Themis Medicare Limited (THEMISMED)
₹106.53 +0.15% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Themis Medicare's revenue was ₹87.0 Cr (-10.8% year on year, +13.7% on the previous quarter), and net profit ₹25.0 Cr (against a loss a year earlier); the operating margin was -59.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹87.0 | -10.8% | +13.7% |
| Operating profit | ₹-52.0 | loss widened | to loss |
| Net profit | ₹25.0 | from loss | +181.2% |
| EPS (₹) | 2.67 | from loss | +175.3% |
| Operating margin | -59.8% | — | — |
THEMISMED delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.73% of the THEMISMED shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.9%. That is close to its usual level. Turnover was only ₹41 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 49.3% · 51.8% · 53.5% · 49.1% · 46.7%
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
Themis Medicare Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, dated 03-10-2026. It confirms that securities received for dematerialisation during the period were duly verified, accepted or rejected, and the relevant certificates mutilated and cancelled within the prescribed timelines. This is a purely administrative filing with zero impact on the company's operational or financial metrics.
- Quarterly dematerialisation compliance confirmed for the period ended 30th September, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 03-10-2026
- Company filing submitted to BSE and NSE on 12th October, 2026 under reference TML/BSE/NSE/2026-27/34
CARE Ratings has downgraded Themis Medicare's long-term bank facilities (₹77.39 crore) to 'CARE BB+; Stable' from 'CARE BBB-; Negative', and short-term facilities (₹48.50 crore) to 'CARE A4+' from 'CARE A3'. The downgrade reflects shrinking business scale, severe margin erosion in FY26 (PBILDT margin falling to 0.79% vs 12.43% in FY25), and a PBILDT loss of ₹51.43 crore in Q1FY27 driven by revenue and debtor write-offs. To cushion liquidity, the company raised ₹100 crore by selling part of its stake in associate GTBL to promoters, which also increased promoter share pledge to 43% as of June 30, 2026.
- Long-term bank facilities of ₹77.39 crore downgraded to CARE BB+; Stable from CARE BBB-; Negative
- Short-term bank facilities of ₹48.50 crore downgraded to CARE A4+ from CARE A3
- PBILDT loss of ₹51.43 crore incurred in Q1FY27 due to debtor and revenue write-offs
- PBILDT margin compressed severely to 0.79% in FY26 from 12.43% in FY25 as revenue fell 15.34% to ₹344.58 crore
- Promoter share pledge rose to 43% as of June 30, 2026, following promoter-level borrowing to purchase ₹100 crore GTBL shares
Themis Medicare Limited disclosed the voting results and Scrutinizer's Report for its 56th Annual General Meeting held on September 30, 2026. Shareholders approved all 5 resolutions, including adoption of FY26 financial statements, dividend declaration, re-appointment of retiring director Mr. Rajneesh Anand, cost auditor remuneration, and an amendment to the Articles of Association. Total votes polled stood at 3,61,15,039 (representing 39.21% of the 9,21,00,120 total shares), passing with over 99.99% votes in favour.
- Total 3,61,15,039 votes polled out of 9,21,00,120 shares (39.2128% turnout)
- Adoption of FY26 Audited Standalone and Consolidated Financial Statements passed with 99.9996% approval (3,61,14,899 votes in favour)
- Dividend declaration for FY26 approved with 99.9996% in favour and 140 votes against
- Special Resolution for amending Articles of Association passed with 99.9996% voting approval
- Re-appointment of director Mr. Rajneesh Anand approved with 99.9964% votes in favour
Themis Medicare Limited has submitted voting results and the Scrutinizer's Report for its 56th Annual General Meeting held on September 30, 2026. A total of 36,115,039 votes were polled out of 92,100,120 outstanding shares, representing a 39.21% turnout. All five ordinary and special resolutions were approved by shareholders with over 99.99% majority, including the adoption of FY26 financial statements, declaration of dividend, director re-appointment, cost auditor remuneration, and amendments to the Articles of Association.
- Total voter turnout stood at 39.21% with 36,115,039 votes polled out of 92,100,120 shares
- Adoption of FY26 financial statements approved with 99.9996% votes in favour
- Declaration of dividend for FY26 approved with 99.9996% votes in favour
- Special resolution amending Articles of Association passed with 99.9996% approval
CARE Ratings has downgraded Themis Medicare Limited's long-term bank facilities from 'CARE BBB-; Negative' to 'CARE BB+; Stable'. Short-term bank facilities were also downgraded from 'CARE A3' to 'CARE A4+'. The total facilities rated aggregate to ₹125.89 crore, covering ₹77.39 crore in long-term facilities and ₹48.50 crore in short-term facilities. The rating action was driven by operational and financial performance during FY26 and Q1FY27.
