1. At a Glance – Smallcap Pharma With Big Mood Swings
Themis Medicare Ltd is currently trading at ₹90.6 with a market cap of ₹835 crore. In the last 3 months, the stock has politely declined 16.6%, and over one year it has erased nearly 48.2% of shareholder optimism. Ouch.
Now comes the twist.
Q3 FY26 revenue stands at ₹90.1 crore (down 3.9% YoY), but PAT exploded to ₹10.09 crore versus ₹0.52 crore last year. That’s a 1,843% jump. EPS moved from ₹0.06 to ₹1.10. Suddenly, the company that posted a TTM loss of ₹16.6 crore is smiling again.
ROCE is 10.4%. ROE is 7.65%. Debt stands at ₹95.6 crore. OPM (TTM) is negative at -3.33%. Interest coverage is -0.67.
So what exactly is happening here?
Is this a genuine turnaround… or just a quarter wearing makeup?
Let’s dissect this like a pharma lab report.
2. Introduction – The Comeback Kid (Or Temporary Recovery Patient?)
Themis Medicare is not a startup. It was incorporated in 1969. That means this company has survived license raj, pharma price controls, GST, pandemics, and multiple government regimes.
It manufactures antiseptics, anti-TB, anti-malarial, anti-cholesterol, and pain management drugs. Basically, if you’re sick in India, Themis probably has something for you.
But FY25 wasn’t pretty.
Revenue growth (3-year): 1%
Profit growth (3-year): -25%
TTM PAT: -₹17 crore
TTM EPS: -₹1.88
And yet, Q3 FY26 suddenly shows profitability.
Management says disruption in a significant business line continued. Matter under regulatory review. Positive development expected soon.
Whenever a pharma company says “regulatory matter under review,” investors usually start sweating.
But here’s the question:
Is Q3 the start of operational stability?
Or is it just one clean quarter in an otherwise messy year?
3. Business Model – WTF Do They Even Do?
Themis operates in three primary buckets:
1. Hospital Business (38% of FY25 revenue)
Critical care, intensive care, institutional sales, exports.
They want to become leaders in anesthesia and critical care.
2. Trade Business (20%)
Pharma, ortho, gynecology
