# Vikram Thermo (India) share price today (Vikram Thermo (India) Ltd, BSE: 530477)

> Vikram Thermo (India) share price today: ₹373.25 at the BSE close on 3 November 2026. Vikram Thermo (India) (BSE: 530477) is worth ₹1,171 crore and trades at a P/E of 26.8. > Vikram Thermo (India) Ltd's results are improving, and its P/E is near the top of its own history, higher than 99% of past readings. 530477 · Speciality Chemicals · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/vikram-thermo-indialtd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Mixed, from fewer quarters than usual
- Price: ₹373.25
- P/E: 26.8× (higher than 99% of the last 10 years)
- Revenue (Jun 2026): ₹38.0 Cr (+31.0% on a year ago)
- Profit (Jun 2026): ₹13.0 Cr (+62.5% on a year ago)
- Operating margin: 48.0% (+8.0 points on a year ago)
- ROCE: 36%, FY26
- ROIC: 31.3%, against a 12.0% cost of capital: +19.3 points

The main question: results are strong, and the P/E is higher than 99% of its own history. ## What is the Vikram Thermo (India) share price today? Vikram Thermo (India) Ltd's share price was ₹373.25 at the close on 3 November 2026. It has been rising for 21 weeks. That is 45.0% 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. Since its first close in our records, on 10 April 2026, it has traded between ₹152 and ₹432, and at that close it sat 79% of the way up from that low. Over the last 7 months the share price moved +133% 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. ## What changed at Vikram Thermo (India) this quarter? 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. ## What are Vikram Thermo (India)'s latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹38.0 crore | ₹29.0 crore | +31.0% |
| Profit | ₹13.0 crore | ₹8.00 crore | +62.5% |
| Earnings per share | ₹4.23 | ₹2.53 | +67.2% |
| Operating margin | 48.0% | 40.0% | +8.0 points |

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.)

## What is the Vikram Thermo (India) share price history? Vikram Thermo (India) closed at ₹373.25 on 3 November 2026. Its highest weekly close since April 2026 was ₹432.35 on 28 September 2026. ### Vikram Thermo (India) share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹311.90 | +19.7% |
| 1 month ago · 1 Oct 2026 | ₹405.90 | −8.0% |
| 6 months ago · 30 Apr 2026 | ₹152.45 | +144.8% |
| Earliest weekly close in our records · 10 Apr 2026 | ₹160.40 | +132.7% |
| Highest weekly close since April 2026 · 28 Sep 2026 | ₹432.35 | −13.7% |
| Lowest weekly close since April 2026 · 15 May 2026 | ₹152.15 | +145.3% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (38 weekly closes from 10 April 2026 to 3 November 2026.)

## What is the latest news on Vikram Thermo (India)? 3 Nov 2026: Vikram Thermo (India) closed at ₹373.25, up 19.7% on the week and down 8.0% on the month. Results for April to June 2026: Revenue up 31.0% and profit up 62.5% on a year earlier. ## What dividend does Vikram Thermo (India) pay? 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 3 November 2026). ## What is the future of Vikram Thermo (India)? What is changing in the business? 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.)

## What could change the Vikram Thermo (India) story? What are the risks? 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.)

## What to watch in Vikram Thermo (India)'s next results? 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. | What to check | Why |
| --- | --- |
| Further sequential drops in operating margin in the upcoming quarters. | Margin Mean Reversion |

