Kindly find enclosed herewith unaudited financial results for the quarter ended on 31 December, 2025, with Limited Review Report.
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Vikram Thermo (India) Ltd reported unaudited Q3 FY26 results with total income of Rs 3,447.58 lakhs, marginally lower than Rs 3,486.65 lakhs in Q3 FY25. Profit after tax from continuing operations rose to Rs 1,096.22 lakhs from Rs 1,006.93 lakhs, an ~9% YoY growth, translating to EPS of Rs 3.50 (vs Rs 2.88). For 9M FY26, total income stood at Rs 9,800.68 lakhs versus Rs 10,154.29 lakhs in 9M FY25, while PAT from continuing operations was Rs 2,998.01 lakhs (vs Rs 2,968.40 lakhs). Operating margins expanded significantly — PBT margin improved to ~42.6% in Q3 FY26 from ~36.8% in Q3 FY25, driven by lower employee and finance costs. The company now operates in a single segment, Pharma Polymers, following the demerger of its Aromatic Chemical unit into Vikram Aroma Ltd (effective May 2024). Statutory auditor J.T. Shah & Co. issued an unmodified limited review report.
Marginal revenue decline is offset by improving profitability and strong margin expansion, indicating better operational efficiency post-demerger. The clean auditor opinion and sharper focus on the Pharma Polymers business provide better earnings visibility for shareholders, though the small scale and single-segment concentration remain a key risk.