Vikram Thermo (India) Ltd

BSE: 530477

₹ 332+6.44%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,041 crNext results: 4 Nov 2026Website: www.vikramthermo.comUpdated: 24 Oct 2026

About

Vikram Thermo (India) Ltd, founded in 1985, manufactures and exports pharmaceutical excipients and specialty chemicals - primarily pharma co-polymers and coating systems - from dedicated plants in India. Total revenue in FY26 was Rs. 13,409.78 lakhs, split between domestic sales of Rs. 9,759.19 lakhs and exports of Rs. 3,650.59 lakhs. The company operates as a single reportable business segment (Chemicals).^[1][2]

Business segments

The company operates as a single reportable business segment - Chemicals - covering manufacturing and marketing of pharmaceutical excipients and chemicals; all other activities revolve around this main business.^[1]
Domestic (India) segment revenue: Rs. 9,759.19 lakhs in FY26 vs Rs. 9,096.73 lakhs in FY25.^[1][3]
Export (Rest of World) segment revenue: Rs. 3,650.59 lakhs in FY26 vs Rs. 3,928.51 lakhs in FY25.^[1]

Products and brands

The company owns four brands: DRUGCOAT, DRCOAT, APION, and AQUAPOL, anchored by the flagship basic pharma co-polymer 'Drug Coat'.^[1]
DRCOAT is a ready-to-use coating system marketed as a polymer excellence product for solid oral dosage coating, with complementary technical support.^[1]
The product portfolio covers pharmaceutical excipients, aromatic chemicals, and polymers for pharmaceutical and cosmetic applications.^[1][3]

Operations and certifications

The company has dedicated plants at two locations: one for manufacturing aromatic chemicals and one for EXCIPACT GMP standard pharma polymers.^[3]
Certifications held include EXCIPACT, GMP, ISO 9001:2008, and Halal; US-DMF filings have been made for the company's products.^[1]
Solar power has been commissioned as an alternate energy source; no additional investment in energy conservation equipment was made in FY26.^[1]
An in-house R&D and Application F&D team of pharmacists, research scientists, chemists, and chemical engineers supports polymer development for pharma and cosmetic applications.^[1]

Raw materials and key risks

Raw materials are petrochemical-based; major fluctuations in petroleum product prices are identified as a key performance risk.^[1]
Import competition from large global-scale plants is a stated threat to the company's products.^[1]

Customers and exports

No single customer accounts for 10% or more of the company's revenue in FY26.^[1]
FOB value of exports during FY25 was Rs. 3,464.60 Lakhs.^[3]
The company has been exporting pharmaceutical excipients and chemicals since 1985, with multinational company audit approvals enabling access to international markets.^[1]

Capital expenditure

Additions to PPE including intangible assets were Rs. 1,504.93 Lakhs in FY26, up from Rs. 685.82 Lakhs in FY25 and Rs. 443.19 Lakhs in FY24.^[1][3]
Capital advances of Rs. 3,363.50 Lakhs were outstanding as at FY26 year-end, indicating further capex commitments in progress.^[1]
Undrawn borrowing facilities stood at Rs. 1,500.00 Lakhs as at March 31, 2026 (vs Rs. 1,331.38 Lakhs at March 31, 2025).^[1]

Market Cap

₹1,041 Cr

High / Low

₹465 / 132

Stock P/E

22.2

Price / Book

6.2

Book Value

₹50

EPS

₹12.3

No. of Shares

3.14 Cr

ROCE

36.4%

ROE

27.7%

OPM

38.8%

Debt / Equity

0.03

Sales

₹134 Cr

Net Profit

₹39 Cr

Promoter holding

66.0%

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