Thyrocare Technologies Limited (THYROCARE)

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Thyrocare Technologies Limited (THYROCARE) · mywealthgrid

About

Thyrocare Technologies Limited is a healthcare services provider in India with a market cap of ₹9,934.88 Cr. Recent quarters show revenue in the ₹182–240 Cr range with operating margins averaging 31.61% and ROE of 28.8%, reflecting strong profitability in the healthcare services sector.

Face value: ₹10

Market cap

₹8,495 Cr

P/E

48.2×

P/B

14.5×

Dividend yield

6.6%

ROE

28.8%

ROCE

36.5%

Debt / equity

OPM

31.6%

EPS (TTM)

₹11.1

Book value

₹36.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High valuation at PE 56.35 leaves limited room for earnings disappointment
Quarterly profit volatility: Standalone net profit ranged from ₹28.05 Cr (Dec 2025) to ₹50.17 Cr (Jun 2026), suggesting operational or seasonal sensitivity
Operating margin compression risk: OPM fell to 29.58% (Dec 2025) from 34.48% (Mar 2026), indicating cost-structure vulnerability
Verify regulatory environment, reimbursement policies, and competitive intensity in Indian healthcare services

Generated analysis · source review pending

Growth drivers

Standalone revenue growth from ₹202.23 Cr (Sep 2025) to ₹225.66 Cr (Jun 2026) demonstrates operational momentum
Operating margin stability at 31.61% average (ranging 29.58%–34.48%) sustains profitability as volumes expand
Debt-free balance sheet (D/E 0) enables capex investment in service capacity expansion; verify strategic growth plans
ROE of 28.8% indicates efficient capital deployment available for reinvestment

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹534.4-2.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 19.7% (3-yr avg)
+High return on capital employed of 27.1%
+Healthy operating margin of 31.6%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 78.7×
+Dividend yield of 6.6%
+High promoter holding of 60.9% with no pledge

Cons

−Trading at 14.5× book value
−Promoter holding fell 10.1 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

67/100

Business quality: 97
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	241	304	356	403	433	495	589	527	572	687	829
COGS	70	81	95	111	117	164	170	163	167	191	220
Gross profit	171	223	261	292	316	331	419	363	405	496	609
	77	108	117	137	143	160	184	242	267	307	346
	94	115	145	155	173	171	235	121	138	189	263
OPM %	38.8%	37.8%	40.6%	38.4%	39.9%	34.6%	39.9%	23%	24.1%	27.5%	31.8%
Depreciation	18	18	20	26	32	30	34	39	47	55	59
Interest	—	0	0	1	2	1	2	2	4	3	3
	7	-15	21	10	1	12	29	8	9	15	11
Profit before tax	—	—	—	138	140	152	228	89	96	145	213
Tax	30	39	52	53	52	39	52	24	26	55	50
Tax %	—	—	—	38.3%	37%	25.8%	22.7%	27.4%	27.6%	37.6%	23.5%
	52	43	93	85	88	113	176	64	69	91	163
PAT margin %	21.5%	14.1%	26.2%	21.1%	20.4%	22.9%	29.9%	12.2%	12.2%	13.2%	19.6%
EPS (₹)	10.1	8	17.4	16	16.7	21.4	33.3	12.2	13.4	17.1	10.3
EPS adjusted (₹)	3.2	2.7	5.8	5.4	5.6	7.1	11.1	4.1	4.5	5.8	10.2
	24.9%	125.2%	57.5%	125.4%	29.9%	116.8%	0%	123.4%	268.3%	122.6%	136.3%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	54	54	54	53	53	53	53	53	53	53	159
Reserves	312	336	400	382	314	374	474	481	474	494	426
Minority interest	—	—	—	—	—	—	—	1	1	0	1
	—	—	—	3	3	0	0	0	22	0	0
	44	24	31	37	100	119	81	98	95	146	161
Total equity & liabilities	410	413	485	475	469	546	608	633	644	693	747
	152	91	102	187	144	231	251	259	306	262	317
CWIP	1	1	1	1	5	8	3	2	3	14	3
Investments	93	266	315	75	69	148	180	151	162	162	177
	163	56	68	211	251	159	174	222	173	255	250
Total assets	410	413	485	475	469	546	608	633	644	693	747

