Vikram Thermo (India) Ltd
530477Vikram Thermo (India) Ltd is strength at full price. The numbers are improving — and a P/E at the 99th percentile of its own range says the market knows.
The sharpest disagreement: the engine is strong, but at the 99th percentile of its own range you are paying full price for it.
The price is in a confirmed uptrend (14 weeks in) while the P/E sits at the 99th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +62.5% year on year, and 139% of the last 3 years' profit arrived as cash. What settles it: whether the earnings grow into the multiple.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Vikram Thermo (India) Ltd trades at ₹340, in a confirmed uptrend and 14 weeks into that stage. That is +61.4% against its own 200-day average. It sits at 100% of a 52-week range of ₹152 to ₹340. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks.
Today the stock is in a confirmed uptrend — week 14 of stage 2, confirmed. At ₹340 it trades +61.4% versus its 200-day average and sits at 100% of its 52-week range (₹152–₹340).
Against the market, two honest reads. Cumulative: over the last 5 months the stock moved +112% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 16 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Vikram Thermo (India) Ltd's story is not scored yet against the markers our research file 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.
Our read, 27 June 2026. A specialty chemical player experiencing an earnings breakout driven by margins, while valuation remains compressed.
From the numbers. PE has compressed to 18.7x. Earnings growth was robust in FY26, but the multiple is treating the margins as peak, creating an earnings-driven multiple compression.
From the price. Price stage 2, week 14 — above its 200-day line, relative strength rising.
From the research. A specialty chemical player experiencing an earnings breakout driven by margins, while valuation remains compressed.
🚨 Where they disagree. PE has compressed to 18.7x. Earnings growth was robust in FY26, but the multiple is treating the margins as peak, creating an earnings-driven multiple compression.
What is proven. A specialty chemical player experiencing an earnings breakout driven by margins, while valuation remains compressed.
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.
🚨 Layer 1 read, 22 August 2026 — DROP. Best quarter ever, but the shares are already near their dearest-ever rating and nobody explains the margin. Full-year profit went from 8 crore to 38 crore on revenue that barely moved, 126 crore to 134 crore, so all of it came from the profit margin rather than from selling more. The document's case is that the market is still rating the shares cheaply at 18.7 times earnings — that is no longer true: the rating is now 20.4 times, the 88.8th percentile of its own ten-year range and rising, after the price gained 24.1% since the thesis was written. Underneath, the apparent earnings recovery is partly an accounting echo: a 24 crore charge in the June 2024 quarter created the low it is measured from, and that quarter simply dropped out of the trailing year. The company has never held an earnings…
What would change Layer 1’s mind. The document says a return of operating margin to the historical 16-25% band breaks it. I sharpen it to the two-sided test this ranking actually turns on: TWO more quarters at or above 40% operating margin, with revenue also rising past 40 Cr a quarter, would prove the margin is a level rather than an oscillation and would move this name up the ranking sharply despite the multiple. A single print back at or below 32% — which is exactly what the quarter before last delivered — confirms the…
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. — the thesis as written as stated by the next result.
The test written in advance. Margin Mean Reversion — 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 market is keeping the PE multiple compressed around 18.7x, likely treating peak margins as transient. If these margins stabilize, the earnings base is fundamentally re-rated.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Margin Expansion | HIGH | — | Operating margins expanded to 40% in FY26 from historical averages. | Raw material costs normalize upwards or competitive pricing pressure intensifies. |
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 26. The story check is re-scored every results season; the record below never changes.
| Section | Where it is now | Vs a year ago | The one thing to watch next | Read |
|---|---|---|---|---|
| Margin | 25% | — | Margin Expansion |
Revenue Revenue is the top line: everything the company billed its customers in the period.
Vikram Thermo (India) Ltd reported ₹38.0 Cr of revenue in the Jun 26 quarter, +31.0% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 13.4% a year. The last full year, FY26, came in at ₹134 Cr. The last four reported quarters add to ₹145 Cr.
FY26 revenue came in at ₹134 Cr (+6.3% on the year), capping 10 years at 13.4% compound. The latest quarter (Jun 26) printed ₹38.0 Cr, +31.0% year on year — the 2nd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +18.6% growth against the decade's 13.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +16.9% over the last 4 quarters against +11.8%/yr over the last 8 — accelerating; TTM profit +41.9% vs +283.0%/yr — 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.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Vikram Thermo (India) Ltd's operating margin is 48.0% in the Jun 26 quarter, +8.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 10.0% to 40.0%. The current quarter is running above every full year in that window.
