THEMISMED

Themis Medicare Limited

Formulations and APIs for domestic and export markets

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

themismedicare.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹100.53
Market cap
927 Cr
Stock P/E
23.2
P/B
2.33
Dividend yield
0.5%
ROE (FY26)
0.3%
ROCE (FY26)
2.5%
Operating margin (FY26)
-2.9%
Debt / equity (FY26)
0.25
OCF / EBITDA (3Y)
45.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Themis Medicare is an Indian pharmaceutical company that makes hospital-focused injectable and other formulations, which brought in half of FY26 revenue, along with trade-channel medicines and active pharmaceutical ingredients (APIs, the bulk drugs used to make formulations).

Company snapshot

92ndBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓Debt-to-equity of 0.25x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is very thin at 0.3% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales105 Cr83 Cr98 Cr123 Cr117 Cr94 Cr72 Cr98 Cr78 Cr90 Cr77 Cr87 Cr
Operating expenses (approx.)92 Cr74 Cr89 Cr94 Cr100 Cr85 Cr77 Cr108 Cr81 Cr80 Cr73 Cr139 Cr
EBITDA12 Cr8 Cr9 Cr29 Cr17 Cr9 Cr-6 Cr-10 Cr-3 Cr10 Cr4 Cr-52 Cr
OPM %11.8%9.8%9.5%23.7%14.6%9.1%-8.1%-10.3%-4.0%10.9%4.9%-60.3%
Other income2 Cr0.56 Cr1 Cr0.96 Cr1 Cr1 Cr2 Cr1 Cr3 Cr1 Cr4 Cr0.99 Cr
Interest2 Cr3 Cr2 Cr2 Cr2 Cr3 Cr2 Cr2 Cr3 Cr3 Cr3 Cr3 Cr
Depreciation3 Cr3 Cr3 Cr2 Cr2 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr3 Cr
Profit before tax14 Cr8 Cr9 Cr31 Cr18 Cr2 Cr-11 Cr-14 Cr-3 Cr10 Cr9 Cr39 Cr
Tax %18.9%10.3%24.1%21.3%19.7%68.7%13.1%-1.1%-4.8%2.8%1.9%36.2%
Net profit11 Cr7 Cr7 Cr25 Cr14 Cr0.52 Cr-10 Cr-14 Cr-4 Cr10 Cr9 Cr25 Cr
EPS (₹)₹12.30₹0.80₹0.72₹2.68₹1.55₹0.06₹-1.05₹-1.54₹-0.39₹1.10₹0.96₹2.67