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Diagnostic Testing Services	772.53	197.48	514.08	147.35	366.73	53.85
Imaging Services	53.14	0.67

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	72.6%	73%	66.9%	71.2%	69%	70.9%	72.2%	73.5%
EBITDA margin %	38.3%	39.8%	34.6%	39.9%	22.8%	24%	27.7%	31.6%
EBIT margin %	31.8%	32.5%	28.5%	34.1%	15.4%	15.8%	19.7%	24.5%
PAT margin %	21.1%	20.4%	22.9%	29.9%	12.2%	12.2%	13.2%	19.6%
Working capital
Receivable days	11	14	33	58	59	28	39	33
Inventory days	60	64	52	53	62	104	89	81
Payable days	25	68	56	36	57	88	146	109
NWC days	46	10	29	75	64	44	-18	4
Leverage
Current ratio	6.61	1.86	2.1	4.19	3.54	3.08	2.77	3.39
Debt to EBITDA	0.02	0.01	0	0	0	0.16	0	0
Debt to equity	0.01	0.01	0	0	0	0.04	0	0
Interest coverage	226.2	80.2	176.3	97.2	38.2	23.8	49.2	78.7
Asset turnover	0.85	0.92	0.91	0.97	0.83	0.89	0.99	1.11
Return ratios
Return on assets %	17.9%	18.8%	20.7%	29%	10.2%	10.8%	13.1%	21.8%
Return on capital employed %	30%	35.2%	36.6%	46.3%	16.3%	18%	26.7%	36.5%
Return on equity %	19.6%	24.1%	26.5%	33.5%	12%	13.2%	16.6%	27.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.14%	71.11%	71.11%	71.11%	71.11%	71.06%	71.06%	71.06%	71.06%	60.93%	60.92%	60.92%
	3.46%	3.35%	2.9%	2.49%	1.93%	2.77%	2.41%	3.23%	4.85%	4.95%	5.37%	5.44%
	13.33%	13.89%	14.88%	14.9%	14.8%	14.67%	14.97%	14.54%	13.47%	20.51%	20.99%	20.92%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	12.07%	11.65%	11.11%	11.5%	12.16%	11.5%	11.56%	11.17%	10.62%	13.61%	12.72%	12.72%
No. of shareholders	—	—	—	—	—	—	—	—	54,142	77,619	73,377	73,064

Promoter holding down 10.22 percentage points since Sep 2023.

7 disclosures

Person	Deal	Shares	Value	Holding	Filed
Rajkumar Singh Kushawaha	SellMarket Sale	700	₹9.27 L	0.00% → 0.00%	10 Nov 20257(2)
Divekar Ashish Pandurang	SellMarket Sale	1,047	₹14.63 L	0.00% → 0.00%

53 deals · 29 Aug 2022 – 13 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
13 Aug 2026	DOCON TECHNOLOGIES PRIVATE LIMITED	Block	NSE	Sell	1,31,68,657	₹624.00	₹821.72 Cr
13 Aug 2026	DOCON TECHNOLOGIES PRIVATE LIMITED	Bulk	NSE	Sell	1,31,68,657	₹624.00	₹821.72 Cr
13 Aug 2026	HSBC MUTUAL FUND	Bulk	NSE	Buy	29,99,731	₹624.00	₹187.18 Cr
13 Aug 2026	HSBC MUTUAL FUND	Block	NSE	Buy	29,99,731	₹624.00	₹187.18 Cr
13 Aug 2026	KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED	Block	NSE	Buy	24,00,000	₹624.00	₹149.76 Cr
13 Aug 2026	KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED	Bulk	NSE	Buy	24,00,000	₹624.00	₹149.76 Cr
13 Aug 2026	DOCON TECHNOLOGIES PRIVATE LIMITED	Bulk	BSE	Sell	16,01,039	₹630.64	₹100.97 Cr
13 Aug 2026	DSP MUTUAL FUND	Bulk	NSE	Buy	13,21,363	₹624.00	₹82.45 Cr
13 Aug 2026	DSP MUTUAL FUND	Block	NSE	Buy	13,21,363	₹624.00	₹82.45 Cr
13 Aug 2026	DOCON TECHNOLOGIES PRIVATE LIMITED	Bulk	NSE	Sell	10,00,000	₹631.71	₹63.17 Cr

