Gujarat Themis Biosyn Ltd

GTBL is actively managed by promoters of Themis Medicare Limited (TML; rated CARE BBB-; Negative / CARE A3) since 2007. Dr Dinesh Patel is the Chairman and his son, Dr Sachin Patel, Managing Director and CEO, are qualified professionals with doctoral degrees in Medicinal Chemistry and possess over three decades average experience in pharmaceutical industry. Dr Dinesh Patel has been the recipient of several industrial accolades, while Dr Sachin Patel holds a doctorate in Biological Chemistry from

The company is engaged in manufacturing intermediates; Rifamycin S and Rifamycin O, using the fermentation process. Rifamycin S is an intermediate for manufacturing drug Rifampicin and Rifamycin O is an intermediate for manufacturing drug, Rifaximin. Rifamycin is used for the treatment of several types of bacterial infections, including tuberculosis, Mycobacterium avium complex, leprosy, and Legionnaires’ disease. Rifaximin is used for the treatment of diarrhoea, irritable bowel syndrome, and he

GTBL’s key raw material is Rifabutin, which is sourced through the domestic market. The company has long-standing relationships with its suppliers, ensuring the timely supply of key raw materials. The company’s manufacturing plant is in Vapi, Valsad, Gujarat, which is Current Good Manufacturing Practice (CGMP)-approved. The company has an installed capacity for manufacturing 216,000 kilograms per annum of Rifamycin S and Rifamycin O.

The company’s PBILDT margin continued to remain healthy and stood between 45% and 50% for five years ending FY26. It remained stable at 46.01% in FY26 against 46.18% in FY25 with slight moderation due to increase in power and fuel cost, employee cost and other expenses. Increase in employee cost was to support the newly added API plant operations commenced from April 2025. Profit after tax (PAT) margin also remained healthy and between 30% and 40% for five years ended FY26. It

GTBL’s capital structure continued to remain comfortable with lower debt compared to sizable net worth base of ₹287.67 crore as on March 31, 2026. However, with increase in term loans availed to fund its capex and availment of working capital bank borrowings to support its growing business operations, the overall gearing moderated to 0.56x as on March 31, 2026, against 0.12x as on March 31, 2025. Despite moderation, overall gearing continued to remain comfortable.

GTBL has announced two acquisition plans which includes acquisition of 100% equity shareholding of MicroBiopharm Japan Co., Limited (MBJ), Japan, through its wholly owned subsidiary Themis Biosyn Japan Limited at a total purchase consideration of ¥21.5 Billion (~₹1,300 crore) and it also signed an asset purchase agreement with Sanofi for acquiring a portfolio of anti-tuberculosis (TB) and anti-infective brands and associated trademark rights at a purchase consideration of €158 million (~₹1,700 c

GTBL's scale of operations remains moderate, with a reported TOI of ₹167.23 crore in FY26 against ₹152.29 crore in FY25, reflecting a 9.81% y-o-y growth considering stable operational performance and the revenue is secured through take or pay agreement with its major customers. The company expects its revenue to increase going further due to optimal utilisation of its existing and additional capacities and expected stabilisation of its enhanced fermentation and forward integrated API operations

GTBL’s operations continue to remain working capital intensive marked by higher gross current assets period of 205 days in FY 26 against 99 days in FY25 owing to increase in collection and inventory period . Working capital cycle remained stable at 23 days in FY26 against 21 days in FY25 supported by elongated creditors period . Elongation in the collection period was due to change in the credit terms with new customers from 60 days to 90 days , due to which average collection period elongated t

The company has successfully completed the forward integration of API manufacturing capex for development of products, Rifampicin, Rifapentine and Rifaximin at its existing plant. Trial production was started already in Q4FY26. There were validation batches going on and batch size sales have also taken place with some customers. Same is expected to ramp up gradually in FY27 with product approvals, which is expected in H2FY27. Full scale operations are yet to be commenced and stabilisation of

Until FY25, the company catered to two major customers, Lupin Limited (Lupin), contributing 56% of the sales, and Optimus Drugs Private Limited – (ODPL)] contributing the balance 44% of sales in FY24. The company has a ‘take or pay’ agreement with PDPL, which is renewed annually, and has a contract with Lupin for five years, and hence, concentration risk is mitigated to an extent. per the contract clause, it is on a ‘take or pay’ basis, hence, the company is completely protected in supply.