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    Healthcare

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    Drug Manufacturers - Specialty & Generic
Gujarat Themis Biosyn Ltd.

Gujarat Themis Biosyn Ltd.

GUJTHEM.NS
Gujarat Themis Biosyn Ltd.IN flagNational Stock Exchange of India
378.95
INR
+4.40
- -
41.29BMarket Cap
Gujarat Themis Biosyn Ltd.
GUJTHEM.NS
(National Stock Exchange of India)

Recent

price

378.95

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
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
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
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
0.22
0.92
1.14
0.63
0.17
- -
- -
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
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
Tangible Book Value per Share
87
87
106
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
43,042
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
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.63
2025
- -
- -
- -
- -
0.17
2026
- -
- -
- -
- -
- -
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Business
Gujarat Themis Biosyn Ltd. manufactures active pharmaceutical ingredients (APIs) and intermediates using fermentation technology, primarily serving the anti-infective and cholesterol-lowering segments of the pharmaceutical industry. The company produces Rifamycin S, an intermediate for Rifampicin used in treating tuberculosis, Mycobacterium avium complex, leprosy, and Legionnaires' disease; Rifamycin O, an intermediate for Rifaximin indicated for traveler's diarrhea, irritable bowel syndrome, and hepatic encephalopathy; and Lovastatin, a statin for cholesterol reduction. It operates a cGMP-approved manufacturing facility in Vapi, Gujarat, supplying bulk drugs and intermediates on a job work basis to domestic and international pharmaceutical customers, including major clients such as Optrix Laboratories Private Limited and Lupin Limited under take-or-pay agreements. Incorporated in 1981 as a joint sector venture between GIIC Ltd. and Chemosyn (P) Ltd., with production commencing in 1985, the company is headquartered at Plot No. 69/C, GIDC Industrial Estate, Vapi, Valsad, Gujarat, India, and actively managed by Themis Medicare Ltd., a joint venture of Gedeon Richter Ltd., Hungary, since 2007. In recent developments, the company commenced commercial production at a new API plant in Vapi on May 6, 2025, to bolster export initiatives; is expanding fermentation capacity from 216 MT to 432 MT at a revised project cost of INR 155.62 crore, partially funded by a INR 75 crore term loan and expected to be operational by end-FY26; approved a 1:2 bonus share issue in May 2024; listed equity shares on the National Stock Exchange of India in February 2025; appointed Bhavik Shah as CFO in February 2025 following the retirement of Bharat Desai and resignation of CEO Tapas Guha Thakurata in June 2025; and had boards approve a merger scheme with Themis Medicare Ltd. in November 2024, under which Themis Medicare will issue 118 shares for every 100 Gujarat Themis Biosyn shares, pending regulatory approvals.