Vikram Thermo (India) Limited (530477) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Vikram Thermo (India) Limited ₹1,197, price ₹406, upside +194.8%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹28.72 – ₹436.20 · fair‑value band ₹702.42 – ₹1,510 · the ₹405.90 price screens below the ₹1,197 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Vikram Thermo (India) Limited engages in the manufacturing, marketing, and exporting of pharmaceutical excipients and chemicals.
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Vikram Thermo (India) Limited engages in the manufacturing, marketing, and exporting of pharmaceutical excipients and chemicals. The company offers pharma polymer products, such as DRUGCOAT, a methacrylic acid based basic pharma polymer used for enteric and protective coating, taste masking, and sustained release formulation; and DRCOAT, a ready to use tablet coating system for enteric coating/film coating/moisture barrier and specialty coating applications in the pharmaceutical industry. It also provides aromatic chemical products, including diphenyl oxide used as a perfumery component in detergents, soaps, toiletries, and essence sticks; reaction solvent in the manufacture of drugs; heat transfer fluid; specialty surfactant in textiles, mining, petroleum, agriculture, etc.; and fire retardant in the plastic industry. Vikram Thermo (India) Limited was founded in 1984 and is based in Ahmedabad, India.
Stock analysis
Vikram Thermo (India) Limited (530477) currently trades at ₹405.90, while our model-based Fair Value estimate is ₹1,197, implying the stock looks roughly 66.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹1,501 per share, and 23 of the 26 models we run sit above the ₹405.90 price.
Bear case: the Asset-Based group reads lowest at ₹167.59, and 3 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹702.42 (bear) to ₹1,510 (bull), the price of ₹405.90 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Health Care sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Vikram Thermo (India) Limited reported revenue of ₹1.3B in FY2026 versus ₹926M in FY2022, a compound +9.7%/yr. Reported net income was ₹385M in FY2026, compounding +45.1%/yr from FY2022.
Key figures
Market cap ₹1.2B (≈ $12.8M) · P/E ratio 9.4 · P/S ratio 2.70 · EPS (TTM) ₹16.65 · Dividend yield 0.4% · Net margin 28.7% · Return on assets (EBIT) 18.5% · Operating margin 22.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 198% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Health Care peers we cover trades at −40% fair-value upside, at 195%, 530477 screens cheaper than that median.
Fair Value models
Bear ₹702.42Fair Value ₹1,197Bull ₹1,510
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹7.72 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.93/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.8%
Start year 2021 (pandemic). Over 10 years: +13.3% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.9%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+26.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.1%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.34.7% vs 22.0%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 38%
2026 sits 128% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +15.7% a year for the price.
Compare Vikram Thermo (India) Limited with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Pharmaceuticals · 51 stocks
Beats the industry median on 7/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+9.4% · Above median
Profitability
Return on assets0.0% · Below median
Net margin (TTM)16.6% · Top 25%
Operating margin (TTM)22.0% · Top 25%
Growth and dividend
Revenue growth49.4% · Top 25%
Dividend yield (TTM)0.4% · Bottom 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Pharmaceuticals median · lower = cheaper
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Is Vikram Thermo (India) Limited (530477) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹1,197 versus a price of ₹405.90, about +195% upside (undervalued).
What is the fair value of 530477?
Our model-based fair value for Vikram Thermo (India) Limited is ₹1,197 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹405.90.
What is the quality score of 530477?
Vikram Thermo (India) Limited has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Vikram Thermo (India) Limited (530477)?
Our model-based price target is the fair value of ₹1,197 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ₹702.42, optimistic scenario ₹1,510. It is a calculation from audited fundamentals, not an analyst target.
What is the Vikram Thermo (India) Limited stock forecast for 2026?
Our models put fair value at ₹1,197, about +195% upside versus a price of ₹405.90 (undervalued). Cautious scenario ₹702.42, optimistic scenario ₹1,510. The calculation is refreshed regularly with new filings.
What is the revenue of Vikram Thermo (India) Limited (530477)?
Vikram Thermo (India) Limited reported trailing-twelve-month revenue of about ₹628M (latest available figure, as of Sep 24, 2026).
Does Vikram Thermo (India) Limited pay a dividend?
Vikram Thermo (India) Limited currently shows a dividend yield of about 0.37% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Vikram Thermo (India) Limited (530477)?
