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Vikram Thermo (India) Limited

Vikram Thermo (India) Limited

VIKRAMTH.BO
Vikram Thermo (India) LimitedIN flagBombay Stock Exchange
236.80
INR
-2.00
- -
7.43BMarket Cap
Vikram Thermo (India) Limited
VIKRAMTH.BO
(Bombay Stock Exchange)

Recent

price

236.80

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
10.49
12.93
13.51
15.5
13.33
13.77
16.13
17.46
20.37
18.01
23.13
29.19
35.2
31.93
40.21
- -
43.07
Revenue per Share
1.08
2.07
2.01
2.05
1.12
1.52
1.69
0.84
1.59
2.37
3.85
2.77
5.39
8.09
2.58
- -
12.28
Basic EPS, GAAP
0.33
1.46
0.27
0.4
-0.62
0.46
-1.84
-1.58
0.65
1.43
1.3
-0.22
0.09
5.22
-5.47
- -
- -
Free Cash Flow per Basic Share
0.2
0.3
0.3
0.3
0.3
0.15
0.3
0.33
0.12
0.33
0.3
0.3
0.3
0.5
0.75
- -
- -
Dividend per Share
4.12
5.73
7.29
8.88
9.69
11.28
12.47
12.84
14.24
15.15
18.22
20.6
25.67
33.18
35.67
- -
10
Book Value per Share
4.39
6.11
7.77
9.47
10.38
12.08
13.38
13.86
15.36
17.84
20.92
23.42
28.59
36.2
38.69
- -
50.03
Tangible Book Value per Share
28
28
28
28
28
28
28
28
28
31
31
31
31
31
31
- -
31
Basic Weighted Avg Shares
293
361
377
433
372
384
450
487
569
550
725
915
1,104
1,001
1,262
1,341
1,350
Sales/Revenue/Turnover
16.33
23.76
22.12
19.38
12.28
17
15.91
7.31
13.52
17.99
22.21
13.03
21.39
34.88
33.41
38.09
37.72
Operating Margin (%)
7
7
8
8
9
13
13
16
18
20
20
28
32
24
26
30
30
Depreciation Expense
30
58
56
57
31
42
47
23
44
72
121
87
169
254
81
385
385
Net Income, GAAP
33.93
32.58
33.09
32.74
33.68
34.13
35.09
24.77
28.13
23.38
24.54
26.14
26.58
24.99
23.51
26.31
26.31
Effective Tax Rate (%)
10.33
16.01
14.91
13.21
8.38
11.04
10.45
4.81
7.79
13.16
16.64
9.49
15.32
25.34
6.42
28.71
28.51
Profit Margin (%)
50
88
93
109
113
168
151
112
162
185
232
296
332
539
427
593
593
Working Capital
20
- -
- -
- -
1
3
44
52
58
34
66
88
70
47
22
30
30
LT Debt
123
171
217
264
290
337
373
387
429
545
657
735
897
1,135
1,215
1,569
1,569
Total Equity
21.9
33.56
26.69
21.76
9.95
12.89
12.05
5.78
10.45
13.16
18.14
10.97
18.13
23.48
26.56
26.24
26.17
Return on Invested Capital (%)
21.88
35.39
28.52
23.46
11.16
13.7
13.07
6.35
10.17
14.7
20.73
12.58
19.83
24.86
7.69
50.31
50.31
Return on Capital (%)
28.46
42
30.93
25.32
12.04
14.51
14.21
6.64
11.72
16.83
23.34
14.28
23.31
27.5
7.5
53.72
53.72
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
15
- -
16
LT Borrowings
6
- -
29
LT Finance Leases
1
- -
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
31
- -
31
Market Capitalization
5,175
5,066
4,267

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
750
- -
850
Cash, Cash Equivalents & STI
114
- -
272
Accounts Receivable, Net
456
- -
460
Inventories
113
- -
103
Total Current Liabilities
247
- -
258
Payables & Accruals
- -
- -
- -
ST Debt
15
- -
16
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
16.94%
19.33%
29.16%
Free Cash Flow
417.67%
940.4%
-343.56%
Net Income, GAAP
60.38%
84.8%
375.38%
Sales/Revenue/Turnover
14.05%
13.96%
6.23%
Total Cash Common Dividend
- -
- -
33.34%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
217
278
243
300
1,001
2025
311
337
343
271
1,262
2026
286
346
340
378
1,341

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.84
2.63
2.05
- -
8.09
2025
-5.05
3.12
2.88
1.3
2.58
2026
2.53
3.53
3.5
2.72
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.5
2025
- -
- -
- -
- -
0.75
2026
- -
- -
- -
- -
- -
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Business
Vikram Thermo (India) Limited is a pharmaceutical and specialty polymer manufacturing company headquartered in Ahmedabad, India, founded in 1985. The company specializes in the development, manufacture, and marketing of pharmaceutical excipients, coating systems, and specialty polymers primarily for the pharmaceutical and cosmetic industries. Its core product portfolio includes Methacrylic acid-based copolymers under the DRUGCOAT brand, ready-to-use film coating systems under the DRCOAT brand, enteric coatings, moisture barrier coatings, sustained release formulations, and synthetic polymers used as thickening and gelling agents (notably AQUAPOL) for cosmetic applications including hand sanitizers, hair gels, and hand wash products. In addition to pharmaceutical coatings, Vikram Thermo produces Diphenyl Oxide (DPO), an aromatic chemical used in various industrial applications. The company operates two state-of-the-art manufacturing facilities dedicated separately to chemical production and pharma/cosmetic polymers, ensuring compliance with GMP, ISO 9001, and EXCiPACT standards. Recent major changes include the successful completion of a spin-off of its Vikram Aroma Limited subsidiary in June 2024, which allowed a focused realignment of its business interests. The company has expanded its innovation capabilities with the launch of a new dedicated R&D facility in 2025 aimed at advancing pharmaceutical coating technologies. It continues to strengthen its market position with strategic operational improvements and has maintained a rigorous focus on regulatory compliance and quality control to cater to both domestic and international pharmaceutical companies. Vikram Thermo services an expanding geographic footprint primarily across India, with ambitions for international market penetration bolstered by custom product solutions and responsive service tailored to pharmaceutical manufacturers. The company’s business strategy emphasizes capacity expansion, innovation in specialty coatings, and diversification into cosmetic polymers while sustaining its core pharma polymer market leadership. Vikram Thermo operates under a listed public company structure on the Bombay Stock Exchange (Ticker: VIKRAMTH.BO) and engages in sectors including pharmaceutical manufacturing, specialty chemicals, and cosmetic formulation excipients. It targets pharmaceutical companies producing oral solid dosage drugs, generic and branded formulations, and cosmetic manufacturers seeking advanced polymer solutions. The company’s competitive strengths lie in its specialization, product quality, customization capabilities, and compliance adherence, positioning it as a leading domestic player in India’s pharmaceutical excipient and polymer market. Recent governance and management updates, including reappointment of key executives and audit appointments in 2025, demonstrate continued corporate stability and operational governance enhancements.