530477

Vikram Thermo financials

Market cap
₹1.1k Cr
Sector
Chemicals

What Vikram Thermo does

Vikram Thermo (India) Limited manufactures pharmaceutical products at its factory (Unit-I) near Kalol in Gujarat, supported by an in-house R&D centre and a dedicated application lab. It sells to customers across India with a steadily expanding export/global footprint. In May 2024 the company demerged its Aromatic Chemicals (Diphenyl Oxide) business into a separately listed entity, Vikram Aroma Limited, leaving pharmaceutical manufacturing as its core continuing operation.

Segments

  • Pharmaceutical products
  • Aromatic Chemicals (Diphenyl Oxide)
Manufacturing facility
1 factory (Unit-I, Dhanot, Chhatral–Kadi Road, Tal. Kalol, Dist. Gandhinagar, Gujarat)
R&D / application lab
In-house R&D centre with dedicated Application Lab at GIDC, Chhatral, Tal. Kalol, Gujarat
Market presence
PAN-India presence with a steadily expanding export/global footprint
Founded 1994Headquarters Ahmedabad, Gujarat, India Company website

Quarterly results

Q1 FY27: revenue up 31.0%, net profit up 62.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue34 34 27 29 35 +3%34 +0%38 +41%38 +31%
EBITDA12 13 7 11 15 +25%15 +15%12 +71%18 +64%
Net profit10 9 4 8 11 +10%11 +22%9 +125%13 +63%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +103.5% 1Y

₹150₹200₹250₹300₹350Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹166.85 on 10 Sept 2025 → ₹339.55. High ₹339.55 (11 Sept 2026), low ₹136.1 (30 Mar 2026).

Financials, as filed

Revenue grew 6.9% a year over 3 years, FY23 to FY26. Operating margin widened to 39.0%.

Year endingFY23FY24FY25FY26
Revenue₹111 Cr₹107 Cr₹126 Cr₹136 Cr
Operating profit₹25 Cr₹36 Cr₹44 Cr₹53 Cr
Operating margin22.5%33.6%34.9%39.0%
Interest₹1 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Net profit₹16 Cr₹25 Cr₹7 Cr₹39 Cr
Net margin14.6%23.4%5.6%28.7%
Cash from operations₹13 Cr₹23 Cr₹24 Cr₹52 Cr
Free cash flow₹0 Cr₹17 Cr₹-16 Cr₹42 Cr
ROCE25.0%31.0%35.0%36.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹6 Cr₹6 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr
Reserves₹59 Cr₹67 Cr₹58 Cr₹82 Cr₹106 Cr₹126 Cr
Borrowings₹10 Cr₹15 Cr₹19 Cr₹7 Cr₹2 Cr₹5 Cr
Other liabilities₹16 Cr₹16 Cr₹19 Cr₹22 Cr₹26 Cr₹26 Cr
Total liabilities₹92 Cr₹104 Cr₹127 Cr₹143 Cr₹165 Cr₹188 Cr
Fixed assets₹32 Cr₹53 Cr₹61 Cr₹61 Cr₹48 Cr₹57 Cr
Capital work in progress₹18 Cr₹0 Cr₹0 Cr₹1 Cr₹5 Cr₹0 Cr
Investments₹10 Cr₹11 Cr₹11 Cr₹15 Cr₹6 Cr₹20 Cr
Other assets₹32 Cr₹40 Cr₹55 Cr₹65 Cr₹105 Cr₹110 Cr
Total assets₹92 Cr₹104 Cr₹127 Cr₹143 Cr₹165 Cr₹188 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.26 pp while the public trimmed −0.25 pp. The shareholder count shrank 9% to 12,055.

Promoters
66.0%
DIIs
0.3%
Public
33.7%

Since Jun 2025

  • DIIs +0.26 pp
  • Public −0.25 pp
  • Promoters +0.01 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 65.9%, Public 34.1%.Dec '23: Promoters 65.9%, Public 34.0%.Mar '24: Promoters 65.9%, Public 34.1%.Jun '24: Promoters 65.9%, Public 34.0%.Sep '24: Promoters 65.9%, Public 34.0%.Dec '24: Promoters 65.9%, Public 34.1%.Mar '25: Promoters 65.9%, Public 34.1%.Jun '25: Promoters 66.0%, Public 34.0%.Sep '25: Promoters 66.0%, Public 34.0%.Dec '25: Promoters 66.0%, Public 34.0%.Mar '26: Promoters 66.0%, Public 34.0%.Jun '26: Promoters 66.0%, DIIs 0.3%, Public 33.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Vikram Thermo above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Dhirajlal Karsanbhai Patel 13.72%−4.78 pp
Harjivanbhai K Patel 5.35%newly disclosed
Kundanben Ambalal Patel 4.35%unchanged
Patel Vimla Dhirajlal 4.25%unchanged
Kantaben Harjivanbhai Patel 3.72%unchanged
Dinesh Harjivanbhai Patel 3.65%unchanged
Ankur Dhirajlal Patel 3.20%unchanged
Vikalp Dhirajlal Patel 3.20%unchanged
Kanchanben Ghanshyambhai Patel 3.15%unchanged
Rekhaben Mahendrakumar Patel 2.83%unchanged
Harjivanbhai K Patel - 2 2.39%−2.96 pp
Rachana Vikalp Patel 2.39%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹340, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~32%. At that growth it is worth ₹749 — upside of 121%.

Growth the price implies
15.8% a year
for 7 years, fading to 4%
It has actually compounded at
33.7% a year
net profit, FY23–FY26 · EPS 31.5%
The gap
-0.2 pp
121% downside if it only repeats history
Price today ₹339.55 Value at the reference growth ₹749.26

Change the assumptions yourself →

Learn to analyse Vikram Thermo

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