THYROCARE
Thyrocare Technologies Limited
Pathology services provider with Aarogyam health checkup packages and specialty testing
Healthcare›Healthcare›Healthcare Services›Healthcare Service Provider
thyrocare.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹485.25
Market cap
7,724 Cr
Stock P/E
43.8
P/B
13.19
Dividend yield
1.9%
ROE (FY26)
27.8%
ROCE (FY26)
36.8%
Operating margin (FY26)
24.5%
Debt / equity (FY26)
0.0009
OCF / EBITDA (FY26)
81.4%
OCF / EBITDA (3Y)
97.0%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
Loading price history…
Compare with peers
Loading peers…
What you need to know
Thyrocare runs diagnostic labs that process blood and other tests sent in by franchisees and by business partners such as health-tech platforms, corporates and insurers, with a focus on affordable preventive testing.
Company snapshot
4thBy market cap
Ranked among 10 companies in Healthcare Service Provider.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 91.4% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Diagnostic Testing Services | 91.4% | 457 Cr | 94 Cr | — |
| Imaging Services | 8.1% | 41 Cr | -6 Cr | — |
| Others | 0.5% | 3 Cr | 0.54 Cr | — |
What we see
Positives
- ✓Net margin of 19.6% — the business keeps a healthy share of every rupee it earns.
5 more signals from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 148 Cr | 135 Cr | 154 Cr | 157 Cr | 177 Cr | 166 Cr | 187 Cr | 193 Cr | 217 Cr | 196 Cr | 224 Cr | 240 Cr |
| Operating expenses (approx.) | 110 Cr | 103 Cr | 120 Cr | 114 Cr | 129 Cr | 124 Cr | 129 Cr | 135 Cr | 145 Cr | 138 Cr | 149 Cr | 163 Cr |
| EBITDA | 38 Cr | 32 Cr | 34 Cr | 43 Cr | 48 Cr | 42 Cr | 58 Cr | 58 Cr | 71 Cr | 58 Cr | 75 Cr | 77 Cr |
| OPM % | 25.4% | 23.4% | 21.9% | 27.2% | 27.2% | 25.2% | 30.8% | 29.9% | 33.0% | 29.6% | 33.5% | 32.2% |
| Other income | 2 Cr | 3 Cr | 3 Cr | 4 Cr | 3 Cr | 4 Cr | 5 Cr | 5 Cr | 3 Cr | 5 Cr | 4 Cr | 4 Cr |
| Interest | 1 Cr | 1 Cr | 1 Cr | 0.99 Cr | 0.76 Cr | 0.60 Cr | 0.70 Cr | 0.78 Cr | 0.59 Cr | -0.09 Cr | 2 Cr | 1 Cr |
| Depreciation | 11 Cr | 13 Cr | 13 Cr | 11 Cr | 13 Cr | 17 Cr | 14 Cr | 11 Cr | 12 Cr | 22 Cr | 14 Cr | 12 Cr |
| Profit before tax | 28 Cr | 20 Cr | 23 Cr | 34 Cr | 37 Cr | 28 Cr | 47 Cr | 50 Cr | 63 Cr | 35 Cr | 64 Cr | 68 Cr |
| Tax % | 28.1% | 26.0% | 25.0% | 28.6% | -28.2% | 32.1% | 54.3% | 24.1% | 23.6% | 20.7% | 24.4% | 24.8% |
| Net profit | 20 Cr | 15 Cr | 17 Cr | 24 Cr | 26 Cr | 19 Cr | 22 Cr | 38 Cr | 48 Cr | 28 Cr | 49 Cr | 51 Cr |
| EPS (₹) | ₹3.84 | ₹2.78 | ₹3.54 | ₹4.52 | ₹4.99 | ₹3.58 | ₹4.17 | ₹7.35 | ₹9.05 | ₹1.82 | ₹2.99 | ₹3.23 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 304 Cr | 356 Cr | 403 Cr | 433 Cr | 495 Cr | 589 Cr | 527 Cr | 572 Cr | 687 Cr | 829 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 189 Cr | 212 Cr | 249 Cr | 261 Cr | 323 Cr | 354 Cr | 407 Cr | 434 Cr | 497 Cr | 567 Cr | Sign in free for the trailing twelve months |
| EBITDA | 115 Cr | 145 Cr | 154 Cr | 173 Cr | 171 Cr | 235 Cr | 120 Cr | 137 Cr | 190 Cr | 262 Cr | Sign in free for the trailing twelve months |
| OPM % | 37.8% | 40.6% | 38.3% | 39.8% | 34.6% | 39.9% | 22.8% | 24.0% | 27.7% | 31.6% | Sign in free for the trailing twelve months |
| Other income | 12 Cr | 23 Cr | 10 Cr | 8 Cr | 12 Cr | 29 Cr | 8 Cr | 9 Cr | 15 Cr | 17 Cr | Sign in free for the trailing twelve months |
| Interest | 0.27 Cr | 0.43 Cr | 0.61 Cr | 2 Cr | 0.87 Cr | 2 Cr | 2 Cr | 4 Cr | 3 Cr | 3 Cr | Sign in free for the trailing twelve months |
| Depreciation | 18 Cr | 20 Cr | 26 Cr | 32 Cr | 30 Cr | 34 Cr | 39 Cr | 47 Cr | 55 Cr | 59 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 82 Cr | 145 Cr | 138 Cr | 140 Cr | 152 Cr | 228 Cr | 89 Cr | 96 Cr | 145 Cr | 213 Cr | Sign in free for the trailing twelve months |
