Thyrocare Technologies
THYROCARE NSE
Thyrocare Technologies
HealthcareNSE: THYROCARE BSE: 539871 Healthcare Services
Key Fundamentals
MicrocapHealthcare Service ProviderHealthcare ServicesMarket Cap
₹8,764 Cr
Volatility
Moderate
P/E Ratio
49.61
EBITDA
₹279 Cr
Return on Equity
27.79%
Debt to Equity
0.09
Book Value
₹32.21
EPS
₹14.66
52W High
₹662
52W Low
₹342.55
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 131%
Weaknesses
3- Stock is trading at 14.9 times its book value
- Promoters have pledged 100% of their holding.
- Promoter holding has decreased over last 3 years: -10.2%
Growth Rate
Revenue Growth
20.48% higher than
3Y
Net Income Growth
79.41% higher than
3Y
Cash Flow Change
11.45% lower than
3Y
ROE
67.51% higher than
3Y
ROCE
30.1% lower than
3Y
EBITDA Margin (Avg.)
12.87% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk high
Thyrocare Technologies trades at a market cap of ₹8,726 Cr with a PE of 54.2x and a price-to-book of 17.2x. The company is nearly debt-free with a last-year ROE of 28%, but faces significant governance concerns with 100% promoter pledge and declining promoter holding over 3 years by 10.2%.
Bull Case 8
- Company is almost debt-free, providing financial flexibility and minimal interest burden
- TTM profit growth of 85% signals a sharp recovery in earnings power
- Last year ROE of 28% is well above the 10-year average of 21%, indicating improving capital efficiency
- Compounded sales CAGR of 13% over 10 years reflects consistent top-line expansion in the diagnostics space
- Dividend yield of 2.52% with a payout ratio of 131% demonstrates strong cash return to shareholders
- 3-year compounded profit CAGR of 36% indicates accelerating earnings momentum beyond the long-term 12% trend
- 1-year stock CAGR of 63% reflects market re-rating of the business on improved fundamentals
- 5-year ROE consistency at 20% shows durable return generation through business cycles
Bear Case 8
- Promoters have pledged 100% of their holding, creating severe governance and forced-selling risk
- PE of 54.2x is expensive relative to the 10-year profit CAGR of just 12%, implying stretched valuations
- Promoter holding has decreased by 10.2% over the last 3 years, signaling potential lack of insider confidence
- Price-to-book of 17.2x (or 15.1x book value) makes the stock vulnerable to de-rating if growth slows
- 5-year compounded profit CAGR of only 8% suggests the recent 85% TTM surge may not be sustainable long-term
- 5-year stock CAGR of just 5% versus 10-year CAGR of 12% indicates prolonged underperformance in the medium term
- Dividend payout ratio of 131% exceeds net profits, which may not be sustainable without retained earnings growth
- 5-year sales CAGR of 11% is modest for a company trading at 54x earnings, creating a growth-valuation mismatch
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago Positives 1
- Strong FY26 revenue and profit Jun 30
Thyrocare reported consolidated revenue of ₹829.04 crore and net profit of ₹162.85 crore for FY26. Shareholders approved a final dividend of ₹7 per share, signaling confidence in cash flows.
Neutral 1
- New statutory auditor appointed Jun 30
Thyrocare appointed M/s. Price Waterhouse Chartered Accountants LLP as statutory auditor for a five-year term starting June 30, 2026. This is a routine governance action with no operational impact.