## Which stock lists is Vikram Thermo (India) on? Vikram Thermo (India) is not on any of our India lists this week. ## Is Vikram Thermo (India) profitable? 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. 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. ## How much revenue does Vikram Thermo (India) make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Vikram Thermo (India) keep? 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. 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. ## Is Vikram Thermo (India)'s profit turning into cash? 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. 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. ## Where does Vikram Thermo (India)'s cash go? 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. 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. ## What is Vikram Thermo (India)'s P/E ratio, and how does it compare with its own history? Vikram Thermo (India) Ltd's P/E is 26.8×, 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. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Vikram Thermo (India) share price assume? 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 26.8×, higher than 99% of its own last 10 years. 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 3 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. ## Is the Vikram Thermo (India) business getting better or worse? 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. 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. ## What is the Vikram Thermo (India) story, and has it been checked? 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. Our read, 27 June 2026. From the numbers. From the price. Price stage 2, week 21, above its 200-day line, relative strength rising. From the research. Where they disagree. What is proven. 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%. 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. ## How much does Vikram Thermo (India) earn on its capital? 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 19.3 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). 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: 31.3% − 12.0% = +19.3 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. ## Does Vikram Thermo (India) have too much debt? 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. The spending on assets is being paid for from cash, not new debt. ## What is the Vikram Thermo (India) shareholding pattern? 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. Why the owners changed: domestic institutions drove it (+1.0 points). They raised their stake step by step. ## How far is Vikram Thermo (India) from balance-sheet trouble? 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. ## How does Vikram Thermo (India) rank in its industry? 64.2 out of 100, rank 3 of 30 in Speciality Chemicals, with 68% of the evidence available. Vikram Thermo (India) Ltd scores 64.2 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 + 21.3 + 6.6 + 12.5 = 64.2. 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. ## Which companies is Vikram Thermo (India) compared with? Vikram Thermo (India) ranks 3 of 30 Speciality Chemicals companies on the 4-Factor Sector Score, with 64.2 out of 100. 1. [Panama Petrochem Ltd](https://www.sectoralpha.in/stocks/panama-petrochem-ltd) PANAMAPET · turning · Sector-leading setup · 96% evidence 80.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.8/35 · Revenue 45.9% · Profit 100% · Operating margin change 14 points · 88% evidence Capital efficiency 15.9/25 · ROCE 19.2% · Operating margin 22% · 100% evidence Valuation 19.7/20 · P/E 5.7× · PEG 0.18 · 100% evidence Relative strength 13.9/20 · Lead over its industry 16.3% · Lead over NIFTY 500 31.3% · 1 year 68.1% · 100% evidence · 10 of 12 weeks ahead Exact sum: 30.8 + 15.9 + 19.7 + 13.9 = 80.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Yasho Industries Ltd](https://www.sectoralpha.in/stocks/yasho-industries-ltd) YASHO · losing its lead · Most evidence points up · 78% evidence 67.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.0/35 · Revenue 54.2% · Profit 100% · Operating margin change 3 points · 100% evidence Capital efficiency 12.3/25 · ROCE 8.9% · Operating margin 21% · 100% evidence Valuation 12.7/20 · P/E 45× · PEG 1.02 · 65% evidence Relative strength 12.2/20 · Lead over its industry n/a · Lead over NIFTY 500 41.1% · 1 year 103.4% · 25% evidence · 11 of 12 weeks ahead Exact sum: 30 + 12.3 + 12.7 + 12.2 = 67.