Thyrocare Technologies Ltd.

•

₹ 565.55-0.2%

2026-08-21

thyrocare.comBSE: 539871NSE: THYROCARE

Market Cap₹ 9,263 Cr.

Current Price₹ 567

High / Low₹ 662 / 343

Stock P/E0.0

Book Value₹ 38

Price to Book10.05

Dividend Yield2.41 %

ROCE38.9 %

ROE27.4 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Diagnostic Testing Service: 93.2% • Imaging Service: 6.4% • Others: 0.4%

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

EDIT COLUMNS

HealthcareHealthcareHospital & Healthcare Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	APOLLOHOSP	8799.00	60.55	126516.12	0.23	610.40	38.41	7043.50	20.56	21.73	15.70
2.	MANIPALHOS	744.55	109.75	97936.41	0.00	—	—	—	—	13.93	—
3.	MAXHEALTH	996.45	66.57	96982.14	0.20	322.96	4.87	2366.17	16.70	14.97	25.29
4.	ASTERDM	800.70	219.01	69794.81	0.00	29.28	-68.70	1310.68	21.60	11.46	19.53
5.	FORTIS	910.80	65.62	68761.59	0.11	272.80	2.26	2545.03	17.46	14.07	21.28
6.	MEDANTA	1419.05	68.60	38154.25	0.04	157.25	-1.09	1304.05	26.50	20.50	21.99
7.	NH	1782.70	44.64	36431.40	0.25	207.27	5.37	2683.63	78.05	16.20	17.43
8.	KIMS	788.60	162.12	33121.71	0.00	37.40	-56.00	1179.50	35.33	11.51	19.03
9.	LALPATHLAB	1886.80	58.44	31669.72	1.09	1705.00	1172.39	7977.00	1090.95	29.56	31.03
10.	AGARWALEYE	499.70	106.77	15841.80	0.00	55.02	44.56	614.02	25.97	14.32	27.75
11.	VIJAYA	1489.70	81.84	15343.57	0.13	53.10	37.61	230.98	22.83	30.27	42.66
12.	THYROCARE	582.00	52.54	9263.42	2.41	513.30	1240.56	2400.20	1143.43	38.30	32.49

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	124	136	123	141	144	163	153	174	179	202	182	211	2,257
	90	100	92	108	101	114	112	118	122	133	124	138	1,625
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	0	2	2	3	3	2	4	5	4	2	3	4	35
Interest	1	1	1	1	1	1	0	1	1	1	-0	1	13
Depreciation	9	9	11	10	9	10	15	12	9	10	20	13	112
	24	28	21	25	35	40	28	48	51	61	37	62	666
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 Profit	17	20	15	19	25	30	19	22	36	43	26	44	502
	3	4	3	4	5	6	1	1	7	8	2	3	3
Equity Capital	53	53	53	53	53	53	53	53	53	53	159	159	1,592
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	53	53	53	53	53	53	53	53	53	53	159	159	1,592
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 124
: 90
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 1
Depreciation: 9
: 24
Tax %: 31.07%
Net Profit: 17
: 3
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 136
: 100
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 9
: 28
Tax %: 27.87%
Net Profit: 20
: 4
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 123
: 92
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 11
: 21
Tax %: 28.28%
Net Profit: 15
: 3
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 141
: 108
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 1
Depreciation: 10
: 25
Tax %: 23.23%
Net Profit: 19
: 4
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 144
: 101
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 1
Depreciation: 9
: 35
Tax %: 28.43%
Net Profit: 25
: 5
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 163
: 114
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 10
: 40
Tax %: 26.65%
Net Profit: 30
: 6
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 153
: 112
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 0
Depreciation: 15
: 28
Tax %: 31.64%
Net Profit: 19
: 1
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 174
: 118
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 12
: 48
Tax %: 54.08%
Net Profit: 22
: 1
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 179
: 122
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 9
: 51
Tax %: 29.19%
Net Profit: 36
: 7
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 202
: 133
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 1
Depreciation: 10
: 61
Tax %: 29.33%
Net Profit: 43
: 8
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 182
: 124
Operating Profit: —
OPM %: —
Other Income: 3
Interest: -0
Depreciation: 20
: 37
Tax %: 28.59%
Net Profit: 26
: 2
Equity Capital: 159
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 159
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 211
: 138
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 13
: 62
Tax %: 29.69%
Net Profit: 44
: 3
Equity Capital: 159
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 159
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 2,257
: 1,625
Operating Profit: —
OPM %: —
Other Income: 35
Interest: 13
Depreciation: 112
: 666
Tax %: 24.70%
Net Profit: 502
: 3
Equity Capital: 1,592
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 1,592
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	298	332	370	401	474	562	486	524	633	774	2,852
	183	193	222	233	304	330	372	389	446	534	2,021
Operating Profit	126	163	162	177	183	239	120	142	201	271	—
OPM %	42	49	44	44	39	43	25	27	32	35	—
Other Income	11	24	14	9	12	7	5	7	14	31	45
Interest	0	0	0	1	1	3	5	5	3	3	14
Depreciation	12	12	14	20	21	28	34	39	47	51	155
	87	148	147	112	161	207	81	98	151	210	826
Tax %	46	35	35	29	26	27	30	28	37	29	26
Net Profit	47	96	95	79	120	152	57	71	96	149	614
EPS	9	18	18	15	23	29	11	13	18	9	—
Dividend Payout %	115	56	111	33	110	52	167	134	116	150	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	3	6	6	5	8	10	4	4	6	9	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	3	6	6	5	8	10	4	4	6	9	—