- Long-term 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'
- Total bank facilities under rating review stand at ₹125.89 crore
- Term loan components include ₹24.79 crore with Union Bank of India and ₹12.62 crore with Bank of Baroda
Shareholders of Themis Medicare Limited have approved a dividend of ₹0.50 (50%) per equity share of face value ₹1 for FY26, amounting to ₹4.61 crore. The dividend payout represents roughly 10.5% of TTM PAT (₹44 crore). Concurrently, members approved an amendment to Article 13(1)(c) of the Articles of Association, removing specific text mandating share price determination by a registered valuer. The amendment gives broader flexibility to issue shares to any person for cash or non-cash consideration.
- Approved dividend of ₹0.50 per equity share (50% of ₹1 face value) for FY26
- Total dividend payout aggregates to ₹4,60,50,060 (₹4.61 crore)
- Amended Article 13(1)(c) of Articles of Association regarding allotment of shares
- Removed specific registered valuer clause text from Article 13(1)(c)
Themis Medicare Limited has decided to withdraw its previously proposed preferential issue of 45,95,795 convertible equity warrants to a promoter group entity. The warrants were originally approved on February 25, 2026, at an issue price of Rs 102.87 each, representing an aggregate fundraise of approximately Rs 47.28 crore (~4.4% of market cap). Management noted that working capital requirements originally targeted by the issue have now been arranged through other means, and applications for in-principle approval submitted to BSE and NSE will be withdrawn.
- Withdrawal of 45,95,795 convertible equity warrants proposed to promoter group entity
- Issue was priced at Rs 102.87 per warrant, totaling approximately Rs 47.28 crore
- Working capital requirements have been met via alternate means according to the company
- In-principle listing approval applications filed with BSE and NSE are being withdrawn
Themis Medicare Limited has fixed Wednesday, September 23, 2026, as the record date for determining shareholder entitlement to the final dividend for FY 2025-26. The dividend payout is subject to shareholder approval at the upcoming 56th Annual General Meeting scheduled for September 30, 2026. The specific dividend amount per share was not disclosed in this intimation. The announcement is procedural and follows the close of FY26, during which the company reported a net profit of ₹1.15 Cr.
- Record date fixed for Wednesday, September 23, 2026
- 56th Annual General Meeting scheduled for Wednesday, September 30, 2026
- Dividend pertains to the financial year ended March 31, 2026
- Dividend rate per share is not disclosed in the filing
Themis Medicare Limited has submitted the Notice for its 56th Annual General Meeting (AGM) scheduled for September 30, 2026, alongside its FY26 Annual Report. Key agenda items include the adoption of FY26 financial statements, dividend declaration, reappointment of retiring director Mr. Rajneesh Anand, and approval of Rs 3,00,000 remuneration for cost auditors M/s R. Nanabhoy & Co. Additionally, a special resolution has been proposed to amend Article 13 of the Articles of Association relating to the further issue of share capital.
- 56th AGM scheduled to be held on Wednesday, September 30, 2026, at 11:00 AM in Vapi, Gujarat
- Special resolution proposed to amend Article 13(1)(c) of the Articles of Association regarding further issue of share capital
- Cost auditor remuneration proposed at Rs 3,00,000 per annum plus taxes for FY27
- FY26 consolidated financial review included revenue of Rs 342.24 crore and net profit of Rs 1.14 crore
Themis Medicare Limited issued a clarification to BSE and NSE on September 7, 2026, in response to an exchange query regarding a significant increase in trading volume. The company confirmed that there is no pending or delayed disclosure of any material information under Regulation 30 of the SEBI LODR Regulations, 2015. Management reiterated that all required disclosures are shared regularly on time. Consequently, the volume movement appears to be purely market-driven without any undisclosed corporate developments.
- Clarification issued on September 7, 2026, responding to exchange queries regarding volume spurt
- Company confirmed compliance with Regulation 30 of SEBI LODR Regulations 2015
- No undisclosed price-sensitive or material information pending from the company
Themis Medicare Limited has notified stock exchanges of an administrative update regarding registered email addresses for investor communication and compliance. The Company Secretary / Compliance Officer's registered email ID has been updated to suresh.savaliya@themismedicare.com from sangameshwar.iyer@themismedicare.com. Additionally, the email ID for its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited, has been updated to investor.helpdesk@in.mpms.mufg.com. This announcement is purely procedural with no financial or operational impact.
- Compliance Officer communication email changed to suresh.savaliya@themismedicare.com.
- Previous Compliance Officer contact was sangameshwar.iyer@themismedicare.com.
- RTA (MUFG Intime India Private Limited) email updated to investor.helpdesk@in.mpms.mufg.com.
- Filing submitted to BSE and NSE on August 17, 2026.
