Vikram Thermo

Ahmedabad, India Founded: 1984 • Age: 42 yrs Listed
Manufacturer of excipients for small molecules
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About Vikram Thermo

Vikram Thermo is a publicly listed company based in Ahmedabad (India) founded in 1984 by Dhiraj Patel. It operates as a manufacturer of excipients for small molecules. The company has 153 employees. Its Indian entity Vikram Thermo (India) Limited reported revenue of ₹134 Cr. Vikram Thermo offers products and services including DrugCoat, DRCOAT, AQUAPOL, and APION. Its focus areas include Biopharma Outsourcing, CDMO, Small Molecules & Peptides and Excipient Production. Its competitors include Colorcon, Pfanstiehl, SPI Pharma, Scope Ingredients and Meggle Pharma and 4 more; 1 of its 9 listed competitors has raised funding.

Company details

Vikram Thermo was established in 1984 in Ahmedabad, India, within the pharmaceutical sector. Excipients and specialty chemicals are produced, marketed, and exported by the company. Key offerings include DRUGCOAT, a methacrylic acid-based polymer, and DRCOAT, a ready-to-use customized polymer, applied in formulations for enteric coating, taste masking, protection, sustained release, immediate release, and moisture barriers. Research and development efforts are directed toward polymers for pharmaceutical and cosmetic uses.

  • Headquarters Ahmedabad, India
  • Employees 153
  • Founders Dhiraj Patel
  • Stage Public
  • Sectors
    Healthcare
  • Email
    ••••••••
  • Website vikramthermo.com
  • Social LinkedIn Facebook
  • Legal Name Vikram Thermo (India) Limited
Operational Areas
Healthcare → Biopharma Outsourcing & Drug Delivery
Key Metrics
  • Market Cap
    ₹1,200 Cr

    VIKRAMTH · BSE

  • Share Price
    ₹380.10

    -5.27% today

  • Revenue
    ₹134 Cr

    FY 2025-26 · +6.2% YoY

  • EBITDA
    ₹54.05 Cr

    Margin 40.3%

  • Net Profit
    ₹38.06 Cr

    FY 2025-26 · +485.5% YoY

  • P/E (TTM)
    28.7x

    P/B 8.0x

  • ROE
    27.7%

    ROCE 36.4%

  • Debt / Equity
    0.04

    Interest cover 0.9x

  • Employee Count
    153

Products & Services of Vikram Thermo

Vikram Thermo offers a comprehensive portfolio of products and services, including DrugCoat, DRCOAT, AQUAPOL, and APION.

DrugCoat
Coating System

Provides enteric and film coatings for pharmaceutical formulations

DRCOAT
Moisture Barrier

Offers moisture barrier solutions for drug protection

AQUAPOL
Cosmetic Polymers

Serves as thickening agents in cosmetic formulations

APION
Cross Linked Polymers

Provides ion exchange for drug taste masking and disintegration

Board of directors of Vikram Thermo (India) Limited (Vikram Thermo)

Vikram Thermo (India) Limited is the primary company behind Vikram Thermo. The boards of the 2 registered companies of Vikram Thermo currently have 10 directors; the longest-serving is Ram Kumar, appointed in 2003. 16 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Ram Kumar
DIN 01975917
Director03 Feb 200323 yrs 8 moVikram Pharmaceuticals Pvt Ltd
Dineshkumar Harjivanbhai Patel
DIN 02583348
Whole-time director31 Mar 200917 yrs 6 moVikram Thermo (India) Limited
Dhirajlal Karsanbhai Patel
DIN 00044350
Managing Director26 Sep 200917 yrsVikram Thermo (India) Limited
Ankur Dhirajlal Patel
DIN 07395218
Whole-time director09 Feb 201610 yrs 8 moVikram Thermo (India) Limited
Anjula Aggarwal
DIN 01975931
Director06 Feb 20179 yrs 8 moVikram Pharmaceuticals Pvt Ltd
Dhruv Gupta
DIN 07826397
Director20 May 20179 yrs 5 moVikram Pharmaceuticals Pvt Ltd
Vipulkumar Vitthalbhai Patel
DIN 03056403
Director15 May 20197 yrs 5 moVikram Thermo (India) Limited
Saurabh Aggarwal
DIN 10384373
Director08 Nov 20232 yrs 11 moVikram Pharmaceuticals Pvt Ltd
Aanal Parth Safi
DIN 10727680
Director14 Aug 20242 yrs 2 moVikram Thermo (India) Limited
Dineshkumar Dahyalal Mistry
DIN 07176951
Director14 Aug 20242 yrs 2 moVikram Thermo (India) Limited

People of Vikram Thermo

1 people are tracked at Vikram Thermo (1 in leadership); the tracked headcount is 153.