Mar 2017

: 298
: 183
Operating Profit: 126
OPM %: 42
Other Income: 11
Interest: 0
Depreciation: 12
: 87
Tax %: 46
Net Profit: 47
EPS: 9
Dividend Payout %: 115
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2018

: 332
: 193
Operating Profit: 163
OPM %: 49
Other Income: 24
Interest: 0
Depreciation: 12
: 148
Tax %: 35
Net Profit: 96
EPS: 18
Dividend Payout %: 56
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2019

: 370
: 222
Operating Profit: 162
OPM %: 44
Other Income: 14
Interest: 0
Depreciation: 14
: 147
Tax %: 35
Net Profit: 95
EPS: 18
Dividend Payout %: 111
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2020

: 401
: 233
Operating Profit: 177
OPM %: 44
Other Income: 9
Interest: 1
Depreciation: 20
: 112
Tax %: 29
Net Profit: 79
EPS: 15
Dividend Payout %: 33
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2021

: 474
: 304
Operating Profit: 183
OPM %: 39
Other Income: 12
Interest: 1
Depreciation: 21
: 161
Tax %: 26
Net Profit: 120
EPS: 23
Dividend Payout %: 110
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8

Mar 2022

: 562
: 330
Operating Profit: 239
OPM %: 43
Other Income: 7
Interest: 3
Depreciation: 28
: 207
Tax %: 27
Net Profit: 152
EPS: 29
Dividend Payout %: 52
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2023

: 486
: 372
Operating Profit: 120
OPM %: 25
Other Income: 5
Interest: 5
Depreciation: 34
: 81
Tax %: 30
Net Profit: 57
EPS: 11
Dividend Payout %: 167
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2024

: 524
: 389
Operating Profit: 142
OPM %: 27
Other Income: 7
Interest: 5
Depreciation: 39
: 98
Tax %: 28
Net Profit: 71
EPS: 13
Dividend Payout %: 134
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2025

: 633
: 446
Operating Profit: 201
OPM %: 32
Other Income: 14
Interest: 3
Depreciation: 47
: 151
Tax %: 37
Net Profit: 96
EPS: 18
Dividend Payout %: 116
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2026

: 774
: 534
Operating Profit: 271
OPM %: 35
Other Income: 31
Interest: 3
Depreciation: 51
: 210
Tax %: 29
Net Profit: 149
EPS: 9
Dividend Payout %: 150
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

