Themis Medicare Limited (THEMISMED.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-22.9%

₹77.05

vs ₹100.00 price

Levered DCF

-₹8.35

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	550.58×	45.76×	47.62×	19.09×	11.83×	7.23×	8.89×	-24.59×
P/B	1.58×	3.39×	5.49×	3.2×	3×	1.19×	1.21×	1.67×
P/S	1.84×	3.37×	5.43×	3.06×	2.19×	1.12×	1.1×	1.44×
EV / EBITDA	31.42×	29.39×	29.44×	14.76×	9.02×	6.16×	6.98×	47.8×
Gross margin	31.8%	67.5%	63.4%	66.6%	61.5%	65.1%	67.8%	62.2%
Operating margin	-2.9%	9.7%	34.1%	16.1%	21.8%	17.8%	13.6%	-3.1%
Net margin	0.3%	7.4%	11.4%	16.1%	18.5%	15.5%	12.3%	-5.8%
Current ratio	1.84×	1.95×	1.9×	1.9×	1.96×	1.45×	1.17×	1.02×
Debt / equity	0.25×	0.21×	0.25×	0.27×	0.28×	0.4×	0.58×	0.52×
Interest coverage	-0.93×	3.9×	13.9×	5.96×	9.82×	3.22×	2.13×	-0.48×
Dividend yield	0.7%	0.3%	0.2%	0.4%	0.5%	0.6%	0.0%	0.0%
Payout ratio	402.3%	15.4%	10.6%	8.1%	5.4%	4.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.3%	7.4%	11.5%	16.8%	25.4%	16.3%	13.5%	-6.8%
Return on invested capital	-1.2%	5.9%	22.1%	10.2%	17.6%	11.5%	8.8%	-2.0%
Return on assets	0.2%	5.1%	7.7%	11.1%	17.0%	9.6%	7.1%	-3.4%
Free cash flow yield	-2.7%	1.4%	0.2%	-1.2%	1.6%	15.0%	-2.5%	2.0%
Earnings yield	0.2%	2.2%	2.1%	5.2%	8.5%	13.8%	11.2%	-4.1%
Enterprise value	₹7.2B	₹14.4B	₹21.6B	₹11.7B	₹9.2B	₹3.3B	₹3.2B	₹3.4B
Net debt / EBITDA	3.96×	1.56×	1.17×	1.01×	0.58×	1.28×	2.21×	11.1×
Cash conversion cycle (days)	237	250	231	239	163	250	327	244