Vikram Thermo (India) Limited

BSE: 530477
Vikram Thermo (India) Limited - pharma in Ahmedabad, Gujarat, India. FY 2026 financials & compliance.
CIN L24296GJ1994PLC021524 Incorporated 11 March 1994 ROC Ahmedabad HQ Ahmedabad, Gujarat, India
Active Listed - BSE: 530477 Public Limited Company pharma MSME · Medium
Data last updated
Market Cap
₹1,029 Cr
VIKRAMTH · BSE
Share Price
₹322.95
-1.60% 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)
24.4x
P/B 6.8x
ROE
27.7%
ROCE 36.4%
Debt / Equity
0.04
Interest cover 0.9x

About Vikram Thermo (India) Limited

Data last updated:

Vikram Thermo (India) Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the drug formulation and development segment of the pharmaceuticals sector. It was incorporated on 11 March 1994 and has been in existence for over 32 years.

The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L24296GJ1994PLC021524. Its GSTIN is 24AAACV3832E1ZP (Gujarat). The company holds 2 GST registrations, all of them active. It is a listed company as per MCA records. Its shares are listed on BSE: 530477.

The company has an authorised share capital of ₹32 Cr and a paid-up capital of ₹31.36 Cr. It is led by directors including Dhirajlal Karsanbhai Patel (Managing Director) and Ankur Dhirajlal Patel (Whole-Time Director).

Its last annual general meeting (AGM) was held on 26 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at A/704 – 714 The Capital Science City Road, Ahmedabad, Gujarat, India – 380060.

As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹134.1 Cr, a growth of 6.2% compared to the previous year. For the same year it recorded a net profit of ₹38.06 Cr (net margin 28.4%) and EBITDA of ₹54.05 Cr (EBITDA margin 40.3%). The net worth stands at ₹156.87 Cr (up 29.2% YoY). Total assets are valued at ₹161.52 Cr (up 26.3% YoY).

The company has about 121 employees on its provident fund (EPFO) records.

The company is associated with 1 brand: Vikram Thermo. As per MCA filings, the company has open charges of ₹30.8 Cr and satisfied charges of ₹7.53 Cr on record. Court records list 39 cases involving the company, including 38 filed by the company and 1 filed against it; 5 cases are pending. The company has 66 deals on record (66 market trades); the latest was in January 2018. Its 8 peer companies in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 4 larger and 4 smaller; the largest is Naari Pharma Private Limited with revenue of ₹136.35 Cr. The company has 11 MSME Form 1 returns on record between 2019 and 2024, listing 48 overdue payments to 12 micro and small suppliers.

Vikram Thermo (India) Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-01-0013545). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website vikramthermo.com.

Company details

CIN L24296GJ1994PLC021524
Registration Number 021524
Incorporation Date 11 March 1994
ROC Ahmedabad
Listing Status Listed - Listed on BSE (530477)
Company Status Active
Date of Last AGM 26 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-GJ-01-0013545

CIN history

Vikram Thermo (India) has one previous CIN (Corporate Identification Number): U24296GJ1994PLC021524. The current CIN is L24296GJ1994PLC021524, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L24296GJ1994PLC021524Current
U24296GJ1994PLC021524Previous
Key People
Dhirajlal Karsanbhai Patel Managing Director Ankur Dhirajlal Patel Whole-Time Director Dineshkumar Harjivanbhai Patel Whole-Time Director

Recognitions & Rankings of Vikram Thermo (India)

MSME (Udyam registered) Ministry of MSME
Category
Medium (2024-25)
Udyam number
UDYAM-GJ-01-0013545

Contact details

Vikram Thermo (India) Limited's registered office is in Ahmedabad, Gujarat. Its website is vikramthermo.com. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    vikramthermo.com
  • Social Media
  • Registered Address
    A/704 – 714 The Capital Science City Road, Ahmedabad, Gujarat, India – 380060
  • Industry
    Pharma, Drug Formulation & Development

To see the full contact details of Vikram Thermo (India) Limited, buy the company report.