TTM

: 2,852
: 2,021
Operating Profit: —
OPM %: —
Other Income: 45
Interest: 14
Depreciation: 155
: 826
Tax %: 26
Net Profit: 614
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 12%
5 Years:: 6%
3 Years:: 48%
1 Year:: 27%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	54	54	53	53	53	53	53	53	53	159
	359	397	399	322	390	464	464	457	480	395
Trade Payables	1	6	5	19	21	13	22	36	70	55
	30	28	29	37	49	297	266	51	105	147
Total Liabilities	444	485	486	431	513	828	805	596	707	756
ASSETS	-	-	-	-	-	-	-	-	-	-
	88	102	107	110	118	148	156	158	157	179
Capital Work in Progress	2	0	1	4	8	2	1	1	14	3
	299	315	289	239	274	259	274	291	284	294
	14	16	16	18	22	24	27	46	46	47
	0	0	0	0	0	0	0	40	69	70
Cash & Bank	11	9	9	7	8	12	16	34	52	63
	31	43	64	51	83	382	331	26	86	101
Total Assets	444	485	486	431	513	828	805	596	707	756
Total Debt	6	0	0	0	0	0	0	20	0	0
Net Working Capital	138	119	87	63	120	171	163	170	188	220
Contingent Liabilities	46	48	40	54	50	1	1	1	2	2
Book Value per Share	76.86	83.97	85.59	70.88	83.70	97.78	97.59	96.22	100.54	34.80
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	6	0	0	0	0	0	0	20	0	0
Net Working Capital	138	119	87	63	120	171	163	170	188	220
Contingent Liabilities	46	48	40	54	50	1	1	1	2	2
Book Value per Share	76.86	83.97	85.59	70.88	83.70	97.78	97.59	96.22	100.54	34.80
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 54
: 359
Trade Payables: 1
: 30
Total Liabilities: 444
: 88
Capital Work in Progress: 2
: 299
: 14
: 0
Cash & Bank: 11
: 31
Total Assets: 444
Total Debt: 6
Net Working Capital: 138
Contingent Liabilities: 46
Book Value per Share: 76.86
Face Value: 10.00
Total Debt: 6
Net Working Capital: 138
Contingent Liabilities: 46
Book Value per Share: 76.86
Face Value: 10.00

Mar 2018

Equity Capital: 54
: 397
Trade Payables: 6
: 28
Total Liabilities: 485
: 102
Capital Work in Progress: 0
: 315
: 16
: 0
Cash & Bank: 9
: 43
Total Assets: 485
Total Debt: 0
Net Working Capital: 119
Contingent Liabilities: 48
Book Value per Share: 83.97
Face Value: 10.00
Total Debt: 0
Net Working Capital: 119
Contingent Liabilities: 48
Book Value per Share: 83.97
Face Value: 10.00

Mar 2019

Equity Capital: 53
: 399
Trade Payables: 5
: 29
Total Liabilities: 486
: 107
Capital Work in Progress: 1
: 289
: 16
: 0
Cash & Bank: 9
: 64
Total Assets: 486
Total Debt: 0
Net Working Capital: 87
Contingent Liabilities: 40
Book Value per Share: 85.59
Face Value: 10.00
Total Debt: 0
Net Working Capital: 87
Contingent Liabilities: 40
Book Value per Share: 85.59
Face Value: 10.00

Mar 2020

Equity Capital: 53
: 322
Trade Payables: 19
: 37
Total Liabilities: 431
: 110
Capital Work in Progress: 4
: 239
: 18
: 0
Cash & Bank: 7
: 51
Total Assets: 431
Total Debt: 0
Net Working Capital: 63
Contingent Liabilities: 54
Book Value per Share: 70.88
Face Value: 10.00
Total Debt: 0
Net Working Capital: 63
Contingent Liabilities: 54
Book Value per Share: 70.88
Face Value: 10.00

Mar 2021

Equity Capital: 53
: 390
Trade Payables: 21
: 49
Total Liabilities: 513
: 118
Capital Work in Progress: 8
: 274
: 22
: 0
Cash & Bank: 8
: 83
Total Assets: 513
Total Debt: 0
Net Working Capital: 120
Contingent Liabilities: 50
Book Value per Share: 83.70
Face Value: 10.00
Total Debt: 0
Net Working Capital: 120
Contingent Liabilities: 50
Book Value per Share: 83.70
Face Value: 10.00

