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Thyrocare Technologies Ltd (THYROCARE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539871 NSE: THYROCARE Hospital & Healthcare Services | Small Cap | Thyrocare Tech. Share Price

₹556.85 12.80 (2.35%)

As on 02-Jul'26 16:59

Thyrocare Technologies Ltd (THYROCARE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539871 NSE: THYROCARE Hospital & Healthcare Services | Small Cap | Thyrocare Tech. Share Price

₹556.85 12.80 (2.35%)

As on 02-Jul'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹8,863 Cr.
Current Price
₹556.9
52-Week Low / High
₹323 / 578
TTM EPS
₹10.3
TTM Sales
₹829 Cr.
Book Value per Share
₹36.4
P/E Ratio
54.24
Higher than its 5-year historical median
Industry PE
93.2
Price to Book (P/B)
15.31
Higher than its 5-year historical median
Price to Sales (P/S)
10.69
Higher than its 5-year historical median
EV/EBITDA
31.39
Higher than its 5-year historical median
Dividend Yield
2.51%
Profitability Efficiency
Return on Equity (ROE)
29.05%
Outperforms industry median
Return on Capital Employed (ROCE)
38.30%
Outperforms industry median
Return on Assets (ROA)
21.42%
Operating Profit Margin
29.7%
Net Profit Margin
19.64%
Gross Profit Margin
33.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
20.61%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
29.06%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
79.45%
Asset Quality
Promoter Holding
60.92%
Pledged shares (%) of Promoter's holding (%)
100.00%
Reserves
₹420 Cr.
Equity
₹159.2 Cr.
Face Value
₹10
All Time Low / High
₹135.55 / 578.05

Thyrocare Technologies stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Thyrocare Technologies Ltd a good quality company?
Thyrocare Technologies Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Thyrocare Technologies Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Thyrocare Technologies Ltd vs industry peers?
Thyrocare Technologies Ltd revenue CAGR is 9.62%, compared to the industry median CAGR of 1.38%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Thyrocare Technologies Ltd?
Promoters hold 60.92% of the Thyrocare Technologies Ltd, with 100.00% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Thyrocare Technologies Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.8% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Thyrocare Technologies Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 21%33.9%31.5%35.3%38.5%48.4%17.6%18.8%27.2%38.3%-
Value Creation
Index
0.51.41.31.51.82.50.30.31.01.8-

Growth Parameters

Sales 304356403434495589527572687829829
Sales YoY Gr.-17.1%13.1%7.8%13.9%19.1%-10.6%8.6%20.2%20.6%-
Adj EPS 3.85.65.25.76.79.94.14.55.410.110.3
YoY Gr.-46.9%-8.7%9.9%18.4%47.9%-58.2%8.9%18.9%89%-
BVPS (₹) 2527.327.222.926.83333.432.934.136.436.4
Adj Net
Profit
6290.981.689.810615765.771.785.2161163
Cash Flow from Ops. 89.6107100168115113129168180213-
Debt/CF from Ops. 0.10000000.100-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 11.8%10.9%16.3%20.6%
Adj EPS 11.4%8.6%34.8%89%
BVPS4.3%6.3%2.9%6.6%
Share Price 11.5% 4.9% 47.4% 63.5%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
1621.418.622.426.83312.413.515.928.528.3
Op. Profit
Mgn %
38.340.938.34034.74023.424.427.729.731.6
Net Profit
Mgn %
20.425.520.220.621.826.712.212.312.419.419.7
Debt to
Equity
00000000000
Working Cap
Days
5144424759154240131869471
Cash Conv.
Cycle
1915133731583510447

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales304356403434495589527572687829
Operating Expenses + 189212249261323353404433497583
Manufacturing Costs131216191723307291108
Material Costs8195111117164170163167191220
Employee Cost 323543495861106108127138
Other Costs 6269797684991058788117
Operating Profit 115145154174171236123139191246
Operating Profit Margin (%) 37.9%40.6%38.3%40.0%34.6%40.0%23.3%24.3%27.7%29.7%
Other Income + 12231071229891534
Exceptional Items -27-20-700000-6
Interest 0012135644
Depreciation 18202632303439475559
Profit Before Tax 821451381401522288996145213
Tax 39525352395224265550
Profit After Tax 43938588113176646991163
PAT Margin (%) 14.1%26.2%21.1%20.4%22.9%29.9%12.2%12.2%13.2%19.6%
Adjusted EPS (₹)2.75.85.45.67.111.14.24.55.710.3
Dividend Payout Ratio (%)125.20%57.50%123.90%29.90%118.30%45.10%144.30%134.20%122.60%136.40%