Comprehensive company report
Vikram Thermo (India) Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Vikram Thermo (India) operates one associated brand: Vikram Thermo. Each brand links to its own profile.

BrandDescriptionWebsite
Vikram Thermo
Manufacturer of excipients for small moleculesvikramthermo.com

Business activity

The main business activity of Vikram Thermo (India) is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
CManufacturingC6Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products

To see the full business activity and turnover split of Vikram Thermo (India) Limited, buy the company report.

Financials of Vikram Thermo (India) Limited

FY 2025-26 filings available

Vikram Thermo (India) Limited reported revenue of ₹134.1 Cr (up 6.2% YoY) for FY 2025-26.

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)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue44.3737.8737.7734.0234.6428.6027.1134.32
Revenue growth (YoY)+28.1%+32.4%+39.3%-0.9%+2.9%-8.2%--
Other income0.920.890.930.460.220.171.040.55
Total expenses26.0419.8625.8118.8819.1417.2920.4322.02
EBITDA18.3318.0111.9615.1415.5011.316.6812.30
EBITDA margin+41.3%+47.6%+31.7%+44.5%+44.7%+39.5%+24.6%+35.8%
Depreciation0.890.880.760.760.740.700.630.64
Interest0.120.120.110.130.090.120.160.42
Profit before tax18.2417.9012.0214.7114.8910.666.9311.79
Tax4.654.623.493.743.792.712.862.76

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 07 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue44.3737.8737.7734.0234.6428.6027.1134.32
Revenue growth (YoY)+28.1%+32.4%+39.3%-0.9%+2.9%-8.2%--
Other income0.920.890.930.460.220.171.040.55
Total expenses26.0419.8625.8118.8819.1417.2920.4322.02
EBITDA18.3318.0111.9615.1415.5011.316.6812.30
EBITDA margin+41.3%+47.6%+31.7%+44.5%+44.7%+39.5%+24.6%+35.8%
Depreciation0.890.880.760.760.740.700.630.64
Interest0.120.120.110.130.090.120.160.42
Profit before tax18.2417.9012.0214.7114.8910.666.9311.79
Tax4.654.623.493.743.792.712.862.76
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

To see the full year-wise statements and ratios of Vikram Thermo (India) Limited, buy the company report.

Board of directors of Vikram Thermo (India) Limited

Vikram Thermo (India) has 6 current directors and 12 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Dhirajlal Karsanbhai PatelManaging Director26 Sep 200917 Years 1 MonthsCurrent
Vipulkumar Vitthalbhai Patel
Also directs: Scoda Tubes Limited, Prava Innovate Private Limited, Ciie Regional Innovation Foundation
Director15 May 20197 Years 5 MonthsCurrent
Ankur Dhirajlal Patel
Also directs: Vikram Aroma Limited
Whole-Time Director09 Feb 201610 Years 8 MonthsCurrent
Dineshkumar Harjivanbhai Patel
Also directs: Befriend Project Management LLP
Whole-Time Director31 Mar 200917 Years 7 MonthsCurrent
Aanal Parth SafiDirector14 Aug 20242 Years 2 MonthsCurrent
Dineshkumar Dahyalal MistryDirector14 Aug 20242 Years 2 MonthsCurrent
View all directors

