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Thyrocare Technologies Ltd.

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thyrocare.comBSE: 539871NSE: THYROCARE
Market Cap₹ 9,034 Cr.
Current Price
High / Low₹ 662 / 343
Stock P/E55.4
Book Value₹ 38
Price to Book10.05
Dividend Yield2.47 %
ROCE38.9 %
ROE27.4 %
Face Value₹ 10

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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 GENERATED

Healthcare

Buy

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.

Confidence
50%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 29.1%
  • Latest quarter profit grew 39.2% YoY, showing strong momentum
  • Operating margins have improved to 31.0% from 24.6%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.71x)

CONS

  • Promoter holding has decreased over last 2 years: -10.2pp
  • Company has delivered a poor profit growth of 4.4% over past five years
  • Stock is trading at 10.0x its book value
  • Dividend payout exceeds earnings (149.7%) - may be unsustainable

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcareHospital & Healthcare Services
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.APOLLOHOSP8960.0061.66128831.050.22610.4038.417043.5020.5621.7315.70
2.MAXHEALTH1036.5069.24100883.610.19322.964.872366.1716.7014.9725.29
3.MANIPALHOS729.95107.6096015.960.002434.30—30906.30—13.9323.83
4.FORTIS911.9065.7068844.630.11272.802.262545.0317.4614.0721.28
5.ASTERDM780.05213.3667994.810.0029.28-68.701310.6821.6011.4619.53
6.MEDANTA1479.7571.5439786.300.03157.25-1.091304.0526.5019.3821.99
7.NH1888.8047.3038599.670.24207.275.372683.6378.0516.2017.43
8.LALPATHLAB1919.4559.4532217.741.071705.001172.397977.001090.9529.5631.03
9.KIMS764.80157.2332122.100.0037.40-56.001179.5035.3311.5119.03
10.AGARWALEYE514.20109.8716301.490.0055.0244.56614.0225.9716.1427.75
11.VIJAYA1496.8582.2315417.210.1353.1037.61230.9822.8330.2842.66
12.THYROCARE567.6051.249034.222.47513.301240.562400.201143.4338.3032.49
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1241361231411441631531741792021822112,257
90100921081011141121181221331241381,625
Operating Profit333731344249405657695873631
OPM %26.79%26.88%24.84%23.78%29.49%29.92%26.38%32.00%31.59%34.08%31.93%34.48%27.97%
0223324542-3435
Interest1111110111-0113
Depreciation99111091015129102013112
Profit before Tax242821253540284851613762666
Tax %31.07%27.87%28.28%23.23%28.43%26.65%31.64%54.08%29.19%29.33%28.59%29.69%24.70%
Net Profit172015192530192236432644502
3.163.832.813.634.755.591.181.366.808.121.642.753.15

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2983323704014745624865246337742,852
1831932222333043303723894465342,021
Operating Profit115139148168171232114135187240831
OPM %38.62%41.89%40.01%41.83%36.00%41.23%23.50%25.77%29.54%31.00%29.14%
-162114-3512757142539
Interest000113553314
Depreciation12121420212834394751155
Profit before Tax871481471121612078198151210826
Tax %46.20%35.10%35.16%29.18%25.74%26.68%29.73%27.57%36.66%29.27%25.59%
Net Profit47969579120152577196149614
EPS8.6917.8517.8014.9922.6228.7010.7513.4418.089.35—
Dividend Payout %115.12%55.94%110.89%33.31%110.36%52.19%167.23%133.98%116.18%149.75%—

COMPOUNDED SALES GROWTH

10 Years:
13%
5 Years:
10%
3 Years:
17%

COMPOUNDED PROFIT GROWTH

10 Years:
10%
5 Years:
4%
3 Years:
38%

STOCK PRICE CAGR

10 Years:
11%
5 Years:
6%
3 Years:
43%
1 Year:
29%

RETURN ON EQUITY

10 Years:
21%
5 Years:
20%
3 Years:
20%
Last Year:
27%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2025

Nov 28

2:1

Quarterly Results & Interim Dividend & Bonus issue

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital545453535353535353159
359397399322390464464457480395
681661616282243
Trade Payables16519211322367055
24202832432812512383103
Total Liabilities444485486431513828805596707756
88102107110118148156158157179
Capital Work in Progress20148211143
299315289239274259274291284294
14161618222427464647
0000000406970
Cash & Bank1199781216345263
31436451833823312686101
Total Assets444485486431513828805596707756

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
129160158181155162149155179206
Cash from Investing-40-48-327-53-12-32-80-43-21
Cash from Financing-48-65-96-163-58-87-88-84-124-167
1-1-31061-91218

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
71.1171.1171.0671.0671.0671.0660.9360.9260.92
2.491.932.772.413.234.854.965.375.43
14.8914.7914.6814.9714.5413.4720.5221.0020.92
Government0.000.000.000.000.000.000.000.000.00
11.4912.1611.5011.5611.1710.6313.6112.7112.72

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04
Disclosure under SEBI Takeover Regulations

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
Copy of Newspaper Publication

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
Updates

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
General Updates

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
Disclosure under SEBI Takeover Regulations

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
Disclosure under SEBI Takeover Regulations

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
Updates

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
Updates

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
Updates

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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