TL;DR: Thyrocare closed FY26 with solid revenue and profitability, complemented by a ₹7 per share dividend. No material headwinds emerged in recent news. The appointment of PwC as auditor reflects standard governance hygiene. With steady financials and no visible risks in the near term, the outlook appears stable to mildly positive.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 135 | 148 | 135 | 154 | 157 | 177 | 166 | 187 | 193 | 217 | 196 | 224 | 240 |
| Expenses | 100 | 110 | 103 | 121 | 115 | 129 | 124 | 130 | 135 | 145 | 138 | 149 | 163 |
| Operating Profit | 35 | 38 | 32 | 34 | 42 | 48 | 42 | 57 | 58 | 71 | 58 | 75 | 77 |
| OPM % | 26% | 25% | 23% | 22% | 27% | 27% | 25% | 30% | 30% | 33% | 30% | 34% | 32% |
| Other Income | 1 | 3 | 3 | 3 | 4 | 3 | 4 | 5 | 5 | 3 | -1 | 5 | 5 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 2 | 1 |
| Depreciation | 10 | 11 | 13 | 13 | 11 | 13 | 17 | 14 | 11 | 12 | 22 | 14 | 12 |
| PBT | 25 | 28 | 20 | 23 | 34 | 37 | 28 | 47 | 50 | 63 | 35 | 64 | 68 |
| Tax % | 31% | 28% | 26% | 25% | 29% | 28% | 32% | 54% | 24% | 24% | 21% | 24% | 25% |
| Net Profit | 17 | 20 | 15 | 17 | 24 | 26 | 19 | 22 | 38 | 48 | 28 | 49 | 51 |
| EPS in Rs | 1.09 | 1.28 | 0.97 | 1.12 | 1.52 | 1.68 | 1.2 | 1.36 | 2.45 | 3.02 | 1.82 | 2.96 | 3.28 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 183 | 241 | 304 | 356 | 403 | 434 | 495 | 589 | 527 | 572 | 687 | 829 | 876 |
| Expenses | 110 | 147 | 189 | 212 | 249 | 261 | 323 | 353 | 403 | 432 | 498 | 566 | 594 |
| Operating Profit | 73 | 94 | 115 | 145 | 154 | 174 | 171 | 236 | 123 | 140 | 190 | 263 | 282 |
| OPM % | 40% | 39% | 38% | 41% | 38% | 40% | 35% | 40% | 23% | 24% | 28% | 32% | 32% |
| Other Income | 8 | 7 | -15 | 21 | 11 | 1 | 12 | 29 | 9 | 9 | 15 | 12 | 12 |
| Interest | 0 | 1 | 0 | 0 | 1 | 2 | 1 | 3 | 5 | 6 | 4 | 4 | 3 |
| Depreciation | 13 | 18 | 18 | 20 | 26 | 32 | 30 | 34 | 39 | 47 | 55 | 59 | 60 |
| PBT | 68 | 82 | 82 | 145 | 138 | 140 | 152 | 228 | 89 | 96 | 145 | 213 | 231 |
| Tax % | 35% | 37% | 48% | 36% | 38% | 37% | 26% | 23% | 27% | 28% | 38% | 24% | — |
| Net Profit | 44 | 52 | 43 | 93 | 85 | 88 | 113 | 176 | 64 | 69 | 91 | 163 | 176 |
| EPS in Rs | 2.98 | 3.21 | 2.66 | 5.79 | 5.38 | 5.58 | 7.13 | 11.1 | 4.06 | 4.45 | 5.76 | 10.24 | 11.08 |
| Div. Payout % | 171% | 104% | 125% | 58% | 124% | 30% | 117% | 45% | 148% | 135% | 122% | 137% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 51 | 54 | 54 | 54 | 53 | 53 | 53 | 53 | 53 | 53 | 53 | 159 |
| Reserves | 226 | 312 | 354 | 390 | 382 | 314 | 374 | 474 | 481 | 474 | 494 | 426 |
| Borrowings | 0 | 0 | 0 | 0 | 2 | 12 | 8 | 21 | 23 | 42 | 25 | 51 |
| Other Liabilities | 53 | 44 | 30 | 36 | 37 | 90 | 106 | 60 | 74 | 75 | 121 | 111 |
| Total Liabilities | 329 | 410 | 438 | 479 | 475 | 469 | 541 | 607 | 632 | 644 | 693 | 747 |
| Fixed Assets | 196 | 259 | 259 | 299 | 294 | 269 | 253 | 285 | 294 | 306 | 297 | 317 |
| CWIP | 6 | 1 | 17 | 0 | 1 | 5 | 8 | 3 | 2 | 3 | 14 | 3 |
| Investments | 86 | 93 | 104 | 120 | 95 | 90 | 126 | 146 | 144 | 162 | 162 | 177 |
| Other Assets | 42 | 56 | 58 | 60 | 84 | 105 | 154 | 173 | 192 | 173 | 220 | 250 |
| Total Assets | 329 | 410 | 438 | 479 | 475 | 469 | 541 | 607 | 632 | 644 | 693 | 747 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 34 | 68 | 90 | 107 | 100 | 168 | 115 | 113 | 129 | 168 | 191 | 213 |
| Investing | -18 | -18 | -42 | -43 | -12 | 1 | -49 | -24 | -39 | -91 | -53 | -23 |
| Financing | -23 | -45 | -49 | -64 | -94 | -165 | -62 | -89 | -86 | -85 | -130 | -170 |
| Net Cash Flow | -6 | 5 | 0 | 0 | -5 | 4 | 4 | 0 | 4 | -8 | 8 | 21 |
| Free Cash Flow | 25 | 53 | 53 | 63 | 61 | 158 | 93 | 99 | 88 | 107 | 146 | 198 |
| CFO/OP | 79 | 106 | 113 | 108 | 104 | 122 | 92 | 72 | 128 | 141 | 123 | 104 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 10 | 11 | 8 | 10 | 11 | 14 | 33 | 58 | 59 | 28 | 39 | 33 |
| Inventory Days | 48 | 56 | 65 | 66 | 60 | 64 | 52 | 53 | 62 | 104 | 89 | 81 |
| Days Payable | 5 | 10 | 6 | 25 | 25 | 68 | 56 | 36 | 54 | 88 | 146 | 109 |
| Cash Conversion Cycle | 53 | 57 | 67 | 50 | 46 | 10 | 29 | 75 | 67 | 44 | -18 | 4 |
| Working Capital Days | 28 | 2 | 19 | 10 | 28 | -8 | 19 | 41 | 31 | 7 | 13 | 19 |
| ROCE % | — | 24% | 28% | 33% | 30% | 35% | 36% | 42% | 17% | 18% | 25% | 35% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Thyrocare Technologies insights
60 extracted metrics + investor summaries across FY15–FY27.
