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Vikram Thermo (India) (BSE 530477)₹324.45−2.27%Commodity Chemicals
In the Mar 2026 quarter (standalone), Vikram Thermo (India) reported sales of ₹37.79 Cr, up 39.3% from Mar 2025, and net profit of ₹8.51 Cr, up 109.6% year on year. For the year to Mar 2026, sales were ₹134 Cr and net profit ₹37.96 Cr.
Company filings, standalone accounts; latest reported quarter Mar 2026
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 21.72 | 33.86 | 24.37 | 27.38 | 31.14 | 33.67 | 34.31 | 27.13 | 28.61 | 34.63 | 34.03 | 37.79 |
| Expenses | 13.38 | 21.76 | 14.95 | 19.94 | 19.62 | 21.20 | 20.99 | 20.48 | 17.31 | 19.18 | 18.92 | 25.85 |
| Operating Profit | 8.35 | 12.11 | 9.43 | 7.49 | 11.57 | 12.50 | 13.37 | 6.68 | 11.33 | 15.51 | 15.16 | 11.98 |
| OPM % | 38.5% | 35.8% | 38.7% | 27.4% | 37.2% | 37.2% | 39.0% | 24.7% | 39.6% | 44.8% | 44.6% | 31.8% |
| Other Income | 0.33 | 0.21 | 0.22 | −0.25 | −23.56 | −0.07 | −0.49 | 1.03 | 0.16 | 0.21 | 0.45 | 0.92 |
| Interest | 0.36 | 0.25 | 0.27 | 0.18 | 0.18 | 0.17 | 0.41 | 0.15 | 0.11 | 0.08 | 0.12 | 0.10 |
| Depreciation | 0.60 | 0.86 | 0.63 | 0.61 | 0.63 | 0.65 | 0.63 | 0.62 | 0.69 | 0.75 | 0.77 | 0.77 |
| Profit before tax | 7.71 | 11.17 | 8.74 | 6.40 | −12.84 | 11.56 | 11.78 | 6.91 | 10.65 | 14.85 | 14.67 | 12.00 |
| Tax % | 25.5% | 26.1% | 26.4% | 23.0% | 23.0% | 15.5% | 23.3% | 41.3% | 25.4% | 25.4% | 25.4% | 29.0% |
| Exceptional items | 0.00 | 0.00 | 0.00 | −1.01 | −21.99 | −0.99 | −1.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Profit | 5.75 | 8.26 | 6.43 | 4.92 | −15.82 | 9.78 | 9.01 | 4.06 | 7.95 | 11.07 | 10.95 | 8.51 |
| EPS (Rs) | 1.84 | 2.64 | 2.06 | 1.58 | −5.05 | 3.13 | 2.88 | 1.31 | 2.54 | 3.54 | 3.50 | 2.72 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 38.01 | 45.05 | 49.04 | 58.04 | 56.02 | 73.97 | 93.06 | 112 | 101 | 126 | 134 | 135 |
| Expenses | 31.07 | 37.05 | 44.09 | 49.06 | 44.11 | 55.07 | 78.12 | 85.18 | 64.11 | 82.17 | 80.12 | 81.26 |
| Operating Profit | 8.01 | 8.01 | 5.01 | 9.01 | 12.01 | 18.01 | 15.01 | 26.04 | 37.04 | 45.07 | 54.07 | 53.98 |
| OPM % | 20.1% | 19.1% | 10.1% | 15.1% | 21.1% | 25.1% | 16.1% | 23.0% | 37.1% | 35.1% | 40.1% | 40.0% |
| Other Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.99 | 0.99 | 0.00 | −22.96 | 1.99 | 1.74 |
| Interest | 0.00 | 0.00 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.99 | 0.00 | 0.41 |
| Depreciation | 1.01 | 0.99 | 2.01 | 1.99 | 2.01 | 2.01 | 3.01 | 2.99 | 1.99 | 2.99 | 3.01 | 2.98 |
| Profit before tax | 5.99 | 6.99 | 2.99 | 5.99 | 8.98 | 15.98 | 11.97 | 22.97 | 33.97 | 17.98 | 51.93 | 52.17 |
| Tax % | 33.9% | 34.9% | 24.9% | 27.9% | 23.0% | 24.9% | 26.0% | 27.0% | 24.9% | 56.0% | 25.9% | — |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net Profit | 3.99 | 4.99 | 2.01 | 3.99 | 6.99 | 11.99 | 8.99 | 17.01 | 24.99 | 7.99 | 37.96 | 38.48 |
| EPS (Rs) | 1.52 | 1.69 | 0.85 | 1.59 | 2.31 | 3.84 | 2.77 | 5.40 | 8.10 | 2.59 | 12.28 | 12.30 |
| Dividend payout % | 20.1% | 20.0% | 12.1% | 19.1% | 13.0% | 8.1% | 2.0% | 9.1% | 9.1% | 39.1% | 10.1% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5.99 | 5.99 | 5.99 | 5.99 | 5.99 | 5.99 | 6.01 | 6.01 | 31.00 | 31.00 | 30.96 | 30.99 |
