Vikram Thermo (India) share price today

Vikram Thermo (India) Ltd's share price was ₹340.55 at the close on 4 November 2026. It has been rising for 21 weeks. That is 32.3% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 25 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Vikram Thermo (India) Ltd is in stage 2. The phase helps read everything below.

Since its first close in our records, on 10 April 2026, it has traded between ₹152 and ₹432, and at that close it sat 67% of the way up from that low.

Over the last 7 months the share price moved +112% while the NIFTY 500 moved −3%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: best operating margin in 14 quarters, highest quarterly profit in 14 quarters and profit up on a year earlier for 5 quarters in a row.

1. Best operating margin in 14 quarters

   Operating margin was 48% in the June 2026 quarter, against 40% a year earlier.

2. Highest quarterly profit in 14 quarters

   Profit of ₹13 crore in the June 2026 quarter is the highest of the last 14 quarters.

3. Profit up on a year earlier for 5 quarters in a row

   In the June 2026 quarter profit was ₹13 crore, +62.5% on a year earlier.

For April to June 2026 (the quarter ended 30 June 2026), Vikram Thermo (India) reported revenue of ₹38.0 crore, up 31.0% from ₹29.0 crore a year earlier, and a profit of ₹13.0 crore, up 62.5% from ₹8.00 crore.

Vikram Thermo (India) results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Vikram Thermo (India) closed at ₹340.55 on 4 November 2026. Its highest weekly close since April 2026 was ₹432.35 on 28 September 2026.

Vikram Thermo (India) share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

38 weekly closes from 10 April 2026 to 4 November 2026.

4 Nov 2026: Vikram Thermo (India) closed at ₹340.55, down 5.4% on the week and down 16.1% on the month. Results for April to June 2026: Revenue up 31.0% and profit up 62.5% on a year earlier.

Yes. Vikram Thermo (India) Ltd paid out 10% of its profit as dividends in FY26, and it paid a dividend in each of its last 12 reported years. This page shows the payout as a share of profit, not an amount per share (as of 4 November 2026).

What is changing at Vikram Thermo (India), from the latest results and calls: margin expansion.

• Margin Expansion. Operating margins expanded to 40% in FY26 from historical averages. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 27 June 2026.

A reversion of operating margins back to the historical 16-25% band, which would confirm the recent spike was purely transient and collapse the elevated earnings base.

Each change stops working if

• Margin Expansion: Raw material costs normalize upwards or competitive pricing pressure intensifies.

The main risks

• Margin Mean Reversion: Recent super-normal margins may normalize, compressing earnings. ✓ fact

Our read after the latest results, written 27 June 2026.

When Vikram Thermo (India) reports July to September 2026, these are the check that show whether the story is still on course. First: Further sequential drops in operating margin in the upcoming quarters.

Vikram Thermo (India) is not on any of our India lists this week.

Vikram Thermo (India) Ltd earned ₹13.0 Cr of net profit in the Jun 2026 quarter, +62.5% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹38.0 Cr. Over 10 years profit has grown 25.2% a year on average. That is 34.2% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹8.0 Cr. 1 of the last 12 reported quarters were loss-making.

For the full year, FY26 profit was ₹38.0 Cr (+375.0% on the year before).

Why profit moved: revenue changed +31.0% on a year earlier and the margin moved +8.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +54.9% and revenue +18.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY26-Q3. The quarter delivered the highest margins in the cycle, reaching 44.47%, driving significant PAT expansion.

FY26-Q4. The quarter saw net profit more than double YoY to 8.52 Cr. However, operating margins cooled sequentially to 31.67% from the mid-40s seen in the previous two quarters. This suggests peak profitability may be behind them, although the YoY base is still highly elevated.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

Vikram Thermo (India) Ltd reported ₹38.0 Cr of revenue in the Jun 2026 quarter, +31.0% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 10 years it has grown 13.4% a year on average. The last full year, FY26, came in at ₹134 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹145 Cr.

FY26 revenue was ₹134 Cr, +6.3% on the year before.

Recent pace: the last four quarters grew +18.6% on average, against 13.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +16.9%, against +11.8% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +41.9%, against +283.0% a year (rolling over).

FY26-Q3. The quarter delivered the highest margins in the cycle, reaching 44.47%, driving significant PAT expansion.

FY26-Q4. The quarter saw net profit more than double YoY to 8.52 Cr. However, operating margins cooled sequentially to 31.67% from the mid-40s seen in the previous two quarters. This suggests peak profitability may be behind them, although the YoY base is still highly elevated.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

Vikram Thermo (India) Ltd's operating margin was 48.0% in the Jun 2026 quarter, 8.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 12 years it has been between 10.0% and 40.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. A favorable product mix or raw material pricing environment allowed the company to significantly expand its operating margins. The jump from 35% to 40% at the annual level drove the entire profit surge, despite single-digit top-line growth.

Why the margin moved: operating margin changed +8.0 percentage points on the year while gross margin changed +6.2 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

FY26-Q3. The quarter delivered the highest margins in the cycle, reaching 44.47%, driving significant PAT expansion.

FY26-Q4. The quarter saw net profit more than double YoY to 8.52 Cr. However, operating margins cooled sequentially to 31.67% from the mid-40s seen in the previous two quarters. This suggests peak profitability may be behind them, although the YoY base is still highly elevated.

Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters.

