Themis Medicare Limited (THEMISMED) AI Stock Analysis

• Market Cap: ₹7.41B
• Dividend Yield: 0.48%
• Average Volume (3M): 6.87K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.00
• 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): -0.39
• 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: ₹82.00 ▼(-20.00% Downside)

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

High gross margins & historical revenue growth

Sustained high gross margins and multi-year revenue expansion indicate durable operational efficiency and product demand. This supports long-term cash generation and reinvestment capacity, helping the company withstand pricing pressure and fund R&D or capacity expansion over the next 2–6 months and beyond.

Improving operating cash flow and free cash flow recovery

A recovering and improving operating cash flow profile plus restored free cash flow provide lasting financial flexibility to fund capex, reduce debt, or support commercial investment. This enhances resilience versus peers and sustains strategic initiatives over the medium term.

Stable balance sheet with managed leverage

A conservative leverage posture and healthy equity ratio underpin capital structure stability, lowering refinancing and solvency risk. This durable balance-sheet strength supports sustained investment in manufacturing and contract-manufacturing operations without immediate external capital dependence.

Negative Factors

Negative revenue and EPS growth trends

Steep year-over-year revenue and EPS declines signal structural demand or margin pressures that can erode competitive position and cash generation. If persistent, these trends constrain reinvestment, limit product development, and raise execution risk over the next several quarters.

Net profit margin volatility and recent decline

Volatile and recently weakened net margins reflect inconsistent expense control or pricing pressure, undermining sustained profitability. Margin swings make earnings less predictable and can impair the company’s ability to consistently convert revenue into durable free cash flow.

Inconsistent free cash flow relative to net income

Mismatch between reported net income and free cash flow indicates potential working-capital or timing issues that can strain liquidity if persistent. This reduces financial flexibility and may force trade-offs between debt reduction, capex, or commercial spending over the medium term.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: 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 89.89, above the 50-day MA of 98.28, and below the 200-day MA of 118.03, indicating a bearish trend. The MACD of -6.38 indicates Positive momentum. The RSI at 31.77 is Neutral, neither overbought nor oversold. The STOCH value of 26.75 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
BLISSGVS	74 Outperform	₹18.71B	17.02	―	0.28%	7.51%	71.81%
LINCOLN	74 Outperform	₹9.16B	11.46	―	0.37%	―	―
JAGSNPHARM	67 Neutral	₹11.30B	27.54	―	1.24%	24.60%	153.56%
WANBURY	62 Neutral	₹7.27B	13.64	―	―	8.92%	-5.56%
KOPRAN	57 Neutral	₹6.19B	37.40	―	1.96%	-6.96%	-66.75%
THEMISMED	54 Neutral	₹7.41B	-27.46	―	0.48%	-18.86%	-150.92%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%