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Themis Medicare Ltd (THEMISMED)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 530199 NSE: THEMISMED Pharmaceuticals & Drugs | Small Cap | Themis Medicare Share Price

₹106.85 -2.15 (-1.97%)

As on 04-Jun'26 16:59

Themis Medicare Ltd (THEMISMED)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 530199 NSE: THEMISMED Pharmaceuticals & Drugs | Small Cap | Themis Medicare Share Price

₹106.85 -2.15 (-1.97%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹984 Cr.
Current Price
₹106.9
52-Week Low / High
₹65 / 154
TTM EPS
₹-1.5
TTM Sales
₹342 Cr.
Book Value per Share
₹29.1
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
46.5
Price to Book (P/B)
3.67
Lower than its 5-year historical median
Price to Sales (P/S)
2.88
Lower than its 5-year historical median
EV/EBITDA
110.05
Higher than its 5-year historical median
Dividend Yield
0.34%
Profitability Efficiency
Return on Equity (ROE)
7.70%
Underperforms industry median
Return on Capital Employed (ROCE)
10.95%
In line with industry median
Return on Assets (ROA)
4.71%
Operating Profit Margin
12.1%
Net Profit Margin
5.9%
Gross Profit Margin
10.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
6.22%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-4.79%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-3.35%
Asset Quality
Promoter Holding
67.11%
Pledged shares (%) of Promoter's holding (%)
2.43%
Reserves
₹259 Cr.
Equity
₹9.2 Cr.
Face Value
₹1
All Time Low / High
₹1.20 / 313.65

Themis Medicare stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Fair

Price Trend

Strong
Q.1 Is Themis Medicare Ltd a good quality company?
Themis Medicare Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Themis Medicare Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Themis Medicare Ltd vs industry peers?
Themis Medicare Ltd revenue CAGR is 15.00%, compared to the industry median CAGR of 5.35%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Themis Medicare Ltd?
Promoters hold 67.11% of the Themis Medicare Ltd, with 2.43% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Themis Medicare Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 7.8% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Themis Medicare Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 16.8%14.7%9.3%-1.2%12.8%17%31.3%19.7%11.4%11%-
Value Creation
Index
0.20.1-0.3-1.1-0.10.21.20.4-0.2-0.2-

Growth Parameters

Sales 203217210184202231395354382406342
Sales YoY Gr.-6.8%-3.3%-12.1%9.5%14.4%71.1%-10.2%7.7%6.2%-
Adj EPS 1.81.71-1.41.72.96.64.52.62.5-1.5
YoY Gr.--6.2%-38%-239.8%NA65.7%130.5%-32.1%-42.6%-2.7%-
BVPS (₹) 7.615.416.915.617.320.226.430.632.734.829.1
Adj Net
Profit
15.1159.4-13.315.826.260.54123.622.9-14
Cash Flow from Ops. 18.7-1.57.9110.35734.416.12234.7-
Debt/CF from Ops. 5.1-54.610.27.5299.21.52.35.74.42.4-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 8%15%0.9%6.2%
Adj EPS 3.9%7.7%-27.6%-2.7%
BVPS18.5%15%9.6%6.3%
Share Price 8.2% 6.7% -9.9% -23%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
26.614.66.3-8.910.415.228.215.68.17.4-4.8
Op. Profit
Mgn %
15.515.112.11.417.721.624.21913.512.10.1
Net Profit
Mgn %
7.46.94.5-7.27.811.415.311.66.25.7-4.1
Debt to
Equity
1.50.60.50.60.60.50.30.30.30.30.1
Working Cap
Days
194183225291302276176250272277176
Cash Conv.
Cycle
46761161711811669514416817477