Mar 2022

Equity Capital: 53
: 464
Trade Payables: 13
: 297
Total Liabilities: 828
: 148
Capital Work in Progress: 2
: 259
: 24
: 0
Cash & Bank: 12
: 382
Total Assets: 828
Total Debt: 0
Net Working Capital: 171
Contingent Liabilities: 1
Book Value per Share: 97.78
Face Value: 10.00
Total Debt: 0
Net Working Capital: 171
Contingent Liabilities: 1
Book Value per Share: 97.78
Face Value: 10.00

Mar 2023

Equity Capital: 53
: 464
Trade Payables: 22
: 266
Total Liabilities: 805
: 156
Capital Work in Progress: 1
: 274
: 27
: 0
Cash & Bank: 16
: 331
Total Assets: 805
Total Debt: 0
Net Working Capital: 163
Contingent Liabilities: 1
Book Value per Share: 97.59
Face Value: 10.00
Total Debt: 0
Net Working Capital: 163
Contingent Liabilities: 1
Book Value per Share: 97.59
Face Value: 10.00

Mar 2024

Equity Capital: 53
: 457
Trade Payables: 36
: 51
Total Liabilities: 596
: 158
Capital Work in Progress: 1
: 291
: 46
: 40
Cash & Bank: 34
: 26
Total Assets: 596
Total Debt: 20
Net Working Capital: 170
Contingent Liabilities: 1
Book Value per Share: 96.22
Face Value: 10.00
Total Debt: 20
Net Working Capital: 170
Contingent Liabilities: 1
Book Value per Share: 96.22
Face Value: 10.00

Mar 2025

Equity Capital: 53
: 480
Trade Payables: 70
: 105
Total Liabilities: 707
: 157
Capital Work in Progress: 14
: 284
: 46
: 69
Cash & Bank: 52
: 86
Total Assets: 707
Total Debt: 0
Net Working Capital: 188
Contingent Liabilities: 2
Book Value per Share: 100.54
Face Value: 10.00
Total Debt: 0
Net Working Capital: 188
Contingent Liabilities: 2
Book Value per Share: 100.54
Face Value: 10.00

Mar 2026

Equity Capital: 159
: 395
Trade Payables: 55
: 147
Total Liabilities: 756
: 179
Capital Work in Progress: 3
: 294
: 47
: 70
Cash & Bank: 63
: 101
Total Assets: 756
Total Debt: 0
Net Working Capital: 220
Contingent Liabilities: 2
Book Value per Share: 34.80
Face Value: 10.00
Total Debt: 0
Net Working Capital: 220
Contingent Liabilities: 2
Book Value per Share: 34.80
Face Value: 10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	89	112	97	136	111	106	120	155	179	206
Cash from Investing	-40	-48	-3	27	-53	-12	-32	-80	-43	-21
Cash from Financing	-48	-65	-96	-163	-58	-87	-88	-84	-124	-167
	1	-1	-3	1	0	6	1	-9	12	18
Free Cash Flow	89	89	76	112	81	58	89	132	125	150
OCF / Net Profit	1.91	1.16	1.01	1.72	0.93	0.70	2.11	2.18	1.87	1.38
Cumulative 5-Year FCF	0	0	0	0	447	416	416	472	486	555
OCF / Net Profit	1.91	1.16	1.01	1.72	0.93	0.70	2.11	2.18	1.87	1.38
Cumulative 5-Year FCF	0	0	0	0	447	416	416	472	486	555

Mar 2017

: 89
Cash from Investing: -40
Cash from Financing: -48
: 1
Free Cash Flow: 89
OCF / Net Profit: 1.91
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.91
Cumulative 5-Year FCF: 0

Mar 2018

: 112
Cash from Investing: -48
Cash from Financing: -65
: -1
Free Cash Flow: 89
OCF / Net Profit: 1.16
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.16
Cumulative 5-Year FCF: 0