| Reserves | 22.99 | 26.99 | 31.97 | 32.96 | 36.96 | 47.97 | 58.93 | 66.93 | 57.99 | 81.97 | 89.86 | 126 |
| Borrowings | 4.01 | 1.01 | 6.02 | 12.02 | 14.05 | 6.02 | 10.03 | 15.05 | 19.06 | 7.02 | 6.00 | 5.01 |
| Other Liabilities | 7.98 | 7.97 | 10.02 | 8.96 | 8.97 | 13.00 | 16.03 | 15.98 | 18.91 | 21.90 | 17.92 | 25.92 |
| Total Liabilities | 40.97 | 40.96 | 53.00 | 59.93 | 65.97 | 72.98 | 92.00 | 104 | 127 | 143 | 146 | 188 |
| Fixed Assets | 9.99 | 17.01 | 21.02 | 29.99 | 34.03 | 34.03 | 31.99 | 53.06 | 61.07 | 61.02 | 45.03 | 57.07 |
| CWIP | 9.02 | 1.01 | 7.02 | 4.01 | 0.00 | 6.02 | 18.05 | 0.00 | 0.00 | 1.01 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.01 | 10.01 | 11.01 | 11.01 | 15.01 | 0.00 | 20.02 |
| Other Assets | 21.96 | 21.94 | 24.96 | 25.93 | 31.94 | 31.92 | 31.95 | 39.90 | 54.88 | 64.85 | 101 | 110 |
| Inventories | 4.26 | 3.72 | 6.34 | 5.04 | 5.14 | 7.37 | 9.05 | 11.62 | 9.91 | 14.62 | 10.61 | 10.29 |
| Trade receivables | 13.28 | 14.62 | 14.25 | 18.68 | 21.93 | 19.68 | 19.91 | 23.62 | 33.29 | 39.24 | 44.20 | 45.92 |
| Cash & equivalents | 2.77 | 0.42 | 0.23 | 0.22 | 2.77 | 1.71 | 0.35 | 1.57 | 3.51 | 3.17 | 0.51 | 6.49 |
| Total Assets | 40.97 | 40.96 | 53.00 | 59.93 | 65.97 | 72.98 | 92.00 | 104 | 127 | 143 | 146 | 188 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 1.99 | 1.99 | 5.98 | 2.99 | 3.99 | 12.95 | 14.96 | 5.98 | 12.96 | 22.94 | 23.92 | 51.80 |
| Cash from investing activity | −3.01 | −1.01 | −10.03 | −8.01 | −2.01 | −10.02 | −19.06 | −7.01 | −13.03 | −9.02 | −22.05 | −41.10 |
| Cash from financing activity | 1.01 | −4.01 | 4.01 | 4.01 | 1.01 | −4.01 | 3.01 | 3.01 | 1.01 | −14.04 | −4.01 | −5.01 |
| Net cash flow | 0.00 | −1.99 | 0.00 | 0.00 | 2.99 | −0.99 | −0.99 | 0.99 | 1.99 | 0.00 | −2.99 | 4.99 |
| Capex | 3.61 | 0.77 | 10.92 | 7.75 | 1.97 | 8.68 | 0.00 | 0.00 | 0.00 | 5.42 | 40.98 | 9.77 |
| Free cash flow | −2.01 | 1.01 | −5.01 | −4.01 | 2.01 | 4.01 | 4.01 | −1.01 | 0.00 | 17.02 | −16.01 | 42.07 |
| CFO / OP % | 52.1% | 48.1% | 93.1% | 86.1% | 56.1% | 129.1% | 102.1% | 63.1% | 71.1% | 86.1% | 81.1% | 119.1% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 132 | 140 | 116 | 140 | 139 | 130 | 100 | 94 | 110 | 143 | 129 | 126 |
| Inventory days | 63 | 63 | 97 | 59 | 52 | 96 | 93 | 73 | 63 | 136 | 75 | 86 |
| Days payable | 85 | 82 | 103 | 71 | 53 | 108 | 93 | 63 | 70 | 120 | 75 | 105 |
| Cash conversion cycle | 111 | 123 | 111 | 128 | 139 | 119 | 101 | 106 | 104 | 160 | 130 | 108 |
| Working capital days | 84 | 145 | 119 | 82 | 84 | 102 | 62 | 72 | 61 | 129 | 122 | 144 |
| ROCE % | 16.1% | 20.0% | 19.0% | 8.0% | 14.1% | 17.0% | 24.1% | 15.1% | 25.1% | 31.0% | 35.0% | 36.1% |
For the Mar 2026 quarter, Vikram Thermo (India) reported sales of ₹37.79 Cr, up 39.3% year on year and net profit of ₹8.51 Cr, up 109.6% year on year. The operating margin was 31.8%.
Vikram Thermo (India)'s sales for the year to Mar 2026 were ₹134 Cr; over the last twelve months they were ₹135 Cr.
Net profit for the year to Mar 2026 was ₹37.96 Cr, and ₹38.48 Cr over the last twelve months. Earnings per share over the same trailing period were ₹12.30.
Vikram Thermo (India) reported borrowings of ₹5.01 Cr at Mar 2026, against cash and equivalents of ₹6.49 Cr.
Cash from operations was ₹51.80 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹42.07 Cr.