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.
The latest quarter's operating margin is 48.0%, +8.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 10.0%–40.0%, and FY26's 40.0% is the top of that band — a record year.
Why the margin moved: operating margin went +8.0 pp year on year while gross margin went +6.2 pp — the gain came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
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.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Vikram Thermo (India) Ltd earned ₹13.0 Cr of net profit in the Jun 26 quarter, +62.5% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹38.0 Cr. The 10-year compound rate is 25.2%. That is 34.2% of the quarter's revenue. The same quarter a year earlier earned ₹8.0 Cr.
Jun 26 profit was ₹13.0 Cr, +62.5% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹38.0 Cr (+375.0%), and the 10-year compound rate is 25.2%.
Why profit moved: revenue contributed +31.0% and the margin +8.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +54.9% vs revenue +18.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
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.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 139% of Vikram Thermo (India) Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹52.0 Cr of operating cash against ₹38.0 Cr of profit. After ₹15.0 Cr of capital spending, ₹37.0 Cr was left as free cash.
FY26: operating cash of ₹52.0 Cr against reported profit of ₹38.0 Cr, leaving free cash of ₹37.0 Cr after ₹15.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 139% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 139%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Vikram Thermo (India) Ltd's cash conversion cycle runs 108 days in FY26, up from 101 days in FY21. Capital spending ran ₹4.0 Cr over the last 3 years. At FY26 sales of ₹134 Cr each day of that cycle holds about ₹0.4 Cr, so roughly ₹40.0 Cr sits inside the business at any moment.
FY26: debtors at 125 days, inventory at 87 days — roughly 2.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 108 days, looser than FY21's 101.
The full loop: cash goes out to suppliers and production on day 0; stock waits 87 days to sell; customers pay about 125 days after that; and suppliers themselves are paid at 104 days — netting out to the 108-day cycle.
In money terms: at FY26 sales of ₹134 Cr, each day of the cycle holds about ₹0.4 Cr — so the 108-day loop keeps roughly ₹40.0 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹4.0 Cr over the last 3 fiscal years against ₹8.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Vikram Thermo (India) Ltd earns a ROCE of 36% in FY26. That is up from a trough of 8% in FY18. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 28.4% net margin on 0.71× asset turns.
FY26 ROCE is 36%, recovered from a FY18 trough of 8% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 28.4% net margin × 0.71× asset turns × 1.20× balance-sheet leverage ≈ 24.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Vikram Thermo (India) Ltd carries ₹5.0 Cr of borrowings against ₹157 Cr of equity in FY26, a debt-to-equity of 0.03. Over 5 years borrowings went from ₹10.0 Cr to ₹5.0 Cr. Capital spending ran ₹4.0 Cr across the last 3 of those years.
