Gujarat Themis Biosyn Limited (GUJTHEM)
₹373.40 +0.91% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gujarat Themis' revenue was ₹43.8 Cr (+21.6% year on year, -0.5% on the previous quarter), and net profit ₹11.1 Cr (+23.0% year on year); the operating margin was 47.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹43.8 | +21.6% | -0.5% |
| Operating profit | ₹20.8 | +48.5% | +9.4% |
| Net profit | ₹11.1 | +23.0% | +0.6% |
| EPS (₹) | 1.02 | +22.9% | +2.0% |
| Operating margin | 47.5% | — | — |
GUJTHEM delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.09% of the GUJTHEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.58%. That is close to its usual level. Volume was 0.3 times its average, well below normal. 2 bulk or block deals were reported in GUJTHEM in the last 60 days: ₹27 Cr sold, none bought.
Delivery in the last 5 sessions: 57.5% · 56.2% · 55.6% · 61.8% · 46.1%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 23 Sep | Sell | L7 Hitech Private Limited | ₹26.82 Cr | ₹410.72 | 653,056 | Bulk |
| 23 Sep | Buy | L7 Hitech Private Limited | ₹0.00 Cr | ₹413.37 | 100 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gujarat Themis Biosyn Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 3rd October, 2026. It confirms that share certificates received for dematerialisation were verified, processed, and cancelled within regulatory timelines. This is a recurring administrative filing and carries no operational or financial impact.
- Quarter ended: 30th September, 2026
- RTA certificate dated: 03-10-2026
- Company filing date: 12th October, 2026
- Regulation referenced: Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
CARE Ratings downgraded the bank facilities of associate company Themis Medicare Limited (TML), lowering long-term facilities of ₹77.39 crore to 'CARE BB+; Stable' from 'CARE BBB-; Negative' and short-term facilities of ₹48.50 crore to 'CARE A4+' from 'CARE A3'. The downgrade was driven by sharp operational deterioration, including an operating loss (PBILDT loss) of ₹51.43 crore in Q1FY27 following revenue and debtor write-offs. Importantly for Gujarat Themis Biosyn (GTBL), the rating report discloses that TML sold part of its investment in GTBL to promoters, generating ₹100 crore in liquidity, while promoter share pledge rose to 43% as of June 30, 2026 to finance the purchase.
- Long-term bank facilities of ₹77.39 crore downgraded to CARE BB+ (Stable) from CARE BBB- (Negative)
- Short-term facilities of ₹48.50 crore downgraded to CARE A4+ from CARE A3
- TML reported a consolidated PBILDT loss of ₹51.43 crore in Q1FY27 due to debtor and revenue write-offs
- TML sold part of its GTBL shareholding to promoters to raise ₹100 crore of liquidity cushion
- Promoter holding pledge increased to 43% as on June 30, 2026 to finance the GTBL share acquisition
Gujarat Themis Biosyn Limited released the scrutinizer's report for its 45th Annual General Meeting held on September 30, 2026. Shareholders approved Resolution 8 for raising funds via a preferential equity issue with 99.9987% total votes in favor. However, Resolution 7 (approval to avail loans/guarantees from promoters for acquisition/growth) was rejected, securing only 40.1441% votes in favor due to promoter non-voting and 81.57% institutional votes against. Other standard resolutions, including financial statements, director re-appointments, and commission payouts, were approved.
- Resolution 8 to raise funds via preferential equity issue passed with 99.9987% favorable votes (98,448,066 votes)
- Resolution 7 for promoter loans/guarantees to fund acquisitions failed, receiving only 40.1441% votes in favor and 59.8559% against
- Public institutions opposed Resolution 7 with 81.5739% against votes (12,633,908 votes), where promoters were interested parties and could not vote
- Overall voter participation stood at 75.6420% across most resolutions on a base of 130,151,705 total shares
Gujarat Themis Biosyn disclosed voting results for its 45th AGM held on September 30, 2026. Shareholders approved routine resolutions including financial statements, dividend declaration, and loan/guarantee approvals from promoters for growth opportunities. Notably, Resolution 6 proposing commission to Dr. Sachin D. Patel was defeated, receiving only 40.14% votes in favor due to an 81.57% vote against by public institutions. The special resolution for raising funds via a preferential issue passed with an 87.15% overall majority despite 85.05% of institutional votes cast against it.
- AGM voting concluded on September 30, 2026, with overall voter turnout of ~75.64% across key resolutions.
- Special resolution for preferential fundraise (Item 8) passed with 87.15% in favor, despite 85.05% institutional opposition.
- Commission payment to Dr. Sachin D. Patel (Item 6) failed to pass, garnering only 40.14% in favor vs 59.86% against.
- Approval to avail loans and guarantees from promoters (Item 7) cleared with 99.9987% votes in favor.
- Dividend declaration for the financial year ended March 31, 2026, passed unanimously with 100% votes polled in favor.
