BSE: 530477
VIKRAM THERMO (INDIA) LTD.
Manufactures and sells carbomers, which are polymer-based thickening, suspending and gelling agents used as excipients in pharmaceutical formulations and as rheology modifiers in personal care products. It operates as a single reportable segment — Pharma Polymers — after the May 2024 demerger of its Aromatic Chemical business into a separate entity. FY26 revenue from operations was Rs 134.10 crore with net profit of Rs 38.50 crore and an EBITDA margin of 41.52%. Raw materials are the largest input cost at 31.7% of revenue, followed by other operating expenses at 17.3%, employee costs at 10.1%, depreciation at 2.2%, and capex at 7.1%. The company has no subsidiaries, is listed only on BSE (Scrip Code 530477), is run by the Patel family in Ahmedabad, and recommended a Rs 1.25 per share dividend for FY26. Operating leverage shows up in a quarter-on-quarter PAT jump from Rs 794.13 lakhs in Q1 FY26 to Rs 1,107.66 lakhs in Q2 FY26 and Rs 1,096.22 lakhs in Q3 FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharma Polymers (carbomers). Small, single-product, asset-light specialty chemicals maker with high EBITDA margins and a focused product line.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 93 | 112 | 126 | 126 | 134 |
| EBITDA (ex other income) | 15 | 26 | 38 | 19 | 54 |
| margin % | 15.9 | 23.4 | 29.7 | 15.3 | 40.3 |
| Owners' profit | 9 | 17 | 25 | 8 | 38 |
| EPS, as reported (₹) | 13.86 | 5.39 | 8.09 | 2.58 | 12.28 |
| ROE % · ROCE % | 11.8 · 14.9 | 18.9 · 24.2 | 22.4 · 28.9 | 6.7 · 15.7 | 24.5 · 32.5 |
| Debt / equity (x) | 0.20 | 0.21 | 0.06 | 0.05 | 0.03 |
| Cash from operations | 6 | 13 | 23 | 24 | 52 |
| Capex | (7) | (13) | (7) | (40) | (10) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31 | 34 | 34 | 27 | 29 | 35 | 34 | 38 |
| Profit before tax | (13) | 12 | 13 | 7 | 11 | 15 | 15 | 12 |
| Net profit | (16) | 10 | 10 | 4 | 8 | 11 | 11 | 9 |
| EPS (₹) | (5.05) | 3.14 | 3.21 | 1.30 | 2.53 | 3.53 | 3.50 | 2.72 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.3 | 17.4 | 37 of 50 | 27% |
| P/B | 7.7 | 1.4 | 56 of 60 | 7% |
| ROCE | 32.2 | 6.0 | 3 of 62 | 97% |
| ROE | 24.5 | 5.0 | 4 of 60 | 95% |
| Debt / Equity | 0.0 | 0.2 | 18 of 60 | 71% |
| EBITDA margin | 34.1 | 13.3 | 5 of 58 | 93% |
| Revenue growth | 39.4 | 6.7 | 9 of 54 | 85% |
| Profit growth | 109.0 | 21.0 | 17 of 64 | 75% |
| Market cap | 1207 | 98 | 13 of 66 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Board meeting on 04 Nov 2026 to consider Q2 FY27 results | results | low | — | — |
| 12 Oct 2026 · Routine SEBI Regulation 74(5) certificate for Q2 FY26 dematerialization | compliance | minimal | — | — |
| 29 Sept 2026 · AGM approves reappointment of two WTDs and related party pay hike | management changes | medium | — | — |
| 29 Sept 2026 · Vikram Thermo AGM: all 7 resolutions passed, dividend declared | compliance | minimal | — | — |
| 29 Sept 2026 · Vikram Thermo holds 32nd AGM; approves dividend, director reappointments | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper advertisement for 32nd AGM notice on 29 September 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Vikram Thermo fixes record date for dividend payment | corporate actions | high | — | — |
| 4 Sept 2026 · Vikram Thermo fixes 22 Sep 2026 as record date for dividend | corporate actions | medium | — | — |
| 4 Sept 2026 · Book closure for AGM and dividend for FY 2025-26 | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.