Themis Medicare Ltd.

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themismedicare.comBSE: 530199NSE: THEMISMED

Market Cap₹ 1,111 Cr.

Current Price

High / Low₹ 148 / 65

Stock P/E27.8

Book Value₹ 42

Price to Book3.35

Dividend Yield0.41 %

ROCE10.4 %

ROE7.6 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Latest quarter profit grew 273.1% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 15.0% CAGR over last 5 years
Company generates healthy free cash flow
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.56x)
Operating margins have contracted to 12.1% from 25.9%
Company has delivered a poor profit growth of 3.8% over past five years
Growth is decelerating - 3Y profit CAGR (-25.8%) trails the 5Y trend (3.8%)
Rich enterprise valuation - EV/EBITDA of 26.4x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUNPHARMA	1899.00	37.67	455633.71	0.84	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9100.00	82.59	241576.41	0.33	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4850.00	84.58	184478.41	0.78	566.00	3.28	4921.00	57.32	19.27	33.81
4.	CIPLA	1385.00	33.19	111888.39	0.94	785.55	-39.18	7119.28	4.13	16.00	16.73
5.	ZYDUSLIFE	1121.00	24.78	111820.18	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
6.	LAURUSLABS	1840.00	90.93	99417.45	0.11	362.07	123.94	2026.31	29.10	18.20	31.50
7.	LUPIN	2111.00	17.46	96528.82	0.85	1416.98	16.01	8276.89	34.28	28.86	29.59
8.	DRREDDY	1154.00	29.89	96322.06	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
9.	MANKIND	2328.55	47.09	96179.61	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
10.	AUROPHARMA	1653.30	25.62	95127.23	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	GLENMARK	2427.00	38.10	68495.93	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	THEMISMED	120.60	27.79	1110.73	0.41	24.61	273.07	86.96	-10.89	10.37	-57.31

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	97	105	83	98	123	117	94	72	98	78	90	77	87
	75	92	74	89	94	100	85	77	108	81	80	73	145
Operating Profit	22	12	8	9	29	17	9	-6	-10	-3	10	4	-58
OPM %	22.49%	11.83%	9.77%	9.51%	23.72%	14.64%	9.09%	-8.08%	-10.33%	-3.96%	10.86%	4.91%	-66.63%
	1	2	1	1	1	1	1	2	1	3	0	4	-92
Interest	2	2	3	2	2	2	3	2	2	3	3	3	3
Depreciation	3	3	3	3	2	2	3	3	3	3	3	3	3
Profit before Tax	17	10	3	5	25	13	4	-9	-14	-5	5	2	39
Tax %	25.59%	27.10%	29.82%	40.73%	26.25%	26.18%	27.01%	15.85%	-1.15%	-3.28%	5.95%	7.98%	36.24%
Net Profit	0	0	0	0	25	14	5	-10	-14	-4	101	89	25
	1.98	1.23	0.80	0.72	2.68	1.55	0.06	-1.05	-1.54	-0.39	1.10	0.96	2.67

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	232	217	210	184	202	231	395	354	382	406	332
	194	184	185	181	166	181	299	287	330	356	379
Operating Profit	38	32	25	2	36	49	96	67	52	49	-47
OPM %	16.42%	14.94%	11.71%	1.24%	17.69%	21.46%	24.24%	19.04%	13.49%	12.10%	-14.32%
	3	3	3	3	3	4	7	12	5	5	-85
Interest	12	12	12	12	13	13	9	10	9	10	11
Depreciation	12	7	7	8	8	9	9	10	12	10	10
Profit before Tax	17	16	9	-15	27	41	95	73	53	40	40
Tax %	11.16%	9.80%	1.17%	12.36%	7.79%	13.62%	23.49%	21.53%	18.56%	24.81%	36.17%
Net Profit	15	15	9	-13	25	36	73	57	44	30	26
EPS	0.00	0.00	0.00	0.00	26.97	38.84	79.07	6.17	4.73	3.24	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	6.49%	11.07%	6.31%	8.09%	10.57%	15.43%	—

COMPOUNDED SALES GROWTH

10 Years:: 7%
5 Years:: 15%
3 Years:: 1%

COMPOUNDED PROFIT GROWTH

10 Years:: 17%
5 Years:: 4%
3 Years:: -26%

STOCK PRICE CAGR

10 Years:: 8%
5 Years:: 2%
3 Years:: -10%
1 Year:: 20%

RETURN ON EQUITY

10 Years:: 13%
5 Years:: 17%
3 Years:: 13%
Last Year:: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9	9	9	9	9	9	9	9	9	9
	66	141	159	148	173	209	278	330	368	393
	119	73	77	80	94	82	71	81	75	63
Trade Payables	35	32	31	35	30	31	32	40	47	51
	46	29	24	35	39	40	52	63	76	81
Total Liabilities	275	284	301	307	345	371	442	524	576	598
	117	124	126	123	116	133	144	162	168	172
Capital Work in Progress	6	9	2	2	8	2	3	3	3	3
	6	23	24	27	35	45	56	70	89	95
	58	48	50	54	55	58	61	69	71	84
	0	0	0	0	0	0	0	0	178	177
Cash & Bank	14	9	7	3	5	25	26	19	19	13
	73	72	91	98	126	107	152	202	48	54
Total Assets	275	284	301	307	345	371	442	524	576	598

