Vikram Aroma

BSE: VIKRAMAR · Specialty Chemicals

52W Range₹53 ₹105

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Snapshot

Unlock Vikram Aroma's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Vikram Thermo India Limited is a specialty chemical manufacturer based in Ahmedabad, focusing on the production of pharmaceutical excipients and cosmetic ingredients. Its core offerings include pH-sensitive polymers for enteric coating and sustained-release applications, alongside fragrance stabilizers.

Business Model

The company generates revenue through the research, development, and manufacturing of specialized chemical products sold to the pharmaceutical and personal care industries. It leverages its proprietary Drugcoat brand to provide functional coating solutions for oral solid dosage forms.

Growth Outlook

Growth is driven by the company's significant export presence and the increasing demand for advanced pharmaceutical excipients in global markets. Continued investment in its manufacturing facility in Indrad supports its capacity to serve international pharmaceutical and personal care clients.

Key Risks

  • Regulatory Compliance. The company faces risks associated with stringent international pharmaceutical quality standards and regulatory approvals for its excipients.
  • Raw Material Price Volatility. Fluctuations in the cost of chemical feedstocks and basic methacrylates can significantly impact profit margins.
  • Foreign Exchange Risk. As a company with a significant export presence, earnings are susceptible to volatility in currency exchange rates.
  • Competitive Pressure. The specialty chemicals sector is highly competitive, requiring continuous R&D investment to maintain market share against global players.

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Key Metrics

P/E

28.3x

Q4 FY26 · standalone

28.3 vs 22.3x5Y avg

EV/EBITDA

9.1x

Q4 FY26 · standalone

9.1 vs 7.7x5Y avg

NET PROFIT MARGIN

2.2%

Q4 FY26 · standalone

-7.6 ppYoY

DEBT TO EQUITY

0.1x

Q4 FY26 · standalone

+0.03xYoY

Peers · Specialty Chemicals

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Vikram AromaVIKRAMAR
₹25 Cr30.1711.0810.8%3.9%6.1%-20.2%
Kronox Lab Sciences LimitedKRONOX
₹666 Cr23.0516.306.1%38.7%27.7%35.9%+11.2%
Black Rose IndusBLACKROSE
₹584 Cr26.0116.4011.0%13.9%18.9%+19.1%
Vipul OrganicsVIPULORG
₹506 Cr63.1130.627.7%10.4%8.9%13.4%+29.6%
Plastiblends India LimitedPLASTIBLEN
₹493 Cr11.546.835.5%9.2%9.7%12.8%+0.5%
Aarti SurfactantAARTISURF
₹458 Cr24.919.8025.2%6.1%7.7%12.4%+19.0%

As of Q4 FY26

Financials