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1. At a Glance
Gujarat Themis Biosyn grows antibiotic ingredients in fermentation tanks at Vapi, in Gujarat. Revenue for the three months to June 2026 was ₹43.79 crore. That is 22.1% higher than the same quarter a year earlier. Operating profit was ₹20.80 crore, against ₹13.92 crore. Profit after tax was ₹11.07 crore, also up 22.1%. Earnings per share were ₹1.02, against ₹0.83.
The filing calendar around that quarter was considerably busier than the profit and loss account. In April the company agreed to buy 13 anti-tuberculosis and anti-infective brands from Sanofi. The stated price is about 158 million euros. In May it agreed to buy all of MicroBiopharm Japan for 21.5 billion yen. The two commitments together come to roughly ₹3,000 crore.
In June the company began arbitration against Optimus Drugs. The claim covers ₹75 crore of break fees and ₹23.8 lakh of interest. It also seeks ₹15 crore of damages. In July CARE, a credit-rating agency, placed the bank facilities on Rating Watch with Negative Implications. That flag means the rating may move once a pending event resolves. An indirect encumbrance, which is a claim held over shares, was disclosed over 5.12 crore shares. Shareholders approved a ₹1,000 crore qualified institutional placement on 10 July. That is a sale of new shares to large institutional buyers.
Total assets went from ₹301.31 crore to ₹503.43 crore over the year. Borrowings went from ₹30.47 crore to ₹161.82 crore. Two subsidiaries were incorporated during the quarter, one in Japan and one in Ireland. Each reported nil revenue, nil profit and no capital remitted.
2. Introduction
Gujarat Themis Biosyn was incorporated in 1981 as a joint-sector company with GIIC Ltd and Chemosyn (P) Ltd. Through a technical and financial collaboration with Yuhan Corporation of South Korea, it became the first Indian company to produce the anti-tuberculosis drug Rifampicin commercially. Forty-five years on it is still in Vapi and still fermenting. Approximately 200 employees now work at the plant site.
Themis Medicare Ltd actively manages the company, and has done so since 2007, according to CARE, a credit-rating agency. Themis Medicare is itself a joint venture company with Gedeon Richter Ltd of Hungary. Total employee count was 101 in the year to March 2019. It had reached 235 by the year to March 2026.
Revenue in the year to March 2026 was ₹165.82 crore, against ₹150.80 crore. Profit after tax was ₹46.68 crore, against ₹48.77 crore. Depreciation rose from ₹5.37 crore to ₹12.92 crore. The company’s new plants were switched on over the course of that same year.
Fermentation capacity was raised from 216 tonnes to 432 tonnes a year. The expansion was completed in December 2025 at a project cost of ₹135 crore. Trial production ran in the three months to March 2026. A captive power project pairs 9 megawatts of solar with 9 megawatts of wind. The two together come to 18 megawatts of hybrid capacity. It has consumed ₹100 crore of a ₹110 crore budget. Management expects the project to be commissioned from August 2026 onwards.
Then, across thirty days in April and May 2026, the company signed up for two large purchases. One is a Japanese contract manufacturer, a firm that develops and makes medicines for other drug companies. The other is a portfolio of European brands. CARE’s July note sizes the combined transactions at roughly ten times the company’s tangible net worth. Tangible net worth here means assets less debts and less intangible items.
Management, on the August call, described the funding as “pretty much” secured, pending some last-minute approvals. Shareholders approved a ₹1,000 crore qualified institutional placement on 10 July 2026. A second postal ballot, filed 23 July, seeks approval for that placement and for ₹1,500 crore of debt issuance. Voting on it closed on 22 August 2026.
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3. Business Model: WTF Do They Even Do?
The company grows antibiotic ingredients in tanks, using aerobic bacteria, at its plant in Vapi. It describes the process as environment-friendly and sustainable. The workforce there includes several trillion microorganisms on no fixed salary.
The product catalogue is two items long, which is short for a listed manufacturer. Rifamycin S is an intermediate, meaning a chemical step on the way to a finished drug ingredient. It feeds Rifampicin, an antibiotic used against tuberculosis, Mycobacterium avium complex, leprosy and Legionnaires’ disease. Rifamycin O is the intermediate for Rifaximin, used for traveller’s diarrhoea, irritable bowel syndrome and hepatic encephalopathy.
Selling intermediates means selling to the firms that make the drug, not to the people who take it. Sales volume of the two products was 224,723 kg, against 198,313 kg a year earlier. Realisation was ₹7,556 per kg, against ₹7,469. Installed capacity for the pair stood at 432,000 kg a year, doubled from 216,000. The company’s presentation puts current portfolio capacities at up to 990 kilolitres.
The customer list has historically been about as short as the product list. Until the year to March 2025 there were two major customers, both on take-or-pay terms. Under such terms a buyer pays whether or not it collects the goods. Lupin took 56% of sales in the year to March 2024. Optimus Drugs took the other 44%. Lupin’s disclosed share of sales ran 45%, and then 44%. Across the two years after that it ran 61%, then 53%. Optrix Laboratories held 55%, and then 56%. Across the two years after that it held 37%, then 43%.
Per CARE, a credit-rating agency, Optimus Drugs contributed around 44% of revenue until the six months to September 2025. CARE says that, in light of significant organisational changes there, its contribution then declined substantially. New customers were onboarded in the six months