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	40	-2	7	11	1	57	52	32	22	35
Cash from Investing	-7	-4	-0	-4	-5	-16	-16	-24	-16	-12
Cash from Financing	-13	5	-9	-10	7	-26	-18	0	-9	-26
	5	-0	-1	-3	2	16	1	-8	-3	-3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	19.12	17.66	12.30	-11.70	26.97	38.86	79.22	61.83	4.73	3.24
Book Value (₹)	86.94	166.38	183.39	171.54	198.67	237.41	312.22	368.78	41.03	43.74
Dividend per Share (₹)	0.00	0.00	0.00	0.00	1.75	4.30	5.00	5.00	0.50	0.50
Cash EPS (₹)	3.18	2.46	1.75	-0.55	3.60	4.82	8.95	7.32	6.06	4.32
PROFITABILITY
Operating Margin %	17.52%	15.78%	13.23%	2.69%	19.41%	23.03%	25.89%	22.28%	13.49%	12.10%
Net Margin %	6.45%	6.53%	4.08%	-7.09%	12.29%	15.48%	18.47%	16.06%	11.40%	7.36%
ROE %	22.85%	13.16%	5.42%	-8.00%	14.58%	17.82%	28.84%	18.16%	12.14%	7.65%
ROCE %	14.69%	12.92%	8.52%	-1.25%	15.22%	18.44%	31.07%	20.59%	13.88%	10.37%
	5.52%	5.29%	2.95%	-4.29%	7.59%	9.97%	17.93%	11.78%	7.91%	5.08%
EFFICIENCY
Debtor Days	72	77	101	141	159	142	82	126	154	160
Inventory Days	93	86	84	103	98	89	55	67	67	70
Payable Days	243	218	197	204	227	164	87	131	138	167
	-78	-55	-11	40	29	68	50	63	83	63
FINANCIAL HEALTH
Debt to Equity (x)	1.73x	0.55x	0.48x	0.52x	0.54x	0.39x	0.27x	0.27x	0.25x	0.21x
Interest Coverage (x)	2.39x	2.38x	1.74x	-0.26x	3.09x	4.25x	11.86x	8.58x	6.70x	4.95x
	1.02x	1.00x	1.14x	1.02x	1.17x	1.45x	1.85x	1.84x	1.86x	1.89x
GROWTH
Revenue Growth %	15.13%	-6.79%	-3.30%	-12.29%	9.71%	14.43%	71.07%	-10.21%	7.74%	6.22%
Operating Profit Growth %	35.26%	-13.69%	-21.48%	-82.35%	690.93%	35.77%	92.37%	-22.73%	-28.74%	-4.52%
Net Profit Growth %	179.87%	-2.97%	-41.53%	-250.87%	290.22%	44.07%	104.13%	-21.93%	-23.51%	-31.46%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-92.35%	-31.46%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	46.31x	45.24x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.34x	3.35x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.23%	0.34%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	37.19x	26.43x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.15	67.15	67.15	67.15	67.15	67.15	67.11	67.11	67.11
	0.05	0.10	0.10	0.14	0.09	0.06	0.05	0.11	0.01
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.79	32.74	32.74	32.70	32.74	32.78	32.83	32.78	32.87

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-17

General Updates

2026-08-17 - Themis Medicare Limited has informed the Exchange about General Updates -Change Of Company Secretary / Compliance Officer's E-Mail ID and updation of E-Mail Id of RTA,

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Themis Medicare Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Resignation of Director/KMP/SMP

2026-08-13 - Themis Medicare Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-13

Resignation of Director/KMP/SMP

2026-08-13 - Themis Medicare Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-13

Resignation of Director/KMP/SMP

2026-08-13 - Themis Medicare Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-13

Resignation of Director/KMP/SMP

2026-08-13 - Themis Medicare Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-13

Investor Presentation

2026-08-13 - Themis Medicare Limited has informed the Exchange about Investor Presentation

2026-08-13

General Updates

2026-08-13 - Themis Medicare Limited has informed the Exchange about General Updates

2026-08-13

Appointment

2026-08-13 - Themis Medicare Limited has informed the Exchange regarding Appointment of Mr. Suresh Savaliya as Company Secretary & Compliance Officer of the company w.e.f. August 13, 2026.

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