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Vikram Thermo (India) Ltd this page breaking out · Evidence leans up · 68% evidence 64.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.8/35 · Revenue 16.9% · Profit 41.9% · Operating margin change 8 points · 83% evidence Capital efficiency 21.3/25 · ROCE 36.2% · Operating margin 48% · 95% evidence Valuation 6.6/20 · P/E 25.8× · PEG n/a · 50% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 74.5% · 1 year n/a · 25% evidence · 12 of 12 weeks ahead Exact sum: 23.8 + 21.3 + 6.6 + 12.5 = 64.2 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Sunshield Chemicals Ltd](https://www.sectoralpha.in/stocks/sunshield-chemicals-ltd) SUNSHIEL · quiet · Evidence leans up · 81% evidence 64.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 12.9% · Profit 100% · Operating margin change 5 points · 88% evidence Capital efficiency 18.8/25 · ROCE 19.9% · Operating margin 16% · 100% evidence Valuation 10.8/20 · P/E 24.3× · PEG 2.21 · 100% evidence Relative strength 10.8/20 · Lead over its industry n/a · Lead over NIFTY 500 4.3% · 1 year -4% · 25% evidence · 0 of 5 weeks ahead Exact sum: 23.6 + 18.8 + 10.8 + 10.8 = 64 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Black Rose Industries Ltd](https://www.sectoralpha.in/stocks/black-rose-industries-ltd) BLACKROSE · quiet · Evidence leans up · 81% evidence 60.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 8.6% · Profit 28.6% · Operating margin change 6 points · 88% evidence Capital efficiency 16.4/25 · ROCE 18.7% · Operating margin 16% · 100% evidence Valuation 10.0/20 · P/E 17.1× · PEG 4.96 · 100% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 4.4% · 1 year n/a · 25% evidence · 7 of 12 weeks ahead Exact sum: 23.6 + 16.4 + 10 + 10.9 = 60.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Tatva Chintan Pharma Chem Ltd](https://www.sectoralpha.in/stocks/tatva-chintan-pharma-chem-ltd) TATVA · losing its lead · Evidence leans up · 93% evidence 60.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.7/35 · Revenue 49.2% · Profit 100% · Operating margin change 1 points · 100% evidence Capital efficiency 8.7/25 · ROCE 7.2% · Operating margin 19% · 100% evidence Valuation 11.3/20 · P/E 60.2× · PEG 1.21 · 65% evidence Relative strength 11.4/20 · Lead over its industry 7.8% · Lead over NIFTY 500 23.3% · 1 year 15.6% · 100% evidence · 10 of 12 weeks ahead Exact sum: 28.7 + 8.7 + 11.3 + 11.4 = 60.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Aether Industries Ltd](https://www.sectoralpha.in/stocks/aether-industries-ltd) AETHER · leader · Evidence leans up · 90% evidence 59.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.4/35 · Revenue 30.2% · Profit 28.4% · Operating margin change 1 points · 100% evidence Capital efficiency 12.8/25 · ROCE 11.9% · Operating margin 32% · 100% evidence Valuation 9.7/20 · P/E 85.1× · PEG n/a · 50% evidence Relative strength 14.8/20 · Lead over its industry 22.3% · Lead over NIFTY 500 38.6% · 1 year 114.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.4 + 12.8 + 9.7 + 14.8 = 59.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Privi Speciality Chemicals Ltd](https://www.sectoralpha.in/stocks/privi-speciality-chemicals-ltd) PRIVISCL · quiet · Evidence leans up · 82% evidence 59.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 17.5% · Profit 44.5% · Operating margin change -1 points · 95% evidence Capital efficiency 18.5/25 · ROCE 22.3% · Operating margin 26% · 76% evidence Valuation 10.1/20 · P/E 33.7× · PEG n/a · 50% evidence Relative strength 7.1/20 · Lead over its industry -9.7% · Lead over NIFTY 500 4.2% · 1 year 10.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 23.7 + 18.5 + 10.1 + 7.1 = 59.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Fineotex Chemical Ltd](https://www.sectoralpha.in/stocks/fineotex-chemical-ltd) FCL · leader · Evidence leans up · 96% evidence 59.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.3/35 · Revenue 91.5% · Profit 41% · Operating margin change -2 points · 88% evidence Capital efficiency 13.5/25 · ROCE 18.3% · Operating margin 16% · 100% evidence Valuation 5.7/20 · P/E 46.1× · PEG 1.92 · 100% evidence Relative strength 19.5/20 · Lead over its industry 34.1% · Lead over NIFTY 500 48.9% · 1 year 62.