FY26: borrowings of ₹5.0 Cr against equity of ₹157 Cr — a debt-to-equity of 0.03. Over 5 years borrowings went from ₹10.0 Cr to ₹5.0 Cr while capital spending ran ₹4.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of Vikram Thermo (India) Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.1 points over the same window, to 66.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +0.3 points over 8 quarters to 0.3%; Promoters: +0.1 points over 8 quarters to 66.0%.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Vikram Thermo (India) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Vikram Thermo (India) Ltd trades at 24.3× P/E, about the priciest it has ever traded. Its long-run median P/E is 14.4×, measured across 10.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 24.3× is about the priciest it has ever traded, against a long-run median of 14.4× measured over 10.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 27 August 2026 price, Vikram Thermo (India) Ltd was paying for profit growth of about 11.0% a year. Profit itself has compounded 25.2% a year over the past 10 years. Today the market pays 24.3× P/E, the 99th percentile of its own 10-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 27 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Vikram Thermo (India) Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE lifting at 36.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +6.3% | +6.2% | +12.6% | +13.4% |
| Profit | +375.0% | +30.8% | +25.9% | +25.2% |
| EPS | +375.2% | +31.5% | +26.2% | +23.3% |
4-Factor Sector Score
65.5/100 — rank 3 of 28 in Speciality Chemicals · 67% evidence confidence
Vikram Thermo (India) Ltd scores 65.5 out of 100 against the 28 companies it is compared with in Speciality Chemicals, ranking 3. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 25.5 + 19.8 + 7.9 + 12.3 = 65.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Panama Petrochem LtdPANAMAPET | 74.9/100Favorable setup100% evidence | LEADER | 28.1/35 Revenue 45.9% · PAT 100% · OPM change 14 pp 100% evidence | 14.9/25 ROCE 19.2% · OPM 22% 100% evidence | 15.4/20 P/E 6.1× · PEG 0.55 100% evidence | 16.5/20 RS sector 18.7% · RS bench 46.9% · 1Y 64.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.1 + 14.9 + 15.4 + 16.5 = 74.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Sunshield Chemicals Ltd530845 | 69.8/100Favorable setup76% evidence | FADING | 28.0/35 Revenue 12.9% · PAT 100% · OPM change 5 pp 95% evidence | 16.6/25 ROCE 19.9% · OPM 16% 76% evidence | 11.3/20 P/E 29.1× · PEG — 50% evidence | 13.9/20 RS sector 2.3% · RS bench 24.5% · 1Y 16.2%10 of 11 weeks ahead 70% evidence |
| Exact sum: 28 + 16.6 + 11.3 + 13.9 = 69.8 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Vikram Thermo (India) Ltdthis page530477 | 65.5/100Favorable setup67% evidence | BREAKING OUT | 25.5/35 Revenue 16.9% · PAT 41.9% · OPM change 8 pp 95% evidence | 19.8/25 ROCE 36.2% · OPM 48% 76% evidence | 7.9/20 P/E 24.3× · PEG — 50% evidence | 12.3/20 RS sector — · RS bench 83.6% · 1Y —10 of 10 weeks ahead 25% evidence |
| Exact sum: 25.5 + 19.8 + 7.9 + 12.3 = 65.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 4Black Rose Industries LtdBLACKROSE | 64.2/100Mixed-positive evidence72% evidence | BREAKING OUT | 22.0/35 Revenue 8.6% · PAT 28.6% · OPM change 6 pp 95% evidence | 17.1/25 ROCE 18.7% · OPM 16% 95% evidence | 14.5/20 P/E 19.2× · PEG — 50% evidence | 10.6/20 RS sector — · RS bench 11.6% · 1Y —4 of 6 weeks ahead 25% evidence |
| Exact sum: 22 + 17.1 + 14.5 + 10.6 = 64.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Yasho Industries LtdYASHO | 62.9/100Mixed-positive evidence87% evidence | BREAKING OUT | 29.3/35 Revenue 34.1% · PAT 100% · OPM change 7 pp 100% evidence | 8.6/25 ROCE 8.9% · OPM 24% 100% evidence | 12.0/20 P/E 87.6× · PEG 1.15 65% evidence | 13.0/20 RS sector -2.4% · RS bench 102% · 1Y 131.1%11 of 11 weeks ahead 70% evidence |