NameRoleGroup
Dhiraj Patel
Founder & MDLeadership
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IPO & Listings of Vikram Thermo

Vikram Thermo is a publicly listed company on the BSE with ticker symbol VIKRAMTH in India, operating in the Health technology sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date06 Jul 1995
  • Listed onBSE: 530477
  • Listed entityVikram Thermo (India) Limited
  • Exchange sectorHealth technology
  • ISININE337E01010
  • Share price₹402.00 (-4.75% on the day) · 2026-10-14
  • Market capitalisation₹1,323 Cr
  • Price to earnings28.8
  • EPS (diluted, trailing year)₹13.98
  • Dividend yield0.29%
  • Volume (last session)48,861

Financials of Vikram Thermo

Exchange-reported figures of Vikram Thermo (India) Limited, the listed company behind Vikram Thermo (BSE: VIKRAMTH).

Financial Highlights

FY 2025-26 · Standalone
Revenue
₹134 Cr
+6.2% YoY
EBITDA
₹54.05 Cr
+184.0% YoY
Profit After Tax
₹38.06 Cr
+485.5% YoY
Net Worth
₹157 Cr
+29.2% YoY
Total Assets
₹162 Cr
+26.3% YoY
Total Debt
₹4.65 Cr
-27.3% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue13412610111292.5773.6055.85
Revenue growth+6.2%+24.7%-9.2%+20.5%+25.8%+31.8%-
EBITDA54.0519.0336.4726.0514.6818.1111.81
EBITDA margin+40.3%+15.1%+36.0%+23.4%+15.9%+24.6%+21.2%
Profit before tax52.2418.4834.0523.0211.7716.009.44
Net profit38.066.5025.3116.898.5612.007.20
Net profit margin+28.4%+5.2%+25.0%+15.1%+9.3%+16.3%+12.9%
EPS (₹)12.282.588.095.3913.8619.2411.54
Balance sheet
Total assets16212812110888.3976.1260.35
Net worth15712111489.6873.4765.6954.54
Total debt4.656.407.0418.5114.9110.435.81
Cash & bank6.500.523.183.521.580.361.72
Net working capital40.8146.9041.2933.4925.9916.7519.72
Cash flow
Cash from operations51.5823.6423.2013.056.0414.8513.03
Cash from investing(41.48)(22.40)(9.44)(12.63)(7.46)(19.36)(9.64)
Cash from financing(5.41)(3.96)(14.19)1.492.663.15(4.46)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue37.8737.7734.0234.6428.6027.1134.3233.66
Revenue growth (YoY)+32.4%+39.3%-0.9%+2.9%-8.2%---
Other income0.890.930.460.220.171.040.551.02
Total expenses19.8625.8118.8819.1417.2920.4322.0222.28
EBITDA18.0111.9615.1415.5011.316.6812.3011.38
EBITDA margin+47.6%+31.7%+44.5%+44.7%+39.5%+24.6%+35.8%+33.8%
Depreciation0.880.760.760.740.700.630.640.64
Interest0.120.110.130.090.120.160.420.18
Profit before tax17.9012.0214.7114.8910.666.9311.7911.58
Tax4.623.493.743.792.712.862.761.80