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.3 + 13.5 + 5.7 + 19.5 = 59 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [DMCC Speciality Chemicals Ltd](https://www.sectoralpha.in/stocks/dmcc-speciality-chemicals-ltd) DMCC · quiet · Evidence leans up · 93% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Revenue 72.1% · Profit 34.5% · Operating margin change -6.9 points · 100% evidence Capital efficiency 8.7/25 · ROCE 14.8% · Operating margin 4.2% · 100% evidence Valuation 16.1/20 · P/E 16.9× · PEG 0.44 · 65% evidence Relative strength 7.8/20 · Lead over its industry -12.3% · Lead over NIFTY 500 0.9% · 1 year -15.5% · 100% evidence · 9 of 12 weeks ahead Exact sum: 22.9 + 8.7 + 16.1 + 7.8 = 55.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Aarti Industries Ltd](https://www.sectoralpha.in/stocks/aarti-industries-ltd) AARTIIND · quiet · Evidence leans up · 100% evidence 55.2 out of 100 Growth Capital Valuation Relative
12. [Galaxy Surfactants Ltd](https://www.sectoralpha.in/stocks/galaxy-surfactants-ltd) GALAXYSURF · leader · Evidence leans up · 81% evidence 53.9 out of 100 Growth Capital Valuation Relative
13. [Pidilite Industries Ltd](https://www.sectoralpha.in/stocks/pidilite-industries-ltd) PIDILITIND · quiet · Evidence leans up · 100% evidence 53.0 out of 100 Growth Capital Valuation Relative
14. [DIC India Ltd](https://www.sectoralpha.in/stocks/dic-india-ltd) DICIND · breaking out · Evidence leans up · 81% evidence 53.0 out of 100 Growth Capital Valuation Relative
15. [Kronox Lab Sciences Ltd](https://www.sectoralpha.in/stocks/kronox-lab-sciences-ltd) KRONOX · breaking out · Evidence leans up · 74% evidence 51.8 out of 100 Growth Capital Valuation Relative
16. [Neogen Chemicals Ltd](https://www.sectoralpha.in/stocks/neogen-chemicals-ltd) NEOGEN · leader · Evidence leans up · 90% evidence 51.5 out of 100 Growth Capital Valuation Relative
17. [Chemcon Speciality Chemicals Ltd](https://www.sectoralpha.in/stocks/chemcon-speciality-chemicals-ltd) CHEMCON · breaking out · Evidence leans up · 85% evidence 51.1 out of 100 Growth Capital Valuation Relative
18. [Alkyl Amines Chemicals Ltd](https://www.sectoralpha.in/stocks/alkyl-amines-chemicals-ltd) ALKYLAMINE · quiet · Evidence leans down · 96% evidence 47.9 out of 100 Growth Capital Valuation Relative
19. [Grauer & Weil (India) Ltd](https://www.sectoralpha.in/stocks/grauer-weil-indialtd) GRAUWEIL · breaking out · Evidence leans down · 96% evidence 46.3 out of 100 Growth Capital Valuation Relative
20. [Paushak Ltd](https://www.sectoralpha.in/stocks/paushak-ltd) PAUSHAKLTD · losing its lead · Evidence leans down · 85% evidence 45.8 out of 100 Growth Capital Valuation Relative
21. [Innovassynth Technologies (India) Ltd](https://www.sectoralpha.in/stocks/innovassynth-technologies-indialtd) breaking out · Too little evidence to rank firmly · 53% evidence 44.0 out of 100 Growth Capital Valuation Relative
22. [Anupam Rasayan India Ltd](https://www.sectoralpha.in/stocks/anupam-rasayan-india-ltd) ANURAS · turning · Evidence leans down · 78% evidence 43.7 out of 100 Growth Capital Valuation Relative
23. [Platinum Industries Ltd](https://www.sectoralpha.in/stocks/platinum-industries-ltd) PLATIND · turning · Evidence leans down · 81% evidence 42.5 out of 100 Growth Capital Valuation Relative
24. [Vinati Organics Ltd](https://www.sectoralpha.in/stocks/vinati-organics-ltd) VINATIORGA · quiet · Evidence leans down · 82% evidence 42.4 out of 100 Growth Capital Valuation Relative
25. [Amal Ltd](https://www.sectoralpha.in/stocks/amal-ltd) AMAL · quiet · Evidence leans down · 68% evidence 41.5 out of 100 Growth Capital Valuation Relative
26. [Amines & Plasticizers Ltd](https://www.sectoralpha.in/stocks/amines-plasticizers-ltd) AMNPLST · quiet · Evidence leans down · 81% evidence 41.1 out of 100 Growth Capital Valuation Relative
27. [Transpek Industry Ltd](https://www.sectoralpha.in/stocks/transpek-industry-ltd) TRANSPEK · losing its lead · Evidence leans down · 63% evidence 38.6 out of 100 Growth Capital Valuation Relative
28. [Vishnu Chemicals Ltd](https://www.sectoralpha.in/stocks/vishnu-chemicals-ltd) VISHNU · losing its lead · Evidence leans down · 100% evidence 38.4 out of 100 Growth Capital Valuation Relative
29. [Clean Science & Technology Ltd](https://www.sectoralpha.in/stocks/clean-science-technology-ltd) CLEAN · breaking out · Evidence leans down · 85% evidence 38.1 out of 100 Growth Capital Valuation Relative
30. [Thirumalai Chemicals Ltd](https://www.sectoralpha.in/stocks/thirumalai-chemicals-ltd) TIRUMALCHM · quiet · Most evidence points down · 68% evidence 27.2 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/speciality-chemicals), all 30 compared on one page. ## Which companies are close to Vikram Thermo (India) in size? 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