| Exact sum: 29.3 + 8.6 + 12 + 13 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Privi Speciality Chemicals LtdPRIVISCL | 59.9/100Mixed-positive evidence75% evidence | FADING | 25.0/35 Revenue 21.6% · PAT 62.1% · OPM change -1 pp 95% evidence | 17.9/25 ROCE 22.3% · OPM 23% 76% evidence | 9.5/20 P/E 39.7× · PEG — 15% evidence | 7.5/20 RS sector -8.1% · RS bench 15.3% · 1Y 55.8%7 of 12 weeks ahead 100% evidence |
| Exact sum: 25 + 17.9 + 9.5 + 7.5 = 59.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Aether Industries LtdAETHER | 58.4/100Mixed-positive evidence100% evidence | BREAKING OUT | 24.4/35 Revenue 34.4% · PAT 34.3% · OPM change -1 pp 100% evidence | 10.7/25 ROCE 11.9% · OPM 31% 100% evidence | 4.2/20 P/E 92.6× · PEG 8.9 100% evidence | 19.1/20 RS sector 23.6% · RS bench 53.6% · 1Y 125.8%11 of 12 weeks ahead 100% evidence |
| Exact sum: 24.4 + 10.7 + 4.2 + 19.1 = 58.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8DMCC Speciality Chemicals LtdDMCC | 56.8/100Mixed-positive evidence80% evidence | TURNING | 24.4/35 Revenue 49.7% · PAT 42.9% · OPM change 0 pp 95% evidence | 11.0/25 ROCE 14.8% · OPM 13% 95% evidence | 11.4/20 P/E 17.9× · PEG — 15% evidence | 10.0/20 RS sector -12.3% · RS bench 10% · 1Y -6.5%6 of 12 weeks ahead 100% evidence |
| Exact sum: 24.4 + 11 + 11.4 + 10 = 56.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Pidilite Industries LtdPIDILITIND | 56.7/100Mixed-positive evidence100% evidence | FADING | 22.6/35 Revenue 14.1% · PAT 21.5% · OPM change 1 pp 100% evidence | 20.6/25 ROCE 31% · OPM 26% 100% evidence | 7.9/20 P/E 60.2× · PEG 3.8 100% evidence | 5.6/20 RS sector -15.4% · RS bench 6.4% · 1Y 1.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 22.6 + 20.6 + 7.9 + 5.6 = 56.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Tatva Chintan Pharma Chem LtdTATVA | 56.0/100Mixed-positive evidence93% evidence | BREAKING OUT | 30.4/35 Revenue 41.1% · PAT 100% · OPM change 4 pp 100% evidence | 6.5/25 ROCE 7.2% · OPM 19% 100% evidence | 4.7/20 P/E 71.8× · PEG 5.63 65% evidence | 14.4/20 RS sector -1.5% · RS bench 23.3% · 1Y 61.3%11 of 12 weeks ahead 100% evidence |
| Exact sum: 30.4 + 6.5 + 4.7 + 14.4 = 56 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Fineotex Chemical LtdFCL | 54.0/100Mixed-positive evidence100% evidence | LEADER | 18.4/35 Revenue 91.5% · PAT 41% · OPM change -2 pp 100% evidence | 12.7/25 ROCE 18.3% · OPM 16% 100% evidence | 3.0/20 P/E 54.9× · PEG 4.19 100% evidence | 19.9/20 RS sector 58% · RS bench 94.1% · 1Y 143.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 18.4 + 12.7 + 3 + 19.9 = 54 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Aarti Industries LtdAARTIIND | 53.5/100Mixed-positive evidence100% evidence | BREAKING OUT | 27.7/35 Revenue 27% · PAT 100% · OPM change 3 pp 100% evidence | 8.3/25 ROCE 6.9% · OPM 16% 100% evidence | 9.0/20 P/E 34.2× · PEG 2.05 100% evidence | 8.5/20 RS sector -8.2% · RS bench 15.1% · 1Y 30.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 27.7 + 8.3 + 9 + 8.5 = 53.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Kronox Lab Sciences LtdKRONOX | 53.3/100Mixed-positive evidence65% evidence | BREAKING OUT | 9.4/35 Revenue 6.1% · PAT 11.6% · OPM change -1.1 pp 95% evidence | 21.6/25 ROCE 36% · OPM 31.7% 95% evidence | 10.8/20 P/E 22.8× · PEG — 15% evidence | 11.5/20 RS sector — · RS bench 24.8% · 1Y —5 of 5 weeks ahead 25% evidence |
| Exact sum: 9.4 + 21.6 + 10.8 + 11.5 = 53.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Chemcon Speciality Chemicals LtdCHEMCON | 51.1/100Mixed-positive evidence81% evidence | TURNING | 21.0/35 Revenue 16.7% · PAT 12% · OPM change 8 pp 95% evidence | 10.7/25 ROCE 6.3% · OPM 23% 95% evidence | 12.1/20 P/E 28.2× · PEG — 50% evidence | 7.3/20 RS sector -21.7% · RS bench 13.7% · 1Y 4.3%6 of 10 weeks ahead 70% evidence |
