Vikram Thermo (India) is a research-driven manufacturer that makes the invisible coatings on your pills work properly. Born in 1985 and sharpened by a 2024 demerger that shed its aromatic chemicals division, the company now does one thing: it creates the specialised polymers that control how and where a medicine releases in the body. That recurring approach - in-house R&D translating polymer science into ready-to-use products, backed by hands-on technical support - explains everything that follows. # Business segments A single-engine business - a focused pharma-polymer house that sells both the raw coating ingredients and the pre-mixed, ready-to-use coating systems, all supported by an in-house application lab. ## 1. Pharma Polymers: the coatings that make pills work **The company makes the polymers that coat solid oral medicines - both as basic ingredients for formulators and as ready-to-use systems under the DRCOAT brand - and then helps customers apply them correctly.** - **Two product forms, same science** - it manufactures basic methacrylic acid and ethyl acrylate-based co-polymers (the raw coating materials) and also sells readymix coating systems under the brands DRUGCOAT, DRCOAT, APION, and AQUAPOL, giving customers a choice between building their own formulation or buying a pre-engineered solution. - **R&D is the factory's brain** - a robust in-house R&D centre staffed with pharmacists, research scientists, chemists, and chemical engineers develops the polymers, while a separate Application F&D team provides complimentary technical support to customers so the coatings perform correctly on their production lines. - **Regulatory approvals open global doors** - the company holds EXCIPACT, GMP, ISO 9001:2008, and Halal certifications, has passed audits by multiple multinational companies, and has filed US-DMFs (Drug Master Files) for its products, which means its materials are pre-qualified for use in drugs sold into regulated markets like the United States. - **Dedicated plants at two locations** - all manufacturing happens at EXCIPACT GMP-standard facilities, including one in Dhanot, Gujarat, spread over roughly 8,425 square metres, producing for both the Indian market and a steadily expanding set of export customers, with no single customer accounting for more than a tenth of revenue. - **Petrochemical roots, pharma standards** - the raw materials are petrochemical-based, so the business sits at the intersection of industrial chemistry and stringent pharmaceutical quality requirements, manufacturing to pharmacopeial GMP standards while managing energy consumption for optimum efficiency. # Group structure and partners **The company stands alone - no subsidiaries, no joint ventures - after a 2024 demerger that carved out its aromatic chemicals business into a separately listed entity, leaving Vikram Thermo as a pure-play pharma polymer company.** - **The demerger created a pure play** - the Aromatic Chemicals (Diphenyl Oxide) business was separated into Vikram Aroma Limited under an NCLT-approved scheme effective May 4, 2024, because the two businesses had different capital needs, risk profiles, and competitive landscapes, and each could scale faster on its own. - **Shareholders kept both pieces** - for every 10 shares held in Vikram Thermo, shareholders received 1 share in the new Vikram Aroma Limited, so the ownership structure remained identical across both companies, with Vikram Aroma listing on the BSE and trading from March 6, 2025. - **No subsidiaries or associates** - the company operates without any subsidiary, joint venture, or associate company, making it a straightforward, single-entity business with related-party transactions only with entities controlled by key management or their relatives, such as Vikram Ingredients Pvt Ltd and the now-separate Vikram Aroma Limited.