Vikram Thermo India Ltd (VIKRAMTH)

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Vikram Thermo India Ltd (VIKRAMTH) · mywealthgrid

About

Vikram Thermo manufactures commodity chemicals (Materials sector, ₹910.91 Cr market cap). Quarterly revenues average ₹27–34 Cr; consistent dividend history and promoter-led ownership suggest an established commodity player of modest scale.

Face value: ₹10

Market cap

₹1,275 Cr

P/E

33.1×

P/B

8.1×

Dividend yield

0.3%

ROE

27.7%

ROCE

36.6%

Debt / equity

0.03

OPM

40.3%

EPS (TTM)

₹12.3

Book value

₹50.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue collapsed 21% sequentially from ₹34.32 Cr (Dec 2024) to ₹27.11 Cr (Mar 2025); verify if seasonal weakness, cyclical downturn, or structural market loss.
Earnings highly volatile: net profit swung -₹15.83 Cr (Jun 2024) → ₹10.07 Cr (Dec 2024) → ₹4.08 Cr (Mar 2025); assess drivers and sustainability of recent profitability.
PE 112.47 on thin earnings base, with recent margin spike (38.9% Dec 2024 vs. historical 22–30% range); verify whether expansion is durable or cyclical.
Zero FII and 0.26% DII shareholding suggests limited institutional interest; clarify if driven by illiquidity, disclosure gaps, or operational concerns.

Generated analysis · source review pending

Growth drivers

Operating margins expanded from 22.69% (Mar 2024) to 38.9% (Dec 2024); verify whether driven by cost control, product mix, or temporary pricing, and whether sustainable.
Quarterly revenue stable in ₹29–34 Cr range over 18 months before recent decline; assess if commodity demand underlying this base is stable or weakening.
Consistent dividend payments (2023–2025 record) signal management confidence in cash generation; verify sustainability versus working-capital optimization.
One-year return of 96.88% may reflect operational gains or sector tailwinds; confirm whether supported by revenue/margin gains or driven by valuation rerating.

Generated analysis · source review pending

2,157 historical price candles were omitted because the exchange source has not been verified.

₹405.9-3.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 19.8% (3-yr avg)
+High return on capital employed of 34.8%
+Healthy operating margin of 40.3%
+Profit CAGR of 26.1% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 114.6×
+High promoter holding of 66% with no pledge

Cons

−Trading at 8.1× book value
−Low dividend payout of 10.2% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

72/100

Business quality: 98
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

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
Deepak Fertilizers And Petrochemicals Corporation LimitedDEEPAKFERTDEEPAKFERT	₹16,417 Cr	₹21,903 Cr	₹12,104 Cr	₹2,016 Cr	14.6%	₹984 Cr	6.4%	12.6%	11.3%	55
Tata Chemicals LimitedTATACHEMTATACHEM	₹15,487 Cr	₹23,488 Cr	₹15,120 Cr	₹1,711 Cr	12.4%	₹-2,165 Cr	-11.8%	2.9%	-8.9%	113
Gujarat Narmada Valley Fertilizers And Chemicals LimitedGNFCGNFC	₹8,655 Cr	₹8,655 Cr	₹8,410 Cr	₹1,241 Cr	11.3%	₹1,037 Cr	10.4%	10.6%	9.1%	81
TANFAC Industries LtdTANFACINDTANFACIND	₹6,909 Cr	₹7,002 Cr	₹711 Cr	₹112 Cr	15.8%	₹70 Cr	9.9%	27.7%	20.5%	112
Gujarat Alkalies And Chemicals LimitedGUJALKALIGUJALKALI	₹4,430 Cr	₹4,998 Cr	₹4,498 Cr	₹510 Cr	9.3%	₹66 Cr	-0.1%	1.6%	-0%	25
Grauer & Weil India LimitedGRAUWEILGRAUWEIL	₹3,709 Cr	₹3,717 Cr	₹1,134 Cr	₹188 Cr	16.6%	₹69 Cr	13.9%	23%	18%	72
Ghcl LimitedGHCLGHCL	₹3,700 Cr	₹3,762 Cr	₹3,064 Cr	₹689 Cr	22.5%	₹472 Cr	15.4%	17%	13.4%	126
J.g.chemicals LimitedJGCHEMJGCHEM	₹2,392 Cr	₹2,399 Cr	₹1,071 Cr	₹96 Cr	8.4%	₹75 Cr	7.1%	18.2%	13.3%	101
Thirumalai Chemicals LimitedTIRUMALCHMTIRUMALCHM	₹1,764 Cr	₹3,857 Cr	₹1,832 Cr	₹20 Cr	-2%	₹-152 Cr	-9.7%	-3.3%	-12.3%	14
Ig Petrochemicals LimitedIGPLIGPL	₹1,754 Cr	₹2,110 Cr	₹2,073 Cr	₹207 Cr	4.9%	₹82 Cr	0.1%	3.2%	0.2%	23
Indo Borax & Chemicals LimitedINDOBORAXINDOBORAX	₹1,507 Cr	₹1,507 Cr	₹232 Cr	₹52 Cr	20.5%	₹56 Cr	23.3%	15.5%	15.1%	110
Innovassynth Technologies (India) LtdINOVSYNTHINOVSYNTH	₹1,462 Cr	₹1,466 Cr	₹0 Cr	₹-0 Cr	—	₹-5 Cr	—	-1.1%	-12%	—