| Exact sum: 21 + 10.7 + 12.1 + 7.3 = 51.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Vishnu Chemicals LtdVISHNU | 47.7/100Mixed-negative evidence100% evidence | BREAKING OUT | 15.5/35 Revenue 16.5% · PAT 17.2% · OPM change -1 pp 100% evidence | 11.3/25 ROCE 16.4% · OPM 15% 100% evidence | 5.6/20 P/E 32.1× · PEG 2.82 100% evidence | 15.3/20 RS sector 4.7% · RS bench 31.2% · 1Y 48.7%7 of 12 weeks ahead 100% evidence |
| Exact sum: 15.5 + 11.3 + 5.6 + 15.3 = 47.7 · Decision use: Price leads the evidence: RS versus the benchmark is 31.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 16Galaxy Surfactants LtdGALAXYSURF | 47.3/100Mixed-negative evidence94% evidence | BREAKING OUT | 19.5/35 Revenue 27% · PAT 15.7% · OPM change 4 pp 100% evidence | 9.4/25 ROCE 13.5% · OPM 14% 100% evidence | 9.6/20 P/E 21.3× · PEG 4.39 100% evidence | 8.8/20 RS sector -12.1% · RS bench 11.3% · 1Y -6.7%8 of 10 weeks ahead 70% evidence |
| Exact sum: 19.5 + 9.4 + 9.6 + 8.8 = 47.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Alkyl Amines Chemicals LtdALKYLAMINE | 46.8/100Mixed-negative evidence100% evidence | FADING | 18.4/35 Revenue 5.1% · PAT 21% · OPM change 6 pp 100% evidence | 15.6/25 ROCE 16.6% · OPM 25% 100% evidence | 5.6/20 P/E 42.4× · PEG 5.37 100% evidence | 7.2/20 RS sector -10.8% · RS bench 11.6% · 1Y -9.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 18.4 + 15.6 + 5.6 + 7.2 = 46.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Vinati Organics LtdVINATIORGA | 44.4/100Mixed-negative evidence82% evidence | TURNING | 11.2/35 Revenue 5.1% · PAT 5.7% · OPM change -5 pp 95% evidence | 17.5/25 ROCE 19.8% · OPM 24% 76% evidence | 13.4/20 P/E 29.9× · PEG — 50% evidence | 2.3/20 RS sector -28.7% · RS bench -9.8% · 1Y -23.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 11.2 + 17.5 + 13.4 + 2.3 = 44.4 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 19Amal LtdAMAL | 43.0/100Mixed-negative evidence69% evidence | 8.0/35 Revenue 79% · PAT -23.1% · OPM change -7 pp 95% evidence | 16.4/25 ROCE 26% · OPM 18% 76% evidence | 10.0/20 P/E 30.7× · PEG — 15% evidence | 8.6/20 RS sector -18.2% · RS bench 15.4% · 1Y -20%0 of 12 weeks ahead 70% evidence | |
| Exact sum: 8 + 16.4 + 10 + 8.6 = 43 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Platinum Industries LtdPLATIND | 42.5/100Mixed-negative evidence74% evidence | BASING | 12.8/35 Revenue 9.6% · PAT 6.5% · OPM change -1 pp 95% evidence | 12.3/25 ROCE 15.7% · OPM 12% 95% evidence | 10.6/20 P/E 23.9× · PEG — 15% evidence | 6.8/20 RS sector -10.6% · RS bench -6.1% · 1Y -22.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.8 + 12.3 + 10.6 + 6.8 = 42.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21Grauer & Weil (India) LtdGRAUWEIL | 41.5/100Mixed-negative evidence100% evidence | TURNING | 10.4/35 Revenue 10.1% · PAT 6.6% · OPM change -5 pp 100% evidence | 16.1/25 ROCE 20.6% · OPM 16% 100% evidence | 8.2/20 P/E 21.4× · PEG 4.01 100% evidence | 6.8/20 RS sector -17.8% · RS bench 3.4% · 1Y -18.5%6 of 12 weeks ahead 100% evidence |
