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    Vikram Thermo

    Gujarat-based manufacturer of pharmaceutical products, operating a single factory and application lab after demerging its Aromatic Chemicals (Diphenyl Oxide) business in 2024.

    Chemicals
    Commodities

    Overview

    Price

    Market Cap

    ₹768 Cr

    Sector

    Chemicals

    Commodities

    Rank

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital6663131313131
    Reserves485967588290106126
    Borrowings61015197625
    Other Liabilities1316161922182626
    Total Liabilities7392104127143146165188
    AssetsFixed Assets3432536161454857
    CWIP618001050
    Investments1101111150620
    Other Assets3232405565101105110
    Total Assets7392104127143146165188

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating41315613232452
    Cash from Investing-2-10-19-7-13-9-22-41
    Cash from Financing1-4331-14-4-5
    SummaryCapital Expenditure
    Free Cash Flow244-1017-1642
    FCF Margin

    Valuation

    Assumptions

    Current — 530477
    Price
    ₹232
    EPS (TTM)
    ₹12.04
    PE (TTM)
    19.3
    Profit growth
    34.4%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (16.8×) and current (19.3×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹232
    vs
    Fair value · 15% return
    ₹430
    85%Undervalued

    At 34.4% growth and a 17× exit, ₹232 only delivers your return if you pay ₹430. The price is currently baking in 20% growth.

    EPS grows 34.4%/yr for 5 years, then fades to 6% over 2, exits at 17×.

    YearGrowthEPS (₹)
    FY2734.4%16.18
    FY2834.4%21.75
    FY2934.4%29.23
    FY3034.4%39.28
    FY3134.4%52.80
    FY3220.2% ·fade63.46
    FY336.0% ·fade67.27

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Vikram Thermo

    Guides on how to read this kind of business and the numbers that matter.