Key Financial Figures
Profit & Loss Statement (FY 2025-26)
- Revenue from operations: ₹1,658.2 crore (Previous year: ₹1,508.0 crore)
- Other income: ₹24.3 crore (Previous year: ₹24.3 crore)
- Total income: ₹1,682.5 crore (Previous year: ₹1,532.3 crore)
- Profit before tax: ₹620.9 crore (Previous year: ₹655.4 crore)
- Current tax expense: ₹107.9 crore (Previous year: ₹166.9 crore)
- Deferred tax: ₹46.2 crore (Previous year: ₹2.8 crore)
- Profit after tax: ₹466.8 crore (Previous year: ₹487.7 crore)
- Total comprehensive income: ₹466.9 crore (Previous year: ₹488.2 crore)
- Basic and diluted EPS: ₹4.28 (Previous year: ₹4.48)
- Dividend declared and paid: ₹730.07 lakhs (Previous year: ₹181.67 lakhs)
Balance Sheet (as at March 31, 2026)
- Total assets: ₹5,034.3 crore (Previous year: ₹3,013.1 crore)
- Property, Plant and Equipment: ₹2,869.2 crore (Previous year: ₹405.8 crore)
- Capital work-in-progress: ₹1,211.3 crore (Previous year: ₹1,844.1 crore)
- Inventories: ₹154.2 crore (Previous year: ₹50.5 crore)
- Trade receivables: ₹609.2 crore (Previous year: ₹312.4 crore)
- Cash and cash equivalents: ₹31.2 crore (Previous year: ₹116.9 crore)
- Total equity: ₹2,877.7 crore (Previous year: ₹2,483.8 crore)
- Equity share capital: ₹108.97 crore (unchanged)
- Other equity: ₹2,768.7 crore (Previous year: ₹2,374.9 crore)
- Borrowings: ₹1,598.7 crore (Previous year: ₹298.9 crore)
- Lease liabilities: ₹19.5 crore (Previous year: ₹5.8 crore)
- Trade payables: ₹366.5 crore (Previous year: ₹146.5 crore)
Cash Flow Statement (FY 2025-26)
- Cash from operating activities: ₹487.8 crore (Previous year: ₹910.3 crore)
- Cash used in investing activities: ₹(1,722.8) crore (Previous year: ₹(1,118.2) crore)
- Cash from financing activities: ₹1,149.3 crore (Previous year: ₹260.1 crore)
- Net decrease in cash: ₹(85.7) crore (Previous year: ₹52.2 crore increase)
Capital Structure and Shareholding
- Issued, subscribed and paid-up equity share capital: ₹108.97 crore comprising 10,89,65,265 equity shares of ₹1 each
- Promoter holding: 70.86% (Pharmaceutical Business Group India Ltd: 47.02%, Themis Medicare Ltd: 23.19%)
- Bonus shares issued in previous year: 3,63,21,755 shares in 1:2 ratio
Key Operational Highlights
- Significant capacity expansion with ₹4,513.2 crore additions to Property, Plant and Equipment
- Capital work-in-progress of ₹1,211.3 crore primarily for Project 6 (₹918.9 crore) and Project 4 (₹145.9 crore)
- Inventory increase due to new API facility commissioning and capacity expansion
- Trade receivables increase aligned with revenue growth
Borrowings and Debt Structure
- Term loans from banks: ₹1,449.2 crore (Bank of Baroda: ₹719.9 crore, Bajaj Finance: ₹500.0 crore, Saraswat Bank: ₹219.4 crore)
- Working capital facilities: ₹149.4 crore
- Vehicle loans: ₹9.9 crore
- Borrowings secured by charge on current and non-current assets and personal guarantees of directors
- No defaults in repayment of loans or interest payments
Audit and Compliance Matters
Key Audit Matters Identified:
1. Revenue recognition - Cut-off appropriateness testing performed
2. Capital work-in-progress/PPE - Timing of capitalization verified through site visits and documentation testing
3. Provisions and contingent liabilities - Assessment of litigation outcomes and probability analysis
Auditor Opinion:
Unqualified opinion issued by GMJ & Co, Chartered Accountants (FRN: 103429W)
Internal Financial Controls:
Adequate internal financial controls system in place and operating effectively as per Annexure B
Contingent Liabilities
- Claims against company not acknowledged as debt: ₹29.16 lakhs
- Bank guarantees: ₹290.75 lakhs
- Disputed labour dues: ₹16.57 lakhs
- Total contingent liabilities: ₹336.47 lakhs (Previous year: ₹471.17 lakhs)
Related Party Transactions
- Sales to Themis Medicare Limited: ₹728.16 lakhs (API) and ₹2.25 lakhs (scrap)
- Purchases from related parties: ₹59.74 lakhs
- Director commissions: ₹152.00 lakhs
- Key management personnel compensation: ₹333.60 lakhs
Corporate Social Responsibility
- CSR obligation for FY 2025-26: ₹148.91 lakhs
- Amount transferred to special account: ₹148.91 lakhs
- Total unspent CSR amount: ₹313.05 lakhs (including previous years)
Post-Balance Sheet Events
- April 23, 2026: Entered into Asset Purchase Agreement with Sanofi to acquire anti-TB and anti-infective brands for EUR 158 million
- May 22, 2026: Entered into agreements to acquire 100% of MicroBiopharm Japan Co., Ltd. for JPY 21.5 billion (~₹1,300 crore)
- No funds transferred or investments made for these acquisitions as of approval date
Financial Ratios
- Current ratio: 1.12 (Previous year: 2.53)
- Debt-equity ratio: 0.56 (Previous year: 0.12)
- Return on equity: 17.41% (Previous year: 21.69%)
- Net profit margin: 28.15% (Previous year: 32.34%)
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