Themis Medicare credit rating downgraded by CARE Ratings
Themis Medicare's credit rating was downgraded by CARE Ratings to BB+ from BBB-, citing deteriorating profitability. The company's operating income fell 15.34% to ₹344.58 crore in FY26, raising concerns over its financial stability.
after close1 source ↓machine-written, see hownot a recommendation
- Limited disclosed
- 9 October 2026
- facilities amount
- ₹77.39 crore
- short-term facilities total
- ₹48.50 crore
- income fell
- 15.34%
- in FY26
- ₹344.58 crore
Themis Medicare Limited disclosed on 9 October 2026 that CARE Ratings Limited has downgraded its long-term bank facilities to CARE BB+; Stable from CARE BBB-; Negative. The downgrade reflects the company's deteriorating profitability and weaker debt coverage. Additionally, its short-term bank facilities were downgraded to CARE A4+ from CARE A3. The long-term bank facilities amount to ₹77.39 crore, while the short-term facilities total ₹48.50 crore.
The downgrade is significant as it indicates a decline in credit quality, which could impact Themis Medicare's ability to secure financing and manage its operational costs effectively. The company's consolidated total operating income fell by 15.34% to ₹344.58 crore in FY26 from ₹407.01 crore in FY25, highlighting ongoing financial challenges. Furthermore, the promoter's pledged shareholding increased to 43% as of 30 June 2026, up from previous levels, following a fund raise aimed at acquiring investments in GTBL. This increase in pledged shares may raise concerns among investors regarding the financial stability of the company.
Looking ahead, investors should monitor Themis Medicare's upcoming financial disclosures and any strategic initiatives aimed at improving profitability. The company's ability to stabilize its financial metrics will be crucial for regaining investor confidence and potentially reversing the downgrade.
Source: Kalkine India, 9 October 2026
Not investment advice. For informational purposes only.