AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Copies of Newspaper Publications published on September 04, 2026 in Business Standard (English) and Lakshadeep (Marathi)
Source: Bse
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.
₹456.95
-14.05 · -2.98%
Market cap ₹7,865 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:17 pm ISTDetails
Quote21 Oct, 01:17 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result23 Jul, 09:22 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
60BullishSMA20 -7.9% / mo · RSI oversold · MACD − · sector +4.6pp vs Nifty 500 (3M)
Stock trend: 34
Sector RS: 100
Sector 3M: -1.5% vs Nifty 500 -6.0%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
THYROCARED candles · FIT view+12.4%TODAY · PROVISIONALLatest price ₹456.95 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.9%
RSI
23
MACD hist
-5.30
52W pos
36%
2026-10-21O ₹470.40H ₹470.40L ₹450.75C ₹456.95Vol 4.3L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
THYROCARENifty PharmaNifty 500
- THYROCARE
- -15.2%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -9.6 pp
Chart stats
19 Oct 2026- From 52W high
- -28.9%
- 52W range position
- 40%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.65x
- Avg traded value
- ₹14.9 Cr
- 20D price channel
- ₹466.5 - ₹594
₹662
₹342.6 - ₹662
₹16.6
Latest completed session
20-session average
30.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +24.4% · PAT +34.2% YoY
Technical
Bullish60
Price trend and sector-relative-strength timing.
Valuation
Legacy model-111.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +24% YoY · PAT +34% YoY · margin expansion · +7% QoQ · operating leverage
Filed 23 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 43.50
- P/B
- 13.45
- EV/EBITDA
- 23.15
- Market Cap
- 7865.00Cr
Profitability
- ROE
- 28.40%
- ROCE
- 35.40%
- ROA
- 23.56%
- Dividend Y
- 1.89%
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
- 2.42%
- FCF Positive Y
- 12/5
- OCF
- 213.00 Cr
- EPS TTM
- 11.08
Shareholding
- Promoter Hold
- 51.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 48%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 240+7.1% vs prev
Net Profit
₹ CrLatest: 51.0+4.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 23.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~9.8% over last month) — short-term momentum negative.
- RSI(14) at 23 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 31% off 52W high · 33% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
70
RS percentile
Stage 1 Base / Transition
1M return
-15.3%
3M return
-15.2%
6M return
+19.1%
1Y return
+6.2%
RS 1D
-4
RS 20D
-13
Sector rank
#1
Industry rank
#51
Stage evidence
- Price is within 7.4% of the 30-week proxy.
- The 30-week proxy changed +4.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 123.98-1.93%
RS vs Nifty 500124
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth12/25
Quality20/20
Balance Sheet10/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
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
- Fair-value margin of safety is negative at -111.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
43.5
PB
13.4
EV/EBITDA
23.1
ROE
28.4%
ROCE
35.4%
FCF Yield
2.4%
Debt/Equity
0.1
MoS
-111.0%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-111.0%
Previous: -117.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
53
55
55
55
55
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹95.78
-377.1% MoS
Growth-justified P/E
19.6
Growth-justified Value
₹216.61
-111.0% MoS
PEG
3.40
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
METROPOLIS
Micro
Metropolis Healthcare Limited
Diagnostics
match 167
39
53.4
13.6%
-562%
WATCHLIST
VIYASH
Micro
Viyash Scientific Limited
Diagnostics
match 164
45
46.6
7.4%
+15%
WATCHLIST
INVICTA
SME
Invicta Diagnostic Ltd.
Diagnostics
match 156
60
19.4
14.0%
+61%
UNDERVALUED
NIDAN
SME
Nidan Laboratories And Healthcare Ltd.
Diagnostics
match 154
36
10.1
2.6%
-131%
WATCHLIST
ENTERO
Micro
Entero Healthcare Solutions Limited
Pharmaceuticals
match 99
37
53.5
6.9%
-16%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-24T00:42:04.563Z
Management commentary snapshot
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.
Current business mix
Pathology Revenue Contribution
Latest issuer-disclosed distribution across 3 reported categories.
Franchise (Offline)64.0%
Partnerships (Online)31.0%
Direct to Consumer5.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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)
Management forward view
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.
Thesis monitor
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.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
124 docs text-extracted · 49 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Pharma: 73rd pctile, median 70 · Micro: 66th pctile, median 73
Evidence depth
Financial-only
124 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
25
weak · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Thyrocare Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Sep - Please find attached the Copies of Newspaper Publications for Notice of Postal Ballot
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 21 Sep - Board approves sale of 100% Nueclear Healthcare for Rs141.4 crore, plus property purchase and Trovera CCPS acquisition.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.