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales203217210184202231395354382406
Operating Expenses + 171184184182166181299287330356
Manufacturing Costs42413632353352495556
Material Costs625658595267131101115108
Employee Cost 32404546444052668296
Other Costs 35484645344164717796
Operating Profit 3132253365096675249
Operating Profit Margin (%) 15.5%14.9%12.0%1.4%17.7%21.6%24.2%19.0%13.5%12.1%
Other Income + 33433471255
Exceptional Items 0000000000
Interest 121212121313910910
Depreciation 7778899101210
Profit Before Tax 15169-15183284593534
Tax -120-22622161010
Profit After Tax 15159-13162762432524
PAT Margin (%) 7.4%6.8%4.4%-6.9%7.9%11.5%15.6%12.2%6.5%5.9%
Adjusted EPS (₹)1.81.61.0-1.41.72.96.74.72.72.6
Dividend Payout Ratio (%)0%0%0%0%10.10%14.80%7.50%10.60%18.60%19.20%

Valuation of Themis Medicare - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 64140155143159185243282301320
Share Capital 9999999999
Reserves 56130146134150176234273292311
Debt +82667576887967777462
Long Term Debt3012119122224282719
Short Term Debt52536467775743494743
Minority Interest0000000000
Trade Payables33323135303132404751
Others Liabilities 41362639454356677782
Total Liabilities 220273288293322338398467499516

Fixed Assets

Net Fixed Assets +89124126123116133144162168172
Gross Block156131141146147172192221239253
Accumulated Depreciation6771523313948597180
CWIP 5922823333
Investments 11121111111111111111
Inventories45485053545861697184
Trade Receivables4048697310378101145178177
Cash Equivalents 897352526191913
Others Assets 21232326243152574955
Total Assets 220273288293322338398467499516

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 19-281105734162235
PBT 27169-15183284593534
Adjustment 6171719181711141717
Changes in Working Capital -2-35-197-368-43-40-21-5
Tax Paid 101-0-00-18-16-9-11
Cash Flow From Investing Activity + -4-4-0-4-5-16-16-24-16-12
Capex -6-5-3-6-6-18-21-29-18-14
Net Investments 0-110001-0-00
Others 2222024522
Cash Flow From Financing Activity + -135-9-107-26-180-9-26
Net Proceeds from Shares 02550000000
Net Proceeds from Borrowing -10-13-13-38125-2-8
Interest Paid 0-11-11-10-11-11-7-8-8-8
Dividend Paid 00000-2-4-5-5-5
Others -3410310-14-985-5
Net Cash Flow 2-0-1-32161-8-3-3

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)26.6214.516.3-8.5110.5515.4728.7216.498.497.7
ROCE (%)16.8314.749.25-1.1812.7716.9831.2719.6811.4310.95
Asset Turnover Ratio0.930.920.750.630.660.71.070.820.790.8
PAT to CFO Conversion(x)1.27-0.130.89N/A02.110.550.370.881.46
Working Capital Days
Receivable Days71.1071.50100.80140.70159.4014382.70126.90154.70160.10
Inventory Days8275.5084.5010297.4089.2055.2066.8066.7069.70
Payable Days267.10210.30196.50202.50227.20164.8087.30130.60138.10166.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *2.432.432.432.432.432.432.432.432.432.43
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Themis Medicare Ltd FAQs

The current trading price of Themis Medicare on 04-Jun-2026 16:59 is ₹106.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Themis Medicare stood at ₹984.1 Cr

The latest P/E ratio of Themis Medicare as of 03-Jun-2026 is 0.00.

The latest P/B ratio of Themis Medicare as of 03-Jun-2026 is 3.67.

The 52-week high of Themis Medicare is ₹154.4 and the 52-week low is ₹65.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Themis Medicare is ₹342 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Themis Medicare Ltd is a average quality company.

The key valuation ratios of Themis Medicare Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Themis Medicare Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Themis Medicare Ltd

Themis Medicare (TML) incorporated in 1969, is engaged in manufacturing of Active Pharmaceutical Ingredients (APIs) and Formulations. Erstwhile known as Themis Chemical the company is promoted by Mr. Shantibhai D. Patel. It is joint venture with Gedeon Richter, Hungary.

Headquartered in Mumbai, the company has four manufacturing facilities located at Vapi (Gujarat), Hyderabad (Andhra Pradesh), and Haridwar (Uttaranchal).

The company is backed by strong marketing workforce of 500 people with network of over 2000 stockists. The company has pan-India presence; it also has presence in 40 countries that include international markets namely Europe, Americas and Australasia.

