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Thyrocare Technologies

THYROCARE NSE
₹495.50 +12.60 (+2.61%)
P/E
44.72
View as Markdown
MCP
Close 4 Nov 2026 ₹495.50 +54.10 +12.3% 1Y
Start ₹441.40

Key Fundamentals

MicrocapHealthcare ServicesHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
35.40%
Debt to Equity
0.09
EPS (TTM)
₹11.08
Book Value
₹34.77
Market Cap
—
P/E (TTM)
44.72
P/B
14.25
ROE
28.40%
Dividend Yield
2.90%
EBITDA
₹279 Cr
52W High
₹662.00
52W Low
₹342.55
Day Range
₹479.75 – ₹498.90
Volume
2,90,070

Peer Comparison

Healthcare › Healthcare Services › Healthcare Service Provider

Thyrocare Technologies peer comparison
Dr Lal Pathlabs
₹2,029.4062.75₹32,036 Cr13.580.26%22.30%28.00%₹2,891 Cr₹545 Cr
Vijaya Diagnostic Centre
₹1,424.6078.15₹14,588 Cr15.330.14%18.30%20.50%₹857 Cr₹187 Cr
Metropolis Healthcare
₹581.2559.74₹11,437 Cr8.030.88%13.60%17.80%₹1,710 Cr₹203 Cr
Thyrocare Technologies (this company)
₹495.5044.72₹7,723 Cr14.252.90%28.40%35.40%₹876 Cr₹176 Cr
Nephrocare Health Services
₹622.35148.53₹5,903 Cr5.610.00%8.83%15.30%₹1,053 Cr₹85 Cr
Suraksha Diagnostic
₹333.0548.41₹1,717 Cr7.080.15%14.20%17.30%₹325 Cr₹35 Cr
Krsnaa Diagnostics
₹483.0515.84₹1,571 Cr1.510.41%10.90%12.70%₹726 Cr₹98 Cr
Median 7 companies₹581.2559.74₹7,723 Cr8.030.26%14.20%17.80%₹876 Cr₹176 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

61 Good

Data confidence 100/100

Category scores

Quality
73
Strong
Returns, margins, earnings quality 22% weight
Valuation
47
Average
Cheap vs sector & own history 24% weight
Growth
61
Good
Sales & profit trajectory 9% weight
Financial Health
77
Strong
Solvency, leverage, coverage 9% weight
Momentum
35
Poor
Trend strength, vol-adjusted 12% weight
Ownership
67
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 131%

Weaknesses

2
  • Stock is trading at 12.3 times its book value
  • Promoter holding has decreased over last quarter: -9.90%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish658
OscillatorsBullish153
Moving AveragesNeutral505

Key readings

RSI (14)
48.23
Neutral
MACD (12,26,9)
−14.33
Bullish
SMA (50)
534.60
Bearish
SMA (200)
486.94
Bullish

As of

Analyst Rating

Based on 5 analysts
BUY100%

5 of 5 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
5
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.15%
5Y+10.86%
3Y+16.30%
1Y+20.67%
TTM+21.30%

Net profit

Net profit growth by window
10Y+12.10%
5Y+7.60%
3Y+36.56%
1Y+79.12%
TTM+67.62%

Operating cash flow

Operating cash flow growth by window
10Y+12.10%
5Y+13.12%
3Y+18.19%
1Y+11.52%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−7.28 pp
5Y−2.83 pp
3Y+8.38 pp
1Y+4.06 pp
TTM+3.69 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹304 Cr
Mar 2018₹356 Cr
Mar 2019₹403 Cr
Mar 2020₹434 Cr
Mar 2021₹495 Cr
Mar 2022₹589 Cr
Mar 2023₹527 Cr
Mar 2024₹572 Cr
Mar 2025₹687 Cr
Mar 2026₹829 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹43.00 Cr
Mar 2018₹93.00 Cr
Mar 2019₹85.00 Cr
Mar 2020₹88.00 Cr
Mar 2021₹113 Cr
Mar 2022₹176 Cr
Mar 2023₹64.00 Cr
Mar 2024₹69.00 Cr
Mar 2025₹91.00 Cr
Mar 2026₹163 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹337 Cr +20.9% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI 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

121d ago

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.

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.

Quarterly Results

₹ Cr
THYROCARE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
135
148
135
154
157
177
166
187
193
217
196
224
240
271
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
2.17
3
3
4
3
4
5
5
3
−1
4.31
5
—
Interest
1
1
1
1
1
1
1
1
1
1
0
2
1
2
Depreciation
10
11
13
13
11
13
17
14
11
12
22
14
12
14
PBT
25
28
20
23
34
37
28
47.82
50
62.3
35
64
68
34
Tax %
31%
28%
26%
25%
29%
28%
32%
54%
24%
24%
21%
24%
25%
55%
Net Profit
17
20
15
17
24
26
19
22
38
48
28
49
51
15
EPS (₹)
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
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
THYROCARE profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
3.05
2.8
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
147
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 (₹)
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

₹ Cr
THYROCARE balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
THYROCARE cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
79
106
113
108
104
122
92
72
128
141
123
104

Ratios

THYROCARE financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Thyrocare Technologies insights

64 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.02%
  • DIIs 25.92%
  • Public 10.92%
  • FIIs 9.37%
  • Others 2.77%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

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 Services sector, in the Healthcare Service Provider industry.
What is the PE ratio of Thyrocare Technologies Ltd?
Thyrocare Technologies Ltd trades at a PE ratio of 44.72 as of 4 Nov 2026, on earnings per share of ₹11.08, against a book value of ₹34.77 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 as of 4 Nov 2026.
Does Thyrocare Technologies Ltd pay dividends?
Thyrocare Technologies Ltd has a dividend yield of 2.90%.
What is the Return on Equity (ROE) of Thyrocare Technologies Ltd?
Thyrocare Technologies Ltd reported a return on equity of 28.40%. 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 9 May 2016
Face Value ₹10

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