Themis Medicare Limited (THEMISMED) AI Stock Analysis

• Market Cap: ₹7.51B
• Dividend Yield: 0.48%
• Average Volume (3M): 6.87K
• Price to Earnings (P/E): 22.9
• Beta (1Y): 1.93
• 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

Diversified Revenue Streams

Multiple, structurally different revenue streams (branded/generic sales, contract manufacturing and exports) reduce reliance on any single market or product. Over months this diversification supports steadier cash flow, better utilization of manufacturing capacity and resilience to local pricing pressure.

Stable Balance Sheet / Managed Leverage

A healthy equity ratio and controlled debt levels provide financial flexibility to fund capex, regulatory upgrades or working capital. This structural strength reduces refinancing risk and supports sustained investment in manufacturing and commercial expansion over the medium term.

Improving Cash Flow Profile

Recovery in operating cash flow and free cash flow indicates better conversion of profits into spendable cash. Sustained cash generation strengthens ability to self-fund growth, maintain facilities, and reduce reliance on external financing over the next several quarters.

Negative Factors

Volatile Net Profit Margins

Persistent volatility and recent margin deterioration signal structural pressure from rising costs, pricing competition, or mix shifts. Over months this undermines earnings quality and can limit free cash flow stability, constraining reinvestment or dividend capacity.

Recent Revenue and EPS Declines

Material recent declines in revenue and EPS point to weakening demand or adverse product/mix changes. If trends persist, they can erode operating leverage and restrict strategic options, requiring structural recovery in sales or cost base to restore sustainable profitability.

Regulatory and Manufacturing Risk

Business depends on facility approvals, compliance and high plant utilization. Regulatory delays, inspections or lower utilization can disrupt contract revenues and exports. Such structural operational risks can meaningfully impact revenue visibility and contract commitments over months.

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 primarily makes money by selling pharmaceutical products. Key revenue streams include: (1) sales of finished dosage formulations (branded and/or generic medicines) to distribution channels such as wholesalers, distributors, hospitals, and pharmacies; (2) contract manufacturing / loan-licensing or supply arrangements where the company manufactures formulations for other pharma companies and earns manufacturing margins; and (3) exports of pharmaceutical products where revenues are generated from overseas customers and marketing partners. Earnings are influenced by product mix (higher-margin specialty or differentiated formulations vs. commoditized generics), manufacturing utilization, regulatory compliance/approvals for facilities and products, pricing controls in regulated markets, and the breadth/strength of the company’s distribution and marketing relationships. Specific details on named products, customer concentration, or disclosed strategic partnerships are null.

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	3.41B	4.06B	3.82B	3.54B	3.95B	2.31B
Gross Profit	2.15B	2.74B	2.42B	2.36B	2.43B	1.50B
EBITDA	-99.69M	490.48M	733.17M	789.56M	1.02B	531.16M
Net Income	-269.80M	298.33M	435.24M	569.01M	728.81M	357.03M
Balance Sheet
Total Assets	5.82B	5.88B	5.66B	5.14B	4.28B	3.71B
Cash, Cash Equivalents and Short-Term Investments	189.59M	65.59M	99.22M	125.47M	202.79M	190.18M
Total Debt	955.64M	829.88M	957.92M	923.75M	797.32M	871.82M
Total Liabilities	2.02B	1.85B	1.89B	1.75B	1.40B	1.53B
Stockholders Equity	3.80B	4.03B	3.78B	3.39B	2.87B	2.19B
Cash Flow
Free Cash Flow	-40.38M	192.84M	36.76M	-126.55M	137.67M	389.36M
Operating Cash Flow	-14.84M	347.10M	220.94M	160.93M	343.94M	569.75M
Investing Cash Flow	-6.82M	-121.74M	-159.48M	-239.62M	-155.86M	-156.51M
Financing Cash Flow	37.41M	-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: Neutral

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 85.81, above the 50-day MA of 88.62, and below the 200-day MA of 111.64, indicating a bearish trend. The MACD of -2.60 indicates Positive momentum. The RSI at 42.84 is Neutral, neither overbought nor oversold. The STOCH value of 35.02 is Neutral, 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	₹22.87B	18.57	―	0.28%	7.51%	71.81%
JAGSNPHARM	67 Neutral	₹11.97B	28.83	―	1.24%	24.60%	153.56%
WANBURY	64 Neutral	₹8.57B	12.53	―	―	8.92%	-5.56%
KOPRAN	57 Neutral	₹6.00B	19.44	―	1.96%	-6.96%	-66.75%
THEMISMED	54 Neutral	₹7.51B	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 Raises Price for Preferential Convertible Warrants to Institutional Investor

Themis Medicare Limited has revised the pricing of its proposed convertible equity warrants to Rs. 102.87 per warrant, up from an earlier Rs. 100, following a modified pricing certificate issued under SEBI regulations. The warrants, to be issued via preferential allotment to Vividhmargi Investments Private Limited, will represent up to 4.99% of the company’s total shareholding, with final proceeds determined at allotment and accompanied by a corrigendum to the earlier postal ballot notice.

The move signals a marginally higher valuation for the capital-raising instrument and reflects compliance with updated SEBI pricing norms for preferential issues. Subject to shareholder and stock exchange approvals, the transaction could modestly dilute existing equity while strengthening the company’s funding base and potentially supporting future growth initiatives.

Themis Medicare Raises Price, Amends Terms of Promoters’ Preferential Warrant Issue

Themis Medicare has issued a corrigendum to its February 25, 2026 postal ballot notice seeking shareholder approval for a preferential issue of convertible equity warrants to promoter group entity Vividhmargi Investments. Following observations from the National Stock Exchange during in-principle approval review, the company has revised key terms, including increasing the warrant issue price from Rs 100 to Rs 102.87 per warrant, which raises the aggregate issue size to about Rs 47.28 crore.

The corrigendum, which modifies specific wording and financial details in the original resolution and explanatory statement, will be circulated electronically to members and published in English and Gujarati newspapers, as well as uploaded on the BSE, NSE and company websites to ensure adequate disclosure ahead of e-voting. The move underscores regulatory-driven fine-tuning of the capital-raising proposal and signals continued efforts by the promoter group to infuse equity-linked capital into the company via a preferential route.

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.