Thyrocare Technologies Limited (THYROCARE)
Micro CapPharma stocks · Micro cap · NSE
Thyrocare Technologies Limited is an Indian diagnostic chain providing affordable, quality pathology services. It operates 44 labs (including 1 international) and 11,700+ active franchisees across India, offering a comprehensive test menu of 1,375+ tests. It focuses on a B2B service model with scale efficiencies.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +24% YoY · PAT +34% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹240 Cr | +24.4% | +7.1% |
| EBITDA | ₹77 Cr | +32.8% | +2.7% |
| Operating margin | 32.0% | +200 bps | -200 bps |
| PAT | ₹51 Cr | +34.2% | +4.1% |
| PAT margin | 21.3% | +156 bps | -63 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Thyrocare reported strong Q1 FY27 results with consolidated revenue up 24% YoY and PAT up 34% YoY, driven by robust pathology segment growth (+26% YoY revenue). EBITDA margin expanded by 226bps YoY to 32.2%, while radiology revenue declined due to strategic exits.
The company delivered strong Q1 FY27 performance, with significant YoY growth in consolidated revenue, EBITDA, and PAT. Pathology revenue and key operational metrics like tests conducted and active franchisees show healthy expansion. The strategic exit from non-profitable radiology centers improved segment profitability despite revenue decline, indicating a focus on core strengths.
Pathology Revenue Contribution
Latest issuer-disclosed distribution across 3 reported categories.
Franchise Network Strengthening
Company continues to invest in expansion and development of its franchise network through structured training and capability building initiatives.
Routine to Remarkable
Expanding Speciality offerings across advanced pathology, genomic and biomarker-based diagnostics to enhance value per patient and build presence in high value growth segments.
Institutional Partnerships
Broadening collaborations with health-tech, corporates and insurance providers to enhance reach, improve accessibility and integrate diagnostics within the broader healthcare ecosystem.
Scientific Engagement
Deepening clinician outreach and scientific engagement to build trust, drive adoption and reinforce credibility.
New Regional Processing Laboratory
Launched a new Regional Processing Laboratory in Muzaffarpur to strengthen testing network and improve turnaround times.
New Hybrid Labs
Launched Hybrid labs in Prayagraj and Kurnool to strengthen testing network and improve turnaround times in nearby catchment areas.
Brand Recognition
Recognized as 'Diagnostic Chain of the Year' and 'Pathology Lab Chain of the year' at Financial Express Healthcare Awards 2026.
Channel Partner Relationships
Conducted franchisee meetings to capture feedback, strengthening processes, service delivery, and overall quality outcome.
Doctor Relationships
Conducted 23 Doctor meetings, capturing feedback from ~100 doctors to strengthen processes, service delivery, and overall quality outcome.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company consistently presents its quarterly results with year-on-year comparisons for all key financial and operational metrics, indicating that annual seasonality or long-term trends are more relevant for performance assessment.
Consolidated Revenue
Consolidated Revenue: 240 Cr (+24% YoY)
Consolidated EBITDA
Consolidated EBITDA: 77.27 Cr (+34% YoY)
Consolidated PAT
Consolidated PAT: 51.33 Cr (+34% YoY)
Consolidated EBITDA Margin
EBITDA Margin: 32.2% (+226bps YoY)
Pathology Strategy
Management states its pathology strategy is to be a B2B service provider with an affordable value-driven model based on scale efficiencies.
Specialty Offerings Expansion
Management is expanding Speciality offerings across advanced pathology, genomic and biomarker-based diagnostics.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pathology Revenue Growth | +26% YoY (Standalone) | Sustained growth in core pathology business, indicating successful execution of B2B strategy and network expansion. |
| EBITDA Margin | 32.2% (+226bps YoY) | Continued margin expansion, reflecting scale efficiencies and successful cost management despite expansion efforts. |
| Quarterly Active Franchisees | 11,730 (+~900 additions in Q1FY27) | Consistent growth in franchisee base, indicating successful network strengthening and market penetration. |
| Tests per Patient | 10.2 (+9% YoY) | Growth in tests per patient, indicating success in expanding specialty offerings and enhancing value per patient. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +5.6% / mo · MACD − · sector +2.2pp vs Nifty (3M)
Technical chart
THYROCAREdaily · 1Y · AUTO+53.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 47. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~5.3% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 64% off 52W high · 68% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Cash flow contributes 8/10 to the score.
Main drags
- Promoter pledge is 100.0%.
- Fair-value margin of safety is negative at -166.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 73rd percentile within Pharma. Main check: promoter alignment is weak at 25/100.
High Trust Lite: Promoter holding is 60.9%. Key concern: Promoters have pledged 100% of holding.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 73rd pctile, median 70 · Micro: 66th pctile, median 73
124 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 60.9%.
- ▸FCF yield is positive at 2.1%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.09.
Trust risks
- ▸Promoters have pledged 100% of holding.
- ▸Promoter holding fell 10.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 50.70
- P/B
- 15.65
- EV/EBITDA
- 26.96
- Market Cap
- 9170.00Cr
Profitability
- ROE
- 28.40%
- ROCE
- 35.40%
- ROA
- 23.56%
- Dividend Y
- 1.62%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- 16.00%
- EPS 3Y
- 36.00%
Balance Sheet
- Debt/Equity
- 0.09
- Interest Coverage
- 94.00×
- Altman Z
- 9.50
- Book Value
- 36.80
Cash Flow
- FCF Yield
- 2.07%
- FCF Positive Y
- 12/5
- OCF
- 213.00 Cr
- EPS TTM
- 11.08
Shareholding
- Promoter Hold
- 60.92%
- Promoter Pledge
- 100.00%
- Momentum 52W
- 73%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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