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Last Updated: April 2, 2026, 3:49 am
Author: Getaka|Social: XLinkedIn

Themis Medicare Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹38.17Overvalued by 48.56%vs CMP ₹74.20

P/E (15.0) × ROE (7.7%) × BV (₹41.30) × DY (0.67%)

Defaults: P/E=15

₹39.18Overvalued by 47.20%vs CMP ₹74.20
MoS: -89.4% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹23.7119%Over (-68%)
Graham NumberEarnings₹54.8717%Over (-26.1%)
Earnings PowerEarnings₹29.2511%Over (-60.6%)
DCFCash Flow₹21.7114%Over (-70.7%)
Net Asset ValueAssets₹41.287%Over (-44.4%)
EV/EBITDAEnterprise₹40.859%Over (-44.9%)
Earnings YieldEarnings₹32.407%Over (-56.3%)
ROCE CapitalReturns₹79.089%Fair (+6.6%)
Revenue MultipleRevenue₹44.116%Over (-40.6%)
Consensus (9 models)₹39.18100%Overvalued
Key Drivers: EPS CAGR -37.9% drags value — could be higher if earnings stabilize.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -37.9% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

45
Themis Medicare Ltd scores 45/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health61/100 · Moderate
ROCE 10.4% AverageROE 7.7% AverageD/E 0.36 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 67.1% Stable
Earnings Quality30/100 · Weak
OPM contracting (22% → 13%) DecliningWorking capital: 121 days Capital intensive
Quarterly Momentum35/100 · Weak
Revenue (4Q): -22% YoY DecliningProfit (4Q): -138% YoY DecliningOPM: 11.0% (up 5.0% YoY) Margin expansion
Industry Rank45/100 · Moderate
ROCE 10.4% vs industry 16.4% Average3Y sales CAGR: 1% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:49 am

Market Cap 683 Cr.
Current Price 74.2
Intrinsic Value₹39.18
High / Low 179/65.0
Stock P/E
Book Value 41.3
Dividend Yield0.67 %
ROCE10.4 %
ROE7.65 %
Face Value 1.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Themis Medicare Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Themis Medicare Ltd 683 Cr. 74.2 179/65.0 41.30.67 %10.4 %7.65 % 1.00
Anuh Pharma Ltd 731 Cr. 73.0 115/66.717.5 32.62.06 %17.2 %13.4 % 5.00
Kopran Ltd 574 Cr. 119 215/10734.7 1042.53 %9.75 %7.64 % 10.0
Wanbury Ltd 805 Cr. 230 330/16218.7 18.10.00 %36.7 %76.5 % 10.0
Kilitch Drugs (India) Ltd 484 Cr. 138 250/11718.6 75.90.00 %15.7 %12.6 % 10.0
Industry Average19,815.15 Cr1,053.8453.84201.200.39%16.35%15.16%6.10

All Competitor Stocks of Themis Medicare Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 89809710583981231179472987890
Expenses 7470759274899410088791088180
Operating Profit 151022128929176-8-10-310
OPM % 17%13%22%12%10%10%24%15%6%-11%-10%-4%11%
Other Income 7567657612156
Interest 2322322232233
Depreciation 3333332233333
Profit before tax 181023148931182-11-14-310
Tax % 24%18%19%19%10%24%21%20%69%-13%1%5%3%
Net Profit 13818117725141-10-14-410
EPS in Rs 1.450.911.981.230.800.722.681.550.06-1.05-1.54-0.391.10

Last Updated: March 3, 2026, 2:12 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 195202232217210184202231395354382406337
Expenses 171184194184184181166181299287330356349
Operating Profit 24183833252364996675249-11
OPM % 12%9%16%15%12%1%18%21%24%19%13%12%-3%
Other Income 513346512131825241114
Interest 161512121212131391091010
Depreciation 9111277889910121010
Profit before tax 45171811-13274195735340-18
Tax % 32%-20%11%9%1%-15%8%14%23%22%19%25%
Net Profit 36161611-11253673574430-17
EPS in Rs 0.320.731.911.771.23-1.172.703.887.926.184.733.24-1.88
Dividend Payout % 28%25%9%-0%-0%-0%6%11%6%8%11%15%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%166.67%0.00%-31.25%-200.00%327.27%44.00%102.78%-21.92%-22.81%-31.82%
Change in YoY Net Profit Growth (%)0.00%66.67%-166.67%-31.25%-168.75%527.27%-283.27%58.78%-124.70%-0.89%-9.01%

