Themis Medicare Limited (THEMISMED) AI Stock Analysis

• Market Cap: ₹7.55B
• Dividend Yield: 0.48%
• Average Volume (3M): 6.87K
• Price to Earnings (P/E): 22.9
• Beta (1Y): 1.90
• Revenue Growth: -18.86%
• EPS Growth: -150.92%
• Country: IN
• Employees: 1,509
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 1.10
• Shares Outstanding: 92,100,120
• 10 Day Avg. Volume: 6,301
• 30 Day Avg. Volume: 6,868
• PEG Ratio: -1.45
• Price to Book (P/B): 3.39
• Price to Sales (P/S): 3.37
• P/FCF Ratio: 70.80
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: ₹83.00 ▼(-19.02% Downside)
• Action: Reiterated Date: 11/22/25
• Date: Action: Reiterated 11/22/25

Themis Medicare Limited's overall stock score is primarily influenced by its solid financial performance, which is a strong point for the company. However, the bearish technical indicators and negative P/E ratio significantly weigh down the score, indicating potential risks in the stock's current valuation and market momentum. The lack of earnings call data and notable corporate events means these factors did not influence the score.

Positive Factors

Revenue & Gross Margin Strength

Consistent top-line growth combined with sustained high gross margins indicates efficient manufacturing and pricing power in core formulations. That cost efficiency supports durable operating leverage, funding R&D, capex and commercial expansion over the next several quarters without depending on short-term market moves.

Stable Balance Sheet and Managed Leverage

A healthy equity ratio and controlled debt levels give the company financial flexibility to fund growth, absorb shocks and pursue contract-manufacturing opportunities. Managed leverage lowers refinancing risk and supports multi-quarter investment plans in capacity or geographic expansion.

Improving Operating Cash Flow and FCF Recovery

Recovering operating cash flow and free cash flow restoration show improving cash conversion and internal funding capability. That reduces reliance on external financing for working capital and capex, enabling sustainable reinvestment and shareholder-friendly actions over the coming months.

Negative Factors

Recent Revenue & EPS Decline

Sharp year-over-year declines in reported revenue and EPS indicate material near-term demand or margin shocks. Persistent negative growth trends undermine long-term revenue visibility, making it harder to plan capacity, maintain R&D budgets and stabilize margins over the next several quarters.

Volatile Net Profit Margins

Volatility in net margins suggests recurring pressure from costs, mix shifts or competitive pricing. Margin instability can erode free cash flow sustainability and constrain the company’s ability to consistently fund strategic initiatives or absorb pricing pressure in regulated markets over the medium term.

Exposure to Regulatory, Pricing and Mix Risks

Business depends on regulatory approvals, plant compliance, and product-mix and utilisation rates; pricing controls in markets add structural risk. These recurring operational and regulatory dependencies can delay launches, compress margins or limit predictable growth over multiple quarters.

Themis Medicare Limited Business Overview & Revenue Model

Company Description

Themis Medicare Limited, together with its subsidiaries, manufactures and sells pharmaceutical products in India and internationally. It offers active pharmaceutical ingredients and formulations for use in various therapeutic areas, including anti-infective, antimalarial, anti-tuberculosis, cardiology, health and nutrition, oncology, ophthalmology, and pain management. The company was formerly known as Themis Chemicals and changed its name to Themis Medicare Limited in 2001. Themis Medicare Limited was incorporated in 1969 and is headquartered in Mumbai, India.

How the Company Makes Money

Themis Medicare Limited generates revenue primarily through the sale of its pharmaceutical products and medical devices. The company's revenue model is built on direct sales to healthcare providers, pharmacies, and hospitals, as well as through distribution agreements with third-party partners. Key revenue streams include prescription medications, which often have higher margins, and medical devices that cater to specific therapeutic areas. Additionally, THEMISMED may benefit from strategic partnerships with other pharmaceutical companies for co-development or co-marketing agreements, enhancing its market reach and product offerings. The company also explores opportunities in licensing agreements for its proprietary technologies and products, which can provide an additional source of income.

Themis Medicare Limited Financial Statement Overview

Summary

Themis Medicare Limited exhibits robust growth and operational efficiency as seen in its income statement, with strong revenue and gross profit metrics. The balance sheet shows a stable financial footing with managed leverage and solid equity. Cash flow statements indicate effective cash management, although there is room for improvement in aligning free cash flow with net income. Overall, the company is in a solid position with potential for further financial optimization.

Income Statement

Themis Medicare Limited demonstrates strong revenue growth with a consistent increase in total revenue over the years, highlighted by a significant jump from 2020 to 2025. The company has maintained high gross profit margins, indicating efficient cost management. However, net profit margin has been volatile, with a noticeable decline in the recent period, suggesting potential challenges in managing expenses or increased competition affecting profitability.