Gujarat Themis Biosyn Limited submitted a revised report on the proceedings of its 45th Annual General Meeting held on September 30, 2026, citing a typographical error in the earlier submission. Key resolutions placed for shareholder approval include the adoption of FY26 financial statements, dividend declaration, and approval of promoter loans and guarantees to fund potential acquisitions. Additionally, special business included proposals for raising funds via a preferential equity issue and amendments to the Articles of Association. Voting results are scheduled to be disclosed within two working days.
- 45th Annual General Meeting held on September 30, 2026, between 12:30 p.m. and 1:05 p.m.
- Shareholder approval sought for 9 resolutions, including dividend for FY ended March 31, 2026
- Special resolutions included preferential equity share issuance and promoter loans/guarantees for acquisitions
- E-voting and ballot results to be submitted within 2 working days
Gujarat Themis Biosyn's shareholders have approved a dividend of ₹0.67 per share (67% on ₹1 face value) totaling ₹8.72 crore for FY26. Members also approved raising funds via a preferential issue of equity shares and amended Article 119 of the Articles of Association (AOA). The AOA change allows lending financial institutions or equity/debenture investors to appoint an observer to the Board of Directors.
- Shareholders approved a dividend of Re. 0.67 (67%) per equity share of face value Re. 1/- for FY26
- Total dividend payout approved aggregates to Rs. 8,72,01,642/- (Rs. 8.72 crore)
- Approved raising funds via a preferential issue of equity shares
- Amended Article 119 of the AOA allowing financial institutions/investors to appoint a Board observer
Gujarat Themis Biosyn held its 45th Annual General Meeting on September 30, 2026, putting 9 resolutions to shareholder vote. Key agenda items include raising funds through a preferential issue of equity shares and approving loans/guarantees from promoters to finance acquisition and growth opportunities. Ordinary business items included the adoption of FY26 financial statements and dividend declaration. Final voting results across remote e-voting and ballot papers are expected within two working days.
- 45th Annual General Meeting held on September 30, 2026, from 12:30 p.m. to 1:05 p.m.
- Shareholders deliberated on 9 agenda items, covering 3 ordinary and 6 special businesses
- Special businesses include approval for raising funds via a preferential issue of equity shares
- Proposed approval to avail loans and guarantees from promoters to finance acquisition and growth opportunities
- Final scrutinizer voting results to be disclosed within two working days of the meeting
Gujarat Themis Biosyn issued an AGM notice corrigendum updating its preferential equity issue to raise up to ₹335.00 crore by issuing 82,92,081 shares at ₹404 per share (including a ₹403 premium). The proceeds are primarily earmarked for debt repayment or redemption of NCDs of ₹310.00 crore used to fund the 100% equity acquisition of MicroBiopharm Japan Co., Ltd., with ₹25.00 crore reserved for general corporate purposes. Promoter entity Pharmaceutical Business Group (India) Ltd is investing ₹250.00 crore, raising total promoter shareholding from 59.33% to 60.25%. The AGM to approve this resolution is scheduled for September 30, 2026.
- Preferential issue size updated to ₹335.00 crore (82,92,081 equity shares at ₹404 per share)
- ₹310.00 crore allocated to repay/prepay debt or redeem NCDs incurred for the 100% acquisition of MicroBiopharm Japan Co., Ltd.
- Promoter entity Pharmaceutical Business Group (India) Ltd to subscribe to shares worth ₹250.00 crore
- Post-issue, total promoter shareholding increases from 59.33% to 60.25%
- Issue price set at ₹404 per share, above the SEBI ICDR floor price of ₹403.82
Gujarat Themis Biosyn Limited has fixed Wednesday, September 23, 2026, as the record date to determine shareholder entitlement for the final dividend for FY 2025-26. The payment remains subject to shareholder approval at the upcoming 45th Annual General Meeting scheduled for September 30, 2026. The specific dividend amount per share was not disclosed in this filing. The company previously logged Q1 FY27 revenue of Rs 43.79 crore and net profit of Rs 11.07 crore.
- Record date fixed as Wednesday, September 23, 2026
- 45th Annual General Meeting to be held on Wednesday, September 30, 2026
- Dividend entitlement is for the financial year ended March 31, 2026
- Dividend quantum per share is not disclosed in the filing
Gujarat Themis Biosyn Limited (GTBL) has completed the 100% acquisition of Japan-based MicroBiopharm Japan Co., Ltd. (MBJ) via its Japanese subsidiary, Themis Biosyn Japan Limited (TBJ), for JPY 21.5 billion. GTBL funded the deal by investing INR 475 Crores in capital contribution and INR 745 Crores via a loan to TBJ (under a loan agreement of up to INR 800 Crores). MBJ reported FY26 revenue of JPY 9.5 billion and operates three GMP-compliant manufacturing plants with FDA and PMDA approvals. This transformational cross-border acquisition materially diversifies GTBL from its historical customer concentration where two clients accounted for 98% of sales.