Peer comparison

Vikram Thermo (India) Limited is compared with the 8 companies closest to it by revenue in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Naari Pharma Private Limited₹136.35 Cr (FY 2025)14.0%Bangalore, Karnataka, India
Zenith Drugs Limited₹135.93 Cr (FY 2025)2.0%Indore, Madhya Pradesh, India
Ravoo's Laboratories Limited₹134.97 Cr (FY 2024)4.0%Hyderabad, Telangana, India
Vikram Thermo (India) Limitedthis company₹134.1 Cr (FY 2026)₹38.06 Cr28.4%6.2%121Ahmedabad, Gujarat, India
Surabhi Industries (India) Private Limited₹133.75 Cr (FY 2024)-37.0%Hyderabad, Telangana, India
Strassenburg Pharmaceuticals Private Ltd.₹133.69 Cr (FY 2025)13.0%Kolkata, West Bengal, India
Hemmo Pharmaceuticals Private Limited₹133.32 Cr (FY 2021)45.0%Mumbai, Maharashtra, India
Makers Laboratories Ltd₹132.64 Cr (FY 2025)25.0%Mumbai, Maharashtra, India
Saimirra Innopharm Private Limited₹132.6 Cr (FY 2025)65.0%Chennai, Tamil Nadu, India

To see the full peer comparison of Vikram Thermo (India) Limited, buy the company report.

Auditor

Vikram Thermo (India) Limited is audited by J.T. SHAH & CO. for the financial year 2023.

Auditor firmFinancial yearFirm registration number
J.T. SHAH & CO.FY 2023109616W

Shareholding

Shareholding for the quarter ended Mar 2026: promoters hold 66.00%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 34.00%.

Promoters: 66.00%Retail & Others: 34.00%
Mar 2026
QUARTER
66.00% Promoters
34.00% Retail & Others
Promoter holding - history
Now 66.00% · Mar 2026High 66.00% · Jun 2025Low 66.00% · Jun 2025
65%65.5%66%66.5%67%Jun 2025Sep 2025Dec 2025Mar 2026Jun 2025: 66.00%Sep 2025: 66.00%Dec 2025: 66.00%Mar 2026: 66.00%66.00%66.00%
Shareholding trend - last 6 quarters
Mar 2026Dec 2025Sep 2025Jun 2025
Promoters66.00%66.00%66.00%66.00%
Public34.00%34.00%34.00%34.00%

Charges & borrowings

Open charges
₹30.8 Cr
Satisfied charges
₹7.53 Cr
Breakdown by lending institutions
Hdfc Bank Limited₹30.80 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
22 Sep 201510592394Hdfc Bank Limited₹30.8 CrOpen
21 Aug 200490096920Punjab National Bank₹5.25 CrSatisfied
24 Dec 200290099598Punjab National Bank₹40 LakhSatisfied
24 Dec 200290102228Punjab National Bank₹40 LakhSatisfied
14 Oct 199890095073The Mehsana Urbank Co Op Bank Ltd₹25 LakhSatisfied

To see the full charge records of Vikram Thermo (India) Limited, buy the company report.

Total charge records: 12 View all charges

Deals & funding

Vikram Thermo (India) Limited has 66 deals on record (66 market trades); the latest was in January 2018.

Total deals
66
Market trades
66

Deals on record (5 of 66)

WhenDealAmountParties
Sep 2016Market trade₹51.4 LakhBuyer: Girik Wealth Advisors Private Limited
Jul 2015Market trade₹52.7 LakhBuyer: Vibhor Management Pvt Ltd
Seller: an individual
Jun 2010Market trade₹8.3 LakhBuyer: an individual
Seller: Action Financial Services (India) Ltd
May 2009Market trade₹4.8 LakhBuyer: Action Financial Services (India) Ltd
Nov 2007Market trade₹7.3 LakhBuyer: Eureka Stock & Share Broking Services Limited

To see the full deal history of Vikram Thermo (India) Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

MSME payment delays

Vikram Thermo (India) Limited has 11 MSME Form 1 returns on record between 2019 and 2024, listing 48 overdue payments to 12 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.

Suppliers with reported dues (5 of 12)

SupplierAmount dueDue sinceReported on
Scientific Sales Research Chemicals Private Limited
an individual supplier
Dynamic Mercantile Private Limited
Koel Colours Pvt Ltd
an individual supplier

To see the full MSME payment records of Vikram Thermo (India) Limited, buy the company report.