Balance Sheet

The balance sheet reflects a stable financial position with a healthy equity ratio and improving return on equity. The debt-to-equity ratio is managed well, indicating balanced leverage, though there is a slight increase in total debt in recent periods. Overall, the company's financial structure supports its growth but could benefit from further equity strengthening.

Cash Flow

Cash flows show a positive trajectory with improving operating cash flows and a strong free cash flow recovery after negative figures in earlier years. However, the free cash flow to net income ratio highlights some inconsistencies, suggesting areas for improvement in cash generation relative to profits. The company has been able to manage capital expenditures effectively to enhance free cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.80B	4.06B	3.82B	3.54B	3.95B	2.31B
Gross Profit	2.10B	2.74B	2.42B	2.36B	2.43B	1.50B
EBITDA	108.31M	490.48M	733.17M	789.56M	1.02B	531.16M
Net Income	-90.71M	298.33M	435.24M	569.01M	728.81M	357.03M
Balance Sheet
Total Assets	0.00	5.88B	5.66B	5.14B	4.28B	3.71B
Cash, Cash Equivalents and Short-Term Investments	128.37M	65.59M	99.22M	125.47M	202.79M	190.18M
Total Debt	0.00	829.88M	957.92M	923.75M	797.32M	871.82M
Total Liabilities	-4.03B	1.85B	1.89B	1.75B	1.40B	1.53B
Stockholders Equity	4.03B	4.03B	3.78B	3.39B	2.87B	2.19B
Cash Flow
Free Cash Flow	0.00	192.84M	36.76M	-126.55M	137.67M	389.36M
Operating Cash Flow	0.00	347.10M	220.94M	160.93M	343.94M	569.75M
Investing Cash Flow	0.00	-121.74M	-159.48M	-239.62M	-155.86M	-156.51M
Financing Cash Flow	0.00	-258.98M	-87.70M	1.36M	-175.47M	-256.47M

Themis Medicare Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 102.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:THEMISMED, the sentiment is Negative. The current price of 102.5 is above the 20-day moving average (MA) of 87.81, above the 50-day MA of 90.95, and below the 200-day MA of 113.45, indicating a bearish trend. The MACD of -1.71 indicates Positive momentum. The RSI at 37.74 is Neutral, neither overbought nor oversold. The STOCH value of 18.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:THEMISMED.

Themis Medicare Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LINCOLN	78 Outperform	₹12.39B	8.47	―	0.37%	―	―
BLISSGVS	74 Outperform	₹22.83B	18.57	―	0.28%	7.51%	71.81%
JAGSNPHARM	67 Neutral	₹10.90B	28.83	―	1.24%	24.60%	153.56%
WANBURY	64 Neutral	₹8.84B	12.53	―	―	8.92%	-5.56%
KOPRAN	57 Neutral	₹6.14B	19.44	―	1.96%	-6.96%	-66.75%
THEMISMED	54 Neutral	₹7.55B	22.95	―	0.48%	-18.86%	-150.92%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Themis Medicare Limited Corporate Events

Themis Medicare Launches Digital-Only Postal Ballot for Shareholder Resolutions

Themis Medicare Limited has initiated a postal ballot process, conducted exclusively through remote e-voting, to seek shareholder approval for ordinary and special resolutions in line with the Companies Act and SEBI listing regulations. The notice, sent electronically to eligible shareholders with registered email addresses, outlines that voting will be facilitated by CDSL between 26 February and 27 March 2026, with results to be declared on or before 31 March 2026, underscoring the company’s reliance on digital mechanisms and statutory compliance for shareholder decision-making.

The company is leveraging MCA circulars that permit electronic-only dispatch and voting, ensuring participation without physical meetings and aligning with contemporary corporate governance practices. By formalizing this process via stock exchange intimation and hosting the notice on its website, Themis Medicare reinforces transparency for investors and provides a clear framework for exercising voting rights based on paid-up share value as of the specified cut-off date.

Themis Medicare Clears Preferential Issue of Convertible Warrants to Investor

Themis Medicare’s board-appointed Preferential Issue Committee has approved the allotment of 4,595,795 convertible equity warrants to Vividhmargi Investments Private Limited on a preferential basis. The minimum issue price has been set at Rs 99.76 per warrant in line with SEBI regulations, effectively rounded to Rs 100, subject to shareholder and stock exchange approvals.

The company has also cleared the postal ballot process to seek shareholder consent, with e-voting scheduled from February 26 to March 27, 2026. The move signals a targeted capital-raising effort that could strengthen Themis Medicare’s balance sheet and strategic flexibility, while potentially bringing in a committed financial investor through the warrant conversion route.