Gujarat Themis Biosyn Ltd (GUJTHEM)
🎯 Key Takeaways
- Gujarat Themis Biosyn Ltd is transitioning from a growth-oriented pharmaceutical player to a mature, cash-generative entity with strong profitability and institutional backing. The company has demonstrated consistent financial expansion, with revenue and profit growth observed across fiscal periods, supported by robust operational efficiency and capital discipline.
- Revenue declined 1% QoQ to ₹44 in Q1FY27.
- ⚠️ Overreliance on a limited number of products or therapeutic segments, with no disclosed pipeline or growth drivers beyond historical performance.
📖 The Story
Gujarat Themis Biosyn Ltd is transitioning from a growth-oriented pharmaceutical player to a mature, cash-generative entity with strong profitability and institutional backing. The company has demonstrated consistent financial expansion, with revenue and profit growth observed across fiscal periods, supported by robust operational efficiency and capital discipline. It operates in the healthcare sector with a focus on biosynthetic and specialty pharmaceuticals, and its recent financial performance reflects a stable and scalable business model.
📰 What's Happening
In Q1FY27, the company reported revenue of ₹44 crores with operating profit of ₹17 crores (OPM: 38.4%), up from ₹36 crores revenue and ₹12 crores operating profit in Q1FY26, indicating improving margins. Profit after tax rose to ₹11 crores from ₹9 crores, and EPS increased to ₹1.02 from ₹0.83, reflecting better cost control and operational efficiency. Concurrently, the company raised ₹750 crores via a qualified institutional placement (QIP) in August 2026, allotting 2.12 million shares at ₹354 per share, increasing paid-up capital to ₹13.01 crores. Shareholders approved an amendment to its Articles of Association to remove the mandatory requirement for third-party valuation in share issuances, enhancing flexibility for future fundraises. The board is also exploring further capital raises through preferential issues or convertible warrants, subject to regulatory and shareholder approval.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Revenue | 36 | 44 | 44 |
| Operating Profit | 12 | 15 | 17 |
| OPM % | 33.1% | 34.6% | 38.4% |
| Net Profit | 9 | 11 | 11 |
| EPS | ₹0.83 | ₹1.00 | ₹1.02 |
The company has exhibited steady top-line and bottom-line growth, with revenue expanding from ₹36 crores in Q1FY26 to ₹44 crores in Q1FY27, accompanied by a rise in net profit from ₹9 crores to ₹11 crores and EPS from ₹0.83 to ₹1.02. Operating margins improved to 38.4% from 33.1%, signaling enhanced operational efficiency. Despite flat revenue in Q4FY26 and Q1FY26, profitability remained resilient, supported by strong cash flow generation of ₹91 crores in operating cash flow (Mar 2025), which has underpinned capital expenditures and debt servicing. Retained earnings have grown significantly, rising to ₹27,671.44 crores as of FY26, reflecting sustained profitability and reinvestment capacity.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance in the latest filings regarding revenue, margins, or capital allocation strategy beyond operational approvals for future fundraises. However, the board has signaled intent to raise additional funds via preferential issues or convertible instruments, pending shareholder and regulatory clearance. The removal of mandatory share valuation requirements indicates a strategic move to streamline capital-raising activities. No commentary on future business expansion, product launches, or market outlook was disclosed in the recent filings.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 |
| Reserves | 213 | 237 | 254 | 277 |
| Borrowings | 3 | 30 | 71 | 162 |
| Total Liabilities | 248 | 301 | 377 | 503 |
| Fixed Assets | 42 | 41 | 162 | 289 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 248 | 301 | 377 | 503 |
The balance sheet shows a steady increase in total assets from ₹301 crores (Mar 2025) to ₹377 crores (Mar 2026) and ₹503 crores (Mar 2026), driven by growth in reserves and retained earnings, which rose from ₹237 crores to ₹277 crores. Borrowings remain low and stable at ₹162 crores (Mar 2026) compared to ₹71 crores (Mar 2026) and ₹30 crores (Mar 2025), indicating a conservative leverage profile. Equity base has remained flat at ₹11 crores, but reserves have grown significantly, reflecting accumulated profits. The company is capitalizing reinvestments internally, with no major asset write-downs or impairments reported.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +91 |
| Investing | -112 |
| Financing | +26 |
| Net Cash Flow | +5 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 70.9% | 70.9% | 70.9% | 70.9% |
| FII | 3.0% | 2.0% | 1.8% | 1.8% |
| DII | 1.2% | 1.2% | 1.2% | 1.2% |
| Public | 18.7% | 19.9% | 19.9% | 19.5% |
| # Shareholders | 28,319 | 27,325 | 26,886 | 27,010 |
Promoter holding remains stable at 70.86% across all recent quarters, suggesting confidence in the company's long-term prospects. Institutional ownership (FII) has fluctuated slightly, peaking at 2.95% in Q2FY26 before declining to 1.77% in Q1FY27, while DII holdings have remained steady at 1.17%. The number of public shareholders has marginally decreased from 28,319 (Q2FY26) to 26,886 (Q4FY26), but the company maintains broad retail participation. No pledging of shares or significant dilution beyond the QIP has been observed, and the capital raise was directed at institutional investors, potentially diversifying the shareholder base.