Valuation of Thyrocare Tech. - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 403440431363424523530522542579
Share Capital 545453535353535353159
Reserves 349387378310371470477469489420
Debt +70330001300
Long Term Debt70330001100
Short Term Debt0000000200
Minority Interest0000001101
Trade Payables17822251724407665
Others Liabilities 232728829130820653113144
Total Liabilities 434474470469540848761629732789

Fixed Assets

Net Fixed Assets +259299294269253285294306297317
Gross Block277336355359366423461501543601
Accumulated Depreciation18376190113138167195245283
CWIP 170158323143
Investments 1041209590126146144162162177
Inventories14171821232528484748
Trade Receivables6101216459385437374
Cash Equivalents 12121011161428405468
Others Assets 21163957692821802785101
Total Assets 434474470469540848761629732789

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 90107100168115113129168180213
PBT 821451371461532288796147213
Adjustment 4392432232165717369
Changes in Working Capital 62-134-18-7963011-8
Tax Paid -40-49-61-45-43-57-28-29-51-60
Cash Flow From Investing Activity + -42-43-121-49-24-39-91-41-23
Capex -36-44-39-10-21-15-42-61-33-15
Net Investments -10-42610-32-91-312-11
Others 54215111-93
Cash Flow From Financing Activity + -49-64-94-165-62-89-86-85-130-170
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 003000022-220
Interest Paid 00-0-0-0-2-2-7-3-3
Dividend Paid -40-54-27-132-53-79-79-95-95-148
Others -8-10-69-33-9-8-5-5-10-18
Net Cash Flow -0-0-54404-8821

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)11.1922.1219.5322.2628.7537.1812.2313.2117.0429.05
ROCE (%)21.0433.8931.4835.2738.5148.4217.6118.7527.2438.3
Asset Turnover Ratio0.720.780.850.930.980.850.650.821.011.09
PAT to CFO Conversion(x)2.091.151.181.911.020.642.022.431.981.31
Working Capital Days
Receivable Days8.308.109.801222.5042.7061.804130.9032.30
Inventory Days15.1016.2015.9016.3016.2014.8018.10242520.90
Payable Days7.4015.2023.3045.8052.2044.7045.3070.20111.10117.70

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *100.00100.00100.00100.00100.00100.00100.0085.84100.00100.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Thyrocare Technologies Ltd FAQs

The current trading price of Thyrocare Tech. on 02-Jul-2026 16:59 is ₹556.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 01-Jul-2026 the market cap of Thyrocare Tech. stood at ₹8,863.1 Cr

The latest P/E ratio of Thyrocare Tech. as of 01-Jul-2026 is 59.56.

The latest P/B ratio of Thyrocare Tech. as of 01-Jul-2026 is 16.00.

The 52-week high of Thyrocare Tech. is ₹578.0 and the 52-week low is ₹323.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Thyrocare Tech. is ₹774 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Thyrocare Technologies Ltd is a good quality company.

The key valuation ratios of Thyrocare Technologies Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Thyrocare Technologies Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Thyrocare Technologies Ltd

Thyrocare Technologies Ltd. is India's first and most advanced Totally Automated Laboratory having its strong presence in several cities / towns in India and internationally. Thyrocare is India's first fully automated diagnostic laboratory with a focus on providing quality at affordable costs to laboratories and hospitals in India and other countries. Thyrocare operates with a Centralized Processing Laboratory (CPL) in Mumbai - India for esoteric tests; and Regional Processing Laboratory in major metro cities of India and other parts of Asia. It has focus on strong technologies, strong brands and strong systems that enable all laboratories to give their clients the best of science and technology at an affordable cost. Thyrocare became one of the first Indian diagnostic laboratories to obtain internationally renowned quality accreditations like ISO 9001-2000 rating as early as 2001, which is now escalated to ISO 9001:2008 and CAP (College of American Pathologists) certification in 2007.

Business area of the company

Thyrocare Technologies is an India-based healthcare service provider. The Company operates with a centralized processing laboratory (CPL) in Mumbai, India for esoteric tests, and regional processing laboratory in metro cities of India and other parts of Asia. The Company offers technologies, including Chemiluminescence Immunoassay (CLIA), Enzyme Linked Immunosorbent Assay (ELISA), High Performance Liquid Chromatography (HPLC), Capillary Electrophoresis (CE), Ion Selective Electrode (ISE), Fluorescence Flow Cytometry, Nephelometry, Photometry, Liquid Chromatography Mass Spectrometry (LC-MS), Inductively Coupled Plasma-Mass Spectrometry (ICP-MS) and Cytogenetics. The Company offers cancer diagnosis and water testing through its brands Nueclear and Whaters, respectively.

