Thyrocare Technologies Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Diagnostic Testing Service: 93.2% • Imaging Service: 6.4% • Others: 0.4%
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 28.1%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 34.1% YoY, showing strong momentum
- Operating margins have improved to 29.7% from 24.9%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.74x)
CONS
- Promoter holding has decreased over last 2 years: -10.2pp
- Stock is trading at 9.6x its book value
- Company has delivered a poor profit growth of 7.6% over past five years
- Valuation is stretched - P/E of 51.2 is well above its own 5-year median (34.1)
- Dividend payout exceeds earnings (136.4%) - may be unsustainable
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | 8960.00 | 61.66 | 128831.05 | 0.22 | 610.40 | 38.41 | 7043.50 | 20.56 | 21.73 | 15.70 |
| MAXHEALTH | 1036.50 | 69.24 | 100883.61 | 0.19 | 322.96 | 4.87 | 2366.17 | 16.70 | 14.97 | 25.29 |
| MANIPALHOS | 729.95 | 107.60 | 96015.96 | 0.00 | 2434.30 | — | 30906.30 | — | 13.93 | 23.83 |
| FORTIS | 911.90 | 65.70 | 68844.63 | 0.11 | 272.80 | 2.26 | 2545.03 | 17.46 | 14.07 | 21.28 |
| ASTERDM | 780.05 | 213.36 | 67994.81 | 0.00 | 29.28 | -68.70 | 1310.68 | 21.60 | 11.46 | 19.53 |
| MEDANTA | 1479.75 | 71.54 | 39786.30 | 0.03 | 157.25 | -1.09 | 1304.05 | 26.50 | 19.38 | 21.99 |
| NH | 1888.80 | 47.30 | 38599.67 | 0.24 | 207.27 | 5.37 | 2683.63 | 78.05 | 16.20 | 17.43 |
| LALPATHLAB | 1919.45 | 59.45 | 32217.74 | 1.07 | 1705.00 | 1172.39 | 7977.00 | 1090.95 | 29.56 | 31.03 |
| KIMS | 764.80 | 157.23 | 32122.10 | 0.00 | 37.40 | -56.00 | 1179.50 | 35.33 | 11.51 | 19.03 |
| AGARWALEYE | 514.20 | 109.87 | 16301.49 | 0.00 | 55.02 | 44.56 | 614.02 | 25.97 | 16.14 | 27.75 |
| VIJAYA | 1496.85 | 82.23 | 15417.21 | 0.13 | 53.10 | 37.61 | 230.98 | 22.83 | 30.28 | 42.66 |
| THYROCARE | 567.60 | 51.24 | 9034.22 | 2.47 | 513.30 | 1240.56 | 2400.20 | 1143.43 | 38.30 | 32.49 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 135 | 148 | 135 | 154 | 157 | 177 | 166 | 187 | 193 | 217 | 196 | 224 | 2,400 | |
| 100 | 110 | 103 | 120 | 114 | 129 | 124 | 129 | 135 | 145 | 138 | 149 | 1,766 | |
| Operating Profit | 35 | 38 | 32 | 34 | 43 | 48 | 42 | 58 | 58 | 71 | 58 | 75 | 634 |
| OPM % | 25.58% | 25.35% | 23.45% | 21.92% | 27.17% | 27.23% | 25.15% | 30.83% | 29.93% | 32.95% | 29.58% | 33.53% | 26.43% |
| 1 | 2 | 3 | 3 | 4 | 3 | 4 | 5 | 5 | 3 | -1 | 4 | 42 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | -0 | 2 | 14 |
| Depreciation | 10 | 11 | 13 | 13 | 11 | 13 | 17 | 14 | 11 | 12 | 22 | 14 | 125 |
| Profit before Tax | 25 | 28 | 20 | 23 | 34 | 37 | 28 | 48 | 50 | 62 | 35 | 64 | 683 |
| Tax % | 30.87% | 28.45% | 26.14% | 24.74% | 28.34% | 27.95% | 31.94% | 53.58% | 24.27% | 23.71% | 20.91% | 24.64% | 24.84% |
| Net Profit | 0 | 0 | 0 | 0 | 24 | 26 | 19 | 22 | 38 | 48 | 28 | 49 | 513 |
| 3.26 | 3.84 | 2.78 | 3.54 | 4.52 | 4.99 | 1.15 | 1.39 | 7.35 | 9.05 | 1.82 | 2.99 | 3.23 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 304 | 356 | 403 | 434 | 495 | 589 | 527 | 572 | 687 | 829 | 3,036 | |
| 189 | 212 | 249 | 261 | 323 | 353 | 404 | 433 | 497 | 583 | 2,198 | |
| Operating Profit | 115 | 145 | 154 | 174 | 171 | 236 | 123 | 139 | 191 | 246 | 839 |
| OPM % | 37.91% | 40.62% | 38.28% | 39.97% | 34.62% | 40.03% | 23.27% | 24.26% | 27.72% | 29.66% | 27.62% |
| -15 | 21 | 10 | 0 | 12 | 29 | 8 | 9 | 15 | 28 | 48 | |
| Interest | 0 | 0 | 1 | 2 | 1 | 3 | 5 | 6 | 4 | 4 | 16 |
| Depreciation | 18 | 20 | 26 | 32 | 30 | 34 | 39 | 47 | 55 | 59 | 172 |
| Profit before Tax | 82 | 145 | 138 | 140 | 152 | 228 | 89 | 96 | 145 | 213 | 844 |
| Tax % | 47.54% | 35.66% | 38.33% | 37.04% | 25.79% | 22.65% | 27.35% | 27.60% | 37.60% | 23.50% | 24.57% |