For today's price to be fair in a discounted-cash-flow model, Vikram Thermo (India) Limited would have to grow free cash flow by +20.5 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 530477 use?
Our models discount Vikram Thermo (India) Limited at 11.2 %: a base by market capitalisation (nano), damped by beta 0.64, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Vikram Thermo (India) Limited that is +20.5 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Vikram Thermo (India) Limited (530477) delivered so far?
Over the past 5 years revenue at Vikram Thermo (India) Limited grew +12.8 % a year. The price currently implies +20.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Vikram Thermo (India) Limited (530477) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Vikram Thermo (India) Limited (+20.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Vikram Thermo (India) Limited (530477)?
The free-cash-flow yield on the price is 3.46 %: that much free cash flow Vikram Thermo (India) Limited produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vikram Thermo (India) Limited (530477)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vikram Thermo (India) Limited it is ₹1,197 per share (as of Sep 24, 2026), against a price of ₹405.90. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Vikram Thermo (India) Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 530477 trades below its calculated fair value: price ₹405.90, fair value ₹1,197, a gap of about +195% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 530477?
No. The price is what the market pays today (₹405.90); the fair value is what the company's own numbers justify (₹1,197). For Vikram Thermo (India) Limited the two are ₹790.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vikram Thermo (India) Limited worth?
The market values Vikram Thermo (India) Limited at about ₹1.2B (market capitalisation, as of Sep 24, 2026). Per share that is ₹405.90; our models calculate a fair value of ₹1,197 per share.
What do the bullish and bearish scenarios say about 530477?
Our models span a range for Vikram Thermo (India) Limited: cautious scenario ₹702.42, base ₹1,197, optimistic ₹1,510 per share (as of Sep 24, 2026, price ₹405.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 530477?
Vikram Thermo (India) Limited trades at a price-to-earnings ratio of 9.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,197 is built from several models across several years.
How solid is the balance sheet of Vikram Thermo (India) Limited (530477)?
Balance-sheet figures for Vikram Thermo (India) Limited (as of Sep 24, 2026): debt of 0.02 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 530477 from its 52-week high?
Vikram Thermo (India) Limited trades at ₹405.90, about 7% below its 52-week high of ₹436.20 and 198% above the low of ₹136.10 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,197 is for.
Which stocks are comparable to Vikram Thermo (India) Limited?
From the same area (Health Care) we also value Caregen Co, ST Pharm Co, Oscotec Inc, DongKook Pharmaceutical Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Vikram Thermo (India) Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹405.90, calculated fair value ₹1,197 (+195%), Quality Score 73/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 530477 calculated?
We run Vikram Thermo (India) Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,197, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Vikram Thermo (India) Limited currently trades 66 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Vikram Thermo (India) Limited (530477)?
The closing price on Oct 1, 2026 was ₹405.90. Our model-based fair value is ₹1,197, about +195% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vikram Thermo (India) Limited right now?
The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (₹702.42). The market is more pessimistic than our downside scenario. A fairly wide model range (₹702.42 to ₹1,510) leaves room in how you read the outcome.
Key figures of Vikram Thermo (India) Limited
How large is the market capitalisation of Vikram Thermo (India) Limited (530477)?
The market capitalisation of Vikram Thermo (India) Limited is ₹1.2B (≈ $12.8M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Vikram Thermo (India) Limited (530477)?
The price-to-sales ratio of Vikram Thermo (India) Limited is 2.70 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vikram Thermo (India) Limited (530477)?
Earnings per share at Vikram Thermo (India) Limited are ₹16.65 (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vikram Thermo (India) Limited (530477)?
The dividend yield of Vikram Thermo (India) Limited is 0.4% (payout 9.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Vikram Thermo (India) Limited (530477)?
The net margin of Vikram Thermo (India) Limited is 28.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Vikram Thermo (India) Limited (530477)?
On an EBIT basis the return on assets of Vikram Thermo (India) Limited is 18.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Vikram Thermo (India) Limited (530477)?
The operating margin of Vikram Thermo (India) Limited is 22.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vikram Thermo (India) Limited (530477)?
Revenue at Vikram Thermo (India) Limited is growing +49.4% versus a year earlier (3y avg +6.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Vikram Thermo (India) Limited (530477)?
Earnings per share at Vikram Thermo (India) Limited are growing +171% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vikram Thermo (India) Limited (530477) carry?
The net debt of Vikram Thermo (India) Limited is ₹62.4M (fiscal year 2025, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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