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    Medical - Pharmaceuticals
Gujarat Themis Biosyn Limited

Gujarat Themis Biosyn Limited

GUJTHEM.BO
Gujarat Themis Biosyn LimitedIN flagBombay Stock Exchange
377.10
INR
-6.25
- -
41.09BMarket Cap
Gujarat Themis Biosyn Limited
GUJTHEM.BO
(Bombay Stock Exchange)

Recent

price

377.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
1.55
1
2.67
2.78
2.89
2.99
3.28
3.56
3.75
7.8
8.3
10.48
13.59
15.59
13.85
15.2
15.2
Revenue per Share
-0.38
0.18
0.1
0.42
0.42
0.42
0.4
0.35
0.59
2.17
2.77
4
5.32
5.43
4.48
4.28
4.28
Basic EPS, GAAP
0.19
-0.23
-0.24
0.38
0.21
0.29
0.02
0.4
-0.98
-0.24
0.69
2.42
1.45
-0.96
-2.3
-11.35
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.22
0.92
1.14
0.63
0.17
0.67
- -
Dividend per Share
-1.87
-1.69
-1.15
-0.7
-0.29
0.14
0.54
0.9
1.49
3.66
6.21
9.27
13.47
18.27
1
1
1
Book Value per Share
-1.78
-1.59
-0.93
-0.49
-0.07
0.35
0.75
1.11
1.7
3.87
6.42
9.48
13.69
18.48
22.8
26.37
26.37
Tangible Book Value per Share
87
87
106
109
109
109
109
109
109
109
109
109
109
109
109
109
109
Basic Weighted Avg Shares
135
87
284
302
314
326
357
388
409
850
904
1,142
1,481
1,698
1,508
1,658
1,658
Sales/Revenue/Turnover
-15.93
-38.91
8.02
17.34
16.56
14.99
14.35
13.43
15.43
35.93
43.74
49.54
48.95
44.49
42.09
37.76
37.76
Operating Margin (%)
11
11
14
15
14
12
11
11
12
14
17
22
26
41
57
129
129
Depreciation Expense
-33
16
11
45
46
46
44
39
64
237
302
436
580
592
488
467
467
Net Income, GAAP
- -
- -
- -
- -
- -
- -
10.39
20.07
21.8
24.26
26.18
26.1
25.17
25.43
25.58
24.82
24.82
Effective Tax Rate (%)
-24.26
18.22
3.77
14.97
14.61
14.19
12.26
9.97
15.67
27.86
33.38
38.2
39.13
34.84
32.34
28.15
28.15
Profit Margin (%)
-209
-220
-167
-117
-63
-62
-37
-1
-48
118
475
612
465
314
314
96
96
Working Capital
46
42
70
60
53
11
7
- -
- -
32
10
4
- -
12
296
1,287
1,287
LT Debt
-155
-139
-99
-53
-8
38
82
121
185
422
699
1,033
1,491
2,014
2,484
2,878
2,878
Total Equity
- -
- -
-189.57
305.75
145.16
80.49
46.24
42.78
31.55
62.06
46.35
46.16
42.52
31.9
19.58
12.92
12.92
Return on Invested Capital (%)
- -
-24.25
-66.28
-863.15
390.13
131.85
61.19
40.72
39.64
69.27
51.07
50.58
46.54
33.96
40.33
45.69
45.68
Return on Capital (%)
- -
- -
- -
- -
- -
- -
118.13
49.34
49.33
84.44
56.15
51.74
46.78
34.21
46.46
428.45
428.41
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
15
- -
331
LT Borrowings
687
- -
1,281
LT Finance Leases
13
- -
7
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
109
- -
109
Market Capitalization
43,293
48,279
24,810

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
548
- -
888
Cash, Cash Equivalents & STI
104
- -
64
Accounts Receivable, Net
351
- -
609
Inventories
72
- -
154
Total Current Liabilities
374
- -
791
Payables & Accruals
- -
- -
- -
ST Debt
15
- -
331
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
57.39%
33.26%
15.86%
Free Cash Flow
122.31%
116.17%
393.29%
Net Income, GAAP
40.32%
11.53%
-4.28%
Sales/Revenue/Turnover
20.71%
13.88%
9.96%
Total Cash Common Dividend
- -
105.04%
301.87%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
496
395
388
417
1,698
2025
388
347
395
377
1,508
2026
359
423
434
442
1,658

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.63
1.15
1.19
- -
5.43
2025
1.21
0.97
1.19
1.1
4.48
2026
0.83
1.31
1.14
1
4.28

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.63
2025
- -
- -
- -
- -
0.17
2026
- -
- -
- -
- -
0.67
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Business
Gujarat Themis Biosyn Limited manufactures active pharmaceutical ingredient intermediates through a specialized fermentation process; its core products include Rifamycin S, used primarily in the production of Rifampicin for treating tuberculosis, Mycobacterium avium complex, leprosy, and Legionnaires’ disease, and Rifamycin O, employed in manufacturing Rifaximin for traveler’s diarrhea, irritable bowel syndrome, and hepatic encephalopathy; the company holds over 50% domestic market share for Rifamycin S supplied to major clients like Lupin Pharmaceuticals and maintains long-term take-or-pay contracts with Lupin Limited (five-year term contributing 61% of sales) and Optrix Laboratories Private Limited (37% of sales, renewed annually). Incorporated in 1981 as a joint venture between Gujarat Industrial Investment Corporation Ltd. and Chemosyn (P) Ltd., with production commencing in 1985, the company was taken over in 1991 by Yuhan Corporation of South Korea and Pharmaceutical Business Group (India) Ltd., a consortium including Themis Medicare Ltd., Kopran Ltd., Anant & Co., Cadila Health Care Ltd., and Lyka Labs Ltd.; it operates from its CGMP-approved manufacturing facility in Vapi, Gujarat, with an installed capacity of 216 MT per annum for intermediates, serving domestic and international pharmaceutical markets focused on anti-tuberculosis and antibiotic segments. Actively managed by Themis Medicare Ltd. (a joint venture of Gedeon Richter Ltd., Hungary) since 2007, the company pursues ambitious expansion with a ₹155.62 crore capex program to double fermentation capacity from 216 MT to 432 MT by end-FY26 (₹52.43 crore incurred by March 2025, funded by ₹80.62 crore internal accruals and ₹75 crore term loan); it commenced operations of a new API unit for Rifapentine and Rifamycin in May 2025 per schedule, advancing forward integration from intermediates; equity shares listed on NSE in February 2025; Themis Medicare cancelled its proposed acquisition of remaining 76.8% stake in June 2025 to leverage GTBL’s independent growth strategy.