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Swing Capital

Gujarat Themis Biosyn Ltd

NSE: GUJTHEM BSE: 506879Pharma

Incorporated in 1981, Gujarat Themis Biosyn Ltd manufactures and sells finished Active Pharmaceutical Ingredients products by fermentation process[1]

₹356
52W: ₹225 — ₹479
PE 81.2 · Book ₹24.3 · +1365% vs book
Market Cap₹3,879 Cr
Stock P/E81.2Price to Earnings
ROCE27.3%Return on Capital
ROE21.7%Return on Equity
Div. Yield0.18%Face Value ₹1

Strengths

  • +Company has a good return on equity (ROE) track record: 3 Years ROE 31.5%
  • +Company's working capital requirements have reduced from 62.3 days to 45.6 days

Weaknesses

  • −Stock is trading at 14.3 times its book value
  • −Company might be capitalizing the interest cost
  • −Debtor days have increased from 59.2 to 75.6 days.
  • −Promoter holding has decreased over last 3 years: -4.13%

Shareholding Pattern

Promoters70.86%
FIIs1.8%
DIIs1.17%
Public26.15%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.87%70.87%70.87%70.87%70.87%70.87%70.87%70.86%▼0.0
FIIs1.44%1.49%▲0.11.42%▼0.11.91%▲0.52.51%▲0.62.95%▲0.41.96%▼1.01.8%▼0.2
DIIs1.18%1.17%▼0.01.17%1.17%1.17%1.17%1.17%1.17%
Public26.52%26.47%▼0.126.55%▲0.126.05%▼0.525.44%▼0.625.01%▼0.426%▲1.026.15%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales40394239354038364243
Expenses23212120192122222122
Operating Profit17182119151916142121
OPM %42%46%50%48%44%48%42%39%49%49%
Net Profit1313161311131291412
EPS ₹1.151.191.461.210.971.191.10.831.311.14

AI Insights

Revenue Trend

TTM revenue at ₹159Cr, up 5.3% YoY. OPM at 45%.

Debt Position

Borrowings at ₹71Cr. Debt-to-equity ratio: 0.28x. Healthy balance sheet.

Capex Cycle

CWIP at ₹132Cr (81% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 1.17% (+1.14pp change). FIIs: 1.8% (+1.79pp change). Promoters hold 70.86%.

Margin & Efficiency

ROCE declining from 208% (Mar 2014) to 27% (Mar 2025). Working capital days: 46.

Valuation

PE 81.2x with 27.3% ROCE. Price is 1365% above book value of ₹24.3. Dividend yield: 0.18%.

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