Themis Medicare reported a 10.9% YoY revenue decline to ₹86.96 Cr in Q1 FY27, primarily due to headwinds in its API business. While the company reported a PAT of ₹24.61 Cr compared to a loss of ₹14.22 Cr YoY, this was entirely supported by a one-off profit of ₹92.95 Cr from the sale of shares. Operationally, the company faced a significant EBITDA loss of ₹52.42 Cr with margins deteriorating to -60.3% due to inventory price adjustments and one-off expenses.
- One-off profit of ₹92.95 Cr from the sale of shares masked a deep operational loss.
- EBITDA loss widened to ₹52.42 Cr in Q1 FY27 from a loss of ₹10.08 Cr in Q1 FY26.
- Hospital business segment now contributes 56% of total revenue, up from 50% in FY26.
- R&D investment stood at ₹7 Cr, representing approximately 8% of the quarterly revenue.
- Net Revenue declined 10.9% YoY to ₹86.96 Cr from ₹97.58 Cr.
Themis Medicare has updated its list of authorized personnel for determining and disclosing material events under SEBI Regulation 30(5). The authorized group includes the Executive Chairman, MD & CEO, Company Secretary, and CFO. This is a standard procedural update required by SEBI and does not impact the company's operations or financial standing. The company currently maintains a market capitalization of ₹920 Cr with a TTM revenue of ₹342 Cr.
- 4 key management personnel authorized to determine materiality of events
- Single point of contact designated as Mr. Suresh Savaliya, Company Secretary
- Filing complies with Regulation 30(5) of SEBI (LODR) Regulations, 2015
- Company reported TTM revenue of ₹342 Cr and TTM PAT of ₹1 Cr
Themis Medicare has appointed Mr. Suresh Savaliya as Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) effective August 13, 2026. Mr. Savaliya brings 23 years of experience from major groups like Reliance Industries and Essel Group, replacing Mr. Nagraj Mogaveera who transitions to a deputy role within the secretarial department. The board also approved the unaudited financial results for the quarter ended June 30, 2026, during the same meeting. This leadership change in compliance comes as the company manages a tight financial position with a TTM PAT of only ₹1 Cr.
- Appointment of Mr. Suresh Savaliya as CS, Compliance Officer, and KMP effective August 13, 2026
- Mr. Savaliya possesses 23 years of post-qualification experience in corporate governance and SEBI regulations
- Resignation of Mr. Nagraj Mogaveera as Interim CS, who will continue as Deputy Manager – Secretarial Department
- Board meeting concluded within 2 hours and 15 minutes (10:30 AM to 12:45 PM) on August 13, 2026
- Approval of Un-Audited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026
Themis Medicare has appointed Mr. Suresh Savaliya as Company Secretary, Compliance Officer, and Key Managerial Personnel (KMP) effective August 13, 2026. He replaces Mr. Nagraj Mogaveera, who was serving as the Interim CS and is now transitioning to a internal role as Deputy Manager in the Secretarial Department. Mr. Savaliya brings 23 years of experience from major corporates like Reliance Industries and Essel Group. This administrative change coincides with the board's approval of the June 2026 quarter financial results.
- Appointment of Mr. Suresh Savaliya as CS and KMP effective August 13, 2026
- New appointee possesses 23 years of post-qualification experience in corporate governance
- Mr. Nagraj Mogaveera transitions to Deputy Manager – Secretarial Department
- Board meeting concluded within 2 hours and 15 minutes (10:30 AM to 12:45 PM)
- Company reported TTM revenue of ₹342 Cr and a marginal TTM PAT of ₹1 Cr
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, Pharmaceuticals, which grew 6.22% in FY25 to INR 405.51 Cr from INR 381.76 Cr in FY24. However, Q2 FY26 revenue of INR 77.99 Cr represents a 33.3% YoY decline from INR 117.01 Cr in Q2 FY25 due to export order delays and market imitations.
Geographic Revenue Split
Exports contribute approximately 25-30% of total revenue, while the remaining 70-75% is derived from the domestic Indian market. Export revenue was specifically impacted in Q4 FY25 due to a temporary halt from a major customer.
Profitability Margins
Net Profit After Tax (PAT) margin declined from 11.35% in FY23 to 7.27% in FY25. The company reported a net loss margin of 4.0% (INR -3.1 Cr) in Q2 FY26 compared to a profit margin of 14.6% (INR 17.1 Cr) in Q2 FY25, driven by higher employee costs and JV losses.
EBITDA Margin
EBITDA margin (excluding other income) stood at 12.10% in FY25, down from 13.93% in FY24. In Q2 FY26, the EBITDA margin turned negative at -4.6% (INR -3.6 Cr loss) compared to 12.2% (INR 14.3 Cr profit) in Q2 FY25, reflecting a 137% drop in operating profitability.
