NSE: THYROCARE · BSE: 539871
THYROCARE TECH LTD
Operates a pan-India diagnostic testing business, running pathology and preventive-health tests through 43 Indian labs and one lab in Tanzania, processing 55.2 million tests for 5.4 million patients in Q1 FY27. The core Diagnostic Testing Services segment generated ₹772.53 crore in FY26, or 93.2% of segment revenue, and ₹197.48 crore of EBIT, driven by branded wellness packages (Aarogyam, Jaanch), routine pathology, and a B2B network of 11,700 active franchisees fed via channel partners. Imaging Services, which runs PET-CT and CT centres and makes radiopharmaceuticals through subsidiary Nueclear Healthcare, contributed ₹53.14 crore (6.4% of segment revenue) and just ₹0.67 crore of EBIT; the board has approved evaluating its demerger or sale, expected over ~6 months. The cost stack is dominated by materials (26.4% of revenue) and employee costs (16.7%), with depreciation at 7.1% and capex at 2.5% of revenue, reflecting a hub-and-spoke processing model rather than a heavy-asset footprint. A new specialty diagnostics line in genomics and allergy was commercially launched in Q1 FY27, with management targeting 15–20% of the portfolio over 3–5 years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Diagnostic Testing Services (93%), Imaging Services (6%), Others (0%). Asset-light, hub-and-spoke diagnostic services with low capex (2.5% of revenue) and high working-capital turnover.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 589 | 527 | 572 | 687 | 829 |
| EBITDA (ex other income) | 235 | 120 | 137 | 190 | 256 |
| margin % | 39.9 | 22.8 | 24.0 | 27.7 | 30.9 |
| Owners' profit | 176 | 64 | 71 | 92 | 163 |
| EPS, as reported (₹) | 33.30 | 12.16 | 13.42 | 17.13 | 10.27 |
| ROE % · ROCE % | 33.5 · 42.4 | 12.0 · 16.2 | 13.2 · 18.0 | 16.6 · 26.3 | 27.8 · 33.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 |
| Cash from operations | 267 | 129 | 168 | 191 | 213 |
| Capex | (38) | (44) | (62) | (45) | (21) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 177 | 166 | 187 | 193 | 217 | 196 | 224 | 240 |
| Profit before tax | 37 | 28 | 48 | 50 | 62 | 35 | 64 | 68 |
| Net profit | 47 | 19 | 22 | 38 | 48 | 28 | 49 | 51 |
| EPS (₹) | 4.99 | 3.58 | 4.17 | 7.35 | 9.05 | 1.82 | 2.99 | 3.23 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Diagnostic Testing Services | 773 | 93.2 |
| Imaging Services | 53 | 6.4 |
| Others | 3 | 0.4 |
| Total, before eliminations | 829 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 32,213 | 46.3 | 12.68 | 37.5 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 14,838 | 79.1 | 15.50 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,341 | 23.4 | 7.44 | 27.1 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD ◆ | 7,871 | 28.9 | 13.43 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 6,301 | 65.1 | 5.64 | 24.9 | 6.9 | 8.6 | — | 25.3 |
| KRSNAA DIAGNOSTICS LTD | 1,628 | 16.7 | 1.66 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| SURAKSHA DIAGNOSTIC LTD | 1,621 | 45.3 | 6.66 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| 3B BLACKBIO DX LTD. | 1,170 | 19.5 | 3.53 | 13.8 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.9 | 23.4 | 14 of 25 | 46% |
| P/B | 13.4 | 2.0 | 23 of 24 | 4% |
| ROCE | 33.2 | 6.1 | 2 of 29 | 96% |
| ROE | 27.8 | 6.0 | 2 of 24 | 96% |
| Debt / Equity | 0.0 | 0.1 | 1 of 23 | 77% |
| EBITDA margin | 33.9 | 25.6 | 6 of 24 | 78% |
| Revenue growth | 24.3 | 20.8 | 9 of 25 | 67% |
| Profit growth | 34.1 | 22.0 | 8 of 25 | 71% |
| Market cap | 7871 | 34 | 4 of 30 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Thyrocare Q2 FY27 earnings call on Oct 29, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 6 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Sep 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Thyrocare files Postal Ballot notice for auditor appointments | compliance | minimal | — | — |
| 28 Sept 2026 · Postal Ballot: Sale of Nueclear Healthcare subsidiary to Trovera for Rs. 141 cr | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Thyrocare grants 1.92 lakh stock options to employees at Rs 10 each | capital market events | low | — | — |
| 24 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · Thyrocare to sell Nueclear Healthcare stake to Trovera for Rs 141.4 cr | strategic transactions | high | — | — |
| 21 Sept 2026 · Thyrocare to sell Nueclear Healthcare for Rs 141.4 Cr, focus on pathology | strategic transactions | high | — | — |
| 21 Sept 2026 · Thyrocare to divest radiology arm Nueclear Healthcare for Rs 141.4 crore | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.