Themis Medicare Limited — PPTs, 20-05-2025: Investor Presentation

1. Financial Highlights:

Themis Medicare reported FY25 revenue of Rs. 405.5 Cr, up 6.2% YoY, fueled by a 20.4% rise in Formulations and over 11% growth in Hospital and Trade segments. Gross margin expanded sharply by 300 bps to 67.45%, though EBITDA margin declined to 12.1% from 13.5% due to elevated expenses. PAT dropped 31.5% to Rs. 29.8 Cr, impacted by higher depreciation, interest costs, and lower associate profits. Q4FY25 revenue fell 27% QoQ to Rs. 71.7 Cr, with an EBITDA loss of Rs. 5.8 Cr reflecting challenges in the institutional business, while API segment rebounded strongly (+115% QoQ). The balance sheet remains solid, with shareholders’ funds at Rs. 402.6 Cr and low gearing (debt-to-equity 0.21).

2. Strategic Initiatives & Growth Drivers:

The company is prioritizing expansion of its Hospital Business, which accounts for 38% of revenue, through new corporate hospital alliances and nursing home growth. Branded business grew 39% in FY25, supported by capacity additions and sustained R&D spend (~Rs. 13 Cr annually). Recovery in API operations and cost optimization are key focus areas for improving efficiencies and working capital in FY26.

3. Business Developments:

Themis is enhancing vertical integration with advanced manufacturing facilities for formulations and synthetic APIs across multiple sites. It is expanding exports to over 44 countries and leveraging expertise in complex injectables to reinforce hospital segment leadership.

4. Market Position & Competitive Advantage:

Themis is carving a leadership role in India’s fragmented Hospital Business market, focusing on critical and intensive care. Strengths include a diversified product range, strong in-house R&D, and established global partnerships, setting the stage for growth in regulated international markets within 3-5 years.

5. Investor Implications:

Themis shows positive growth potential driven by a robust hospital business and formulation segment growth. Near-term earnings pressure and margin contraction represent execution risks. Improvement in cost controls and working capital will be vital for profitability recovery. Its strategic emphasis on capacity, innovation, and diversification makes it an attractive play in India’s pharma and hospital supply sectors.