Are Themis Medicare Ltd latest results good or bad?

Themis Medicare Ltd's latest financial results for the quarter ended September 2025 reveal significant operational challenges. The company reported net sales of ₹77.99 crores, reflecting a decline of 33.35% year-on-year and a decrease of 20.08% from the previous quarter. This marks the weakest quarterly performance in over two years, indicating potential issues with market share or product offerings. The operating margin turned negative at -3.97%, a stark contrast to the previous year's margin of 14.64%. This shift suggests a severe deterioration in profitability, compounded by an operating loss of ₹3.10 crores, compared to a profit of ₹17.13 crores in the same quarter last year. The net profit for the quarter was reported at a loss of ₹3.62 crores, which is a significant decline from prior periods. Over the first half of FY26, Themis Medicare has accumulated losses totaling ₹17.84 crores, contrasting sharply with profits of ₹38.97 crores in the same period last year. This represents a fundamental shift in the company's financial health rather than a temporary setback. The company's balance sheet remains relatively healthy, but profitability metrics have sharply declined, with a return on equity (ROE) of -3.47% and a return on capital employed (ROCE) of 8.28%. The shareholding pattern indicates minimal institutional confidence, with promoter holding at a low 2.43%, fully pledged, raising concerns about management commitment. Overall, the financial data suggests that Themis Medicare is facing critical operational issues that require immediate attention. The company saw an adjustment in its evaluation, reflecting the ongoing challenges in maintaining profitability and market position.