Gujarat Themis Biosyn LimitedQ1 FY27 Results & Financial Update
Gujarat Themis Biosyn Limited: Q1 FY27 consolidated results and company financials – revenue ₹43.79 Cr, PAT ₹11.07 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Gujarat Themis Biosyn price & chart
Quarter overview
Quarterly earnings analysis
Gujarat Themis Biosyn Limited reported a strong operational and financial start to fiscal year 2027, driven by healthy sales volumes and stable market demand across its core fermentation product lines. According to the company's official financial results and investor presentation for the quarter ended June 30, 2026, total income from operations reached INR 43.79 crore.
Management noted that stable demand and optimized production volumes helped boost the topline, which subsequently flowed through to profitability metrics. EBITDA (excluding other income) reached INR 20.79 crore, translating to an EBITDA margin of 47.48% for the quarter.
Profit before tax (PBT) for Q1 FY27 stood at INR 15.17 crore, while profit after tax (PAT) was reported at INR 11.07 crore, supported by robust gross margins and operational efficiencies derived from higher utilization levels.
Basic and diluted earnings per share (EPS) for the quarter settled at INR 1.02, reflecting the positive earnings trajectory compared to the previous quarters of FY26.
The quarter's cost structure was influenced by raw material consumption of INR 7.73 crore, changes in inventories of finished goods and work-in-progress amounting to a negative INR 3.91 crore, employee benefit expenses of INR 4.72 crore, and other operational expenses of INR 14.46 crore.
Finance costs for the quarter were recorded at INR 1.79 crore, while depreciation and amortisation expenses stood at INR 3.97 crore. Tax expenses for the period totaled INR 4.10 crore, comprising current tax of INR 2.72 crore and deferred tax of INR 1.38 crore.
During the quarter, the company incorporated two wholly-owned subsidiaries outside India: Themis Biosyn Japan Limited (Japan) and Themis Biosyn Ireland Private Limited (Ireland). These entities are yet to commence operations and had no capital remitted during the period, resulting in a nil immediate impact on consolidated results while establishing a foundation for global expansion.
01 · Business model
What does Gujarat Themis Biosyn do?
Gujarat Themis Biosyn Limited (GTBL) operates as a specialized manufacturer of fermentation-based pharmaceutical intermediates and active pharmaceutical ingredients (APIs). Established in 1981 as a joint sector company with GIIC Ltd. and Chemosyn (P) Ltd., GTBL pioneered the commercial production of the anti-tuberculosis drug Rifampicin in India using fermentation processes.
The company's core product portfolio centers around rifamycin-based derivatives, including Rifamycin S (an intermediate for Rifampicin used in treating tuberculosis, mycobacterium avium complex, leprosy, and Legionnaires' disease) and Rifamycin O (an intermediate for Rifaximin used in traveler's diarrhea, irritable bowel syndrome, and hepatic encephalopathy).
GTBL operates a state-of-the-art manufacturing facility located at Vapi, Gujarat, equipped with fermentation capacities of up to 990 KL and supported by approximately 200 plant-site employees. The operating model utilizes environmentally friendly aerobic bacterial fermentation processes to produce niche pharmaceutical intermediates.
To broaden its market reach and value chain, the company has undertaken strategic expansion initiatives, including forward integration into API production, commissioning new R&D facilities compliant with international standards, and pursuing international inorganic expansion.
02 · Historical context
What shaped the business before this quarter
Incorporated in 1981 as a joint sector company with GIIC Ltd. and Chemosyn (P) Ltd., GTBL became India's first company to start commercial production of the antituberculosis drug Rifampicin using fermentation processes.
Over preceding years, the company established its core manufacturing infrastructure at Vapi, Gujarat, scaling fermentation capacities up to 990 KL using aerobic bacterial processes.
Prior to Q1 FY27, GTBL invested in new R&D facilities and an API unit to move up the value chain from manufacturing intermediates to commercializing finished APIs.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹43.79 Cr |
| Total income | ₹43.92 Cr |
| Profit before tax | ₹15.17 Cr |
| Profit after tax | ₹11.07 Cr |
| EPS | ₹1.02 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Healthy sales volumes across core rifamycin intermediates driven by stable market demand and optimized production runs at the Vapi facility.
Continued demand for key intermediates including Rifamycin S and Rifamycin O, supporting base operational revenues of INR 43.79 crore.
What drove margins
Higher production and sales volumes helped absorb fixed overheads, expanding EBITDA margin to 47.48% for the quarter.
Cost of materials consumed stood at INR 7.73 crore alongside inventory adjustments of negative INR 3.91 crore, reflecting efficient inventory management.
Employee costs of INR 4.72 crore and other expenses of INR 14.46 crore were effectively managed against top-line expansion.