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 20 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue37.8737.7734.0234.6428.6027.1134.3233.66
Revenue growth (YoY)+32.4%+39.3%-0.9%+2.9%-8.2%---
Other income0.890.930.460.220.171.040.551.02
Total expenses19.8625.8118.8819.1417.2920.4322.0222.28
EBITDA18.0111.9615.1415.5011.316.6812.3011.38
EBITDA margin+47.6%+31.7%+44.5%+44.7%+39.5%+24.6%+35.8%+33.8%
Depreciation0.880.760.760.740.700.630.640.64
Interest0.120.110.130.090.120.160.420.18
Profit before tax17.9012.0214.7114.8910.666.9311.7911.58
Tax4.623.493.743.792.712.862.761.80
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue13412610111292.5773.6055.85
Revenue growth+6.2%+24.7%-9.2%+20.5%+25.8%+31.8%-
Other income1.622.911.111.350.760.440.41
Total expenses80.0510764.8085.4977.8955.4944.04
Employee cost13.4811.448.7511.418.217.235.94
EBITDA54.0519.0336.4726.0514.6818.1111.81
EBITDA margin+40.3%+15.1%+36.0%+23.4%+15.9%+24.6%+21.2%
Depreciation2.972.522.443.212.792.001.98
Interest0.460.941.091.170.880.550.80
Profit before tax52.2418.4834.0523.0211.7716.009.44
Tax13.7510.378.686.123.083.922.21
Net profit38.066.5025.3116.898.5612.007.20
Net profit margin+28.4%+5.2%+25.0%+15.1%+9.3%+16.3%+12.9%
EPS (₹)12.282.588.095.3913.8619.2411.54
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital31.3631.3631.3631.366.276.276.27
Reserves & surplus12690.0982.1758.3267.2059.4248.27
Shareholders' funds (net worth)15712111489.6873.4765.6954.54
Secured loans4.596.407.0418.5114.9110.435.81
Unsecured loans0.060.000.000.000.000.000.00
Total debt4.656.407.0418.5114.9110.435.81
Total liabilities16212812110888.3976.1260.35
Assets
Gross block72.1356.6978.7174.6764.4640.7940.54
Net block57.4144.9361.4860.6453.4632.4434.08
Capital work in progress0.040.241.430.000.0017.666.23
Investments20.100.0014.9611.2010.7210.271.25
Inventories10.3110.6414.669.9311.649.087.39
Sundry debtors45.9744.2439.3133.3523.6519.9319.71
Cash & bank balances6.500.523.183.521.580.361.72
Loans & advances2.167.362.792.442.471.671.69
Total current assets64.9462.7659.9449.2439.3431.0430.51
Total current liabilities24.1315.8618.6515.7513.3514.2910.79
Net working capital40.8146.9041.2933.4925.9916.7519.72
Total assets16212812110888.3976.1260.35
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.162.883.301.380.151.512.57
Net cash from operating activities51.5823.6423.2013.056.0414.8513.03
Net cash from investing activities(41.48)(22.40)(9.44)(12.63)(7.46)(19.36)(9.64)
Net cash from financing activities(5.41)(3.96)(14.19)1.492.663.15(4.46)
Net change in cash4.69(2.72)(0.42)1.921.24(1.36)(1.07)
Closing cash6.500.523.183.521.580.361.72
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+6.2%+24.7%-9.2%+20.5%+25.8%+31.8%-
EBITDA growth+184.0%-47.8%+40.0%+77.5%-18.9%+53.3%-
PBT growth+182.7%-45.7%+47.9%+95.6%-26.4%+69.5%+53.3%
Net income growth+485.5%-74.3%+49.9%+97.3%-28.7%+66.7%-
Revenue CAGR (3Y)+6.3%+10.9%+11.2%+25.9%+16.7%+14.5%+7.3%
EBITDA CAGR (3Y)+27.5%+9.0%+26.3%+30.2%+17.9%+52.4%+11.8%
Profitability & leverage
Net income margin+28.7%+6.4%+25.1%+15.2%+9.4%+16.4%+13.0%
Return on capital employed+36.4%+35.5%+30.7%+24.6%+15.4%+24.2%+17.5%
Return on net worth+27.7%+5.5%+25.0%+20.7%+12.5%+20.1%+14.9%
Debt / equity0.040.060.130.200.180.140.20
Long-term debt / equity0.020.030.060.100.110.080.09
Interest cover0.905.693.205.127.403.418.14
Efficiency & per share
Fixed asset turnover2.081.861.321.601.761.811.42
Inventory turnover12.809.988.2410.348.948.948.90
Debtors turnover2.973.022.793.914.253.712.68
EPS (₹)12.282.588.095.3913.8619.2411.54
Dividend per share (₹)1.251.000.750.500.301.501.50
Book value per share (₹)50.0338.7336.2028.60117.15104.7486.97

Competitors of Vikram Thermo

Vikram Thermo has 9 listed competitors in our database, 1 of them funded. They include Colorcon, Pfanstiehl, SPI Pharma, Scope Ingredients and Meggle Pharma, among others.

Company NameDomainFoundedHQ LocationTotal fundingEmployeesDescription
Colorcon
colorcon.com1961Harleysville, United States–443
Developer of specialty excipients and corporate-backed venture capital fund focused on healthcare startups
Pfanstiehl
pfanstiehl.com1919Waukegan, United States$6.7M–
APIs, injectable excipients, and bioprocessing solutions are manufactured.
SPI Pharma
spipharma.com2000Wilmington, United States–22
Excipient products and formulations are manufactured for pharmaceutical uses.
Scope Ingredients
scope-india.com1959Chennai, India–89
Formulations, warehousing, and logistics services for pharmaceuticals are provided.
Meggle Pharma
meggle-pharma.com2005Wasserburg Am Inn, Germany–33
Develops and manufactures pharmaceutical excipients for the industry.
JRS Pharma
jrspharma.com1878Baden Baden, Germany––
Supplies excipients, coatings, and technical services for health sciences worldwide.
Crest Cellulose
crestcellulose.com2011Hyderabad, India–77
Pharmaceutical excipients and food ingredients are developed and manufactured.
DFE Pharma
dfepharma.com2011Goch, Germany––
Developer and manufacturer of excipients for oral solid dosage forms and dry powder inhalations
Boai Nky Pharmaceuticals
boai-nky.com1987Jiaozuo, China––
Develops and manufactures pharmaceutical excipients, specializing in PVP products.
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Web traffic of Vikram Thermo

The website of Vikram Thermo (vikramthermo.com) receives about 9.4K visits a month.

