTA.
RTA MUFG Intime India Private Limited provided the confirmation for the nil report.

💡 No action is required from investors as this is a routine regulatory filing. Focus should remain on the company's upcoming quarterly financial results and core business performance.

GUJTHEM Trading Window to Close from Jan 1, 2026 for Q3 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Dec 2025, 06:14 PM

Gujarat Themis Biosyn Limited has announced the closure of its trading window effective January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure precedes the announcement of financial results for the quarter ending December 31, 2025. The trading window will remain shut for all designated persons and their immediate relatives. It is scheduled to reopen 48 hours after the board officially declares the quarterly results.

Trading window closure begins on January 1, 2026.
Closure pertains to the financial results for the quarter ending December 31, 2025.
Reopening of the window will occur 48 hours post-result declaration.
Board meeting date for result approval to be announced in due course.

💡 This is a standard regulatory procedure with no direct impact on stock fundamentals. Investors should await the announcement of the board meeting date to assess the company's quarterly performance.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: Pharmaceutical Intermediates and APIs. Total revenue from operations for FY25 was INR 150.80 Cr, representing an 11.20% decrease from INR 169.82 Cr in FY24. However, Q2 FY26 showed a recovery with revenue of INR 42.35 Cr, a 21.98% YoY growth compared to INR 34.72 Cr in Q2 FY25.

Geographic Revenue Split

Not explicitly disclosed in percentage terms, though the company notes that Indian generic medicines (which it supplies) account for 20% of global volume, with nearly 50% of that being exported.

Profitability Margins

Profitability remains healthy but has seen compression due to capex. PAT margin for FY25 was 32.34%, which moderated to 29.82% in H1 FY26. Q2 FY26 PAT margin improved to 33.68% (up 330 bps YoY) due to higher production volumes and cost optimization offsetting manpower costs.

EBITDA Margin

EBITDA margin for Q2 FY26 stood at 49.46%, an improvement of 520 bps YoY from 44.26%. For the full year FY25, EBITDA was INR 68.84 Cr, a decline of 12.56% YoY, with margins historically maintained between 45% and 50%.

Capital Expenditure

The company is executing a major fermentation capacity expansion with a total estimated cost of INR 155.62 Cr. As of March 31, 2025, INR 52.43 Cr has been incurred. Additionally, an API manufacturing capex for Rifapentine and Rifamycin was completed and commenced operations in May 2025.

Credit Rating & Borrowing

The company maintains a 'Stable' outlook. Borrowing includes a sanctioned term loan of INR 75 Cr for the fermentation project, of which INR 28.64 Cr was utilized by March 2025. Interest costs increased in FY25, leading to a total debt to gross cash accruals (TD/GCA) ratio of 0.56x compared to 0.04x in FY24.

⚙️ Operational Drivers

Raw Materials

The primary raw material is Rifabutin, which is used for the production of Rifamycin S and Rifamycin O. Raw material costs (including inventory changes) for FY25 were INR 24.51 Cr, representing approximately 16.25% of total revenue.

Import Sources

Rifabutin is primarily sourced through the domestic market in India.

Key Suppliers

Specific supplier names are not disclosed, but the supplier profile is highly concentrated, with the top 10 suppliers contributing 84% of total purchases in FY24.

Capacity Expansion

Current installed capacity is 216,000 kg (216 MT) of Rifamycin S and Rifamycin O per annum. The company is expanding fermentation capacity to 432 MT (a 100% increase), expected to be operational by the end of FY26.

Raw Material Costs

Raw material costs for FY25 were INR 24.51 Cr, down from INR 36.68 Cr in FY24. Profitability is highly susceptible to price volatility in these inputs, which the company manages through efficiency measures and long-standing supplier relationships.

Manufacturing Efficiency

The company maintains optimal utilization of its 216 MT capacity. Efficiency is further driven by CGMP-approved facilities and specialized fermentation processes.

📈 Strategic Growth

Expected Growth Rate

66%

Growth Strategy

Growth is targeted through doubling fermentation capacity from 216 MT to 432 MT by FY26 and forward integration into higher-value APIs like Rifapentine. The company aims to reach a Total Operating Income exceeding INR 250 Cr (a 66% increase from the FY25 base of INR 150.80 Cr) to trigger positive credit rating actions.

Products & Services

Key products include Rifamycin S and Rifamycin O (intermediates), and newly launched APIs Rifapentine and Rifamycin.

Brand Portfolio

The company operates as a B2B manufacturer under the Gujarat Themis Biosyn Limited (GTBL) corporate identity; individual consumer brand names are not applicable.

New Products/Services

New API products Rifapentine and Rifamycin commenced commercial operations in May 2025. These are expected to drive revenue growth as the API unit stabilizes.

Market Expansion

Expansion is focused on forward integration into the API market and increasing the product portfolio with new fermentation-based molecules.

Market Share & Ranking

Identified as one of India's few fermentation-based intermediate manufacturers, though specific market share percentage is not disclosed.

Strategic Alliances

The company has a 5-year contract with Lupin Limited and an annually renewed 'take or pay' agreement with Optrix Laboratories Private Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward specialized fermentation-based APIs. GTBL is positioning itself by doubling capacity and moving from intermediates to final APIs to capture higher value-add.

Competitive Landscape

The market is fragmented and intensely competitive, featuring both large domestic pharmaceutical firms and low-cost Chinese producers.

Competitive Moat

The moat is built on specialized fermentation-based methodologies and R&D capabilities which are capital-intensive and technically complex to replicate, providing a barrier to entry against generic chemical manufacturers.

Macro Economic Sensitivity

Highly sensitive to the performance of the Indian pharmaceutical industry and broader economic conditions which affect healthcare spending.

Consumer Behavior

Increased global demand for anti-tuberculosis drugs (derived from Rifamycin) is a primary driver for product demand.

Geopolitical Risks

Competition from Chinese manufacturers in the fermentation space poses a risk to margins and supply chain stability for raw materials.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with Current Good Manufacturing Practice (CGMP) standards. The Vapi plant is CGMP-approved, which is essential for maintaining supply contracts with major pharma players like Lupin.

Environmental Compliance

The company has invested in an automatic tube cleaning system to improve efficiency and reduce environmental footprint; specific compliance costs in INR are not disclosed.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 24.4% (INR 7.55 Cr tax on INR 30.88 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Project execution risk for the INR 155.62 Cr fermentation expansion; any delay beyond the FY26 operational timeline could impact liquidity and debt servicing metrics.

Geographic Concentration Risk

Manufacturing is concentrated at a single site in Vapi, Gujarat, making the company vulnerable to regional industrial disruptions.

Third Party Dependencies

98% of revenue is dependent on just two customers (Lupin and Optrix), creating extreme counterparty risk.

Technology Obsolescence Risk

The company mitigates technology risk by investing 4% of revenue into R&D to evolve fermentation methodologies.

Credit & Counterparty Risk

Liquidity is adequate with INR 15.17 Cr in free cash/FDs. Current ratio stood at 2.61x as of March 2025, down from 4.96x in FY24 due to capex-related debt and payables.