Vikram Thermo (India) share price & results
- Jun 2026
- Sept 2026
Gujarat-based manufacturer of pharmaceutical products, operating a single factory and application lab after demerging its Aromatic Chemicals (Diphenyl Oxide) business in 2024.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 38.0 | +31.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 48.0 | +8.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 13.0 | +62.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 31.65 | +22.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 31.54 | +44.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 16.94 | −18.4 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +99.5% 1Y
1Y: ₹166.45 on 24 Oct 2025 → ₹332. High ₹436.2 (30 Sept 2026), low ₹136.1 (30 Mar 2026).
- Previous close
- ₹310
- Market cap
- ₹477 Cr
- 52-week range
- ₹136.1 – ₹436.2
- One year
- +99.70%
- Price to earnings (TTM to Jun 2026)
- 10.84×
- Return on equity (TTM to Jun 2026)
- 31.65%
Overview
- Symbol
- NSE:VIKRAMTH
- Sector
- Chemicals
- Industry
- Commodities
- Exchange
- NSE
- Currency
- INR
What Vikram Thermo (India) Ltd. does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +63% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 34 | 34 | 27 | 29 | 35 | 34 | 38 | 38 |
| Expenses | 21 | 21 | 20 | 17 | 19 | 19 | 26 | 20 |
| Operating profit | 12 | 13 | 7 | 11 | 15 | 15 | 12 | 18 |
| Operating margin | 37.0% | 39.0% | 25.0% | 40.0% | 45.0% | 44.0% | 32.0% | 48.0% |
| Other income | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 12 | 12 | 7 | 11 | 15 | 15 | 12 | 18 |
| Tax rate | 16.0% | 23.0% | 41.0% | 25.0% | 25.0% | 25.0% | 29.0% | 26.0% |
| Net profit | 10 | 9 | 4 | 8 | 11 | 11 | 9 | 13 |
| EPS (₹ per share) | 3.12 | 2.87 | 1.30 | 2.53 | 3.53 | 3.49 | 2.71 | 4.23 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 111 | 107 | 126 | 136 |
| Expenses | 86 | 70 | 82 | 81 |
| Operating profit | 25 | 36 | 44 | 53 |
| Other income | 2 | 0 | -23 | 1 |
| Interest | 1 | 0 | 0 | 0 |
| Depreciation | 4 | 4 | 4 | 4 |
| Profit before tax | 23 | 34 | 18 | 53 |
| Net profit | 16 | 25 | 7 | 39 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 6 | 31 | 31 | 31 | 31 | 31 |
| Reserves | 67 | 58 | 82 | 90 | 106 | 126 |
| Borrowings | 15 | 19 | 7 | 6 | 2 | 5 |
| Other liabilities | 16 | 19 | 22 | 18 | 26 | 26 |
| Total liabilities | 104 | 127 | 143 | 146 | 165 | 188 |
| Fixed assets | 53 | 61 | 61 | 45 | 48 | 57 |
| Capital work in progress | 0 | 0 | 1 | 0 | 5 | 0 |
| Investments | 11 | 11 | 15 | 0 | 6 | 20 |
| Other assets | 40 | 55 | 65 | 101 | 105 | 110 |
| Total assets | 104 | 127 | 143 | 146 | 165 | 188 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 15 | 6 | 13 | 23 | 24 | 52 |
| Cash from investing | -19 | -7 | -13 | -9 | -22 | -41 |
| Cash from financing | 3 | 3 | 1 | -14 | -4 | -5 |
| Net cash flow | -1 | 1 | 2 | 0 | -3 | 5 |
| Free cash flow | 4 | -1 | 0 | 17 | -16 | 42 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 99 | 93 | 109 | 142 | 128 | 125 |
| Inventory days | 94 | 74 | 64 | 137 | 76 | 87 |
| Days payable | 92 | 62 | 69 | 119 | 74 | 104 |
| Cash conversion cycle | 101 | 106 | 104 | 160 | 130 | 108 |
| Working capital days | 62 | 72 | 61 | 129 | 122 | 89 |
| Return on capital employed | 24.0% | 15.0% | 25.0% | 31.0% | 35.0% | 36.0% |
| Dividend payout | 8.0% | 2.0% | 9.0% | 9.0% | 39.0% | 10.0% |
What the price assumes
AttractiveTo justify its price of ₹332, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~32%. At that growth it is worth ₹749 — upside of 126%.
- Growth the price implies
- 15.4% 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
- 126% downside if it only repeats history
Ownership
Who owns it
Promoters hold 66.01% as of Sept 2026; institutions added 0.70 pts since Jun 2026.
- Promoters 66.01%
- Domestic institutions 0.96%
- Public 33.02%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- +2.96 pp 5.35% held
- newly disclosed 0.06% held
- newly disclosed 0.01% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Vikram Thermo (India) Ltd. above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 13.72% | unchanged | |
| 5.35% | +2.96 pp | |
| 4.35% | unchanged | |
| 4.25% | unchanged | |
| 3.72% | unchanged | |
| 3.65% | unchanged | |
| 3.20% | unchanged | |
| 3.20% | unchanged | |
| 3.15% | unchanged | |
| 2.83% | unchanged | |
| 2.39% | unchanged | |
| 2.39% | unchanged |
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.
Your own record
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