Individuals and sole proprietors among the suppliers are not named.

Employees & EPFO

Vikram Thermo (India) Limited has a workforce of 121 employees on its EPFO records as of Apr 03, 2024, across 1 active EPFO establishment.

Employee count
121
Active EPFO establishments
1
Employee growth
10%

GST

Vikram Thermo (India) has 2 GST registrations: 2 active.

Total GSTINs
2
Active
2
GSTINStateStatusRegistered on
24AAACV3832E1ZPGujaratActive01 Jul 2017
24AAACV3832E2ZOGujaratActive17 Feb 2023

To see the full GST registrations and return filing status of Vikram Thermo (India) Limited, buy the company report.

Recent activity

Vikram Thermo (India) Limited has 29 board changes on record since 1994: 18 appointments and 11 cessations. The latest: Motibhai Devabhai Fosi ceased to be CFO on 26 May 2025.

Filing
Vikram Thermo (India) Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Ahmedabad.
Charges
A charge with Hdfc Bank Limited of Rs. 30.80 Cr registered on 22 Sep 2015 with Charge ID 10592394 was modified on 01 Jan 2026.
AGM
Vikram Thermo (India) Limited last Annual general meeting of members was held on 26 Sep 2025 as per latest MCA records.
Ceased
Motibhai Devabhai Fosi ceased to be CFO.
Appointed
Aanal Parth Safi was appointed as Director.
Ceased
Alpaben Alpeshbhai Patel ceased to be Director.
Ceased
Bharatbhai Manubhai Shah ceased to be Director.
Appointed
Dineshkumar Dahyalal Mistry was appointed as Director.
Ceased
Ketan Chimanlal Patel ceased to be Director.
Ceased
Shaileshkumar Prahladbhai Patel ceased to be Director.
Ceased
Thakarshibhai Maganlal Patel ceased to be Director.
Ceased
Chimanbhai Khodidas Patel ceased to be Whole-Time Director.

52 earlier events are in the company report.

News

Frequently asked questions

Vikram Thermo (India) is an active public limited company based in Ahmedabad, Gujarat, India. The company works in drug formulation and development, within the pharma industry. It was incorporated on 11 March 1994 (32+ years old) and is registered under CIN L24296GJ1994PLC021524. Listed on BSE: 530477.

Vikram Thermo (India) reported revenue of ₹134.1 Cr for FY 2025-26 (up 6.2% YoY) based on standalone financials.

Vikram Thermo (India) has 6 current directors:

The latest financial statements of Vikram Thermo (India) on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 26 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of Vikram Thermo (India) is 24AAACV3832E1ZP, registered in Gujarat. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 24AAACV3832E2ZO (Gujarat).

The CIN (Corporate Identification Number) of Vikram Thermo (India) is L24296GJ1994PLC021524. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Vikram Thermo (India) is a listed company as per MCA records. Its shares are listed on BSE (code: 530477).

Vikram Thermo (India) has 39 court cases on record: 38 filed by the company and 1 filed against it. 5 are pending. Most are in the district courts.

Vikram Thermo (India) was incorporated on 11 March 1994, making it 32+ years old. It is registered with the Registrar of Companies, Ahmedabad.

Vikram Thermo (India) has 66 deals on record (66 market trades); the latest was in January 2018.

The peers of Vikram Thermo (India) by revenue are Naari Pharma Private Limited, Zenith Drugs Limited, Ravoo's Laboratories Limited, Surabhi Industries (India) Private Limited, Strassenburg Pharmaceuticals Private Ltd. and 3 more, all in the Pharma industry (Formulations), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).

Motibhai Devabhai Fosi ceased to be CFO on 26 May 2025. Aanal Parth Safi was appointed as Director on 14 Aug 2024. Alpaben Alpeshbhai Patel ceased to be Director on 14 Aug 2024. Vikram Thermo (India) has 29 board changes on record in total.