Themis Medicare Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:15%
3 Years:1%
TTM:-7%
Compounded Profit Growth
10 Years:17%
5 Years:4%
3 Years:-25%
TTM:-118%
Stock Price CAGR
10 Years:17%
5 Years:24%
3 Years:8%
1 Year:-59%
Return on Equity
10 Years:13%
5 Years:15%
3 Years:12%
Last Year:8%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 4, 2025, 2:07 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 8899999999999
Reserves 485166143160149174209278330368393371
Borrowings 148140128828082100878092968396
Other Liabilities 7977735456746765618293102107
Total Liabilities 284277275289305314350371428514566588582
Fixed Assets 121122117124126123116133144162168172169
CWIP 12469228233333
Investments 45623242735455670899596
Other Assets 147146146133153162191191225279307318314
Total Assets 284277275289305314350371428514566588582

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 81926-281105734162235
Cash from Investing Activity + -7-6-7-4-0-4-5-16-16-24-16-12
Cash from Financing Activity + 2-18-135-9-107-26-180-9-26
Net Cash Flow 4-55-0-1-32161-8-3-3
Free Cash Flow 11318-755-53915-13421
CFO/OP 40%101%73%-5%29%490%2%115%55%48%60%93%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-124.00-122.00-90.00-49.00-55.00-80.00-64.00-38.0016.00-25.00-44.00-34.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 7482758112014518612393149170159
Inventory Days 280246243250253287315272150213188233
Days Payable 24023714516315618717114379123126142
Cash Conversion Cycle 11491172168216244330251164239232250
Working Capital Days -17-20-17-1619-1375172110116121
ROCE %10%9%15%13%10%-1%15%18%30%20%14%10%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 67.16%67.16%67.16%67.16%67.15%67.15%67.15%67.15%67.15%67.15%67.15%67.10%
FIIs 0.06%0.04%0.05%0.01%0.03%0.05%0.10%0.10%0.14%0.09%0.06%0.05%
DIIs 0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 32.78%32.80%32.77%32.82%32.81%32.79%32.74%32.75%32.70%32.75%32.77%32.84%
No. of Shareholders 5,9276,0076,97011,24411,29511,32214,27017,77317,88919,33522,49022,576