Mar 2019

: 97
Cash from Investing: -3
Cash from Financing: -96
: -3
Free Cash Flow: 76
OCF / Net Profit: 1.01
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.01
Cumulative 5-Year FCF: 0

Mar 2020

: 136
Cash from Investing: 27
Cash from Financing: -163
: 1
Free Cash Flow: 112
OCF / Net Profit: 1.72
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.72
Cumulative 5-Year FCF: 0

Mar 2021

: 111
Cash from Investing: -53
Cash from Financing: -58
: 0
Free Cash Flow: 81
OCF / Net Profit: 0.93
Cumulative 5-Year FCF: 447
OCF / Net Profit: 0.93
Cumulative 5-Year FCF: 447

Mar 2022

: 106
Cash from Investing: -12
Cash from Financing: -87
: 6
Free Cash Flow: 58
OCF / Net Profit: 0.70
Cumulative 5-Year FCF: 416
OCF / Net Profit: 0.70
Cumulative 5-Year FCF: 416

Mar 2023

: 120
Cash from Investing: -32
Cash from Financing: -88
: 1
Free Cash Flow: 89
OCF / Net Profit: 2.11
Cumulative 5-Year FCF: 416
OCF / Net Profit: 2.11
Cumulative 5-Year FCF: 416

Mar 2024

: 155
Cash from Investing: -80
Cash from Financing: -84
: -9
Free Cash Flow: 132
OCF / Net Profit: 2.18
Cumulative 5-Year FCF: 472
OCF / Net Profit: 2.18
Cumulative 5-Year FCF: 472

Mar 2025

: 179
Cash from Investing: -43
Cash from Financing: -124
: 12
Free Cash Flow: 125
OCF / Net Profit: 1.87
Cumulative 5-Year FCF: 486
OCF / Net Profit: 1.87
Cumulative 5-Year FCF: 486

Mar 2026

: 206
Cash from Investing: -21
Cash from Financing: -167
: 18
Free Cash Flow: 150
OCF / Net Profit: 1.38
Cumulative 5-Year FCF: 555
OCF / Net Profit: 1.38
Cumulative 5-Year FCF: 555

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	8.69	17.88	18.04	15.01	22.65	28.74	10.76	13.44	18.08	9.35
Book Value (₹)	76.86	83.97	85.59	70.88	83.70	97.78	97.59	96.22	100.54	34.80
Dividend per Share (₹)	10.00	10.00	20.00	5.00	25.00	15.00	18.00	18.00	21.00	14.00
Cash EPS (₹)	3.62	6.71	6.93	6.24	8.88	11.37	5.73	6.94	8.95	12.56
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	42.45%	49.02%	43.70%	44.18%	38.59%	42.55%	24.60%	25.77%	29.54%	31.00%
Net Margin %	15.69%	28.94%	25.72%	19.78%	25.25%	27.08%	11.71%	13.58%	15.13%	19.22%
ROE %	11.88%	22.23%	21.09%	19.20%	29.32%	31.68%	11.02%	13.87%	18.38%	27.39%
ROCE %	21.80%	33.78%	32.39%	27.17%	39.32%	43.57%	16.44%	19.55%	28.84%	38.91%
	10.90%	20.67%	19.61%	17.30%	25.38%	22.68%	6.98%	10.16%	14.70%	20.35%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	8	8	10	12	23	45	66	43	31	33
Inventory Days	15	17	16	15	16	15	19	25	26	22
Payable Days	5	13	19	40	46	38	41	67	107	109
	17	12	6	-12	-7	22	44	1	-49	-54
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.02x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.04x	0.00x	0.00x
Interest Coverage (x)	201.80x	370.90x	313.47x	85.85x	245.36x	68.33x	18.86x	21.13x	48.85x	67.58x
	9.74x	7.52x	4.57x	2.23x	2.91x	1.81x	2.12x	3.23x	2.69x	3.31x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	26.53%	11.52%	11.60%	8.31%	18.25%	18.40%	-13.37%	7.72%	20.82%	22.30%
Operating Profit Growth %	25.86%	28.76%	-0.51%	9.51%	3.29%	30.55%	-49.91%	18.82%	41.26%	34.75%
Net Profit Growth %	-20.57%	105.77%	-0.83%	-16.71%	51.00%	26.95%	-62.53%	24.87%	34.64%	55.37%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	24.83%	34.53%	-48.28%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	44.08x	12.54x	37.41x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.15x	6.77x	10.05x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.04%	3.09%	4.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	21.95x	17.68x	20.33x