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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
	38	45	49	58	56	74	93	112	126	131	134
COGS	—	—	-31	-35	-28	35	57	57	58	55	43
Gross profit	—	—	—	—	—	38	36	55	68	75	91
	32	38	74	85	72	20	21	29	30	31	37
	6	7	5	9	12	18	15	26	38	44	54
OPM %	16.7%	16%	10.6%	15.5%	21%	24.3%	15.9%	23.4%	29.7%	34%	40.3%
Depreciation	—	—	2	2	2	2	3	3	3	3	3
Interest	0	0	1	1	1	1	1	1	1	1	0
	0	0	0	0	0	1	1	1	1	-22	2
Profit before tax	6	7	3	6	9	16	12	23	34	18	52
Tax	2	3	1	2	2	4	3	6	9	10	14
Tax %	34.2%	34.2%	24.7%	28.1%	23.4%	24.5%	26.2%	26.6%	25.5%	56.2%	26.3%
	4	5	2	4	7	12	9	17	25	8	39
PAT margin %	11%	10.9%	4.8%	7.6%	13%	16.4%	9.4%	15.2%	20.1%	6.2%	28.7%
EPS (₹)	7.6	8.8	4.2	7.9	11.8	19.2	13.9	5.4	8.1	2.6	12.3
EPS adjusted (₹)	—	—	—	—	—	3.9	2.8	5.5	8.1	2.6	12.3
	0%	18.7%	0%	18.9%	12.7%	7.8%	2.2%	9.3%	9.3%	38.8%	10.2%
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 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	6	6	31	31	31	31
Reserves	59	—	58	82	90	126
	7	—	19	7	6	5
	20	—	19	22	18	26
Total equity & liabilities	92	—	127	143	146	188
	32	53	61	61	45	57
CWIP	18	—	0	1	0	0
Investments	10	—	11	15	0	20
	32	—	55	65	101	110
Total assets	92	—	127	143	146	188

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	13	15	6	13	23	24	52
	-10	-19	-7	-13	-9	-22	-41
	-4	3	3	1	-14	-4	-5
Net cash flow	-1	-1	1	2	-0	-3	5
Free cash flow	—	4	-1	0	16	-16	42
CFO / Operating profit %	111%	83.2%	41.2%	50.1%	61.9%	53.2%	95.4%

