Vikram Thermo

What Vikram Thermo does

Vikram Thermo India Ltd. (BSE: VTIL) is a public Indian specialty chemical manufacturer founded in 1985 and headquartered in Ahmedabad, Gujarat. The company manufactures, markets, and exports pharmaceutical excipients and functional polymer systems to pharmaceutical, cosmetic, and nutraceutical manufacturers across 45+ countries. The core technology centers on methacrylic acid copolymers, ammonio methacrylate copolymers, and ion-exchange resins that enable pharmaceutical formulators to control drug release, mask taste, and protect APIs in oral solid dosage and liquid oral formulations.

Vikram Thero's product portfolio is organized into four registered proprietary families: DRUGCOAT® (functional methacrylic acid copolymers for enteric, sustained release, and taste masking), DRCOAT® (ready-to-use pre-formulated coating systems requiring only dilution), AQUAPOL® (cross-linked acrylic rheology modifiers for cosmetic and pharmaceutical thickening and suspension), and APION® (ion exchange resins for tablet disintegration and taste masking). The company operates manufacturing facilities in Ahmedabad with 10,000+ tons of annual capacity and 200+ employees, supported by a Formulation & Development technical team and a next-generation R&D lab. It was the first Indian company to receive EXCiPACT GMP certification (continuously since 2015) and also holds US DMF (2024), ISO 9001 (2014), WHO cGMP (2005), and HALAL certifications.

The business model is B2B enterprise field sales of specialty functional ingredients, sold as one-time purchases under quote-based pricing with technical consultation required. Go-to-market relies on direct sales to formulation and procurement teams at pharmaceutical manufacturers, complemented by regional distribution partnerships across 45+ countries, sample-driven conversion via website requests, and active participation in CPHI, AAPS, and regional pharma expos. Revenue is not publicly disclosed; based on capacity, headcount, and specialty excipient pricing benchmarks, the company likely falls in the $25M–$50M revenue band, though disclosure is limited. Pricing is not publicly disclosed, the controlling shareholder (Rachana Vikalp Patel) holds 66.01% as of June 2026, and the company is positioned as the world's second-largest methacrylic acid manufacturer.

Name

Vikram Thermo

Legal name

Vikram Thermo India Ltd.

Website

https://vikramthermo.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

Vikram Thermo India Ltd. (BSE: VTIL) is an Ahmedabad-based specialty polymer manufacturer producing pharmaceutical excipients and functional coating systems (DRUGCOAT, DRCOAT, AQUAPOL, APION) for global pharmaceutical, cosmetic, and nutraceutical manufacturers across 45+ countries, with EXCiPACT, US DMF, WHO cGMP, and ISO 9001 certifications.

Ownership category

akta.pro rank

Product category

Pharmaceutical Excipients

NAICS

Resin and Synthetic Rubber Manufacturing (32521)

SIC

Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820)

akta.pro primary industry

Acrylics & Methacrylates (PMMA, Acrylic Resins) (IMAEANAG)

Keywords

• Pharmaceutical excipients
• Tablet coating systems
• Functional polymers
• Controlled release formulations
• Methacrylate copolymers

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Pharmaceutical Excipients and Coating Polymers: Revenue generated from the sale of specialty excipients and functional polymer systems including DRUGCOAT®, DRCOAT®, AQUAPOL®, and APION® product families. Products are sold as functional ingredients to pharmaceutical manufacturers for use in oral solid dosage and liquid oral formulations.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Vikram Thermo manufactures and sells pharmaceutical excipients and functional polymer systems used as functional ingredients in oral solid dosage forms and liquid oral formulations. The company's product portfolio consists of four proprietary families: DRUGCOAT® methacrylic acid copolymers for enteric, sustained-release and taste-masking applications; DRCOAT® ready-to-use pre-formulated coating systems for immediate release, enteric, moisture barrier, and specialty coatings; AQUAPOL® cross-linked acrylic carbomer rheology modifiers for thickening and stabilization; and APION® ion-exchange resins for tablet disintegration and taste masking.

Product overview

Vikram Thermo India Ltd. is a pharmaceutical excipient and functional polymer manufacturer offering four core product lines: DRUGCOAT® (functional methacrylic acid copolymers for enteric, sustained release, and taste masking), DRCOAT® (ready-to-use pre-formulated tablet coating systems), AQUAPOL® (cross-linked acrylic rheology modifiers), and APION® (ion exchange resins for taste masking and controlled release). The portfolio serves oral solid dosage forms (tablets, capsules, pellets) and liquid orals (syrups, suspensions), providing coatings, release control, moisture protection, and disintegration solutions for global pharmaceutical and cosmetic manufacturers.

