Gujarat Themis Biosyn Limited has published its postal ballot notice in newspapers as required under Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The pharmaceutical company, engaged in manufacturing fermentation-based Active Pharmaceutical Ingredients, published the notice in Western Times (English) and Western Times (Gujarati) editions on Thursday, 19th March, 2026.

Regulatory Compliance and Publication Details

The company has fulfilled its regulatory obligations by publishing the postal ballot notice in accordance with SEBI Listing Regulations. Company Secretary and Compliance Officer Vineet Gawankar confirmed the publication through an official communication to stock exchanges BSE Limited and National Stock Exchange of India Limited.

Key Resolutions for Shareholder Approval

The postal ballot encompasses two critical items requiring shareholder consideration through remote e-voting. The first resolution involves the re-appointment of Mrs. Kirandeept Madan as Non-Executive Woman Independent Director, while the second addresses material related party transactions with Themis Medicare Limited.

Director Re-appointment Details

The company proposes re-appointing Mrs. Kirandeept Madan (DIN: 00686547) as Non-Executive Woman Independent Director for a second term of five consecutive years. Her current term, which began on May 1, 2021, will expire on April 30, 2026. The proposed re-appointment will be effective from May 1, 2026 to April 30, 2031.

Mrs. Madan brings extensive experience as a Physiotherapist and Sociologist, with over 25 years of involvement in social work. She founded Sanskar India Foundation, a non-profit organization working on environment and social causes, and has been leading the organization as Director. Her flagship program 'Sanskar' operates successfully in over 150 schools across three languages.

Material Related Party Transactions

The second resolution seeks approval for material related party transactions with Themis Medicare Limited (TML) for an aggregate value of Rs. 50 Crores during Financial Year 2026-27. TML is a Promoter Group Company holding 23.19% equity share capital of Gujarat Themis Biosyn Limited.

Transaction Background and Rationale

The proposed transactions involve sale of fermentation-based Active Pharmaceutical Ingredients, intermediates, and other operational activities. These transactions are conducted in the ordinary course of business and on an arm's length basis, with pricing benchmarked to prevailing market prices and landed cost of products in India.

The transactions ensure stable demand and offtake of fermentation-based APIs manufactured by the company, supporting operational continuity and production efficiency. The Audit Committee has reviewed and approved these transactions after confirming they comply with the company's Related Party Transactions Policy and applicable laws.

E-Voting Process and Timeline

The company has engaged Central Depository Services (India) Limited (CDSL) to provide remote e-voting facility. The voting process will be conducted exclusively through electronic means, with no physical postal ballot forms being distributed.

Members whose names appear in the Register of Members or list of Beneficial Owners as on the cut-off date and whose email addresses are registered with the company, Registrar and Transfer Agent, or Depositories will be eligible to participate in the e-voting process.

Corporate Governance and Compliance

The postal ballot notice demonstrates the company's commitment to corporate governance and regulatory compliance. The resolutions address key aspects of board composition and business operations, ensuring transparency in decision-making processes.

The re-appointment of Mrs. Madan as Independent Director aligns with regulatory requirements under the Companies Act, 2013 and SEBI Listing Regulations. Her performance evaluation by the Board of Directors, in consultation with the Nomination & Remuneration Committee, has been positive, highlighting her valuable contributions to governance, social impact, and stakeholder engagement.

For the related party transactions, the company has provided comprehensive disclosures as per SEBI Master Circular requirements, including detailed financial information about Themis Medicare Limited and justification for the proposed transactions. The approval process ensures arm's length pricing and adherence to regulatory frameworks governing related party transactions.

Gujarat Themis Biosyn Limited announced its unaudited financial results for the quarter ended December 31, 2025, showcasing robust operational performance in the pharmaceutical sector. The company reported strong revenue growth with net profit of ₹125 crores compared to ₹130 crores in the corresponding quarter of the previous year, while revenue increased to ₹434 crores from ₹395 crores year-on-year.

Financial Performance Overview

The company delivered solid financial results for Q3FY26, demonstrating consistent growth across key metrics:

For the nine months ended December 31, 2025, the company achieved revenue from operations of ₹12,158.98 lakhs compared to ₹11,306.37 lakhs in the corresponding period of the previous year, representing a growth of 7.54%. Net profit for the nine-month period stood at ₹3,579.03 lakhs.

Management Commentary and Strategic Outlook

Commenting on the results, Dr. Sachin Patel, Director, highlighted the company's consistent performance and expansion initiatives. "The third quarter performance has been well in line with expectations, continuing on the momentum of the previous quarters. Consistency in volumes reflects a healthy demand scenario for our products, while tight cost optimizations have kept margins stable," he stated.

The company has completed its new fermentation facility, with production of existing products already underway. This additional capacity will enable Gujarat Themis Biosyn to ramp up supply capability to cater to a larger market. The company's R&D spend during the nine-month period was approximately 3% of revenue, focusing on new product development.

Operational Highlights and Expansion

The company's operational efficiency remained strong with total expenses of ₹2,691.11 lakhs for Q3FY26. Key expense components included cost of raw materials consumed at ₹662.40 lakhs, employee benefits expense of ₹475.68 lakhs, and power costs of ₹607.42 lakhs. The company benefited from a favorable change in inventories of finished goods, which contributed ₹79.85 lakhs to the bottom line.

In the API block, validation batches have been completed as part of the company's forward-integration strategy into providing fermentation-based as well as synthetic APIs, targeting key export markets. The company is also setting up a hybrid wind-plus-solar power plant in Gujarat for captive consumption, which will reduce power costs and dependence on the grid while lowering carbon footprint.

Leadership Transitions

The Board of Directors approved significant leadership changes to strengthen the organization's management structure:

Krupesh Patel brings 15 years of extensive experience across pharmaceutical, steel, consumer durables, and defense sectors. He currently serves as Assistant General Manager with Themis Medicare Limited and holds qualifications including MBA (Finance), Cost and Management Accountant (ICWA), Company Secretary (CS), and Law degree (LLB).

Regulatory Compliance and Future Outlook

The company recognized an incremental impact of ₹13.36 lakhs in its Q3FY26 results due to the implementation of four Labour Codes notified by the Government of India on November 21, 2025. The financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 5, 2026.

As one of India's few fermentation-based intermediate manufacturers in the pharmaceutical field, Gujarat Themis Biosyn continues to focus on expanding its product portfolio and targeting both domestic and export markets through its enhanced manufacturing capabilities.