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales226 Cr212 Cr184 Cr202 Cr231 Cr395 Cr354 Cr382 Cr406 Cr342 CrSign in free for the trailing twelve months
Operating expenses (approx.)193 Cr187 Cr181 Cr166 Cr181 Cr299 Cr287 Cr330 Cr356 Cr342 CrSign in free for the trailing twelve months
EBITDA33 Cr25 Cr2 Cr36 Cr49 Cr96 Cr67 Cr52 Cr49 Cr0.39 CrSign in free for the trailing twelve months
OPM %14.5%11.8%1.2%17.7%21.5%24.2%19.0%13.5%12.1%0.1%Sign in free for the trailing twelve months
Other income3 Cr3 Cr3 Cr3 Cr4 Cr7 Cr12 Cr5 Cr5 Cr9 CrSign in free for the trailing twelve months
Interest12 Cr12 Cr12 Cr13 Cr13 Cr9 Cr10 Cr9 Cr10 Cr11 CrSign in free for the trailing twelve months
Depreciation7 Cr7 Cr8 Cr8 Cr9 Cr9 Cr10 Cr12 Cr10 Cr10 CrSign in free for the trailing twelve months
Profit before tax18 Cr11 Cr-13 Cr27 Cr41 Cr95 Cr73 Cr53 Cr40 Cr2 CrSign in free for the trailing twelve months
Tax %9.1%0.9%14.6%7.8%13.6%23.5%21.5%18.6%24.8%40.7%Sign in free for the trailing twelve months
Net profit16 Cr11 Cr-11 Cr25 Cr36 Cr73 Cr57 Cr44 Cr30 Cr1 CrSign in free for the trailing twelve months
EPS (₹)₹17.66₹12.24₹-11.72₹26.97₹38.86₹79.22₹61.83₹4.73₹3.24₹0.12Sign in free for the trailing twelve months
Dividend payout %————4.5%5.4%8.1%10.6%15.4%402.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr
Reserves143 Cr160 Cr149 Cr174 Cr209 Cr278 Cr330 Cr368 Cr393 Cr389 Cr
Borrowings66 Cr75 Cr76 Cr88 Cr79 Cr79 Cr92 Cr96 Cr83 Cr100 Cr
Other liabilities71 Cr61 Cr80 Cr78 Cr74 Cr62 Cr83 Cr93 Cr102 Cr99 Cr
Total liabilities289 Cr305 Cr314 Cr350 Cr371 Cr428 Cr514 Cr566 Cr588 Cr598 Cr
Fixed assets (net)122 Cr124 Cr122 Cr115 Cr130 Cr142 Cr161 Cr168 Cr172 Cr166 Cr
CWIP9 Cr2 Cr2 Cr8 Cr2 Cr3 Cr3 Cr3 Cr3 Cr2 Cr
Investments23 Cr24 Cr27 Cr35 Cr45 Cr56 Cr70 Cr89 Cr95 Cr109 Cr
Inventories48 Cr50 Cr54 Cr55 Cr58 Cr61 Cr69 Cr71 Cr84 Cr81 Cr
Trade receivables48 Cr69 Cr73 Cr102 Cr78 Cr101 Cr145 Cr178 Cr177 Cr178 Cr
Cash & bank6 Cr4 Cr2 Cr3 Cr19 Cr20 Cr13 Cr10 Cr7 Cr5 Cr
Other assets33 Cr32 Cr35 Cr32 Cr39 Cr45 Cr54 Cr49 Cr51 Cr56 Cr
Total assets289 Cr305 Cr314 Cr350 Cr371 Cr428 Cr514 Cr566 Cr588 Cr598 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-2 Cr8 Cr11 Cr0.33 Cr57 Cr34 Cr16 Cr14 Cr35 Cr-3 Cr
Cash from investing-4 Cr-0.04 Cr-4 Cr-5 Cr-16 Cr-15 Cr-24 Cr-16 Cr-12 Cr-3 Cr
Cash from financing5 Cr-9 Cr-10 Cr7 Cr-26 Cr-18 Cr0.14 Cr-1 Cr-26 Cr4 Cr
Net cash flow-0.38 Cr-1 Cr-3 Cr2 Cr16 Cr2 Cr-8 Cr-3 Cr-3 Cr-2 Cr
Free cash flow (OCF − Capex)-7 Cr-2 Cr5 Cr-5 Cr39 Cr14 Cr-13 Cr-4 Cr19 Cr-8 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.5%9.5%-0.3%14.6%18.2%28.4%19.0%13.3%10.2%2.5%
ROE %10.5%6.7%-6.8%13.5%16.3%25.4%16.8%11.5%7.4%0.3%
Debtor days7811814418612293149170159189
Inventory days324339397388313195261304402515
Days payable211209259211165102152204245323
Cash conversion cycle190248282363271185259270316382
OCF / EBITDA %-4.6%31.4%n.m.0.9%115.1%36.0%23.9%28.1%70.8%n.m.
OCF / EBITDA % (3 years)——28.7%30.3%78.0%50.7%50.5%30.3%38.8%45.5%
Debt / equity0.430.450.480.480.360.270.270.250.210.25
Current ratio1.001.151.021.171.451.961.901.901.951.84
Net debt / EBITDA1.83—32.672.391.210.611.181.671.56243.01