Gujarat Themis Biosyn Limited (GUJTHEM)

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Gujarat Themis Biosyn Limited (GUJTHEM) · mywealthgrid

About

Gujarat Themis Biosyn Limited is a small-cap Indian pharmaceutical company with ₹44 crore in quarterly revenue and strong profitability. Operating in the pharmaceuticals sector of healthcare, it generates exceptional operating margins of 45+ percent. The company has demonstrated revenue growth over recent quarters while maintaining a stable promoter-controlled ownership structure.

Face value: ₹1

Market cap

₹4,162 Cr

P/E

85.5×

P/B

14.5×

Dividend yield

0.2%

ROE

17.4%

ROCE

18.5%

Debt / equity

0.56

OPM

45.6%

EPS (TTM)

₹4.5

Book value

₹26.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation appears stretched at PE of 78.07, limiting margin of safety for investors entering at current levels

Net profit declined from ₹14.27 crore (Sep 2025) to ₹11.07 crore (Jun 2026) despite sustained revenues; verify if this reflects margin compression, volume pressure, or product/customer mix effects

Small revenue scale (~₹44 crore/quarter) limits bargaining power with suppliers and customers compared to larger industry peers

Negative 1-year return of -1.4% persists despite strong operating margins; verify if market skepticism reflects valuation concerns or underlying business challenges

Generated analysis · source review pending

Growth drivers

Revenue accelerated 22% from ₹35.87 crore (Jun 2025) to ₹43.79 crore (Jun 2026); verify if sustainable through continued volume growth, market share gains, or pricing

Operating margins averaged 45.55% (range 38.78–49.47%) indicating strong unit economics; verify which therapeutic segments generate these margins and their durability against competition

D/E ratio of 0.56 indicates moderate leverage; verify management's capital allocation priorities and whether expansion investments in new geographies or segments are planned

Long-term revenue trajectory shows growth from ₹23.3 crore (Mar 2021) to current ₹44 crore quarterly run-rate; verify if structural factors or cyclical demand underlie this doubling

Generated analysis · source review pending

731 historical price candles were omitted because the exchange source has not been verified.

₹381.8-6.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 24.3% (3-yr avg)
+High return on capital employed of 30.1%
+Healthy operating margin of 45.6%
+Comfortable interest coverage of 22×
+High promoter holding of 70.9% with no pledge

Cons

−Expensive at 85.5× trailing earnings
−Trading at 14.5× book value

Research score

Structured signal from quality, growth, valuation and momentum.

40/100

Business quality: 73
Growth: 46

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	33	36	39	41	85	91	115	149	170	151	166
COGS	—	-1	-2	-1	-11	15	17	26	37	25	21
Gross profit	—	—	—	—	—	75	98	122	133	126	144
	26	31	35	35	65	35	40	48	54	57	69
	6	6	6	7	32	40	58	74	79	69	76
OPM %	18.9%	16.8%	15.9%	17.9%	37.4%	44.5%	50.5%	49.8%	46.4%	45.7%	45.6%
Depreciation	1	1	1	1	1	2	2	3	4	5	13
Interest	0	0	0	0	1	1	1	0	0	0	3
	0	0	0	2	2	3	4	6	4	2	2
Profit before tax	5	5	5	8	31	41	59	77	79	66	62
Tax	—	0	1	2	8	11	15	20	20	17	15
Tax %	—	9.8%	20.3%	22%	24.3%	26.2%	26.1%	25.2%	25.4%	25.6%	24.8%
	5	4	4	6	24	30	44	58	59	49	47
PAT margin %	14.4%	11.9%	9.8%	15.6%	27.8%	33.3%	38%	38.9%	34.8%	32.3%	28.2%
EPS (₹)	3.2	2.9	2.6	4.4	16.3	20.8	30	39.9	—	4.5	4.3
EPS adjusted (₹)	—	—	—	—	2.2	2.8	4	5.3	5.4	4.5	4.3
	0%	0%	0%	0%	10.1%	24.1%	20%	13.5%	—	15%	15.7%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	7	7	7	7	7	11	11
Reserves	—	63	96	142	194	237	277
Minority interest	—	0	—	0	0	—	—
	—	3	0	0	0	30	160
	—	15	19	17	20	23	56
Total equity & liabilities	—	88	123	166	221	301	503
	17	17	18	32	35	41	287
CWIP	—	4	14	21	94	184	121
Investments	—	0	0	0	0	0	3
	—	67	90	113	92	76	92
Total assets	—	88	123	166	221	301	503

