THYROCARE

Thyrocare Technologies share price & financials

Price
₹540.55
Market cap
₹9.3k Cr
Sector
Healthcare
Calls analysed
8
Latest concall · Q1 FY27 · call held 23 Jul 2026

Thyrocare Technologies Limited Q1 FY27

Standalone Revenue ₹225.6 cr +26%EBITDA Margin 32.2% +34%PAT ₹51.3 cr +34%EPS ₹3.23

What went well

  • Standalone revenue grew 26.1% YoY to INR225.6 crores, and consolidated revenue grew 24.3% YoY to INR240 crores.
  • Pathology business, excluding COVID, grew 26% in Q1 FY27, following 20% growth in FY26.
  • EBITDA margin for the quarter was 32.2%, representing a 34% year-on-year growth.

What to watch

  • Radiology core revenue declined by 4% year-on-year due to the consolidation of centers.
  • The parent company, API Holding, still carries a debt of INR1,050 crores, though reduced from INR1,700 crores.
Read the full call →

What Thyrocare Technologies Limited does

Thyrocare is a B2B pathology diagnostics company built on a hub-and-spoke model: samples are collected by franchisee collection centres, company-owned phlebotomists and partner organisations, then routed to a network of centralised, NABL-accredited processing laboratories across India (plus one lab in Tanzania) for testing. It earns revenue by charging its franchisees, hospitals, online diagnostic aggregators, healthcare platforms, employee-wellness programmes and insurance/corporate partners for tests processed through its labs, rather than running its own retail collection outlets. Alongside its core pathology (blood/sample) testing business it also operates a radiology imaging business through its Pulse Hi-Tech radiology centres, and is expanding into specialty segments such as genomics (including NIPT), oncology markers, autoimmune and allergy diagnostics.

Segments

  • Pathology
  • Radiology
Total laboratories
41 (40 in India + 1 in Tanzania)
Lab network composition
2 Central Processing Labs, 21 Regional Processing Labs, 6 Satellite Processing Labs, 5 Hybrid Labs, 4 Acquired Labs, 2 Zonal Processing Labs
Quarterly active franchisees
~10,800 (record high, Q4FY26)
Pin codes served
5,400+ pin codes across India
Test menu offered
1,275+ tests
Company-owned phlebotomy fleet
2,000+ phlebotomists
Founded 1996Headquarters Navi Mumbai, Maharashtra, India (Turbhe)Employees 2,092 (FY26 (year ended March 2) Company website

Guidance record · Q1 FY27

what the last two calls moved 29 tracked 7 delivered 4 missed 18 open
  • Complaints per Million delivered said Q2 FY26 Promised: Below 3.4 complaints per million Q1 FY27: Maintained Six Sigma levels at 3.1 complaints per million tests, continuing to meet the target.
  • Acquisition Integration delivered said Q3 FY25 Promised: Stabilization within 3 to 6 months Q1 FY27: This is a closed promise from a prior fiscal year; no new updates provided.
  • Long-term Partnerships Business Growth at risk said Q3 FY26 Promised: 1.5x franchise business growth Q1 FY27: Q1 partnership growth (26%) was lower than franchise growth (27%), missing the 1.5x target for the quarter and putting the long-term promise at risk.

All 29 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 24.4%, net profit up 34.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue177 166 187 193 217 +23%196 +18%224 +20%240 +24%
EBITDA48 42 57 58 71 +48%58 +38%75 +32%77 +33%
Net profit26 19 22 38 48 +85%28 +47%49 +123%51 +34%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −57.5% 1Y

₹0.5k₹1.0k₹1.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Oct 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 12 May 2026Q1 FY27 — 23 Jul 2026

1Y: ₹1,293.4 on 10 Sept 2025 → ₹549.7. High ₹1,591.9 (18 Nov 2025), low ₹349.55 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−2.3%
23 Jul
Q4 FY26
−1.8%
12 May
Q3 FY26
+1.1%
28 Jan
Q2 FY26
+0.2%
14 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 16.3% a year over 3 years, FY23 to FY26. Operating margin widened to 31.6%.