| Exact sum: 10.4 + 16.1 + 8.2 + 6.8 = 41.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Anupam Rasayan India LtdANURAS | 41.5/100Mixed-negative evidence82% evidence | ASLEEP | 20.0/35 Revenue 51.7% · PAT 14.8% · OPM change -1 pp 95% evidence | 10.5/25 ROCE 7.4% · OPM 25% 76% evidence | 8.3/20 P/E 79.5× · PEG — 50% evidence | 2.7/20 RS sector -21.7% · RS bench -1% · 1Y 9.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 20 + 10.5 + 8.3 + 2.7 = 41.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Neogen Chemicals LtdNEOGEN | 40.5/100Mixed-negative evidence90% evidence | LEADER | 14.7/35 Revenue 18.1% · PAT 6.1% · OPM change 2 pp 100% evidence | 6.7/25 ROCE 6.5% · OPM 19% 100% evidence | 5.2/20 P/E 183× · PEG — 50% evidence | 13.9/20 RS sector 22.9% · RS bench 52% · 1Y 59.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 6.7 + 5.2 + 13.9 = 40.5 · Decision use: Price leads the evidence: RS versus the benchmark is 52%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 24Paushak LtdPAUSHAKLTD | 37.0/100Mixed-negative evidence81% evidence | BREAKING OUT | 11.9/35 Revenue 15.4% · PAT -15.7% · OPM change -1 pp 95% evidence | 10.0/25 ROCE 8.3% · OPM 31% 95% evidence | 7.5/20 P/E 42.4× · PEG — 50% evidence | 7.6/20 RS sector -27.5% · RS bench 28% · 1Y -4.6%11 of 11 weeks ahead 70% evidence |
| Exact sum: 11.9 + 10 + 7.5 + 7.6 = 37 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Clean Science & Technology LtdCLEAN | 36.3/100Mixed-negative evidence94% evidence | BREAKING OUT | 4.5/35 Revenue -0.4% · PAT -13.8% · OPM change -5 pp 100% evidence | 18.5/25 ROCE 20.7% · OPM 36% 100% evidence | 7.8/20 P/E 38.4× · PEG 6.24 100% evidence | 5.5/20 RS sector -24.4% · RS bench 1.4% · 1Y -29.2%2 of 10 weeks ahead 70% evidence |
| Exact sum: 4.5 + 18.5 + 7.8 + 5.5 = 36.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Amines & Plasticizers LtdAMNPLST | 35.5/100Mixed-negative evidence81% evidence | ASLEEP | 7.8/35 Revenue -12.4% · PAT -3% · OPM change 0.7 pp 95% evidence | 14.0/25 ROCE 16.7% · OPM 9.9% 95% evidence | 8.8/20 P/E 23.6× · PEG — 50% evidence | 4.9/20 RS sector -19.4% · RS bench -9.2% · 1Y -27.6%5 of 10 weeks ahead 70% evidence |
| Exact sum: 7.8 + 14 + 8.8 + 4.9 = 35.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 27Transpek Industry LtdTRANSPEK | 34.5/100Adverse evidence81% evidence | TURNING | 6.4/35 Revenue -5.2% · PAT -29.1% · OPM change -2.3 pp 95% evidence | 9.1/25 ROCE 8.4% · OPM 13.3% 95% evidence | 11.3/20 P/E 19.3× · PEG — 50% evidence | 7.7/20 RS sector -19.7% · RS bench 11.7% · 1Y -4.7%4 of 10 weeks ahead 70% evidence |
| Exact sum: 6.4 + 9.1 + 11.3 + 7.7 = 34.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 28Thirumalai Chemicals LtdTIRUMALCHM | 25.9/100Adverse evidence69% evidence | BASING | 13.1/35 Revenue -5.8% · PAT -36.9% · OPM change 12 pp 71% evidence | 1.1/25 ROCE -3.1% · OPM 6% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 1.7/20 RS sector -39.8% · RS bench -23.6% · 1Y -49%0 of 12 weeks ahead 100% evidence |
| Exact sum: 13.1 + 1.1 + 10 + 1.7 = 25.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Vikram Thermo (India) Ltd's share price today?
Vikram Thermo (India) Ltd trades at ₹340. The company is valued at ₹1,065 Cr. The stock sits at the very top of its 52-week range (₹152–₹340), +61.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 14 weeks in. — as of 11 September 2026.
What were Vikram Thermo (India) Ltd's latest quarterly results?
Vikram Thermo (India) Ltd reported revenue of ₹38.0 Cr and net profit of ₹13.0 Cr for the Jun 26 quarter. Revenue rose 31.0% and profit rose 62.5% year on year. Earnings per share were ₹4.23. The operating margin was 48.0%, 8.0 pp higher than a year earlier. — as of 11 September 2026.
What is Vikram Thermo (India) Ltd's revenue?
Vikram Thermo (India) Ltd reported revenue of ₹38.0 Cr in the Jun 26 quarter, +31.0% year on year. For the full FY26 fiscal year, revenue was ₹134 Cr (+6.3%). Over the last 10 years revenue compounded at 13.4% a year. — as of 11 September 2026.