Company has an in-house R&D facility that focuses on development of new chemical, new and efficient processes for production of API and intermediates, fermentation technology and New Drug Delivery Systems.

Themis Medicare is also engaged in supplying its research formulations to well known Pharmaceutical companies in India namely Alkem Lab, Fulford, Intas Pharmaceuticals, IPCA Lab., Cadila Healthcare, Aristo Pharma, Mankind Pharma, Shreya Lifesciences, Nicholas Piramal, Unichem Lab, etc.

Products

Active Pharmaceutical Ingredients- The Company is manufactures APIs that caters to therapeutic segment such as antituberculosis, antimalarials, cardiology, pain management, anti-infectives, haematinics, health and nutrition. Company manufactures products namely Simvastatin, Lovastatin, Propofol, Ethambutol, Di-methyl Isosorbide, Artesunate, Lumefenterine, Arteether are among others.

Formulations- The company also formulations that caters to therapeutic segment. It has produced products such as Themibutol, Tetracox, Tricox, Ticinex, Ticin are among others.

Milestones

1969- Themis Chemicals was incorporated in joint venture with GEDEON Richter, Hungary.

1971- Themis Chemicals became first company in India and second company in the world to manufacture Vitamin B12 by non-sterile fermentation process.

1976- Themis Chemicals became first company in India and second company in the world to manufacture Ethambutol Dihydrochloride.

1985- RIFAMPICIN was produced for first time in India by Themis Chemicals.

1990- Company developed and manufactured HEMOLOK.

1991-92 Besides Schering Plough of USA, company was only one to manufactures SISOMICIN. Company developed and manufactured ANABLOKTM – an anaesthetic.

1993- It was only private sector company to produce GENTAMICIN in India

1995- For the first time in the world the company produces FUMAGILLIN– a unique veterinary productThemis Chemicals is listed on the Bombay Stock Exchange.

1996- The company became first in India and third in the world to produce LOVASTATIN.

1997- Company received award from Ministry of Science and Technology’s Department of Scientific and Industrial Research (DSIR).

1998- Company developed Simvastatin for the first time in Asia.

1999- Company launched E MALTM – Alpha Beta Arteether and it also received award from Ministry of Science and Technology’s Department of Scientific and Industrial Research (DSIR) for the same.

2001- Company was rechristened as Themis Medicare

2002- The company for first time in India developed SEPGARDTM – a unique wound healing agent.

2003- For first time in the world, company developed CLEOFOLTM- a Lipid free Clear Propofol Injection. In the same year it also introduced the first COX-2 INJECTION in the world.

2004- Artemis Biotech was merged with Themis Medicare. The company forms its second joint venture with Gedeon Richter of Hungary to set up 100% export oriented unit under the name Richter Themis Medicare (INDIA). The same year the company commissions a new facility at Hyderabad.

2006- Company starts operations of its manufacturing unit located at Haridwar. Company develops and introduces Nimesulide Injection. Company launches THEMISEALTM- a stops bleeding gel and forays in European market. Company started cultivation of Artemisia annua and extraction of Artemisinin.

2007- For first time in the world, the company introduced Aceclofenac Injection.

2010 - Themis Medicare launched a combination of Lidocaine & Prilocaine in 'Spray' form under the brand name ""Lovelong""
2011 - Themis Medicare have introduced for the First Time in the Country a 'calcium' preparation with fruitygummies for paediatric use under the brand name "THEMIBEAR".
The Company have introduced for the First Time in the country a ""Multivitamin"" for Paediatric use under the brand name "THEMIBEAR"
2013 - Introduction of oil free Emal (Alpha beta arteether injection) in ampoules, and PFS  (Pre-Filled Syringe)
Break through development of Diclofenac 75 mg / ml injection using patented technology and assigned exclusive marketing rights to Novartis India Limited under their flagship brand - Voveran 75 mg / ml Injection
Long term partnership signed with Novartis India Limited for exclusive marketing rights of Diclofenac TPM Gel (Voveran TPM Gel) for India

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