- Completed 100% acquisition of MicroBiopharm Japan for total consideration of JPY 21.5 billion
- GTBL invested INR 475 Crores as capital and INR 745 Crores as a loan into wholly owned subsidiary TBJ
- Executed an inter-company loan agreement of up to INR 800 Crores with TBJ
- Acquired entity MBJ reported FY26 revenue of JPY 9.5 billion and operates 3 GMP-compliant sites
- Approximately 40% of MBJ revenue is generated from outside Japan, expanding global CDMO presence
Gujarat Themis Biosyn Limited has allotted unlisted, secured Non-Convertible Debentures (NCDs) aggregating ₹585 crore on a private placement basis. The issue is split into Series 1 (₹295 crore for 60 months at 10% p.a.) and Series 2 (₹290 crore for 18 months at 17.75% p.a.). Proceeds will primarily fund its wholly-owned subsidiary in Japan to finance the acquisition of MicroBiopharm Japan Co., Ltd. The ₹585 crore borrowing is substantial relative to the company's Q1 FY27 revenue base of ₹43.79 crore.
- Allotted ₹585 crore total NCDs across two series on private placement basis
- Series 1 size is ₹295 crore with a 60-month tenure and 10% p.a. interest compounded monthly
- Series 2 size is ₹290 crore with an 18-month tenure at an elevated coupon of 17.75% p.a.
- Proceeds to fund the acquisition of MicroBiopharm Japan Co., Ltd via Japanese subsidiary
Gujarat Themis Biosyn's Board of Directors has approved the issuance of unlisted Non-Convertible Debentures (NCDs) aggregating up to ₹585 Crores on a private placement basis. This is a very large borrowing facility relative to the company's single-quarter revenue of ₹43.79 Crores in Jun 2026 and its target revenue scale of over ₹250 Crores. The specific coupon, maturity, security charge, and issuance schedule will be determined and disclosed in due course upon allotment.
- Approved borrowing limit of up to ₹585 Crores via Non-Convertible Debentures (NCDs)
- Proposed to be issued on a private placement basis
- The debentures are proposed to be unlisted
- Coupon rate, tenure, and security charges to be disclosed at subsequent allotment stages
Gujarat Themis Biosyn Limited has issued an addendum to the notice of its 45th Annual General Meeting scheduled for September 30, 2026. The addendum adds a Special Resolution (Item 9) to amend Article 119 of the Articles of Association. This proposed change broadens the definition of 'Financial Institution' to include broader categories of lenders, funds, and investors, and permits granting them the right to appoint board observers. The agenda also includes approvals for preferential equity issues and promoter loans to finance potential growth opportunities.
- Issued addendum to original AGM notice dated September 2, 2026
- 45th Annual General Meeting scheduled for September 30, 2026, at 12:30 PM IST
- Special Resolution proposed to amend Article 119 of the Articles of Association
- Amendment permits lenders or investors to appoint Board observers and broadens lender definitions
- Proxy forms must be submitted on or before September 28, 2026, by 12:30 PM
Gujarat Themis Biosyn has issued the notice for its 45th Annual General Meeting (AGM) scheduled for September 30, 2026. Key special resolutions include approval for raising funds via a preferential issue of equity shares and enabling approvals to avail loans/guarantees from promoter entities to finance future growth and acquisitions. The company is also seeking shareholder approval for director commissions of Rs. 42 lakhs to Dr. Dinesh S. Patel and Rs. 65 lakhs to Dr. Sachin D. Patel, along with dividend declaration for FY26.
- 45th Annual General Meeting convened for September 30, 2026, at Vapi, Gujarat with voting cut-off set for September 23, 2026.
- Proposed special resolution for raising funds by issue of equity shares through a preferential issue.
- Enabling resolution to avail loans/guarantees from promoter group entities to fund domestic/international growth and acquisitions.
- Approval sought for commissions of Rs. 42 Lakhs to Dr. Dinesh S. Patel and Rs. 65 Lakhs to Dr. Sachin D. Patel.
The Board of Directors of Gujarat Themis Biosyn has approved a preferential equity issue to raise up to Rs 335.00 crore. The company will issue up to 82,10,786 fully paid-up equity shares of face value Re 1 each at an issue price of Rs 408 per share (including Rs 407 premium). Promoter entity Pharmaceutical Business Group (India) Limited will subscribe to Rs 250.00 crore (61,27,453 shares), while marquee non-promoter investors including Dr. Yusuf Khwaja Hamied and institutional funds will invest the remaining Rs 85.00 crore.
- Approved preferential issue of up to 82,10,786 equity shares at Rs 408 per share, raising up to Rs 335.00 crore
- Promoter entity Pharmaceutical Business Group (India) Ltd to invest Rs 250.00 crore (61,27,453 shares)
- Non-promoter investors include Yusuf Khwaja Hamied (Rs 10.00 cr) and Special Situation/ISAF funds (Rs 75.00 cr)
- Issue price of Rs 408 is near the current market price of Rs 422.10, subject to shareholder and regulatory approvals
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.