1. [Paushak Ltd](https://www.sectoralpha.in/stocks/paushak-ltd) ₹1,450 crore
2. [Thirumalai Chemicals Ltd](https://www.sectoralpha.in/stocks/thirumalai-chemicals-ltd) ₹1,378 crore
3. [Platinum Industries Ltd](https://www.sectoralpha.in/stocks/platinum-industries-ltd) ₹1,215 crore
4. Vikram Thermo (India) Ltd ₹1,129 crore
5. [Sunshield Chemicals Ltd](https://www.sectoralpha.in/stocks/sunshield-chemicals-ltd) ₹882 crore
6. [Amines & Plasticizers Ltd](https://www.sectoralpha.in/stocks/amines-plasticizers-ltd) ₹782 crore
7. [Kronox Lab Sciences Ltd](https://www.sectoralpha.in/stocks/kronox-lab-sciences-ltd) ₹691 crore

[All 30 Speciality Chemicals companies, largest first](https://www.sectoralpha.in/sectors/speciality-chemicals#all-companies)

### Companies close in size in other industries

1. [N R Agarwal Industries Ltd](https://www.sectoralpha.in/stocks/n-r-agarwal-industries-ltd) ₹1,132 crore · Paper
2. [GHCL Textiles Ltd](https://www.sectoralpha.in/stocks/ghcl-textiles-ltd) ₹1,130 crore · Textiles - General
3. Vikram Thermo (India) Ltd ₹1,129 crore
4. [Atul Auto Ltd](https://www.sectoralpha.in/stocks/atul-auto-ltd) ₹1,128 crore · Auto - 2 & 3 Wheelers
5. [Fedders Holding Ltd](https://www.sectoralpha.in/stocks/fedders-holding-ltd) ₹1,127 crore · Finance & Investments - Others

## What else do people ask about Vikram Thermo (India)? ### What is Vikram Thermo (India)'s share price today? Vikram Thermo (India) Ltd's share price is ₹373.25. The whole company is worth ₹1,171 Cr on the market. In the last 52 weeks it traded between ₹152 to ₹432; today it is 79% of the way up from the low, 45.0% above its 200-day average. The price has been rising for 21 weeks (as of 3 November 2026). ### What were Vikram Thermo (India)'s latest quarterly results? Vikram Thermo (India) Ltd reported revenue of ₹38.0 Cr and net profit of ₹13.0 Cr for the Jun 2026 quarter. Revenue rose 31.0% and profit rose 62.5% compared with a year earlier. Earnings per share were ₹4.23. The operating margin was 48.0%, 8.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Vikram Thermo (India)'s market cap? Vikram Thermo (India) Ltd's market capitalisation is ₹1,171 Cr at a share price of ₹373.25. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Vikram Thermo (India) performing? Vikram Thermo (India) Ltd's share price has been rising for 21 weeks. In its latest quarter, revenue rose 31.0% and profit rose 62.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 25 weeks running (as of 3 November 2026). ### Is Vikram Thermo (India) in an uptrend? Yes, the price has been rising for 21 weeks (stage 2 of 4), 45.0% above its 200-day average, and 79% of the way up its 52-week range. A share price tends to move through four phases: moving sideways, rising, stalling and falling (as of 3 November 2026). ### Will Vikram Thermo (India)'s share price go up? This page does not forecast Vikram Thermo (India) Ltd's share price. What it shows instead: the share price is ₹373.25, and it has been rising for 21 weeks. Its P/E of 26.8× is higher than 99% of its own last 10 years (as of 3 November 2026). ### Who owns Vikram Thermo (India)? Promoters own 66.0% of Vikram Thermo (India) Ltd, foreign institutions , domestic institutions 1.0% and the public 33.0% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 1.0 percentage points over 8 quarters (as of 3 November 2026). ### Where is Vikram Thermo (India) in its business cycle? Vikram Thermo (India) Ltd's FY26 operating margin was 40.0%, against a 12-year range of 10.0% to 40.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 48.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Vikram Thermo (India) story? The main question: results are strong, and the P/E is higher than 99% of its own history. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Vikram Thermo (India) a stock worth studying right now? What the numbers show: Vikram Thermo (India) Ltd's results are improving, and its P/E is near the top of its own history, higher than 99% of past readings. The main open question: whether earnings grow enough to match the multiple. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Vikram Thermo (India) share price forecast for 2026? What is changing at Vikram Thermo (India), from the latest results and calls: margin expansion. What would change the story: 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. This is research, not advice. We’re not SEBI-registered.