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Themis Medicare Limited
(THEMISMED)
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Rating:54Neutral
Price Target:
₹118.00
▲(15.12% Upside)
Action:Reiterated
Date:09/08/26
The score is held back primarily by weakened financial performance—sharp margin erosion and a shift to negative operating and free cash flow—despite manageable leverage. Technicals are a meaningful positive with a strong uptrend across moving averages and supportive momentum, but valuation looks less forgiving (P/E ~27.7 with a low ~0.38% yield), limiting upside if profitability and cash generation do not recover.
Positive Factors
Revenue rebound
The 33.9% latest-year revenue increase indicates a strong top-line rebound and renewed demand for the company’s products. Sustained sales growth can improve scale, support investment in the pharmaceutical portfolio, and strengthen operating leverage if margins recover.
Negative Factors
Severe margin erosion
The sharp decline in gross margin and move to negative EBIT show that recent revenue growth is not translating into healthy operating profitability. Unless margins stabilize, earnings quality and the company’s ability to reinvest from operations will remain weak.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The 33.9% latest-year revenue increase indicates a strong top-line rebound and renewed demand for the company’s products. Sustained sales growth can improve scale, support investment in the pharmaceutical portfolio, and strengthen operating leverage if margins recover.
Read all positive factors
Themis Medicare Limited (THEMISMED) vs. iShares MSCI India ETF (INDA)
Market Cap
₹10.62B
Dividend Yield0.46%
Average Volume (3M)26.87K
Price to Earnings (P/E)25.0
Beta (1Y)1.33
Revenue Growth-12.75%
EPS GrowthN/A
CountryIN
Employees1,509
SectorGeneral
Sector StrengthN/A
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)4.34
Shares Outstanding92,100,120
10 Day Avg. Volume42,170
30 Day Avg. Volume26,872
Financial Highlights & Ratios
PEG Ratio-5.72
Price to Book (P/B)1.58
Price to Sales (P/S)1.84
P/FCF Ratio-37.64
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Themis Medicare Limited Business Overview & Revenue Model
Company Description
Themis Medicare Limited, along with its affiliated entities, is a pharmaceutical company that produces and supplies medicinal goods for both the Indian and international markets. Its product portfolio encompasses active pharmaceutical ingredients ...
How the Company Makes Money
Themis Medicare Limited primarily makes money by manufacturing and selling pharmaceutical products, with revenue recognized from the sale of finished formulations and/or pharma-related products to customers such as distributors, hospitals, pharmac...
Themis Medicare Limited Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
66
Positive
Cash Flow
29
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.33B | 3.42B | 4.06B | 3.82B | 3.54B | 3.95B |
| Gross Profit | 1.49B | 1.09B | 2.74B | 2.42B | 2.36B | 2.43B |
| EBITDA | -253.80M | 229.38M | 490.48M | 733.17M | 789.56M | 1.02B |
| Net Income | 399.75M | 11.44M | 298.33M | 435.24M | 569.01M | 728.81M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 5.98B | 5.88B | 5.66B | 5.14B | 4.28B |
| Cash, Cash Equivalents and Short-Term Investments | 91.50M | 91.50M | 65.59M | 99.22M | 125.47M | 202.79M |
| Total Debt | 0.00 | 1.00B | 829.88M | 957.92M | 923.75M | 797.32M |
| Total Liabilities | -3.99B | 1.99B | 1.85B | 1.89B | 1.75B | 1.40B |
| Stockholders Equity | 3.99B | 3.99B | 4.03B | 3.78B | 3.39B | 2.87B |
Cash Flow | ||||||
| Free Cash Flow | -40.38M | -167.31M | 192.84M | 36.76M | -126.55M | 137.67M |
| Operating Cash Flow | -14.84M | -118.60M | 347.10M | 220.94M | 160.93M | 343.94M |
| Investing Cash Flow | -6.82M | -45.09M | -121.74M | -159.48M | -239.62M | -155.86M |
| Financing Cash Flow | 37.41M | 126.83M | -258.98M | -87.70M | 1.36M | -175.47M |
Themis Medicare Limited Technical Analysis
Negative
102.50
Price Trends
116.50
Negative
112.46
Negative
100.50
Positive
Market Momentum
-1.82
Positive
37.42
Neutral
17.78
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 below the 20-day moving average (MA) of 119.88, below the 50-day MA of 116.50, and above the 200-day MA of 100.50, indicating a neutral trend. The MACD of -1.82 indicates Positive momentum. The RSI at 37.42 is Neutral, neither overbought nor oversold. The STOCH value of 17.78 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹15.50B | 34.07 | ― | 1.73% | 3.87% | -25.38% | |
74 Outperform | ₹23.19B | 19.34 | ― | 0.60% | 20.87% | 116.29% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹10.62B | 25.05 | ― | 0.46% | -12.75% | ― | |
51 Neutral | ₹33.99B | 53.68 | ― | 1.14% | 113.34% | -80.12% | |
50 Neutral | ₹7.86B | 171.38 | ― | 0.15% | 7.55% | -57.19% | |
49 Neutral | ₹6.95B | 11.23 | ― | 1.20% | 3.63% | 24.22% |
* General Sector Average
IN:THEMISMED
Themis Medicare Limited
109.25
-28.64
-20.77%
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Themis Medicare Limited Corporate Events
Themis Medicare Resolutions Cleared at 56th AGM with Requisite Majority
Oct 1, 2026
Themis Medicare Limited has reported that all resolutions proposed at its 56th Annual General Meeting, held on 30 September 2026, were approved by shareholders with the requisite majority. The company has provided the scrutinizer’s report an...
Themis Medicare Says No Undisclosed News Behind Share Volume Surge
Sep 7, 2026
Themis Medicare Limited has responded to queries from BSE and NSE after a significant increase in trading volume in its shares. The exchanges sought clarification to ensure investors had current and relevant information and to safeguard market int...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.