Differentiator

Problem solved

Functional benefit

Brands

• DRUGCOAT®: Functional methacrylic acid copolymer systems for enteric coating, sustained release, and taste masking applications. Includes L & S Series (enteric coating), E Series (taste masking), and RL/RS & NE Series (sustained release).
• DRCOAT®
• AQUAPOL®
• APION®

Products and services

• DRUGCOAT® Functional methacrylic acid copolymer systems for enteric coating, sustained release, and taste masking applications in oral solid dosage forms, sold to pharmaceutical manufacturers globally.
• DRUGCOAT® L & S Series Enteric coating solutions using methacrylic acid copolymers with pH-dependent dissolution (pH 5.5–7.0) for targeted intestinal and colon drug delivery.
• DRUGCOAT® E Series Taste masking and protective coating solutions using gastric-soluble amino methacrylate copolymers that dissolve below pH 5.0.
• DRUGCOAT® RL/RS & NE Series Sustained-release polymer formulations using ammonio methacrylate copolymers for membrane-controlled drug release over extended periods.
• DRCOAT® Ready-to-use pre-formulated tablet coating systems combining polymer, plasticiser, pigment, and process aids for immediate release, enteric, moisture barrier, and specialty coating applications.
• DRCOAT® Enteric coating products Pre-formulated enteric coating systems (ECA aqueous, ECS non-aqueous, EZ ready-to-spray aqueous dispersion) for pH-responsive drug delivery.
• DRCOAT® Immediate release film coating products HPMC-based and PVA-based aqueous coating systems (FCA, FCA II, FCA III, HSP) for protective and aesthetic tablet film coating.
• DRCOAT® Moisture barrier coating products Protective coating systems (MB-A, MB-S, HSP+) for safeguarding hygroscopic active pharmaceutical ingredients from moisture degradation through shelf life.
• DRCOAT® Specialty products Specialized coating formulations including colour-coated, pearlescent, and flavoured systems for brand differentiation and patient compliance.
• AQUAPOL® Cross-linked acrylic polymer rheology modifiers for viscosity control, suspension stabilization, and thickening in pharmaceutical and cosmetic formulations.
• AQUAPOL® SF Series Cosmetic-grade polymer series for rheology modification in personal care and topical applications.
• AQUAPOL® Carbomer Series High-efficiency carbomer thickening polymers for superior suspension and stabilization in pharmaceutical and cosmetic formulations.
• APION® Ion-exchange resin polymers for tablet disintegration, taste masking in syrups and suspensions, and sustained/delayed release applications.
• APION® T Series Taste-masking ion-exchange resins for bitter drug compounds in oral solid and liquid dosage forms.
• APION® A Series Sustained and delayed-release ion-exchange resin formulations for controlled drug delivery.
• APION® D Series Tablet disintegration agents using ion-exchange technology for fast and consistent tablet breakdown.

Quantifiable outcome

• 45+ countries served globally with consistent international standard quality
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• FDD ConclavecoreGTM or Marketing Partner · 5 June 2026Golden Partner at FDD Conclave 2026, 10th Edition. Event held at Le Meridien Hotel, Hyderabad. Company participated as primary sponsor and presented technical session on drug release modulation using methacrylate copolymers.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Evonik Industries: Evonik's EUDRAGIT brand is the dominant global methacrylate copolymer product line for enteric, sustained release, and taste-masking coatings, directly competing with Vikram Thermo's DRUGCOAT family across the same pharmaceutical excipient customer base.
• Colorcon: Colorcon is the global leader in ready-to-use film coating systems (Opadry, Acryl-EZE) and competes head-to-head with Vikram Thermo's DRCOAT pre-formulated coating platforms for tablet and capsule manufacturers.
• Roquette: Roquette is a major global manufacturer of pharmaceutical excipients including cyclodextrins, starches, and coating polymers, serving the same oral solid dosage and oral liquid formulation customers as Vikram Thermo.
• JRS Pharma: JRS Pharma manufactures a wide range of pharmaceutical excipients including binders, disintegrants, and coating system components used in oral solid dosage forms, with overlapping customer base and product categories.
• Ashland: Ashland manufactures pharmaceutical excipients including film-formers, rheology modifiers, and controlled-release polymers that overlap directly with Vikram Thermo's AQUAPOL carbomer and polymer product families.
• Corel Pharma Chem: Corel Pharma Chem is an Indian manufacturer of pharmaceutical excipients and specialty chemicals, including coating polymers and functional excipients, directly competing with Vikram Thermo in domestic and export markets.
• Seppic (Air Liquide): Seppic manufactures specialty excipients and coating polymers for pharmaceutical and cosmetic applications, including polymer-based systems that overlap with Vikram Thermo's methacrylate copolymer and rheology modifier product lines.
• Lubrizol Life Science: Lubrizol's Carbopol carbomer polymers are the global benchmark for pharmaceutical and personal care rheology modification, directly competing with Vikram Thermo's AQUAPOL Carbomer Series in thickening and stabilization applications.

Broad incumbents

• Dow Chemical: Dow manufactures methacrylic acid monomers and a range of specialty polymers serving pharmaceutical, personal care, and industrial markets, providing upstream and downstream competition to Vikram Thermo's polymer excipient portfolio.
• BASF: BASF supplies a broad portfolio of pharmaceutical excipients, coating polymers, and specialty chemicals to the same global pharma customer base served by Vikram Thermo, with much broader grade coverage and regional scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vikram-thermo-india-limited

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vikram Thermo