Themis Medicare Limited has informed the Exchange about Credit Rating- Revision
THEMISMED · price
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Awaiting price reaction for this filing.
CARE Ratings has reaffirmed Themis Medicare's long-term bank facilities (₹77.39 crore) at BBB- but revised the outlook from Stable to Negative, citing expected pressure on profit margins in FY26. Short-term bank facilities (₹48.50 crore) were reaffirmed at A3. The negative outlook follows a weak Q1FY26, where the company posted a consolidated operating loss of ₹8.91 crore and net loss of ₹14.24 crore on revenue of ₹98.75 crore (down from ₹123.95 crore in Q1FY25). The decline was mainly due to a sharp drop in sales of its high-margin Sepgard Range product amid new competition and one-time inventory losses on Ketamine API. Capital structure remains comfortable with overall gearing at 0.26x, and liquidity is described as adequate.
Investors should view the outlook revision as a negative credit signal — the rating is one notch away from non-investment grade. It reflects genuine business stress in Q1FY26, though management expects a rebound in the remaining quarters. The stock may face near-term pressure, but the reaffirmation of the rating (not a downgrade) and comfortable debt metrics provide some cushion.