Year endingFY23FY24FY25FY26
Revenue₹527 Cr₹572 Cr₹687 Cr₹830 Cr
Operating profit₹121 Cr₹139 Cr₹189 Cr₹262 Cr
Operating margin23.0%24.3%27.5%31.6%
Interest₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Depreciation₹39 Cr₹47 Cr₹55 Cr₹59 Cr
Net profit₹64 Cr₹69 Cr₹91 Cr₹163 Cr
Net margin12.1%12.1%13.2%19.6%
Cash from operations₹129 Cr₹168 Cr₹191 Cr₹213 Cr
Free cash flow₹88 Cr₹107 Cr₹146 Cr₹198 Cr
ROCE17.0%18.0%25.0%35.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹53 Cr₹53 Cr₹53 Cr₹53 Cr₹53 Cr₹159 Cr
Reserves₹374 Cr₹474 Cr₹481 Cr₹474 Cr₹481 Cr₹426 Cr
Borrowings₹8 Cr₹21 Cr₹23 Cr₹42 Cr₹25 Cr₹51 Cr
Other liabilities₹106 Cr₹60 Cr₹74 Cr₹75 Cr₹121 Cr₹111 Cr
Total liabilities₹541 Cr₹607 Cr₹632 Cr₹644 Cr₹680 Cr₹747 Cr
Fixed assets₹253 Cr₹285 Cr₹294 Cr₹306 Cr₹301 Cr₹317 Cr
Capital work in progress₹8 Cr₹3 Cr₹2 Cr₹3 Cr₹3 Cr₹3 Cr
Investments₹126 Cr₹146 Cr₹144 Cr₹162 Cr₹146 Cr₹177 Cr
Other assets₹154 Cr₹173 Cr₹192 Cr₹173 Cr₹230 Cr₹250 Cr
Total assets₹541 Cr₹607 Cr₹632 Cr₹644 Cr₹680 Cr₹747 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −10.14 pp while DIIs added +6.38 pp. The shareholder count grew 34% to 73,064.

Promoters
60.9%
FIIs
5.4%
DIIs
20.9%
Public
12.7%

Since Jun 2025

  • Promoters −10.14 pp
  • DIIs +6.38 pp
  • FIIs +2.20 pp

How it drifted, 12 quarters

Over this window promoters fell from 71.1% to 60.9% — −10.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.1%, FIIs 3.5%, DIIs 13.3%, Public 12.1%.Dec '23: Promoters 71.1%, FIIs 3.4%, DIIs 13.9%, Public 11.6%.Mar '24: Promoters 71.1%, FIIs 2.9%, DIIs 14.9%, Public 11.1%.Jun '24: Promoters 71.1%, FIIs 2.5%, DIIs 14.9%, Public 11.5%.Sep '24: Promoters 71.1%, FIIs 1.9%, DIIs 14.8%, Public 12.2%.Dec '24: Promoters 71.1%, FIIs 2.8%, DIIs 14.7%, Public 11.5%.Mar '25: Promoters 71.1%, FIIs 2.4%, DIIs 15.0%, Public 11.6%.Jun '25: Promoters 71.1%, FIIs 3.2%, DIIs 14.5%, Public 11.2%.Sep '25: Promoters 71.1%, FIIs 4.8%, DIIs 13.5%, Public 10.6%.Dec '25: Promoters 60.9%, FIIs 5.0%, DIIs 20.5%, Public 13.6%.Mar '26: Promoters 60.9%, FIIs 5.4%, DIIs 21.0%, Public 12.7%.Jun '26: Promoters 60.9%, FIIs 5.4%, DIIs 20.9%, Public 12.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Thyrocare Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Docon Technologies Private Limited 60.92%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund5.99%unchanged
ICICI Prudential Pharma Healthcare And Diaganostics (P.H.D) Fund Mutual fund5.57%−0.06 pp
HSBC Mutual Fund - HSBC Midcap Fund Mutual fund3.84%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life ELSS Tax Saver Fund Mutual fund3.15%+0.45 pp
API Holdings Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in THYROCARE

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −1.79 L shares (−1.8%).

Held by funds
₹586 Cr
3 schemes
Biggest holder
Nippon India Small Cap Fund
₹312 Cr · 0.4% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹312 Crheld
Nippon India Pharma Fund Nippon India Mutual Fund₹232 Cr−1.79 L
HDFC Pharma and Healthcare Fund HDFC Mutual Fund₹42 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −1.79 L shares (−1.8%)

Funds are sitting on
+140%
vs est. average cost
Held by funds
₹586 Cr
3 schemes · ≈ 5.7% of the company
Biggest holder
Nippon India Small Cap Fund
₹312 Cr · 0.4% of that fund
Longest holder
Nippon India Pharma Fund
10y 4m · since May '16

Shares held by these funds −15%

Aug '23 99.04 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹550, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~37%. At that growth it is worth ₹736 — upside of 34%.

Growth the price implies
30.5% a year
for 7 years, fading to 4%
It has actually compounded at
36.6% a year
net profit, FY23–FY26
The gap
-0.1 pp
34% downside if it only repeats history
Price today ₹549.7 Value at the reference growth ₹735.7

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Thyrocare Technologies Limited

Guides on how to read this kind of business and the numbers that matter.