Shareholding Pattern Chart

No. of Shareholders

Themis Medicare Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal S&P BSE Healthcare ETF 322 0.08 0.013222025-04-22 17:25:180%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.0010.0010.0010.00
Basic EPS (Rs.) 3.244.7361.8379.2238.86
Diluted EPS (Rs.) 3.244.7261.7379.0738.84
Cash EPS (Rs.) 3.684.0258.4477.1937.85
Book Value[Excl.RevalReserv]/Share (Rs.) 43.7441.03368.85312.48237.80
Book Value[Incl.RevalReserv]/Share (Rs.) 43.7441.03368.85312.48237.80
Revenue From Operations / Share (Rs.) 44.0641.48385.02428.91251.04
PBDIT / Share (Rs.) 5.846.1185.80111.0657.81
PBIT / Share (Rs.) 4.764.7874.39100.7548.50
PBT / Share (Rs.) 3.673.7664.0091.2234.67
Net Profit / Share (Rs.) 2.602.6947.0366.8928.54
NP After MI And SOA / Share (Rs.) 3.244.7361.8379.2238.86
PBDIT Margin (%) 13.2414.7322.2825.8923.02
PBIT Margin (%) 10.7911.5219.3223.4919.32
PBT Margin (%) 8.329.0716.6221.2613.81
Net Profit Margin (%) 5.896.4712.2115.5911.37
NP After MI And SOA Margin (%) 7.3511.4016.0518.4615.47
Return on Networth / Equity (%) 7.4111.5216.7625.3516.33
Return on Capital Employeed (%) 10.1310.6818.2629.1218.35
Return On Assets (%) 5.077.6811.0717.039.61
Long Term Debt / Equity (X) 0.040.070.080.080.10
Total Debt / Equity (X) 0.200.250.270.270.36
Asset Turnover Ratio (%) 0.700.700.751.050.67
Current Ratio (X) 1.951.901.901.961.45
Quick Ratio (X) 1.411.441.411.400.98
Inventory Turnover Ratio (X) 5.241.211.481.901.20
Dividend Payout Ratio (NP) (%) 15.4210.578.085.424.50
Dividend Payout Ratio (CP) (%) 11.578.256.824.803.63
Earning Retention Ratio (%) 84.5889.4391.9294.5895.50
Cash Earning Retention Ratio (%) 88.4391.7593.1895.2096.37
Interest Coverage Ratio (X) 5.356.008.2611.644.18
Interest Coverage Ratio (Post Tax) (X) 3.383.645.538.013.06
Enterprise Value (Cr.) 1419.922092.171146.53910.58312.04
EV / Net Operating Revenue (X) 3.505.483.242.311.35
EV / EBITDA (X) 26.4337.1914.528.915.87
MarketCap / Net Operating Revenue (X) 3.335.283.032.181.12
Retention Ratios (%) 84.5789.4291.9194.5795.49
Price / BV (X) 3.355.343.162.991.18
Price / Net Operating Revenue (X) 3.335.283.032.181.12
EarningsYield 0.020.020.050.080.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Themis Medicare Ltd. is a Public Limited Listed company incorporated on 31/05/1969 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L24110GJ1969PLC001590 and registration number is 001590. Currently Company is involved in the business activities of Manufacture of pharmaceuticals, medicinal chemical and botanical products. Company's Total Operating Revenue is Rs. 405.51 Cr. and Equity Capital is Rs. 9.20 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
PharmaceuticalsPlot No.69-A, GIDC Industrial Estate, Valsad District Gujarat 396195Contact not found
Management
NamePosition Held
Dr. Dinesh S PatelChairman & Executive Director
Dr. Sachin D PatelManaging Director & CEO
Mr. Rajneesh K AnandNon Executive Director
Dr. Adam DemeterNon Executive Director
Ms. Manjul SandhuIndependent Director
Mr. Bhaskar V IyerIndependent Director
Mr. Nikunt K RavalIndependent Director
Ms. Neha ThakoreIndependent Director
Mr. Shishir V DalalIndependent Director
Mrs. Reena S PatelAlternate Director

FAQ

What is the intrinsic value of Themis Medicare Ltd and is it undervalued?

As of 10 April 2026, Themis Medicare Ltd's intrinsic value is ₹39.18, which is 47.20% lower than the current market price of ₹74.20, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (7.65 %), book value (₹41.3), dividend yield (0.67 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Themis Medicare Ltd?

Themis Medicare Ltd is trading at ₹74.20 as of 10 April 2026, with a FY2026-2027 high of ₹179 and low of ₹65.0. The stock is currently near its 52-week low. Market cap stands at ₹683 Cr..

How does Themis Medicare Ltd's P/E ratio compare to its industry?

Themis Medicare Ltd has a P/E ratio of , which is below the industry average of 53.84. This is broadly in line with or below the industry average.

Is Themis Medicare Ltd financially healthy?

Key indicators for Themis Medicare Ltd: ROCE of 10.4 % is moderate; ROE of 7.65 % is below ideal levels (industry average: 15.16%). Dividend yield is 0.67 %.

Is Themis Medicare Ltd profitable and how is the profit trend?

Themis Medicare Ltd reported a net profit of ₹30 Cr in Mar 2025 on revenue of ₹406 Cr. Compared to ₹73 Cr in Mar 2022, the net profit shows a declining trend.

Does Themis Medicare Ltd pay dividends?

Themis Medicare Ltd has a dividend yield of 0.67 % at the current price of ₹74.20. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Themis Medicare Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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