Kindly refer to our intimation of credit rating.

TML/BSE/NSE/2026-27/33 9th October, 2026 The Manager The Manager – Listing Department Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Floor 25, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street, Mumbai- 400001 Bandra (East), Mumbai- 400051 Scrip Code – 530199 Symbol: THEMISMED Dear Sir/Madam, Sub: - Intimation regarding Credit Rating of the Company Pursuant to the requirement of Regulation 30 of the SEBI (LODR) Regulations, 2015, we would like to inform that CARE Ratings Limited, one of the Credit Rating Agency, has reviewed Credit ratings of the Company for bank facilities as under: Facilities/Instruments Amount Rating Remarks (Rs. Crore) Long Term Bank 77.39 CARE BB+; Stable Downgraded from CARE BBB-; Facilities Negative Short Term Bank 48.50 CARE A4+ Downgraded from CARE A3 Facilities We attach herewith press release issued by Credit Rating Agency for your reference please. You are requested to kindly take note of the same and disseminate the information on your website. For Themis Medicare Limited, Dinesh S. Patel Chairman & Director DIN: 00033273 Themis Medicare Limited Corporate Office: 11/12 Udyog Nagar, S V Road, Goregaon (W), Mumbai – 400 104, India *Tel.: 91-22-67607080*Fax: 91-22-67607070/ 28746621 Regd. Office: Plot No. 69-A, G.I.D.C., Industrial Estate, Vapi-Gujarat CIN No.: L24110GJ1969PLC001590 *Tel/ Fax No.: Regd. Off.: 0260-2431447/ 2430219 *E-mail: themis@themismedicare.com*Website: www.themismedicare.com Annexure - 2 Draft Press Release Themis Medicare Limited Name of the Facilities/Instruments Amount (₹ crore) Rating2 Rating Action Regulator1 Downgraded from CARE Long Term Bank Facilities RBI 77.39 CARE BB+; Stable BBB-; Negative Short Term Bank RBI 48.50 CARE A4+ Downgraded from CARE A3 Facilities Details of instruments/facilities in Annexure-1. Rationale and key rating drivers Downgrade in the ratings assigned to bank facilities of Themis Medicare Limited (TML) factors in reduction in the scale of operations with significant deterioration in the profitability margins in FY26 (FY refers to April 01 to March 30) and Q1FY27 (Q1 refers to April 01 to June 30). The significant decline in profitability in FY26 was led by increased competition for one of the high margin products in the formulation segment along with reduction in the prices of the product under API segment. The loss at PBILDT of ₹51.43 crore in Q1FY27 was primarily attributable to significant debtors and revenue write-offs undertaken by the company. The said reduction also led to deterioration in the debt coverage indicators. Care Ratings Limited (CareEdge Ratings) notes that TML has sold part of its investments in GTBL to the promoter providing liquidity cushion of ₹100 crore during Q1FY27 to fund the losses and debt reduction. Also, there was increase in share pledge of promoters holding to 43% as on June 30, 2026 owing to fund raise at promoter level to fund this share purchase. CareEdge Ratings expects profitability to remain subdued in remaining quarters owing to its product mix and stiff competition, but the funds raised though sale of investment is expected to support the liquidity in near term. The ratings continue to be constrained by moderate scale of operations, significant deterioration in profitability margins with operating loss incurred during Q1FY27, weak debt coverage indicators and highly working capital-intensive operations. The ratings also factor in susceptibility of profitability to fluctuation in input prices and foreign exchange fluctuations, intense competition and presence in a fragmented industry. However, ratings continue to derive strength from experienced and qualified promoters and management team, long track record of operations, comfortable capital structure and accredited manufacturing and Research and Development (R&D) facilities. Rating sensitivities: Factors likely to lead to rating actions Positive factors • Increase in scale of operations with PBILDT margin exceeding 12% on a sustained basis. • improvement in debt coverage indicators on a sustained basis. • Improvement in operating cycle below 180 days on a sustained basis. Negative factors • Deterioration in capital structure with overall gearing exceeding 1x a sustained basis. • Continuation of low profitability with the interest coverage remaining below 1.5x. • Elongation of working capital cycle leading to deterioration in liquidity position on a sustained basis. Analytical approach: Consolidated CARE has taken a consolidated view of TML and its subsidiaries namely Artemis Biotech Limited, Themis Chemicals Private Limited, Dr. Themis Private Limited. TML also has two associate companies, Gujarat Themis Biosyn Limited (rated CARE BBB; RWN/ CARE A3+; RWN) and Long Island Nutritionals Private Limited and a Joint venture company Richter Themis Medicare (India) Private Limited. Consolidated view has been taken on account of TML’s significant stake in these entities which are into similar line of business as well as similar set of management. Entities consolidated is given in Annexure-5. Outlook: Stable The “Stable” outlook on the long-term ratings reflects CARE Ratings’ expectation of gradual recovery of the business on the back of cost cutting measures implemented resulting in expected improvement in profitability margins along with expected recovery in sales of its key products, leading to achievement of envisaged revenue and profitability. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Detailed description of key rating drivers: Key strengths Experienced promoters with long track record of operations TML was established in 1969 by Late Shantilal D Patel. The company is presently managed by Dr Dinesh Patel, Executive Chairman and his son Dr Sachin Patel, MD & CEO. Dr Dinesh Patel is a PhD in Medicinal Chemistry and has been the recipient of several industrial accolades. Under his guidance and control, TML introduced many new molecules and products over the years. Dr Sachin Patel holds a doctorate in Biological Chemistry from Christ’s college, University of Cambridge, UK. Promoters are supported by well-qualified and experienced senior management comprising Indian and Hungarian personnels, having adequate experience in the industry. Accredited manufacturing and R&D facilities and moderately diversified portfolio of products TML operates a WHO-GMP-certified Bulk Drug / Active Pharmaceutical Ingredients (API) manufacturing facility in Vapi, Gujarat. The Hyderabad facility boasts of multiple certifications, including European Union Good manufacturing practice (EUGMP), Central Drugs Standard Control Organization (CDSCO) and Goods manufacturing practice (GMP), and specialises in bulk drugs and formulations for treating tuberculosis, P. falciparum, and severe malaria cases. The Haridwar unit is certified by the Philippines FDA and EUGMP. TML also has an R&D division in Vapi, approved by the Department of Scientific and Industrial Research (DSIR), Government of India. The company also runs a biotechnology plant in Hyderabad and a finished dosage formulation plant in Haridwar. TML is mainly involved in two segments: API and Formulation. The company has a diverse portfolio of products with over 240 products in formulations and six products in API. Comfortable capital structure TML’s financial risk profile is marked by capital structure stood comfortable in the last five years ended FY26 due to healthy accretion of profits to reserves and moderate dependence on external debt. This is marked by comfortable overall gearing of 0.36x as on March 31, 2026 which has slightly deteriorated from 0.26 [Showing first 8,000 characters — download PDF for full document]