⚖️ Peer Comparison — Pharmaceuticals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SUNPHARMA | 4.69 L Cr | 38.8 | 18.7% | 14.6% | 0.05 |
| DIVISLAB | 2.45 L Cr | 83.9 | 23.0% | 17.4% | 0.00 |
| TORNTPHARM | 1.89 L Cr | 79.4 | 15.1% | 25.7% | 1.76 |
| ZYDUSLIFE | 1.16 L Cr | 25.9 | 16.8% | 16.6% | 0.43 |
| CIPLA | 1.14 L Cr | 33.9 | 13.2% | 9.8% | 0.01 |
| LAURUSLABS | 1.03 L Cr | 94.1 | 20.8% | 20.6% | 0.45 |
| LUPIN | 99,585 | 17.6 | 27.9% | 24.7% | 0.26 |
| MANKIND | 99,078 | 48.5 | 13.9% | 12.7% | 0.38 |
| DRREDDY | 97,240 | 30.1 | 10.1% | 8.4% | 0.17 |
| AUROPHARMA | 97,239 | 26.4 | 12.8% | 9.8% | 0.20 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Overreliance on a limited number of products or therapeutic segments, with no disclosed pipeline or growth drivers beyond historical performance. 2. Regulatory and compliance risks in the pharmaceutical sector, despite auditor confirmation of SEBI and Ind AS adherence, with no contingency planning mentioned. 3. Capital dilution risk from ongoing and future fundraises via preferential issues or convertible instruments, which could pressure share price and dilute EPS if not accretive. 4. Low institutional ownership (FII at 1.77%) may limit liquidity and investor interest, potentially leading to higher volatility.
📋 Recent Filings
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🔴 Corporate Action 28 August 2026Gujarat Themis Biosyn announced the allotment of 2,118,644 equity shares at Rs 354 each via qualified institutional placement, raising Rs 749.99 crore...
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🔴 Announcement 28 August 2026Gujarat Themis Biosyn Limited announced the closure of its qualified institutional placement (QIP) on August 28, 2026, allotting 2,118,644 shares at R...
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🟡 Board Meeting 27 August 2026Gujarat Themis Biosyn Limited announced a board meeting on September 1, 2026, to approve raising funds via preferential issue of equity shares or conv...
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🔴 Financial Results 25 August 2026Gujarat Themis Biosyn Limited reported audited FY2026 revenue of **₹16,825.09 crores** and profit after tax of **₹4,668.15 crores**, with basic EPS of...
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🟡 voting results 23 August 2026Gujarat Themis Biosyn Limited amended its Articles of Association by deleting a clause requiring share price valuation by a registered valuer for cert...
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🟡 voting results 22 August 2026Gujarat Themis Biosyn Limited announced voting results for three special resolutions passed via e-voting on August 22, 2026, including fund raising, a...
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Announcement 10 August 2026Gujarat Themis Biosyn Limited announced that recordings of its August 10, 2026 investor and analyst conference call are now available on its website v...
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🟡 Board Meeting 7 August 2026Gujarat Themis Biosyn Limited announced the outcome of its board meeting held on August 7, 2026, approving unaudited standalone and consolidated finan...
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Announcement 4 August 2026Gujarat Themis Biosyn Limited announced a conference call on August 10, 2026 at 14:30 IST to discuss Q1 FY27 financial results, inviting analysts and ...
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🔴 Insider Trading 4 August 2026Sachin D. Patel disclosed acquisition of 5,23,560 shares in Gujarat Themis Biosyn Limited via inter-se transfer between promoters, exempt from open of...
🧠 Analyst's Read
Gujarat Themis Biosyn is currently in a phase of consolidation, leveraging strong cash flows and profitability to reinforce financial resilience while exploring strategic capital raises for potential expansion. The company demonstrates operational discipline and shareholder-friendly practices, including consistent dividend payouts and capital efficiency. Investors should monitor upcoming fundraise plans, management's strategic priorities, and any updates on product development or market expansion that may emerge in future filings.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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