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	83%	85.5%	82.2%	78.4%	83.7%	87.1%
EBITDA margin %	17.9%	37.4%	44.5%	50.5%	49.8%	46.4%	45.7%	45.6%
EBIT margin %	14.9%	35.8%	42.6%	48.6%	48.1%	44.3%	42.1%	37.8%
PAT margin %	15.6%	27.8%	33.3%	38%	38.9%	34.8%	32.3%	28.2%
Working capital
Receivable days	—	—	59	80	44	58	76	134
Inventory days	—	—	144	255	201	33	75	263
Payable days	—	—	84	145	131	99	218	625
NWC days	—	—	119	189	114	-7	-67	-228
Leverage
Current ratio	—	—	4	4.57	3.98	2.94	2.53	1.12
Debt to EBITDA	—	—	0.08	0	0	0	0.43	2.12
Debt to equity	—	—	0.04	0	0	0	0.12	0.56
Interest coverage	59.6	35	42.7	72.1	388.3	346	183.1	22
Asset turnover	—	—	1.03	0.94	0.9	0.77	0.5	0.33
Return ratios
Return on assets %	—	—	34.2%	35.6%	34.9%	26.8%	16.2%	9.3%
Return on capital employed %	—	—	57.8%	67.3%	60.6%	44.7%	27.1%	18.5%
Return on equity %	—	—	43.2%	42.2%	38.9%	29.4%	19.6%	16.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.99%	70.86%	70.86%	70.86%	70.86%	70.86%	70.86%	70.86%	70.86%	70.86%	70.86%	70.86%
	0.01%	0.87%	1.05%	1.44%	1.49%	1.42%	1.91%	2.51%	2.95%	1.96%	1.8%	1.77%
	0.03%	0.04%	0.82%	1.18%	1.17%	1.17%	1.17%	1.17%	1.17%	1.17%	1.18%	1.18%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.97%	28.23%	27.27%	26.52%	26.48%	26.55%	26.06%	25.46%	25.02%	26.01%	26.16%	26.19%
No. of shareholders	—	—	—	—	—	—	—	—	28,319	27,325	26,886	27,010

Promoter holding down 4.13 percentage points since Sep 2023.

6 deals · 27 Dec 2023 – 23 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Sept 2026	L7 HITECH PRIVATE LIMITED	Bulk	NSE	Sell	6,53,056	₹410.72	₹26.82 Cr
23 Sept 2026	L7 HITECH PRIVATE LIMITED	Bulk	NSE	Buy	100	₹413.37	₹0.00 Cr
24 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	5,90,941	₹367.48	₹21.72 Cr
24 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	5,90,941	₹367.22	₹21.70 Cr
27 Dec 2023	PHARMACEUTICAL BUSINESS GROUP I LTD	Bulk	BSE	Sell	30,00,000	₹215.35	₹64.61 Cr
27 Dec 2023	MC JAIN INFOSERVICES PRIVATE LIMITED	Bulk	BSE	Buy	4,90,000	₹215.00	₹10.54 Cr