Mar 2017

EPS (₹): 8.69
Book Value (₹): 76.86
Dividend per Share (₹): 10.00
Cash EPS (₹): 3.62
Operating Margin %: 42.45%
Net Margin %: 15.69%
ROE %: 11.88%
ROCE %: 21.80%
: 10.90%
Debtor Days: 8
Inventory Days: 15
Payable Days: 5
: 17
Debt to Equity (x): 0.02x
Interest Coverage (x): 201.80x
: 9.74x
Revenue Growth %: 26.53%
Operating Profit Growth %: 25.86%
Net Profit Growth %: -20.57%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 17.88
Book Value (₹): 83.97
Dividend per Share (₹): 10.00
Cash EPS (₹): 6.71
Operating Margin %: 49.02%
Net Margin %: 28.94%
ROE %: 22.23%
ROCE %: 33.78%
: 20.67%
Debtor Days: 8
Inventory Days: 17
Payable Days: 13
: 12
Debt to Equity (x): 0.00x
Interest Coverage (x): 370.90x
: 7.52x
Revenue Growth %: 11.52%
Operating Profit Growth %: 28.76%
Net Profit Growth %: 105.77%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 18.04
Book Value (₹): 85.59
Dividend per Share (₹): 20.00
Cash EPS (₹): 6.93
Operating Margin %: 43.70%
Net Margin %: 25.72%
ROE %: 21.09%
ROCE %: 32.39%
: 19.61%
Debtor Days: 10
Inventory Days: 16
Payable Days: 19
: 6
Debt to Equity (x): 0.00x
Interest Coverage (x): 313.47x
: 4.57x
Revenue Growth %: 11.60%
Operating Profit Growth %: -0.51%
Net Profit Growth %: -0.83%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 15.01
Book Value (₹): 70.88
Dividend per Share (₹): 5.00
Cash EPS (₹): 6.24
Operating Margin %: 44.18%
Net Margin %: 19.78%
ROE %: 19.20%
ROCE %: 27.17%
: 17.30%
Debtor Days: 12
Inventory Days: 15
Payable Days: 40
: -12
Debt to Equity (x): 0.00x
Interest Coverage (x): 85.85x
: 2.23x
Revenue Growth %: 8.31%
Operating Profit Growth %: 9.51%
Net Profit Growth %: -16.71%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 22.65
Book Value (₹): 83.70
Dividend per Share (₹): 25.00
Cash EPS (₹): 8.88
Operating Margin %: 38.59%
Net Margin %: 25.25%
ROE %: 29.32%
ROCE %: 39.32%
: 25.38%
Debtor Days: 23
Inventory Days: 16
Payable Days: 46
: -7
Debt to Equity (x): 0.00x
Interest Coverage (x): 245.36x
: 2.91x
Revenue Growth %: 18.25%
Operating Profit Growth %: 3.29%
Net Profit Growth %: 51.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 28.74
Book Value (₹): 97.78
Dividend per Share (₹): 15.00
Cash EPS (₹): 11.37
Operating Margin %: 42.55%
Net Margin %: 27.08%
ROE %: 31.68%
ROCE %: 43.57%
: 22.68%
Debtor Days: 45
Inventory Days: 15
Payable Days: 38
: 22
Debt to Equity (x): 0.00x
Interest Coverage (x): 68.33x
: 1.81x
Revenue Growth %: 18.40%
Operating Profit Growth %: 30.55%
Net Profit Growth %: 26.95%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 10.76
Book Value (₹): 97.59
Dividend per Share (₹): 18.00
Cash EPS (₹): 5.73
Operating Margin %: 24.60%
Net Margin %: 11.71%
ROE %: 11.02%
ROCE %: 16.44%
: 6.98%
Debtor Days: 66
Inventory Days: 19
Payable Days: 41
: 44
Debt to Equity (x): 0.00x
Interest Coverage (x): 18.86x
: 2.12x
Revenue Growth %: -13.37%
Operating Profit Growth %: -49.91%
Net Profit Growth %: -62.53%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 13.44
Book Value (₹): 96.22
Dividend per Share (₹): 18.00
Cash EPS (₹): 6.94
Operating Margin %: 25.77%
Net Margin %: 13.58%
ROE %: 13.87%
ROCE %: 19.55%
: 10.16%
Debtor Days: 43
Inventory Days: 25
Payable Days: 67
: 1
Debt to Equity (x): 0.04x
Interest Coverage (x): 21.13x
: 3.23x
Revenue Growth %: 7.72%
Operating Profit Growth %: 18.82%
Net Profit Growth %: 24.87%
: 24.83%
P/E (x): 44.08x
P/B (x): 6.15x
Dividend Yield %: 3.04%
: 21.95x