05 · Demand, customers & order book
Where demand is coming from
Products serve major downstream antibiotic manufacturers requiring high-purity intermediates for tuberculosis, digestive tract infections, traveler's diarrhea, and irritable bowel syndrome treatments.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates in a single primary business segment: the manufacturing of fermentation-based pharmaceutical intermediates and APIs, as per Ind AS 108.
Geography and market mix
Incorporated two new wholly-owned overseas subsidiaries during Q1 FY27—Themis Biosyn Japan Limited and Themis Biosyn Ireland Private Limited—to facilitate future international market penetration and distribution.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Development of a ~18 MW wind-solar hybrid power plant in Gujarat is well underway for captive consumption to reduce power costs, grid dependence, and carbon footprint.
Newly established R&D and API manufacturing units are fully up and running, complemented by completed fermentation facility enhancements.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Announced an asset-light acquisition agreement for ~EUR 158 million covering 13 established global brands across tuberculosis and anti-infectives (including Levofloxacin, Rifampicin, and Rifapentine) spanning 55+ countries, providing immediate retail channel access and value-chain integration.
Entered into an agreement to acquire 100% of MicroBiopharm Japan Co., Ltd. from T Capital Partners for JPY 21.5 billion (~INR 1,300 crore), expected to close in Q2 FY27 subject to regulatory approvals, adding JPY 9.5 billion in revenue, advanced P450 enzyme libraries, and top-tier global pharma customer relationships.
09 · Reported developments
What changed operationally
Delivered robust profitability with PAT of INR 11.07 crore and EBITDA margin of 47.48% in Q1 FY27.
Progressed on strategic global acquisitions including Sanofi's brand portfolio and MicroBiopharm Japan to expand geographic reach and therapeutic coverage.
10 · Pressure points & risks
What is not going smoothly
No material negative operational developments or asset impairments were disclosed in the Q1 FY27 filings.
11 · Items worth noticing
The line items that can distort a quick read
No exceptional items or unusual one-off gains/losses were reported during Q1 FY27.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Inventory changes of negative INR 3.91 crore contributed to working capital adjustments during the quarter.
Capital allocation & funding
Reported finance costs of INR 1.79 crore for the quarter reflecting ongoing capital allocation and debt servicing.
13 · Management guidance & targets
What management is targeting from here
Management highlighted that recent inbound acquisitions and capex initiatives are expected to be EPS accretive, enhance gross margins, and accelerate GTBL's transition into a globally integrated fermentation CDMO player.
14 · Beyond the numbers
What changed beyond the numbers
ESG Initiatives
Advancing an ~18 MW wind-solar hybrid captive power plant project in Gujarat to lower long-term power costs and improve environmental sustainability.
15 · Previous-quarter changes
What changed since the previous quarter
Q4 FY26 revenue stood at INR 44.23 crore with a PAT of INR 10.89 crore, reflecting stable sequential performance into Q1 FY27.
16 · Key Q&A
The quarter, answered directly
What does Gujarat Themis Biosyn do?
Gujarat Themis Biosyn Limited (GTBL) operates as a specialized manufacturer of fermentation-based pharmaceutical intermediates and active pharmaceutical ingredients (APIs). Established in 1981 as a joint sector company with GIIC Ltd. and Chemosyn (P) Ltd., GTBL pioneered the commercial production of the anti-tuberculosis drug Rifampicin in India using fermentation processes.
What is the clearest takeaway from Q1 FY27?
Gujarat Themis Biosyn Limited reported a strong operational and financial start to fiscal year 2027, driven by healthy sales volumes and stable market demand across its core fermentation product lines. According to the company's official financial results and investor presentation for the quarter ended June 30, 2026, total income from operations reached INR 43.79 crore.
What drove revenue or demand?
Healthy sales volumes across core rifamycin intermediates driven by stable market demand and optimized production runs at the Vapi facility.
What mattered most for margins or profitability?
Higher production and sales volumes helped absorb fixed overheads, expanding EBITDA margin to 47.48% for the quarter.
What changed operationally beyond the headline numbers?
Development of a ~18 MW wind-solar hybrid power plant in Gujarat is well underway for captive consumption to reduce power costs, grid dependence, and carbon footprint.
What is management guiding or targeting from here?
Management highlighted that recent inbound acquisitions and capex initiatives are expected to be EPS accretive, enhance gross margins, and accelerate GTBL's transition into a globally integrated fermentation CDMO player.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
MicroBiopharm Japan Acquisition Closing: Monitor regulatory approvals and closing of the acquisition of MicroBiopharm Japan Co., Ltd. expected in Q2 FY27.
- 02
Hybrid Power Plant Commissioning: Track completion and operational integration of the ~18 MW wind-solar hybrid power plant in Gujarat.
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