| Tax % | 47.5% | 35.7% | 38.3% | 37.0% | 25.8% | 22.7% | 27.4% | 27.6% | 37.6% | 23.5% | Sign in free for the trailing twelve months |
| Net profit | 43 Cr | 93 Cr | 85 Cr | 88 Cr | 113 Cr | 176 Cr | 64 Cr | 69 Cr | 91 Cr | 163 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹7.99 | ₹17.39 | ₹15.95 | ₹16.74 | ₹21.41 | ₹33.30 | ₹12.16 | ₹13.42 | ₹17.13 | ₹10.27 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 46.7% | 45.0% | 123.3% | 137.1% | 105.0% | 91.1% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 54 Cr | 54 Cr | 53 Cr | 53 Cr | 53 Cr | 53 Cr | 53 Cr | 53 Cr | 53 Cr | 159 Cr |
| Reserves | 354 Cr | 390 Cr | 382 Cr | 314 Cr | 374 Cr | 474 Cr | 481 Cr | 474 Cr | 494 Cr | 426 Cr |
| Borrowings | 7 Cr | 11 Cr | 3 Cr | 3 Cr | — | — | — | 22 Cr | — | — |
| Other liabilities | 23 Cr | 25 Cr | 37 Cr | 100 Cr | 119 Cr | 81 Cr | 98 Cr | 95 Cr | 146 Cr | 161 Cr |
| Total liabilities | 438 Cr | 479 Cr | 475 Cr | 469 Cr | 546 Cr | 608 Cr | 633 Cr | 644 Cr | 693 Cr | 747 Cr |
| Fixed assets (net) | 151 Cr | 190 Cr | 186 Cr | 143 Cr | 129 Cr | 150 Cr | 157 Cr | 168 Cr | 149 Cr | 206 Cr |
| CWIP | 17 Cr | — | 1 Cr | 5 Cr | 8 Cr | 3 Cr | 2 Cr | 3 Cr | 14 Cr | 3 Cr |
| Investments | 104 Cr | 120 Cr | 95 Cr | 90 Cr | 126 Cr | 159 Cr | 151 Cr | 162 Cr | 162 Cr | 177 Cr |
| Loans & advances | — | — | 0.07 Cr | 0.66 Cr | 0.60 Cr | 0.06 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr |
| Inventories | 14 Cr | 17 Cr | 18 Cr | 21 Cr | 23 Cr | 25 Cr | 28 Cr | 48 Cr | 47 Cr | 48 Cr |
| Trade receivables | 6 Cr | 10 Cr | 12 Cr | 17 Cr | 45 Cr | 93 Cr | 85 Cr | 43 Cr | 73 Cr | 74 Cr |
| Cash & bank | 10 Cr | 10 Cr | 5 Cr | 9 Cr | 13 Cr | 14 Cr | 18 Cr | 9 Cr | 18 Cr | 38 Cr |
| Other assets | 134 Cr | 132 Cr | 157 Cr | 185 Cr | 201 Cr | 164 Cr | 192 Cr | 210 Cr | 231 Cr | 201 Cr |
| Total assets | 438 Cr | 479 Cr | 475 Cr | 469 Cr | 546 Cr | 608 Cr | 633 Cr | 644 Cr | 693 Cr | 747 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 90 Cr | 107 Cr | 100 Cr | 168 Cr | 116 Cr | 267 Cr | 129 Cr | 168 Cr | 191 Cr | 213 Cr |
| Cash from investing | -42 Cr | -43 Cr | -12 Cr | 0.95 Cr | -50 Cr | -120 Cr | -39 Cr | -91 Cr | -53 Cr | -23 Cr |
| Cash from financing | -49 Cr | -64 Cr | -94 Cr | -165 Cr | -62 Cr | -147 Cr | -86 Cr | -85 Cr | -130 Cr | -170 Cr |
| Net cash flow | -0.46 Cr | -0.06 Cr | -5 Cr | 4 Cr | 5 Cr | 0.43 Cr | 4 Cr | -8 Cr | 8 Cr | 21 Cr |
| Free cash flow (OCF − Capex) | 53 Cr | 63 Cr | 60 Cr | 158 Cr | 88 Cr | 229 Cr | 86 Cr | 106 Cr | 146 Cr | 192 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 19.7% | 32.0% | 31.7% | 38.5% | 35.9% | 43.7% | 17.0% | 18.2% | 27.1% | 36.8% |
| ROE % | 10.5% | 21.0% | 19.6% | 24.1% | 26.5% | 33.5% | 12.0% | 13.4% | 16.7% | 27.8% |
| Debtor days | 8 | 10 | 11 | 14 | 33 | 58 | 59 | 28 | 39 | 32 |
| Inventory days | 67 | 67 | 61 | 65 | 52 | 54 | 64 | 105 | 90 | 81 |
| Days payable | 6 | 5 | 26 | 69 | 56 | 36 | 59 | 89 | 147 | 109 |
| Cash conversion cycle | 68 | 73 | 46 | 10 | 29 | 75 | 64 | 44 | -19 | 4 |
| OCF / EBITDA % | 77.8% | 74.0% | 65.0% | 97.2% | 67.9% | 113.7% | 107.7% | 122.0% | 100.5% | 81.4% |
| OCF / EBITDA % (3 years) | — | — | 71.7% | 79.5% | 77.2% | 95.2% | 97.4% | 114.5% | 109.0% | 97.0% |
| Debt / equity | 0.02 | 0.02 | 0.0057 | 0.0068 | — | 0.00 | — | 0.04 | 0.0027 | 0.0009 |
| Current ratio | 8.49 | 7.02 | 5.67 | 1.48 | 2.50 | 4.34 | 3.54 | 3.08 | 2.77 | 3.39 |
| Net debt / EBITDA | -0.02 | 0.0056 | -0.02 | -0.04 | -0.08 | -0.06 | -0.15 | 0.09 | -0.09 | -0.15 |