  • Monthly visits
    9.4K

    ▲ 643.3% vs previous month

Top companies in Biopharma Outsourcing & Drug Delivery

10 companies that operate in the same segment as Vikram Thermo (Biopharma Outsourcing & Drug Delivery), ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Anthem Biosciences
Developer of integrated contract research development and manufacturing services
2007Bengaluru, Karnataka, IndiaUSD 35.74 MUSD 226.38 M1,820
Evotec
Drug discovery and development services are provided to biopharma sector.
1993Hamburg, Hamburg, GermanyUSD 25 MUSD 926.33 M4,830
Pharmaron
Drug discovery and development services for small molecules are provided.
2003Beijing, ChinaUSD 320 M–476
Indegene
Suite solutions are provided for payers and healthcare providers.
1998Princeton, New Jersey, United StatesUSD 220 MUSD 374.1 M4,490
Insulet
Wearable insulin infusion systems are developed for diabetes patients.
2000Boston, Massachusetts, United StatesUSD 120.4 MUSD 2.71 B3,900
MannKind Corp
Developer of small-molecule drugs
1991Los Angeles, California, United StatesUSD 50 MUSD 348.97 M407
Laurus Labs
Pharmaceutical and biotechnology company
2005Hyderabad, Telangana, IndiaUSD 229.73 MUSD 726.15 M12,470
Pfizer
Pharmaceutical products for treating multiple diseases are provided.
1849New York, New York, United StatesUSD 8 MUSD 266.99 M1,770
LabCorp
Provider of laboratory tests for physicians
1969Burlington, Vermont, United States–USD 13.95 B70,000
Entero Healthcare
India's leading healthcare products distribution platform
2018Mumbai, Maharashtra, IndiaUSD 59.67 MUSD 702.49 M4,260
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Related news about Vikram Thermo

Vikram Thermo (India) standalone net profit rises 67.25% in the June 2026 quarter | Capital Market News - Business Standard
Business Standard • 2 months ago
Vikram Thermo (India) standalone net profit declines 17.44% in the March 2025 quarter | Capital Market News - Business Standard
Business Standard • 1 year ago
Vikram Thermo (India) to announce Quarterly Result
India Infoline • 1 year ago
Vikram Thermo (India) Says Vikram Aroma Received In Principle Listing Approval From BSE
Reuters • 1 year ago
Vikram Thermo India Q4 Results Live : profit rise by 26.16% YOY
Livemint • 2 years ago
Vikram Thermo (India) Re-Appoints Dhirajlal Patel As MD
Reuters • 3 years ago
Vikram Thermo (India) Decides To Defer Demerger Proposal
Reuters • 3 years ago
Vikram Thermo Approves Issue Of Bonus Shares In Ratio Of 4:1
Reuters • 4 years ago
Vikram Thermo (India) Ltd - Board To Consider Bonus Issue
Reuters • 4 years ago
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Frequently Asked Questions about Vikram Thermo

Vikram Thermo was founded in 1984.

Vikram Thermo is headquartered in Ahmedabad, India. It is registered at Ahmedabad, Gujarat, India.

Vikram Thermo has 153 employees.

The primary company behind Vikram Thermo, Vikram Thermo (India) Limited, reported revenue of ₹134 Cr for FY 2025, up 5% year on year.

Vikram Thermo was established in 1984 in Ahmedabad, India, within the pharmaceutical sector. Excipients and specialty chemicals are produced, marketed, and exported by the company. Key offerings include DRUGCOAT, a methacrylic acid-based polymer, and DRCOAT, a ready-to-use customized polymer, applied in formulations for enteric coating, taste masking, protection, sustained release, immediate release, and moisture barriers. Research and development efforts are directed toward polymers for pharmaceutical and cosmetic uses.

Vikram Thermo's top competitors include Colorcon, DFE Pharma and Crest Cellulose.

Vikram Thermo offers DrugCoat, DRCOAT, AQUAPOL, and APION.

Yes, Vikram Thermo is publicly traded on BSE under the ticker symbol VIKRAMTH.

Vikram Thermo is associated with 2 legal entities: Vikram Thermo (India) Limited, Vikram Pharmaceuticals Pvt Ltd.

The legal entities of Vikram Thermo currently have 12 directors, including Saurabh Aggarwal, Dhruv Gupta, Ram Kumar and others.

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