Gujarat Themis Biosyn
Gujarat Themis Biosyn
HealthcareKey Fundamentals
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Key Insights
Strengths
1- Company has a good return on equity (ROE) track record: 3 Years ROE 23.1%
Weaknesses
4- Stock is trading at 16.0 times its book value
- Promoter holding has decreased over last quarter: -11.5%
- Company might be capitalizing the interest cost
- Debtor days have increased from 89.3 to 134 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoGujarat Themis Biosyn Ltd is a healthcare company with a market cap of ₹4,214 Cr trading at a PE of 90.3x and 14.6x book value. The company has delivered strong long-term stock CAGR of 48% over 10 years but recent profit growth has turned negative at -4% TTM, while ROE has moderated from a 5-year average of 29% to 17% in the last year.
- Strong long-term wealth creation with stock CAGR of 48% over 10 years and 55% over 5 years
- Robust long-term ROE track record of 32% over 10 years and 29% over 5 years, indicating efficient capital deployment
- Compounded sales growth of 18% over 10 years demonstrates sustained revenue expansion
- Compounded profit growth of 26% over 10 years reflects strong long-term earnings trajectory
- TTM sales growth of 10% shows continued top-line momentum despite profit pressures
- 5-year compounded profit growth of 9% remains positive despite recent deceleration
- 3-year ROE of 23.1% remains well above cost of equity for most Indian companies
- PE ratio of 90.3x is extremely elevated relative to healthcare sector averages, leaving little margin of safety
- TTM profit growth has turned negative at -4%, signaling earnings deterioration
- 3-year compounded profit decline of -7% indicates a sustained earnings downtrend
- Price-to-book of 14.6x is very high, implying significant premium to asset value
- Debtor days have increased from 89.3 to 134 days, suggesting deteriorating working capital efficiency and potential collection issues
- Promoter holding has decreased by 4.13% over the last 3 years, which may signal reduced insider confidence
- ROE has declined sharply from 29% (5-year average) to 17% in the last year, a 12 percentage point drop
- Company might be capitalizing interest costs, which could overstate reported profits and asset values
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- Arbitration claim filed Jun 26
Gujarat Themis Biosyn initiated arbitration against Optimus Drugs claiming ₹90.38 crore for breach of supply agreement, indicating a disrupted supplier relationship.
- Indirect share encumbrance disclosed Jul 2
CTL Trusteeship disclosed an indirect encumbrance over Gujarat Themis Biosyn shares due to pledges by Vividhmargi Investments, signaling promoter-level leverage risk.
- Acquisitions fuel growth strategy Jun 29
Company reported FY26 revenue of ₹16,582.28 lakh and announced acquisitions of MicroBiopharm Japan and Sanofi's select product portfolio to expand capabilities.
- Ireland subsidiary incorporated Jun 17
Step-down subsidiary Themis Biosyn Private Limited incorporated in Ireland on June 16, 2026, with €100 share capital, signaling international expansion intent.
- Board evaluating fund raising Jun 16
Board meeting scheduled for June 19, 2026 to evaluate raising funds via preferential issue and private placement of equity shares and debentures.
- Promoter inter-se share transfer Jun 24
Sachin D. Patel will purchase up to 26 lakh shares from Themis Medicare Limited between June 30–July 3, 2026 at ₹400.45 per share, a promoter-level rebalancing.