| Net Profit | 43 | 93 | 85 | 88 | 113 | 176 | 64 | 69 | 91 | 163 | 637 |
| EPS | 8.13 | 17.34 | 15.91 | 16.71 | 21.37 | 33.25 | 12.14 | 13.42 | 17.12 | 10.27 | — |
| Dividend Payout % | 125.21% | 57.49% | 123.85% | 29.85% | 118.27% | 45.07% | 144.31% | 134.15% | 122.64% | 136.36% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 11%
- 3 Years:
- 16%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 8%
- 3 Years:
- 35%
STOCK PRICE CAGR
- 10 Years:
- 11%
- 5 Years:
- 6%
- 3 Years:
- 43%
- 1 Year:
- 29%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 22%
- 3 Years:
- 20%
- Last Year:
- 29%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 53 | 53 | 53 | 53 | 53 | 53 | 53 | 159 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 |
| 349 | 387 | 378 | 310 | 371 | 470 | 477 | 469 | 489 | 420 | |
| 7 | 10 | 12 | 8 | 5 | 16 | 16 | 25 | 17 | 39 | |
| Trade Payables | 1 | 7 | 8 | 22 | 25 | 17 | 24 | 40 | 76 | 65 |
| 23 | 17 | 19 | 76 | 85 | 292 | 190 | 41 | 96 | 105 | |
| Total Liabilities | 434 | 474 | 470 | 469 | 540 | 848 | 761 | 629 | 732 | 789 |
| 259 | 299 | 294 | 269 | 253 | 285 | 294 | 306 | 297 | 317 | |
| Capital Work in Progress | 17 | 0 | 1 | 5 | 8 | 3 | 2 | 3 | 14 | 3 |
| 104 | 120 | 95 | 90 | 126 | 146 | 144 | 162 | 162 | 177 | |
| 14 | 17 | 18 | 21 | 23 | 25 | 28 | 48 | 47 | 48 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43 | 73 | 74 | |
| Cash & Bank | 12 | 12 | 10 | 11 | 16 | 14 | 28 | 40 | 54 | 68 |
| 27 | 26 | 51 | 73 | 114 | 375 | 265 | 27 | 85 | 101 | |
| Total Assets | 434 | 474 | 470 | 469 | 540 | 848 | 761 | 629 | 732 | 789 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 130 | 156 | 161 | 212 | 158 | 170 | 158 | 168 | 180 | 213 | |
| Cash from Investing | -42 | -43 | -12 | 1 | -49 | -24 | -39 | -91 | -41 | -23 |
| Cash from Financing | -49 | -64 | -94 | -165 | -62 | -89 | -86 | -85 | -130 | -170 |
| -0 | -0 | -5 | 4 | 4 | 0 | 4 | -8 | 8 | 21 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - API Holdings limited has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisition made in reliance upon exemption provided for in regulation 10 of SEBI (SAST) Regulations, 2011.
2026-09-04 - Thyrocare Technologies Limited has informed the Exchange about Copy of Newspaper Publication pertaining to Notice of transfer of equity shares of the Company to Investor Education and Protection Fund.
2026-09-01 - Thyrocare Technologies Limited has informed the Exchange regarding Communication Received from API Holdings Limited regarding Approval of Scheme of Amalgamation of Docon Technologies Private Limited with API Holdings Limited
2026-08-19 - Thyrocare Technologies Limited has informed the Exchange regarding complete discharge and release of Transaction Documents pursuant to full redemption and repayment of Non-Convertible Debentures by API Holdings Limited
2026-08-18 - Thyrocare Technologies Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.
2026-08-18 - Docon Technologies Private Ltd has submitted to the Exchange a copy of Disclosure under Regulation 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.
2026-08-17 - Thyrocare Technologies Limited has informed the Exchange regarding 'Communication Received From Promoter Regarding Release Of Pledge On Equity Shares Of Thyrocare Technologies Limited'.
2026-08-13 - Thyrocare Technologies Limited has informed the Exchange regarding communication received from Promoter regarding sale of 1,57,69,696 Equity Shares of the Company by Promoter - Docon Technologies Private Limited.
2026-08-13 - Thyrocare Technologies Limited has informed the Exchange regarding a Communication Received From Promoter Regarding Release Of Pledge On 1,75,00,000 Equity Shares of the Company
News
Recent coverage and analyst commentary for THYROCARE
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