Over the last 3 years, 139% of Vikram Thermo (India) Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹52.0 Cr of operating cash against ₹38.0 Cr of profit. After ₹15.0 Cr of spending on assets, ₹37.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 139% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

Vikram Thermo (India) Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 108 days in FY26, up from 101 days in FY21. It spent ₹4.0 Cr on assets over the last 3 years. Customers take 125 days to pay, and stock sits for 87 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹134 Cr, each day of that cycle ties up about ₹0.4 Cr, so roughly ₹40.0 Cr is tied up in the business at any time.

FY26: customers took 125 days to pay and stock sat for 87 days, about 2.9 months of sales sitting as stock, for a full cycle of 108 days, longer than FY21's 101.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 87 days. Customers pay about 125 days after that. Suppliers are paid at 104 days. Together that makes the 108-day cycle.

Spending on assets: ₹4.0 Cr over the last 3 years, against ₹8.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

Vikram Thermo (India) Ltd's P/E is 24.4×, about the highest it has ever been. Its usual P/E (the middle reading) is 14.5×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 27 August 2026, Vikram Thermo (India) Ltd's share price assumed profit growth of about 11.0% a year. Over the past 10 years its profit actually grew 25.2% a year. Today its P/E is 24.4×, higher than 99% of its own last 10 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 27 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Vikram Thermo (India) Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE rising at 36.0%; each line tells part of the story. This is based on 10 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Vikram Thermo (India) Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: MID CONTRACTION. Still open: A reversion of operating margins back to the historical 16-25% band, which would confirm the recent spike was purely transient and collapse the elevated earnings base.

NOT YET CHECKED

From the price. Price stage 2, week 21, above its 200-day line, relative strength rising.

What is not proven yet. A reversion of operating margins back to the historical 16-25% band, which would confirm the recent spike was purely transient and collapse the elevated earnings base.

What would change our mind. A reversion of operating margins back to the historical 16-25% band, which would confirm the recent spike was purely transient and collapse the elevated earnings base.

The test written in advance. A reversion of operating margins back to the historical 16-25% band, which would confirm the recent spike was purely transient and collapse the elevated earnings base. Measured by: the thesis as written as stated by the next result.

The test written in advance. Margin Mean Reversion. Measured by: Margin Mean Reversion Further sequential drops in OPM in the upcoming quarters. by the next result.

What the company does. Vikram Thermo delivered a 375% YoY jump in FY26 net profit, expanding OPM to 40%.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

• 1 · Operating leveragebuilding
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 1 · Operating leverage: building. Operating margins expanded to 40% in FY26 from historical averages. What proves it keeps working: Margin Expansion. It stops working if Raw material costs normalize upwards or competitive pricing pressure intensifies.

Sources: our stock research file (27 June 2026) · quarterly results through Jun 2026. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

Vikram Thermo (India) Ltd earned a ROCE of 36% in FY26. That is up from a low of 8% in FY18. Its return on capital used (ROIC) is 21.6 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 28.4% net margin and 0.71× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 28.4% net margin × 0.71× asset turnover × 1.20× leverage (assets divided by equity) ≈ 24.2% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 33.6% − 12.0% = +21.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value.

Vikram Thermo (India) Ltd had ₹5.0 Cr of borrowings against ₹157 Cr of equity in FY26, so its debt is 0.03× its equity. Over 5 years borrowings went from ₹10.0 Cr to ₹5.0 Cr. Over the last 3 of those years it spent ₹4.0 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

The spending on assets is being paid for from cash, not new debt.

Domestic institutions raised their stake in Vikram Thermo (India) Ltd by 1.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 1.0% of the company. Promoters moved +0.1 points over the same period, to 66.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why the owners changed: domestic institutions drove it (+1.0 points). They raised their stake step by step.

For Vikram Thermo (India) Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

64.0 out of 100, rank 3 of 30 in Speciality Chemicals, with 68% of the evidence available.

Vikram Thermo (India) Ltd scores 64.0 out of 100 against the 30 companies it is compared with in Speciality Chemicals, ranking 3. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.

The four parts add up to the total exactly: 23.8 + 21.1 + 6.6 + 12.5 = 64. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Vikram Thermo (India) ranks 3 of 30 Speciality Chemicals companies on the 4-Factor Sector Score, with 64.0 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Speciality Chemicals, all 30 compared on one page.

Vikram Thermo (India) is the 21st largest of 30 Speciality Chemicals companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Paushak, Thirumalai Chemicals and Platinum Industries. Just below it: Sunshield Chemicals, Amines & Plasticizers and Kronox Lab Sciences.

Speciality Chemicals companies close in size

18. Paushak Ltd ₹1,450 crore
19. Thirumalai Chemicals Ltd ₹1,378 crore
20. Platinum Industries Ltd ₹1,215 crore
21. Vikram Thermo (India) Ltd ₹1,129 crore
22. Sunshield Chemicals Ltd ₹882 crore
23. Amines & Plasticizers Ltd ₹782 crore
24. Kronox Lab Sciences Ltd ₹691 crore

All 30 Speciality Chemicals companies, largest first

Companies close in size in other industries

1517. N R Agarwal Industries Ltd ₹1,132 crore · Paper
1518. GHCL Textiles Ltd ₹1,130 crore · Textiles - General
1519. Vikram Thermo (India) Ltd ₹1,129 crore
1520. Atul Auto Ltd ₹1,128 crore · Auto - 2 & 3 Wheelers
1521. Fedders Holding Ltd ₹1,127 crore · Finance & Investments - Others

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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