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Swing Capital

Thyrocare Technologies Ltd

NSE: THYROCARE BSE: 539871Healthcare

Thyrocare Technologies is engaged in the business of healthcare industry and is involved in providing quality diagnostic services at affordable costs to patients, laboratories and hospitals in India.

₹449
52W: ₹291 — ₹538
PE 46.7 · Book ₹35.2 · +1176% vs book
Market Cap₹7,147 Cr
Stock P/E46.7Price to Earnings
ROCE37.4%Return on Capital
ROE27.9%Return on Equity
Div. Yield1.58%Face Value ₹10

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Stock is trading at 12.8 times its book value
  • −Promoters have pledged 100% of their holding.
  • −Promoter holding has decreased over last 3 years: -10.2%
  • −Working capital days have increased from 35.6 days to 74.4 days

Shareholding Pattern

Promoters60.92%
FIIs5.37%
DIIs21%
Public12.71%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters71.11%71.11%71.06%▼0.071.06%71.06%71.06%60.93%▼10.160.92%▼0.0
FIIs2.49%1.93%▼0.62.77%▲0.82.41%▼0.43.23%▲0.84.85%▲1.64.96%▲0.15.37%▲0.4
DIIs14.89%14.79%▼0.114.68%▼0.114.97%▲0.314.54%▼0.413.47%▼1.120.52%▲7.021%▲0.5
Public11.49%12.15%▲0.711.49%▼0.711.57%▲0.111.18%▼0.410.61%▼0.613.61%▲3.012.71%▼0.9

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales123141144163153174179202182211
Expenses92108101114112118122133124138
Operating Profit31344249405657695873
OPM %25%24%29%30%26%32%32%34%32%34%
Net Profit15192530192236432644
EPS ₹0.941.211.581.861.21.382.272.711.642.74

AI Insights

Revenue Trend

Mar 2026 revenue at ₹774Cr, up 22.3% YoY. OPM at 33%.

Debt Position

Borrowings at ₹48Cr. Debt-to-equity ratio: 0.12x. Healthy balance sheet.

Capex Cycle

CWIP at ₹3Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21% (+7.54pp change). FIIs: 5.37% (+1.93pp change). Promoters hold 60.92%.

Margin & Efficiency

ROCE improving from 27% (Mar 2015) to 37% (Mar 2026). Working capital days: 74.

Valuation

PE 46.7x with 37.4% ROCE. Price is 1176% above book value of ₹35.2. Dividend yield: 1.58%.

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