Capital Expenditure
Not disclosed in available documents, though the company is investing in building teams for its new hospital segment, which increased employee costs in FY25.
Credit Rating & Borrowing
The company maintains a credit rating constrained by moderate scale. Positive rating action is tied to achieving a PBILDT margin exceeding 16% and interest coverage above 4x. Finance costs for the half-year ended September 2025 were INR 5.23 Cr.
Operational Drivers
Raw Materials
Synthetic Active Pharmaceutical Ingredients (APIs) and formulation excipients represent approximately 30-40% of the total cost structure. Raw material costs in FY25 were INR 131.99 Cr, a slight decrease from INR 136.71 Cr in FY24.
Import Sources
The company imports 5-10% of its total raw material purchases from international markets, providing a partial natural hedge against its 25-30% export revenue.
Key Suppliers
Not disclosed in available documents; however, the company maintains a moderately concentrated supplier base.
Capacity Expansion
The Richter Themis Medicare JV facility, which suffered a fire in November 2024, resumed operations in January 2025 with limited capacity. Full capacity restoration timelines are not specified.
Raw Material Costs
Raw material costs as a percentage of revenue stood at approximately 32.5% in FY25. Procurement is susceptible to price volatility, which directly impacts the PBILDT margin, currently at 13.10%.
Manufacturing Efficiency
Manufacturing efficiency was negatively impacted by a fire incident at the Richter Themis Medicare JV on November 7, 2024, which led to significant losses and reduced capacity utilization through early 2025.
Logistics & Distribution
Other expenses, including incremental travel and marketing costs for the hospital segment, contributed to the decline in operating margins to 12.10% in FY25.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth is targeted through the expansion of the hospital segment, building specialized teams, and leveraging core competence in synthetic APIs and finished formulations. Management is also focusing on clearing export order backlogs and addressing market imitations.
Products & Services
The company sells finished pharmaceutical formulations and synthetic Active Pharmaceutical Ingredients (APIs). It is also expanding into hospital-segment-specific pharmaceutical services.
Brand Portfolio
Richter Themis (Joint Venture).
New Products/Services
The company is launching a dedicated hospital segment, which required an increase in employee costs in FY25 to build out the necessary sales and clinical teams.
Market Expansion
Targeting increased penetration in export markets (currently 25-30% of revenue) and the domestic hospital segment.
Market Share & Ranking
Not disclosed in available documents; industry is described as highly fragmented and intensely competitive.
Strategic Alliances
Richter Themis Medicare (India) Private Limited is a key Joint Venture; its performance significantly impacts consolidated PAT (losses incurred in FY25 due to fire).
External Factors
Industry Trends
The pharmaceutical industry is currently growing but faces disruption from substandard imitations and intense price competition. Themis is positioning itself by moving into the hospital segment to find higher-margin niches.
Competitive Landscape
Intense competition from both large players and fragmented smaller manufacturers in the API and formulation space.
Competitive Moat
The company's moat is based on accredited manufacturing and R&D facilities and a long track record. However, this moat is currently under pressure from imitations of its high-margin products.
Macro Economic Sensitivity
Highly sensitive to input price volatility, with raw materials making up 30-40% of costs. A 10% increase in raw material costs could potentially swing the current marginal EBITDA into deeper losses.
Consumer Behavior
Shift toward hospital-channel pharmaceutical procurement is the primary trend the company is currently exploiting.
Geopolitical Risks
Export revenue (25-30%) is subject to international trade regulations and customer-specific stability, as evidenced by the Q4 FY25 export halt.
Regulatory & Governance
Industry Regulations
Operations are governed by manufacturing standards for accredited facilities. The company must comply with stringent quality controls to prevent imitations from eroding its market share.
Taxation Policy Impact
The effective tax rate is impacted by deferred tax adjustments; the company recorded a tax credit in Q2 FY26 due to losses.
Risk Analysis
Key Uncertainties
The primary uncertainty is the duration of the impact from substandard imitations, which caused a net loss of INR 14.22 Cr in Q1 FY26. JV recovery post-fire also remains a key variable.
Geographic Concentration Risk
Approximately 70-75% of revenue is concentrated in India, with the remaining 25-30% in export markets.
Third Party Dependencies
Dependency on the Richter Themis JV for specific product lines is high, as evidenced by the significant PAT decline following the JV's fire incident.
Technology Obsolescence Risk
The company is mitigating technology risks through its accredited R&D facilities and synthetic API manufacturing capabilities.
Credit & Counterparty Risk
Trade receivables stood at INR 168.68 Cr as of Sept 2025. Export customers have a credit period of ~90 days, while domestic buyers have ~60 days, leading to an elongated operating cycle of 186 days.