Mar 2025

EPS (₹): 18.08
Book Value (₹): 100.54
Dividend per Share (₹): 21.00
Cash EPS (₹): 8.95
Operating Margin %: 29.54%
Net Margin %: 15.13%
ROE %: 18.38%
ROCE %: 28.84%
: 14.70%
Debtor Days: 31
Inventory Days: 26
Payable Days: 107
: -49
Debt to Equity (x): 0.00x
Interest Coverage (x): 48.85x
: 2.69x
Revenue Growth %: 20.82%
Operating Profit Growth %: 41.26%
Net Profit Growth %: 34.64%
: 34.53%
P/E (x): 12.54x
P/B (x): 6.77x
Dividend Yield %: 3.09%
: 17.68x

Mar 2026

EPS (₹): 9.35
Book Value (₹): 34.80
Dividend per Share (₹): 14.00
Cash EPS (₹): 12.56
Operating Margin %: 31.00%
Net Margin %: 19.22%
ROE %: 27.39%
ROCE %: 38.91%
: 20.35%
Debtor Days: 33
Inventory Days: 22
Payable Days: 109
: -54
Debt to Equity (x): 0.00x
Interest Coverage (x): 67.58x
: 3.31x
Revenue Growth %: 22.30%
Operating Profit Growth %: 34.75%
Net Profit Growth %: 55.37%
: -48.28%
P/E (x): 37.41x
P/B (x): 10.05x
Dividend Yield %: 4.00%
: 20.33x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.11	71.11	71.06	71.06	71.06	71.06	60.93	60.92	60.92
	2.49	1.93	2.77	2.41	3.23	4.85	4.96	5.37	5.43
	14.89	14.79	14.68	14.97	14.54	13.47	20.52	21.00	20.92
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.49	12.16	11.50	11.56	11.17	10.63	13.61	12.71	12.72

Jun 2024

: 71.11
: 2.49
: 14.89
Government: 0.00
: 11.49

Sep 2024

: 71.11
: 1.93
: 14.79
Government: 0.00
: 12.16

Dec 2024

: 71.06
: 2.77
: 14.68
Government: 0.00
: 11.50

Mar 2025

: 71.06
: 2.41
: 14.97
Government: 0.00
: 11.56

Jun 2025

: 71.06
: 3.23
: 14.54
Government: 0.00
: 11.17

Sep 2025

: 71.06
: 4.85
: 13.47
Government: 0.00
: 10.63

Dec 2025

: 60.93
: 4.96
: 20.52
Government: 0.00
: 13.61

Mar 2026

: 60.92
: 5.37
: 21.00
Government: 0.00
: 12.71

Jun 2026

: 60.92
: 5.43
: 20.92
Government: 0.00
: 12.72

Documents

Announcements

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
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.

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Jul 2026
Transcript PPTREC
May 2026
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Feb 2026
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