1–6 of 6

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Dinesh Shantilal PatelNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Sachin Dinesh PatelExecutive Director-MD
Ms. Kirandeep MadanNon-Executive - Independent Director
Mr. Hitesh Dharmasinh GajariaNon-Executive - Independent Director
Mr. K.G. AnathakrishnanNon-Executive - Independent Director
Mr. Nihar Ajay ParikhNon-Executive - Independent Director
Mr. Rajneesh Kedarnath AnandNon-Executive - Non Independent Director
Mr. Bhavik ShahChief Financial Officer
Mr. Vineet GawankarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

2.59%

of the company's equity

All mutual funds

1.16%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 3 fund houses

		Shares
SMALL CAP FUNDNEW	Bank of India Mutual Fund	8.47 L	35.78	1.08%	0.777%	—
Flexi Cap FundNEW	Bank of India Mutual Fund	7.06 L	29.82	1.01%	0.648%	—
MULTI ASSET ALLOCATION FUNDNEW	Samco Mutual Fund	4.24 L	17.89	4.47%	0.389%	—
ACTIVE MOMENTUM FUNDNEW	Samco Mutual Fund	2.82 L	11.93	1.59%	0.259%	—
Manufacturing and Infrastructure FundNEW	Bank of India Mutual Fund	2.82 L	11.93	1.26%	0.259%	—
Multi Cap FUNDNEW	Bank of India Mutual Fund	2.82 L	11.93	0.89%	0.259%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	867	0.04	0.08%	0.001%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

60 announcementsExport CSV

1 Oct 2026, 7:19 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

1 Oct 2026, 12:36 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 8:48 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 8:07 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

30 Sept 2026, 6:18 pmCompany Update

Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association

Amendments to Memorandum & Articles of Association PDF

30 Sept 2026, 5:36 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

21 Sept 2026, 8:54 pmAGM/EGM

Corrigendum To The Notice Of Annual General Meeting.

AGM PDF

18 Sept 2026, 4:37 pmCorp. Action

Corporate Action-Fixed Record Date For Dividend For FY 2025-26

Record Date PDF

Date	Category	Subject	Filing
1 Oct 2026, 7:19 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
1 Oct 2026, 12:36 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	83%	85.5%	82.2%	78.4%	83.7%	87.1%
EBITDA margin %	17.9%	37.4%	44.5%	50.5%	49.8%	46.4%	45.7%	45.6%
EBIT margin %	14.9%	35.8%	42.6%	48.6%	48.1%	44.3%	42.1%	37.8%
PAT margin %	15.6%	27.8%	33.3%	38%	38.9%	34.8%	32.3%	28.2%
Working capital
Receivable days	—	—	59	80	44	58	76	134
Inventory days	—	—	144	255	201	33	75	263
Payable days	—	—	84	145	131	99	218	625
NWC days	—	—	119	189	114	-7	-67	-228
Leverage
Current ratio	—	—	4	4.57	3.98	2.94	2.53	1.12
Debt to EBITDA	—	—	0.08	0	0	0	0.43	2.12
Debt to equity	—	—	0.04	0	0	0	0.12	0.56
Interest coverage	59.6	35	42.7	72.1	388.3	346	183.1	22
Asset turnover	—	—	1.03	0.94	0.9	0.77	0.5	0.33
Return ratios
Return on assets %	—	—	34.2%	35.6%	34.9%	26.8%	16.2%	9.3%
Return on capital employed %	—	—	57.8%	67.3%	60.6%	44.7%	27.1%	18.5%
Return on equity %	—	—	43.2%	42.2%	38.9%	29.4%	19.6%	16.2%

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	11	40	40	64	91	49
	-2	-30	-20	-55	-112	-172
	-5	-14	-13	-9	26	115
Net cash flow	3	-4	6	0	5	-9
Free cash flow	7	26	16	-10	-25	-124
CFO / Operating profit %	26.1%	69.1%	53.2%	81.6%	132.2%	64.6%

Gujarat Themis Biosyn Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

10

1

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Gujarat Themis Biosyn Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Dividends10

Board meetings1

Stock splits1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

10

1

1