Gujarat Themis Biosyn Ltd(GUJTHEM)

NSE: GUJTHEMBSE: 506879

₹ 324.2-8.70%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,220 crWebsite: www.gtbl.inUpdated: 24 Oct 2026

About

Gujarat Themis Biosyn Ltd (GTBL) manufactures fermentation-based pharmaceutical intermediaries - primarily Rifamycin S (an intermediate for Rifampicin) and Rifamycin O (an intermediate for Rifaximin) - from a single plant in Valsad, Gujarat. The company reported FY26 revenue of Rs. 165.82 Cr and is expanding its value chain into APIs and finished dosage forms through organic capex and two large acquisitions announced in FY26 - Q1 FY27.^[1][2][3]

Business segments

GTBL operates as a single segment - Pharmaceuticals Intermediaries and APIs - with domestic India as the sole revenue geography in FY25; no export turnover was recorded that year.^[1]
The new API unit commenced commercial operations in FY26 and is targeting fermentation-based and synthetic APIs for export markets, marking the company's first move beyond domestic intermediates.^[3]

Products

Core products are Rifamycin S (an intermediate for Rifampicin, used in anti-TB therapy) and Rifamycin O (an intermediate for Rifaximin, used in gut infections), both produced by fermentation.^[1]
The R&D programme - housed in a new GMP-approved lab at the Valsad facility commissioned in FY26 - is developing new intermediate molecules and exploring additional applications for existing fermentation products.^[3]
R&D spend reached approximately 9% of topline in FY26, up sharply from ~3% during 9M FY26 and ~4% during H1 FY26.^[3][4][5]

Operations

Single manufacturing site in Valsad, Gujarat. Annual fermentation capacity doubled from 450 KL in FY25 to 990 KL in FY26 following commissioning of the new fermentation block.^[3][1]
Commercial production of Rifa-S and Rifa-O in the new fermentation unit began in October 2025; the new facility complies with global standards.^[5][1]
A new API block within the Valsad facility commenced commercial operations in FY26, targeting fermentation-based and synthetic APIs for export markets.^[3]
Total employee strength was 224 as at 31 March 2025.^[1]

Key operating numbers

Fermentation capacity: 990 KL as of FY26, up from 450 KL in FY25 - a doubling in one year.^[3]
EBITDA margin: 47.48% in Q1 FY27 (+867 bps YoY); 45.55% for full-year FY26 ( - 10 bps vs FY25 45.65%).^[6][3]
R&D as a share of sales: approximately 9% of topline in FY26.^[3]
RoCE: 23.6% for FY25 - 26.^[6]

Customers and distribution

Significant customer concentration in FY25: two customers individually accounted for more than 10% of revenue, contributing Rs. 7,972.47 Lacs and Rs. 6,418.38 Lacs respectively.^[1]
No export revenues in FY25; entire turnover was from domestic India operations.^[1]

Expansion and capex

Acquiring Sanofi's anti-TB/anti-infective brand portfolio - 13 brands including Rifampicin, Rifapentine and Levofloxacin - for EUR 158 Mn, funded by a mix of debt and equity. Portfolio generated EUR 62 Mn net sales in CY25 across 59 countries.^[3]
Acquiring 100% of MicroBiopharm Japan Co., Ltd. via a wholly owned SPV for JPY 21.5 Bn (~INR 1,300 Cr); target reported FY26 revenue of JPY 9.5 Bn (~INR 562 Cr). Closing expected Q2 FY27 subject to regulatory approvals.^[3][6]
Setting up an ~18 MW wind-plus-solar hybrid power plant in Gujarat for captive consumption; the project is well underway as of Q1 FY27.^[6][4]
Building an integrated Intermediates → API → Finished Dosage Forms value chain; the Sanofi portfolio acquisition provides the finished branded-generics layer to complete this chain.^[3]

Recent developments

Q1 FY27 (ended 30 Jun 2026): Revenue grew 22.1% YoY to Rs. 43.79 Cr; new R&D and API units confirmed up and running; new 990 KL fermentation facility development declared complete.^[6]
FY26 full year: Fermentation capacity doubled to 990 KL; API unit began commercial operations; R&D spend rose to ~9% of topline with a new GMP-approved lab established at Valsad.^[3]
Total borrowings rose from Rs. 29.89 Cr (Mar 2025) to Rs. 159.86 Cr (Mar 2026) as debt was raised to fund the Sanofi and MicroBiopharm acquisitions; interest expense rose from Rs. 0.04 Cr in Q1 FY26 to Rs. 1.79 Cr in Q1 FY27.^[6]
Exchange filing dated 09 Oct 2026: Gujarat Themis Biosyn informed the exchange of a credit rating action; the filing references a CARE downgrade of long-term bank facilities from CARE BBB - to CARE BB+ and short-term from CARE A3 to CARE A4+.^[7]
CARE Ratings had previously reaffirmed CARE BBB; Stable (long-term) and CARE A3+ (short-term) for GTBL's banking facilities as of August 2023, with no revision in FY25.^[1]

Market Cap

₹4,220 Cr

High / Low

₹479 / 226

Stock P/E

72.5

Price / Book

12.3

Book Value

₹26

EPS

₹4.3

No. of Shares

10.9 Cr

ROCE

17.7%

ROE

17.4%

OPM

38.7%

Debt / Equity

0.56

Sales

₹166 Cr

Net Profit

₹47 Cr

Promoter holding

59.3%

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