Other income turns Themis Medicare profitable despite operating loss
Consolidated operating profit was negative Rs 52.42 cr, while Rs 96.54 cr of other income lifted profit before tax to Rs 38.60 cr.
Filed 13 Aug 2026, 12:57 IST · THEMISMED (THEMISMED)
Key takeaways
- The consolidated quarter produced Rs 24.61 cr of net profit despite an operating loss of Rs 52.42 cr.
- Other income of Rs 96.54 cr exceeded revenue of Rs 86.96 cr, making reported profit reliant on non-operating income.
- Management said it plans to enter regulated EU and US markets within 3 to 5 years while focusing on the hospital business.
Profit came from outside operations
Themis Medicare reported consolidated net profit of Rs 24.61 cr even though expenses of Rs 139.38 cr exceeded revenue of Rs 86.96 cr, resulting in an operating loss of Rs 52.42 cr. Other income of Rs 96.54 cr was larger than revenue and was the key reason profit before tax reached Rs 38.60 cr. Tax of Rs 13.99 cr absorbed 36.24% of profit before tax, leaving EPS at Rs 2.67.
Hospital expansion is still a build-out effort
Management said the company is focusing on its hospital business, with its Critical Care and Intensive Care teams adding launches and increasing hospital and doctor coverage. The presentation flags the need for a broad product portfolio and says relationships and reputation with key accounts take time to build. Management also said the company aims for leadership in anesthesia and critical care and plans to enter regulated EU and US markets within 3 to 5 years.
Fragmented market shapes the strategy
The company said India's hospital market is highly fragmented, unlike Western markets where 3 to 4 players control 90% of market share. That market structure, alongside the need for a large portfolio and longer account-building cycles, frames management's stated push into corporate hospitals and nursing homes. The quarter's negative operating margin of -60.28% shows the gap between that strategy and current operating earnings.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹87 cr |
| Other income | ₹97 cr |
| Expenses | ₹139 cr |
| Operating profit | ₹-52 cr |
| Operating margin (%) | -60.28% |
| Interest | ₹3 cr |
| Depreciation | ₹3 cr |
| Profit before tax | ₹39 cr |
| Tax | ₹14 cr |
| Net profit | ₹25 cr |
| EPS (₹) | ₹2.67 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Critical Care and Intensive Care teams are building the Hospital Business through new launches and increased coverage.
Guidance & outlook
- The company aims to achieve a leadership position in India with corporate hospitals and nursing homes.
- The company’s strategy is to focus on the Hospital business.
- The company aspires to achieve leadership in anesthesia and critical care.
Expansion
- The company plans to enter regulated EU and US markets within three to five years.
Competition
- The hospital market is highly fragmented, unlike the West where three to four players control 90% of market share.
Problems & risks
- The hospital business requires a large product portfolio to serve the segment.
- Building relationships and reputation with key accounts takes time.
What to watch
- Whether operating margin improves from -60.28% as hospital coverage and new launches expand.
- Whether other income remains below revenue of Rs 86.96 cr in a subsequent quarter.
- Evidence of progress in the hospital business against management's 3 to 5 year timeline for regulated EU and US markets.