Vikram Thermo (India) Ltd – Company Report
1. Company Overview
Vikram Thermo (India) Ltd, founded in 1985 and headquartered in Ahmedabad, is a prominent research-driven manufacturer of pharmaceutical excipients, specialty polymers, and aromatic chemicals. The company is recognized as India’s first EXCiPACT GMP-certified excipients firm and holds multiple certifications including ISO 9001 and HALAL. It operates two state-of-the-art manufacturing divisions—chemical (Diphenyl Oxide) and polymer/pharma division (film coatings, taste-masking, moisture barrier, and ready-mix coating systems). Vikram Thermo supplies its proprietary products to over 600 domestic and international pharma clients, exports to more than 30 countries, and is registered with US-DMF and other global regulatory bodies. Its relentless R&D focus and continuous process improvement underpin its leadership in the pharma coatings and excipients market.
Key Highlights:
- Incorporated: 1985
- Headquarters: Ahmedabad, Gujarat, India
- Facilities: 2 advanced plants (chemicals and polymers), 51–200 employees
- Certifications: EXCiPACT GMP, ISO 9001, HALAL, US-DMF
- Market: India and overseas exports (30+ countries)
- Segments: Pharma excipients, coating polymers, Diphenyl Oxide (DPO), specialty chemicals
2. Products and Services
- Pharma Polymers: Methacrylate-based co-polymers (Drugcoat range: enteric, sustained release, taste masking)
- Ready-Mix Coating Systems: For film, enteric, moisture barrier, and specialty coatings
- Aromatic Chemicals: Diphenyl Oxide (DPO) for pharmaceuticals, perfumery, and flavors
- Cosmetic Polymers: Thickening/gelling agents (Carbomer-based, AQUAPOL)
- Ion Exchange Resins (APION): Taste masking and improved drug delivery
- Custom Solutions: Ready-to-use, client-specific polymers and coating systems for global dossiers
3. Recent News and Business Developments
- Ramped up exports and entered into new supply agreements with international pharma majors
- Increased capacity utilization for the ready-mix and taste-masking product lines
- Strengthened partnerships with global regulatory agencies; maintained EXCiPACT certification and DMF filings
- Invested in plant automation and proprietary coating technologies
- New Product Launch – APION (2022): The company launched a new ion exchange polymer line aimed at improving taste masking and drug disintegration, enhancing patient compliance for bitter drugs
4. Financial Performance (FY2025)
| Metric | FY2025 Value |
|---|---|
| Total Revenue | ₹126 crore |
| Net Profit | ₹8.1 crore |
| Earnings Per Share | ₹2.58 |
| Operating Margin | 35% |
| Net Margin | 6.5% |
| Return on Equity | 19% |
| Dividend Yield | 0.45% |