What is Vikram Thermo (India) Ltd's profit?
Vikram Thermo (India) Ltd earned ₹13.0 Cr of net profit in the Jun 26 quarter, +62.5% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹38.0 Cr. The operating margin ran 48.0% in the latest quarter. — as of 11 September 2026.
What is Vikram Thermo (India) Ltd's market cap?
Vikram Thermo (India) Ltd's market capitalisation is ₹1,065 Cr at a share price of ₹340. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Vikram Thermo (India) Ltd's P/E ratio?
Vikram Thermo (India) Ltd trades at a P/E of 24.3×, at the 99th percentile of its own 10-year range, against a long-run median of 14.4×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Vikram Thermo (India) Ltd pay a dividend?
Yes — Vikram Thermo (India) Ltd's dividend payout was 10% of profit in FY26, and it recorded a payout in each of its last 12 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Vikram Thermo (India) Ltd overvalued?
On its own history, Vikram Thermo (India) Ltd looks expensive: its P/E of 24.3× sits at the 99th percentile of its 10-year range (long-run median 14.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is Vikram Thermo (India) Ltd growing?
Yes — Vikram Thermo (India) Ltd is growing: latest-quarter revenue +31.0% year on year, profit +62.5%, and the margin +8.0 pp at 48.0%. The 10-year compound rates are 13.4% (revenue) and 25.2% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Vikram Thermo (India) Ltd performing?
Vikram Thermo (India) Ltd is in a confirmed uptrend, 14 weeks in. Its latest quarter's revenue rose 31.0% and profit rose 62.5% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 16 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Vikram Thermo (India) Ltd in?
Mixed — no clean majority across the growth curves, ROCE lifting at 36.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +31.0% latest, profit growth +62.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Vikram Thermo (India) Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 14 of stage 2), trading +61.4% versus its 200-day average and at the very top of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Vikram Thermo (India) Ltd beating the market?
On recent form, yes — Vikram Thermo (India) Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 5 months the stock moved +112% against the NIFTY 500's +1% — ahead of the index over the full window. — as of 11 September 2026.
Will Vikram Thermo (India) Ltd's share price go up?
This page publishes no price forecast for Vikram Thermo (India) Ltd. What it measures instead: the share price is ₹340, the price is in a confirmed uptrend 14 weeks in. Its P/E of 24.3× sits at the 99th percentile of its own 10-year range. — as of 11 September 2026.
Who owns Vikram Thermo (India) Ltd?
Promoters hold 66.0% of Vikram Thermo (India) Ltd, foreign institutions null%, domestic institutions 0.3% and the public 33.7% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 11 September 2026.
Does Vikram Thermo (India) Ltd have too much debt?
No — Vikram Thermo (India) Ltd's debt-to-equity is 0.03, and operating profit covers the interest bill 45×. FY26 borrowings were ₹5.0 Cr against equity of ₹157 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Vikram Thermo (India) Ltd's capex?
Vikram Thermo (India) Ltd spent ₹4.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹15.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Vikram Thermo (India) Ltd's cash flow?
Vikram Thermo (India) Ltd generated ₹52.0 Cr of operating cash flow in FY26 and ₹37.0 Cr of free cash flow after ₹15.0 Cr of capital spending. Reported profit that year was ₹38.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Vikram Thermo (India) Ltd's profit real cash?
Yes — over the last 3 fiscal years, 139% of Vikram Thermo (India) Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹52.0 Cr against reported profit of ₹38.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Vikram Thermo (India) Ltd in its business cycle?
Vikram Thermo (India) Ltd's FY26 operating margin was 40.0%, against a 12-year band of 10.0%–40.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 48.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Vikram Thermo (India) Ltd's price assume?
At its price on 27 August 2026, Vikram Thermo (India) Ltd was priced for profit growth of about 11.0% a year. Profit itself has compounded 25.2% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Vikram Thermo (India) Ltd story?
The sharpest disagreement: the engine is strong, but at the 99th percentile of its own range you are paying full price for it. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Vikram Thermo (India) Ltd a stock worth studying right now?
This is not investment advice. The machine read: Vikram Thermo (India) Ltd is strength at full price. The numbers are improving — and a P/E at the 99th percentile of its own range says the market knows. The sharpest open question: whether the earnings grow into the multiple. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!