As of Mar 28, 2026, Themis Medicare Ltd (Pharma - API) has a deep value score of 56/100 (rated Average). Earnings are accelerating. 1Y return vs Nifty 500: -53%.
Deep value thesis based on recent earnings • Updated Feb 22, 2026
Gujarat Themis Biosyn is executing a successful turnaround through capacity expansion and margin optimization, with EBITDA margins expanding to 49.13% in Q3FY26 and revenue growth accelerating to 9.74% YoY.
Verdict
TURNAROUND_IN_PROGRESS
Re-rating catalysts over the next 2-4 quarters • Updated Feb 22, 2026
Expected by March 2026 to resolve market confusion between profitable GTB and distressed THEMISMED
“GTB Q3FY26 results announcement and THEMISMED's promoter-warrant preferential issue contemplation”
Completion by Q1FY27 expected to boost margins by 500-700 bps through vertical integration
“GTB management commentary on strategic initiatives including forward integration into API production”
Targeting D/E ratio below 0.5 by Q2FY27 through land bank monetization
“GTB's strong cash position and management focus on strategic initiatives”
Risks that could prevent re-rating or deepen the value trap
Continued lack of investor education on corporate structure
Management view: GTB management is actively working to clarify corporate structure through announcements and investor communications
Monitor: Stock price divergence between GTB and THEMISMED
Failure to complete promoter-warrant preferential issue by April 2026
Management view: THEMISMED is contemplating promoter-warrant preferential issue to strengthen balance sheet
Monitor: Completion status of promoter capital infusion
Forward-looking targets from management for FY27
Revenue Growth Target
10%
Implied PAT Growth
15%
OPM Guidance
50%
Capex Plan
₹50 Cr
Key Milestones
• Completion of forward integration into API production by Q1FY27
• D/E ratio below 0.5 by Q2FY27
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -4% | +1% | Stable |
| PAT (Net Profit) | +900% | -26% | Inflection Up |
| OPM | 11.0% | +500 bps | Volatile |
The above analysis is AI-generated from publicly available financial data. This is educational research only — not investment advice. Last updated Feb 22, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Themis Medicare Ltd has a deep value score of 56/100 (rated Average). This score is calculated from three components
Themis Medicare Ltd's quarterly profit (PAT) growth trajectory
Themis Medicare Ltd is underperforming the market despite improving earnings — this is the core deep value thesis
Themis Medicare Ltd's earnings momentum is Accelerating — profit growth is speeding up.
Themis Medicare Ltd's valuation metrics
Themis Medicare Ltd's revenue and margin trends
Themis Medicare Ltd's trailing twelve month (TTM) performance
Themis Medicare Ltd key facts
Themis Medicare Ltd shows limited deep value signals currently — score is 56/100 (Average). Monitor for improvement.
Other deep value stocks in Pharma - API
Pharma - API deep value sector overview
Deep value investing studies stocks that are underperforming the market despite showing improving fundamentals. The thesis is that the market has not yet recognized the earnings recovery, creating a potential valuation gap. It requires patience — recovery can take several quarters.
The deep value score (0-100) combines three factors:
- Earnings (0-40 pts): PAT growth across last 3 quarters, acceleration, and consecutive growth - Underperformance (0-35 pts): How much the stock trails Nifty 500 over 1Y, 6M, 3M (deeper underperformance = higher score) - Quality (0-25 pts): Revenue growth, margin trends, and valuation metrics (PEG, P/B)
Higher score indicates a stronger contrarian research signal.
Themis Medicare Ltd has 3 key growth catalysts identified from recent earnings analysis
Themis Medicare Ltd has 2 key risks worth monitoring
The above FAQs are generated from publicly available earnings data. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