Documents
1
Announcement under Regulation 30 (LODR)-Newspaper Publication
2d - Newspaper Publications of Audited Financial Results for the quarter and financial year ended on March 31, 2026 2d - Newspaper Publications of Audited Financial Results for the quarter and financial year ended on March 31, 2026
2
Appointment Of Cost Auditors For The Financial Year 2026-27
1d - Board recommended Rs7 final dividend, reappointed CEO, appointed auditors/directors, and approved Rs5.5 crore subsidiary investment. 1d - Board recommended Rs7 final dividend, reappointed CEO, appointed auditors/directors, and approved Rs5.5 crore subsidiary investment.
3
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s
7 May - Board recommended Rs.7 final dividend, reappointed CEO, appointed auditors/directors, approved Rs.5.5 crore subsidiary investment and MOA changes. 7 May - Board recommended Rs.7 final dividend, reappointed CEO, appointed auditors/directors, approved Rs.5.5 crore subsidiary investment and MOA changes.
4
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association
7 May - May 7 board recommended Rs7 final dividend, appointed Price Waterhouse auditor, reappointed Rahul Guha, approved Rs5.5 crore subsidiary investment. 7 May - May 7 board recommended Rs7 final dividend, appointed Price Waterhouse auditor, reappointed Rahul Guha, approved Rs5.5 crore subsidiary investment.
5
Announcement under Regulation 30 (LODR)-Acquisition
7 May - Board recommended Rs7 final dividend, appointed auditors, reappointed CEO, added directors, and approved Rs5.5 crore subsidiary investment. 7 May - Board recommended Rs7 final dividend, appointed auditors, reappointed CEO, added directors, and approved Rs5.5 crore subsidiary investment.
Frequently Asked Questions about Thyrocare Technologies
What does Thyrocare Technologies Ltd do?
Thyrocare Technologies is engaged in the business of healthcare industry and is involved in providing quality diagnostic services at affordable costs to patients, laboratories and hospitals in India.
Where is Thyrocare Technologies Ltd (THYROCARE) listed?
Thyrocare Technologies Ltd trades as THYROCARE on the NSE and under code 539871 on the BSE.
Which sector does Thyrocare Technologies Ltd belong to?
Thyrocare Technologies Ltd is classified under the Healthcare sector, in the Healthcare Services industry.
What is the market capitalisation of Thyrocare Technologies Ltd?
Thyrocare Technologies Ltd has a market capitalisation of ₹8,764 Cr, which places it in the Mid Cap band.
What is the PE ratio of Thyrocare Technologies Ltd?
Thyrocare Technologies Ltd trades at a PE ratio of 49.61, on earnings per share of ₹14.66, against a book value of ₹32.21 per share.
What is the 52-week high and low of Thyrocare Technologies Ltd?
Over the last 52 weeks Thyrocare Technologies Ltd has traded between ₹342.55 and ₹662.
Does Thyrocare Technologies Ltd pay dividends?
Thyrocare Technologies Ltd has a dividend yield of 2.51%.
What is the Return on Equity (ROE) of Thyrocare Technologies Ltd?
Thyrocare Technologies Ltd reported a return on equity of 27.79%. Its debt-to-equity ratio is 0.09.
Company Information
Thyrocare Technologies is engaged in the business of healthcare industry and is involved in providing quality diagnostic services at affordable costs to patients, laboratories and hospitals in India.
Website thyrocare.com
CEO Mr. Rahul Franklin Guha
Employees 1,822
Listed 2016-05-09
Face Value ₹ 10
Issued Size 15,91,61,691
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