TL;DR: Gujarat Themis Biosyn is in active expansion mode with two acquisitions (MicroBiopharm Japan, Sanofi portfolio), international subsidiary setup in Ireland, and potential fundraising underway. Key risks include a ₹90.38 crore arbitration dispute with a supplier and indirect encumbrance on promoter shares. The growth trajectory is improving with strategic moves into new geographies and product portfolios, though execution and funding clarity remain near-term watchpoints.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 50 | 40 | 39 | 42 | 39 | 35 | 40 | 38 | 36 | 42 | 43 | 44 | 44 |
| Expenses | 26 | 23 | 21 | 21 | 20 | 19 | 21 | 22 | 22 | 21 | 22 | 25 | 23 |
| Operating Profit | 24 | 17 | 18 | 21 | 19 | 15 | 19 | 16 | 14 | 21 | 21 | 19 | 21 |
| OPM % | 47% | 42% | 46% | 50% | 48% | 44% | 48% | 42% | 39% | 49% | 49% | 44% | 48% |
| Other Income | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 3 | 4 | 4 | 4 |
| PBT | 24 | 17 | 18 | 21 | 18 | 14 | 17 | 16 | 12 | 19 | 17 | 14 | 15 |
| Tax % | 26% | 26% | 26% | 24% | 26% | 26% | 25% | 25% | 25% | 24% | 26% | 24% | 27% |
| Net Profit | 18 | 13 | 13 | 16 | 13 | 11 | 13 | 12 | 9 | 14 | 12 | 11 | 11 |
| EPS in Rs | 1.63 | 1.15 | 1.19 | 1.46 | 1.21 | 0.97 | 1.19 | 1.1 | 0.83 | 1.31 | 1.14 | 1 | 1.02 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 31 | 33 | 36 | 39 | 41 | 85 | 91 | 115 | 148 | 170 | 151 | 166 | 174 |
| Expenses | 25 | 27 | 30 | 33 | 34 | 53 | 50 | 57 | 75 | 91 | 82 | 89 | 91 |
| Operating Profit | 7 | 6 | 6 | 6 | 7 | 32 | 40 | 58 | 74 | 79 | 69 | 76 | 82 |
| OPM % | 21% | 19% | 17% | 16% | 18% | 37% | 45% | 51% | 50% | 46% | 46% | 46% | 47% |
| Other Income | 0 | 0 | 0 | 0 | 2 | 2 | 3 | 4 | 7 | 4 | 2 | 2 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 4 | 5 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 4 | 5 | 13 | 15 |
| PBT | 5 | 5 | 5 | 5 | 8 | 31 | 41 | 59 | 77 | 79 | 66 | 62 | 65 |
| Tax % | 0% | 0% | 10% | 20% | 22% | 24% | 26% | 26% | 25% | 25% | 26% | 25% | — |
| Net Profit | 5 | 5 | 4 | 4 | 6 | 24 | 30 | 44 | 58 | 59 | 49 | 47 | 49 |
| EPS in Rs | 0.42 | 0.42 | 0.4 | 0.36 | 0.59 | 2.17 | 2.77 | 4 | 5.32 | 5.43 | 4.48 | 4.28 | 4.47 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 10% | 0% | 37% | 14% | 12% | 15% | 16% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 11 | 11 |
| Reserves | -8 | -3 | 1 | 5 | 11 | 35 | 63 | 96 | 142 | 194 | 237 | 277 |
| Borrowings | 6 | 3 | 4 | 1 | 6 | 8 | 5 | 1 | 0 | 3 | 30 | 162 |
| Other Liabilities | 9 | 8 | 9 | 8 | 8 | 14 | 14 | 18 | 17 | 17 | 22 | 54 |
| Total Liabilities | 15 | 15 | 21 | 20 | 33 | 64 | 88 | 122 | 166 | 221 | 301 | 503 |
| Fixed Assets | 10 | 9 | 11 | 11 | 15 | 17 | 19 | 19 | 33 | 38 | 41 | 289 |
| CWIP | 0 | 0 | 0 | 0 | 1 | 0 | 2 | 13 | 21 | 91 | 184 | 121 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 5 | 5 | 11 | 10 | 17 | 47 | 67 | 90 | 113 | 92 | 76 | 93 |
| Total Assets | 15 | 15 | 21 | 20 | 33 | 64 | 88 | 122 | 166 | 221 | 301 | 503 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 3 | 4 | 3 | 6 | 1 | 1 | 11 | 40 | 39 | 64 | 91 | 49 |
| Investing | 0 | -1 | -3 | -1 | -6 | -3 | -2 | -30 | -20 | -55 | -112 | -172 |
| Financing | -3 | -3 | 0 | -4 | 5 | 2 | -5 | -14 | -13 | -9 | 26 | 115 |
| Net Cash Flow | -1 | 0 | 0 | 1 | 0 | 0 | 3 | -4 | 6 | 0 | 5 | -9 |
| Free Cash Flow | 2 | 3 | 0 | 5 | -5 | -3 | 7 | 26 | 16 | -10 | -25 | -124 |
| CFO/OP | 44 | 73 | 57 | 99 | 25 | 24 | 51 | 94 | 81 | 107 | 156 | 78 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 28 | 24 | 71 | 26 | 52 | 87 | 59 | 80 | 44 | 58 | 76 | 134 |
| Inventory Days | — | — | — | 78 | — | 194 | 144 | 255 | 201 | 33 | 75 | 263 |
| Days Payable | — | — | — | 947 | — | 240 | 84 | 145 | 131 | 99 | 218 | 625 |
| Cash Conversion Cycle | 28 | 24 | 71 | -844 | 52 | 41 | 119 | 189 | 114 | -7 | -67 | -228 |
| Working Capital Days | -76 | -70 | -42 | -43 | -58 | 42 | 80 | 155 | 91 | 50 | 46 | 8 |
| ROCE % | 121% | 81% | 55% | 42% | 45% | 84% | 67% | 67% | 61% | 45% | 27% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Incorporated in 1981, Gujarat Themis Biosyn Ltd manufactures and sells finished Active Pharmaceutical Ingredients products by fermentation process[1]
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