1–10 of 53

1 / 6

Mr. Rahul GuhaExecutive Director-Chairperson-CEO-MD
Mr. Alok Kumar JagnaniNon-Executive - Non Independent Director
Mr. Uday Patel KadamNon-Executive - Non Independent Director
Mr. Gaurav VermaNon-Executive - Non Independent Director
Mrs. Indumati GopinathanNon-Executive - Independent Director
Ms. Prapti Ishwar GiladaNon-Executive - Independent Director
Mr. Harshil Jiten VoraNon-Executive - Independent Director
Mr. Anandh SundarNon-Executive - Independent Director
Mr. Nishant A ShahNon-Executive - Independent Director
Mr. Vikram GuptaChief Financial Officer
Mr. Brijesh KumarCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

10.41%

of the company's equity

All mutual funds

19.86%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

21 schemes · 9 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	51.68 L	312.39	0.38%	3.246%	-0
PHARMA FUND	Nippon India Mutual Fund	38.38 L	232.01	2.45%	2.411%	-1.79 L
Dividend Yield FundNEW	ICICI Prudential Mutual Fund	21.19 L	128.12	1.91%	1.331%	—
Healthcare FundNEW	ICICI Prudential Mutual Fund	15.01 L	90.72	1.3%	0.943%	—
Healthcare FundNEW	DSP Mutual Fund	13.41 L	81.07	2.11%	0.842%	—
Innovation Fund	ICICI Prudential Mutual Fund	9.99 L	60.4	0.75%	0.628%	-4.56 L
Active Momentum Fund	ICICI Prudential Mutual Fund	4.68 L	28.32	1.31%	0.294%	-0
SMALL CAP FUND	Bank of India Mutual Fund	4.62 L	27.92	0.84%	0.29%	+61,807

1–8 of 21

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

15

Final dividend23 Jun 2026 · ex-date₹7
Interim dividend24 Oct 2025 · ex-date₹7
Final dividend25 Jul 2025 · ex-date₹21
Final dividend16 Aug 2024 · ex-date₹18
Interim dividend20 Apr 2023 · ex-date₹18
Interim dividend11 May 2022 · ex-date₹15
Final dividend17 Jun 2021 · ex-date₹15
Interim dividend12 Nov 2020 · ex-date₹10
Interim dividend21 Nov 2019 · ex-date₹5
Dividend dividend14 Aug 2019 · ex-date₹20
Final dividend2 Aug 2018 · ex-date₹5
Interim dividend15 Feb 2018 · ex-date₹5
Final dividend3 Aug 2017 · ex-date₹5
Interim dividend8 Feb 2017 · ex-date₹5
Final dividend1 Sept 2016 · ex-date₹2.5

1

Board meeting to consider results23 Jul 2026

1

Bonus 2:128 Nov 2025 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

10 announcementsExport CSV

4 Sept 2026, 2:59 pmInsider Trading / SAST

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 PDF

1 Sept 2026, 5:21 pmCompany Update

Communication Received From API Holdings Limited Regarding Approval Of Scheme Of Amalgamation Of Docon Technologies Private Limited With API Holdings Limited

General PDF

Date	Category	Subject	Filing
4 Sept 2026, 2:59 pm	Insider Trading / SAST Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	PDF
1 Sept 2026, 5:21 pm	Company Update General	Communication Received From API Holdings Limited Regarding Approval Of Scheme Of Amalgamation Of Docon Technologies Private Limited With API Holdings Limited

