Themis Medicare Ltd: Stock Analysis & Fundamentals

Themis Medicare Ltd's latest quarterly results (Dec 2025) show

• PAT Growth YoY: +900.0%
• Revenue Growth YoY: -4.3%
• Operating Margin: 11.0%

Themis Medicare Ltd's price-to-book ratio is 2.4x.

• Price-to-Book (P/B): 2.4x
• Book Value per Share: ₹41
• Current Price: ₹98

Themis Medicare Ltd's fundamental strength based on key financial ratios

• Return on Capital (ROCE): 10.0%

Themis Medicare Ltd has a debt-to-equity ratio of N/A.

• Total Debt: ₹96 Cr

Themis Medicare Ltd's return ratios over recent years

• FY2023: ROCE 20.0%
• FY2024: ROCE 14.0%
• FY2025: ROCE 10.0%

Themis Medicare Ltd's operating cash flow is positive (FY2025).

• Cash from Operations (CFO): ₹35 Cr
• Free Cash Flow (FCF): ₹23 Cr
• CFO/PAT Ratio: 117% (strong cash conversion)

Themis Medicare Ltd's current dividend yield is 0.51%.

• Dividend Yield: 0.51%
• Current Price: ₹98

Themis Medicare Ltd's shareholding pattern (Mar 2026)

• Promoters: 67.1%
• FII (Foreign): 0.1%
• DII (Domestic): 0.0%
• Public: 32.8%

Themis Medicare Ltd's promoter holding has remained stable recently.

• Current Promoter Holding: 67.1% (Mar 2026)
• Previous Quarter: 67.1% (Dec 2025)
• Change: 0.00% (stable)

Themis Medicare Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.

Themis Medicare Ltd has 4 key growth catalysts identified from recent earnings analysis

• Value Added Product Mix Shift — Sales mix is changing with a higher share of API revenue which is driving margins.
• Regulatory Approval Or License Win — Resolution of the disruption in the high-margin business line will restore top-line growth.
• Geographical Expansion — Entering new RoW markets to diversify revenue base.
• EBITDA growth of 14.9% YoY — Cost rationalization and improved sales mix with higher API share.

Themis Medicare Ltd has 2 key risks worth monitoring

• [HIGH] Disruption in a significant high-margin line of business due to regulatory inves — Regulators are currently investigating a major line of business, causing a two-quarter disruption.
• [MEDIUM] Sluggishness in the formulations business impacting overall revenue growth — Muted performance in formulations hampered profitability and offset API growth.

In Q3 FY26, Themis Medicare Ltd's management highlighted

• "regulators are currently investigating the matter and we expect a positive development on this by March 2026. [Previous Regulatory Resolution guidanc..."
• "In our Hospital business, we aim to expand our chain hospital contracts and our presence in nursing homes, while focusing more on high margin products..."
• "Expansion in new RoW Markets in Phase I (0 to 3 years - CIS, Latin America, GCC) [Initiative: New Target Markets (Phase I)]"

Themis Medicare Ltd's management has provided the following forward guidance

• Revenue outlook: Not Given
• Margin outlook: Not Given
• Management tone: cautious
• Milestone: [REAFFIRMED] Regulatory Resolution Timeline: By March 2026 → Expected soon

Themis Medicare Ltd's most important sub-sector-specific KPIs from the latest concall

• API Business Growth (YoY): 100%+ (YoY +100%) — Strong traction in existing API molecules.
• R&D as % of Revenue: 3% (YoY 0%) (QoQ 0%) — Maintained investment to create differentiated products in critical therapeutic areas.
• Hospital Business Revenue Share (9M FY26): 49% (YoY +11%) — Strategic focus on becoming a leader in the hospital business in India.
• API & Others Revenue Share (9M FY26): 23% (YoY -19%) — Shift in business mix; however, API specifically grew in Q3.
• Manufacturing Facilities: 3 (YoY 0) (QoQ 0)
• Export Countries: 44+ (YoY 0) (QoQ 0)

Based on quantitative research signals, here is why Themis Medicare Ltd may be worth studying

• Cash flow is positive — CFO ₹35 Cr

Themis Medicare Ltd investment thesis summary:

Themis Medicare Ltd's forward outlook based on current data signals

• Key Catalyst: Value Added Product Mix Shift
• Key Risk: Disruption in a significant high-margin line of business due to regulatory inves