Major events and milestones

  • 2000: The company was incorporated in the name and style of ‘Thyrocare Technologies Limited’ and received a certificate for commencement of operations.
  • 2001: The company received ISO 9001 certification.
  • 2001: The company commenced commercial operations under the brand name ‘Thyrocare’ pursuant to the acquisition of business of TDPL and TBPL (which were incorporated in 1996).
  • 2005: The company received NABL accreditation.
  • 2006: The company issued certain fully convertible debentures aggregating to Rs 250 million to BCCL.
  • 2007: The company receives accreditation from the College of American Pathologists (CAP).
  • 2010: The company issued certain compulsorily convertible debentures aggregating to Rs 250 million to Agalia. Agalia also acquired certain Equity Shares aggregating to Rs 1,250 million from its Promoters and certain other persons.
  • 2010: The company launched wellness packages under the brand name ‘Aarogyam’.
  • 2011: The company migrated to ‘total laboratory automation system’ installed by Siemens for efficient handling of increasing volumes.
  • 2012: NVP acquired certain Equity Shares aggregating to Rs 1,200 million from certain entities.
  • 2013: EIF acquired certain Equity Shares from Agalia.
  • 2013: The company’s subsidiary commenced operations at the PET-CT centres at Navi Mumbai and conducted over 1,000 scans in the first year of operation.
  • 2014: The company had installed, India’s first and the world’s longest track automation system for seamless sample movements from Siemens Limited.
  • 2014: The company commissioned the operations in medical cyclotron facility in Navi Mumbai.
  • 2014: The company’s subsidiary commenced operations at the PET-CT centres in New Delhi and Hyderabad and the PET-CT centres at New Delhi conducted over 1,000 scans in the first year of operations.
  • 2015: The company opened RPLs in Delhi, Coimbatore, Hyderabad and Kolkata to expand its coverage and volume of tests and samples processed daily.
  • 2015: The company acquired the equipment for testing of water samples and commenced operating the equipment under the brand name ‘WHATERS’. These tests, at present, include physical and chemical testing, elements testing, microbiology testing, pesticide testing and volatile organic compounds testing.
  • 2015: The company’s subsidiary has completed over 10,000 scans at the PET-CT centres in New Delhi, over 10,000 scans at the PET-CT centres in Navi Mumbai from the date of inception and over 1,000 scans at the PET-CT centres in Hyderabad since inception.
  • 2015: The Company opened RPLs in Delhi, Coimbatore, Hyderabad and Kolkata to expand its coverage and volume of tests and samples processed daily.
  • 2015: The Company acquired the equipment for testing of water samples and commenced operating the equipment under the brand name ''WHATERS''. These tests, at present include physical and chemical testing, elements testing, microbiology testing, pesticide testing and volatile organic compounds testing.
  • 2015: The Subsidiary has completed over 10,000 scans at the PET-CT centres in New Delhi, over 10,000 scans at the PET-CT centres in Navi Mumbai from the date of inception and over 1,000 scans at the PET-CT centres in Hyderabad since inception.
  • 2016: Thyrocare Technologies are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities.
  • 2016: Entered the Public listed sphere of healthcare – IPO.
  • 2016: Launched 2 new RPLs and NGSP Certification:- Certified with National Glycohemoglobin Standardization Program Certification (NGSP) for HbA1c Testing, and Launched 2 Regional Processing Laboratories- Bhopal and Bangalore, with state-of-the-art automations efficient as CPL, controlled via a centralized server.
  • 2016: Aarogyam Today:  Launched a second monthly publication addressing daily health concerns - Aarogyam Today.
  • 2016: Launched IFA (Immunofluorescence) for Autoimmunity testing.
  • 2017:  Launched Molecular Biology Division (PCR).
  • 2018: Patna Regional Processing Laboratory (RRL) was launched.
  • 2018: Last Mile Executive (LMEs) pickup service started in 15 plus cities.
  • 2018: Thyrocare and Thyroshop Mobile App were launched.
  • 2020: Thyrocare Technologies launching Blood-based Cancer Screening Profile.
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