Themis Medicare Ltd (THEMISMED)

Healthcare · Pharmaceuticals · NSE · Updated 3 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹124.1 ↑ 20.24% (1Y)

🎯 Key Takeaways

Themis Medicare Ltd is in a transitional phase marked by modest revenue recovery and persistent operational losses, with management focusing on governance stabilization rather than commercial expansion. The company remains a small-cap pharmaceutical player with improving return ratios but limited scale, operating in a competitive domestic formulation market without clear near-term catalysts for margin recovery.
Revenue grew 13.6% QoQ to ₹87 in Q1FY27.
⚠️ Persistent operational losses and negative operating margins in core pharmaceutical formulations business pose sustainability concerns despite sequent

Market Cap

₹1,143

P/E Ratio

28.6

P/B Ratio

2.84

ROE

9.9%

ROCE

13.6%

Debt/Equity

0.21

Div Yield

0.40%

Promoter

67.1%

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📖 The Story

Themis Medicare Ltd is in a transitional phase marked by modest revenue recovery and persistent operational losses, with management focusing on governance stabilization rather than commercial expansion. The company remains a small-cap pharmaceutical player with improving return ratios but limited scale, operating in a competitive domestic formulation market without clear near-term catalysts for margin recovery.

📰 What's Happening

In the latest quarter ending June 2026, the board approved unaudited Q1 FY26 financial results alongside key leadership changes, appointing Suresh Savaliya as Company Secretary and Key Managerial Personnel following the resignation of Nagraj Mogaveera on August 13, 2026. The board meeting on August 13, 2026, which reviewed these results and governance updates, underscored continuity in compliance oversight with Savaliya's 23 years of SEBI and corporate governance experience. These changes were framed as administrative rather than strategic, with no operational initiatives or capital projects disclosed during the session.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	98	78	90	77	87
Operating Profit	-13	-6	7	1	-55
OPM %	-12.9%	-7.3%	8.0%	1.5%	-63.2%
Net Profit	-14	-4	10	9	25
EPS	₹0.39	₹-0.39	₹1.10	₹0.96	₹2.67

Financial performance shows a mixed trend: revenue declined to ₹87 lakh in Q1 FY26 from ₹98 lakh a year earlier, with operating losses widening to ₹55 lakh and a negative OPM of -63.2%, up from -12.9% YoY. However, sequential improvement is evident — net profit turned positive at ₹25 lakh (vs. ₹9 lakh in Q4 FY25), and EPS rose to ₹2.67 from ₹0.96 in the prior quarter, suggesting cost control may be stabilizing losses despite revenue headwinds.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue growth, margin improvement, or market expansion in the latest filings. The focus remains on governance and compliance, with no commentary on commercial strategy, pricing, or demand trends in the pharmaceutical formulations segment. The absence of strategic updates indicates limited near-term investment plans or market diversification efforts.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	9	9	9	9
Reserves	403	393	371	389
Borrowings	81	83	96	100
Total Liabilities	602	588	583	598
Fixed Assets	173	172	169	166
Investments	99	95	96	109
Total Assets	602	588	583	598

The balance sheet reflects a stable but minimal capital structure: equity and reserves remain flat at ₹9 crore and ₹389 crore respectively as of March 2026, while net borrowings are negligible at ₹4 crore. Total assets have slightly increased to ₹598 crore, indicating no aggressive capital deployment. The company maintains a low-debt profile (D/E of 0.21), but the lack of reinvestment signals suggests limited growth ambitions or constrained cash generation.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+35
Investing	-12
Financing	-26
Net Cash Flow	-3

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	67.2%	67.1%	67.1%	67.1%
FII	0.1%	0.1%	0.1%	0.0%
DII	0.0%	0.0%	0.0%	0.0%
Public	24.0%	24.0%	23.7%	23.6%
# Shareholders	22,490	22,576	21,818	21,267

Promoter holding remains stable at 67.11% over the past year, with no significant changes in FII or DII allocations — FII ownership has hovered near 0.01–0.11%, and DII below 0.06%. The shareholder base is highly dispersed, with over 21,000 public shareholders, suggesting retail dominance. No pledging activity or recent exits by institutional investors are reported, implying limited market interest or scrutiny.

⚖️ Peer Comparison — Pharmaceuticals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
SUNPHARMA	4.64 L Cr	38.4	18.7%	14.6%	0.05
DIVISLAB	2.45 L Cr	83.8	23.0%	17.4%	0.00
TORNTPHARM	1.90 L Cr	79.8	15.1%	25.7%	1.76
ZYDUSLIFE	1.15 L Cr	25.7	16.8%	16.6%	0.43
CIPLA	1.14 L Cr	33.9	13.2%	9.8%	0.01
LAURUSLABS	1.01 L Cr	92.0	20.8%	20.6%	0.45
LUPIN	98,424	17.4	27.9%	24.7%	0.26
MANKIND	98,293	48.1	13.9%	12.7%	0.38
DRREDDY	96,906	30.0	10.1%	8.4%	0.17
AUROPHARMA	95,300	25.9	12.8%	9.8%	0.20

🔗 Peer Stock Analyses

SUNPHARMA DIVISLAB TORNTPHARM ZYDUSLIFE CIPLA

⚠️ Risk Factors

1. Persistent operational losses and negative operating margins in core pharmaceutical formulations business pose sustainability concerns despite sequential profit improvements. 2. Minimal institutional interest and low trading liquidity could amplify volatility and limit investor exit options. 3. Management's lack of strategic clarity or growth roadmap raises concerns about long-term viability in a capital-intensive, competitive sector.

📋 Recent Filings

🧠 Analyst's Read

The company's narrative centers on governance refinement rather than commercial momentum, with financial recovery appearing fragile and dependent on cost management rather than revenue expansion. Investors should monitor future board communications for any indication of strategic direction, as current disclosures suggest limited operational ambition or market confidence.

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 2026-09-03.

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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