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	72.6%	73%	66.9%	71.2%	69%	70.9%	72.2%	73.5%
EBITDA margin %	38.3%	39.8%	34.6%	39.9%	22.8%	24%	27.7%	31.6%
EBIT margin %	31.8%	32.5%	28.5%	34.1%	15.4%	15.8%	19.7%	24.5%
PAT margin %	21.1%	20.4%	22.9%	29.9%	12.2%	12.2%	13.2%	19.6%
Working capital
Receivable days	11	14	33	58	59	28	39	33
Inventory days	60	64	52	53	62	104	89	81
Payable days	25	68	56	36	57	88	146	109
NWC days	46	10	29	75	64	44	-18	4
Leverage
Current ratio	6.61	1.86	2.1	4.19	3.54	3.08	2.77	3.39
Debt to EBITDA	0.02	0.01	0	0	0	0.16	0	0
Debt to equity	0.01	0.01	0	0	0	0.04	0	0
Interest coverage	226.2	80.2	176.3	97.2	38.2	23.8	49.2	78.7
Asset turnover	0.85	0.92	0.91	0.97	0.83	0.89	0.99	1.11
Return ratios
Return on assets %	17.9%	18.8%	20.7%	29%	10.2%	10.8%	13.1%	21.8%
Return on capital employed %	30%	35.2%	36.6%	46.3%	16.3%	18%	26.7%	36.5%
Return on equity %	19.6%	24.1%	26.5%	33.5%	12%	13.2%	16.6%	27.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Dr. Lal Path Labs Ltd.LALPATHLABLALPATHLAB	₹33,605 Cr	₹33,605 Cr	₹2,891 Cr	₹838 Cr	28.3%	₹542 Cr	18.5%	28.8%	21.6%	-79
Vijaya Diagnostic Centre LimitedVIJAYAVIJAYA	₹14,694 Cr	₹14,694 Cr	₹857 Cr	₹362 Cr	41.4%	₹187 Cr	21.3%	21.3%	19.7%	-117
Metropolis Healthcare LimitedMETROPOLISMETROPOLIS	₹11,151 Cr	₹11,169 Cr	₹1,710 Cr	₹422 Cr	24.4%	₹202 Cr	11.6%	17.3%	13.4%	-57
Thyrocare Technologies LimitedTHYROCARETHYROCARE	₹8,495 Cr	₹8,495 Cr	₹876 Cr	₹282 Cr	31.6%	₹176 Cr	19.6%	36.5%	28.8%	4
Nephrocare Health Services LimitedNEPHROPLUSNEPHROPLUS	₹6,509 Cr	₹6,589 Cr	₹999 Cr	₹227 Cr	22.7%	₹77 Cr	7.7%	17.1%	9.1%	-61
Suraksha Diagnostic LimitedSURAKSHASURAKSHA	₹1,824 Cr	₹1,826 Cr	₹325 Cr	₹102 Cr	30.7%	₹36 Cr	10.1%	16.8%	14.1%	-101
Krsnaa Diagnostics LimitedKRSNAAKRSNAA	₹1,798 Cr	₹2,332 Cr	₹815 Cr	₹218 Cr	27.4%	₹97 Cr	13.1%	13.1%	10.9%	65
3b Blackbio Dx Limited3BBLACKBIO3BBLACKBIO	₹1,416 Cr	₹1,417 Cr	₹96 Cr	₹50 Cr	52%	₹163 Cr	49.4%	25.3%	19.4%	235
One Global Service Provider LtdONEGLOBALONEGLOBAL	₹1,025 Cr	₹1,025 Cr	₹6 Cr	₹1 Cr	22.2%	₹1 Cr	17.3%	17.6%	19.5%	—
Health X Platform LimitedHEALTHXHEALTHX	₹868 Cr	₹890 Cr	₹1,468 Cr	₹-67 Cr	-4%	₹-20 Cr	-0.1%	—	0.2%	—
Gaudium Ivf And Women Health LimitedGAUDIUMIVFGAUDIUMIVF	₹797 Cr	₹820 Cr	₹104 Cr	₹38 Cr	36.1%	₹24 Cr	23.4%	23.1%	16.1%	92
Aspira Pathlab & Diagnostics LtdASPIRAASPIRA	₹135 Cr	₹136 Cr	₹22 Cr	₹4 Cr	16%	₹2 Cr	9.2%	17.5%	18.1%	16

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	68	89	107	100	168	116	267	129	168	191	213
	-18	-40	-43	-12	1	-50	-120	-39	-91	-53	-23
	-45	-49	-64	-94	-165	-62	-147	-86	-85	-130	-170
Net cash flow	5	1	-0	-5	4	5	0	4	-8	8	21
Free cash flow	53	89	107	100	168	88	229	86	106	146	192
CFO / Operating profit %	72.5%	77.5%	74%	65%	97.2%	67.9%	113.7%	107.7%	122%	100.5%	81.4%

Thyrocare Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

15

1

1

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Diagnostic Testing Services · revenue

15

1

1

Thyrocare Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends15

Board meetings1

Bonus issues1

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Diagnostic Testing Services · revenue

Dividends15

Board meetings1

Bonus issues1

15

1

1

15

1

1