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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 %	—	—	51.9%	38.3%	49.2%	53.8%	57.7%	67.7%
EBITDA margin %	15.5%	21%	24.3%	15.9%	23.4%	29.7%	34%	40.3%
EBIT margin %	12.4%	17.5%	21.5%	12.8%	20.5%	26.9%	32%	38.1%
PAT margin %	7.6%	13%	16.4%	9.4%	15.2%	20.1%	6.2%	28.7%
Working capital
Receivable days	—	—	99	—	109	114	123	125
Inventory days	—	—	94	—	64	92	70	87
Payable days	—	—	92	—	69	80	68	104
NWC days	—	—	101	—	104	126	125	108
Leverage
Current ratio	—	—	2.28	—	2.22	3.57	3.13	3.3
Debt to EBITDA	—	—	0.39	—	0.71	0.19	0.14	0.08
Debt to equity	—	—	0.11	—	0.21	0.06	0.05	0.03
Interest coverage	6.4	12.8	30.1	14.4	20.7	30.9	47.6	114.6
Asset turnover	—	—	0.8	—	0.88	0.89	0.9	0.71
Return ratios
Return on assets %	—	—	13.1%	—	13.3%	17.8%	5.6%	20.5%
Return on capital employed %	—	—	22.3%	—	24.2%	31.8%	36.2%	36.6%
Return on equity %	—	—	18.4%	—	18.9%	22.4%	6.7%	24.5%

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
	65.94%	65.94%	65.94%	65.94%	65.94%	65.94%	65.94%	66%	66%	66%	66.01%	66.01%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.26%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	34.06%	34.06%	34.06%	34.06%	34.06%	34.06%	34.06%	34%	34%	34%	33.99%	33.73%
No. of shareholders	—	—	—	—	—	—	—	—	12,721	12,165	11,739	12,055

Promoter holding up 0.07 percentage points since Sep 2023.

Mr. DHIRAJLAL KARSANBHAI PATELExecutive Director-Chairperson-MD
Mr. DINESHKUMAR HARJIVANBHAI PATELExecutive Director
Mr. VIPULKUMAR VITTHALBHAI PATELNon-Executive - Independent Director
Mr. ANKUR DHIRAJLAL PATELExecutive Director
Mr. DINESHKUMAR DAHYALAL MISTRYNon-Executive - Independent Director
Ms. AANAL PARTH SAFINon-Executive - Independent Director
Mrs. Switi Shantilal PatelChief Financial Officer
Mr. Maheshkumar Kantilal ShahWhole time Company 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.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Vikram Thermo India Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

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

Announcements

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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

14 announcementsExport CSV

29 Sept 2026, 6:19 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	51.9%	38.3%	49.2%	53.8%	57.7%	67.7%
EBITDA margin %	15.5%	21%	24.3%	15.9%	23.4%	29.7%	34%	40.3%
EBIT margin %	12.4%	17.5%	21.5%	12.8%	20.5%	26.9%	32%	38.1%
PAT margin %	7.6%	13%	16.4%	9.4%	15.2%	20.1%	6.2%	28.7%
Working capital
Receivable days	—	—	99	—	109	114	123	125
Inventory days	—	—	94	—	64	92	70	87
Payable days	—	—	92	—	69	80	68	104
NWC days	—	—	101	—	104	126	125	108
Leverage
Current ratio	—	—	2.28	—	2.22	3.57	3.13	3.3
Debt to EBITDA	—	—	0.39	—	0.71	0.19	0.14	0.08
Debt to equity	—	—	0.11	—	0.21	0.06	0.05	0.03
Interest coverage	6.4	12.8	30.1	14.4	20.7	30.9	47.6	114.6
Asset turnover	—	—	0.8	—	0.88	0.89	0.9	0.71
Return ratios
Return on assets %	—	—	13.1%	—	13.3%	17.8%	5.6%	20.5%
Return on capital employed %	—	—	22.3%	—	24.2%	31.8%	36.2%	36.6%
Return on equity %	—	—	18.4%	—	18.9%	22.4%	6.7%	24.5%

Date	Category	Subject	Filing
29 Sept 2026, 6:19 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
29 Sept 2026, 6:01 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
29 Sept 2026, 11:58 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
7 Sept 2026, 2:26 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 3:24 pm	Corp. Action Date of payment of Dividend	Announcement under Regulation 30 (LODR)-Date of payment of Dividend	PDF
4 Sept 2026, 3:08 pm	Corp. Action Record Date	INTIMATION OF RECORD DATE	PDF
4 Sept 2026, 3:04 pm	Corp. Action Book Closure	INTIMATION OF BOOK CLOSURE	PDF
4 Sept 2026, 2:59 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF

Vikram Thermo India Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

18

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Vikram Thermo India Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Dividends18

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

18

1

1