THYROCARE - Thyrocare Technologies Limited Share Price

Healthcare Services

₹902.30+55.65(+6.57%)

Market Closed as of Apr 25, 2025, 15:30 IST

What does Thyrocare Technologies Limited do?

Healthcare Service Provider•Healthcare•Small Cap

Thyrocare Technologies Limited provides diagnostic testing services to patients, laboratories, and hospitals in India. It operates through three segments: Diagnostic Testing Services, Imaging Services, and Others. The company conducts various medical diagnostic tests and profiles of tests that focuses on early detection and management of disorders and diseases, including thyroid, growth, metabolism, auto-immunity, diabetes, anaemia, cardiovascular, infertility, and various infectious diseases. Its profiles of tests include profiles of tests administered under its Aarogyam brand, which offers patients a suite of wellness and preventive health care tests. The company sells glucometer and glucostrips under the brand name Sugarscan; consumables; and radiopharmaceutical products. Thyrocare Technologies Limited was founded in 1996 and is based in Navi Mumbai, India. Thyrocare Technologies Limited is a subsidiary of Docon Technologies Private Limited.

Industry Group:Healthcare Services

Employees:1,693

Website:www.thyrocare.com

Summary of Latest Earnings Report from Thyrocare Tech

Summary of Thyrocare Tech's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Jan 25

Management Outlook: Thyrocare's management remains focused on sustaining mid-to-high teen revenue growth through strategic expansions, quality leadership, and partnerships. Key priorities include deepening penetration in India via acquisitions (Polo Labs, Vimta) and franchise network growth, scaling ECG-at-home services for insurance partners, and expanding in Africa (Tanzania). They aim to maintain affordable pricing while leveraging automation and operational efficiency to improve margins. The company expects continued momentum in Q4 FY25, building on strong organic volume growth (13-15% YoY) and inorganic contributions.

Major Points:

Growth Drivers: 23% YoY consolidated revenue growth (Q3 FY25), led by franchise (24% YoY) and partnership (23% YoY) segments. Pathology revenue grew 24%, radiology 13%.
Expansions: Acquired Polo Labs (North India) and Vimta Labs (South India) to strengthen geographic reach. Tanzania operations onboarded 100+ facilities in Dar es Salaam.
Quality Leadership: Achieved 100% NABL accreditation across all labs, reinforcing trust (90% doctor endorsement) and faster turnaround (3.65 hours for HbA1c reports).
Innovation: Launched disease-specific "Jaanch" packages (now 3-5% of sales) and expanded ECG-at-home services (1,000+ pin codes) via Think Health acquisition.
Margins: Standalone EBITDA margin improved 375 bps YoY to 31% (operating leverage, vendor credits). ESOP charges (non-cash, ~INR7cr/quarter) to continue short-term.
Guidance: Targeting steady inorganic contributions (4% revenue in Q3), with Vimta expected to stabilize in 3-6 months. Capex remains controlled (~INR25cr FY25).

Q&A Session

Last updated: Jan 25

Question 1: "Generally, we've seen Q4 is a strong quarter for us. So, what kind of growth are we looking at on a sequential basis? And also, if you could comment on the range of health packages we have? And what is the contribution to our annual sales maybe last year and currently in the 9 months?"
Answer: Management expects Q4 growth to continue YTD momentum but refrained from specific guidance. Aarogyam contributes ~~35% of sales, while Jaanch (~~3-5% of sales) has doubled YoY. Health packages range from Rs.1,000 (Aarogyam A) to Rs.10,000 (Aarogyam XL), with Aarogyam C (Rs.2,000"“Rs.2,500) being the most popular.

Question 2: "On the franchisee network, can you share some color in terms of contribution for 9 months in terms of silver, bronze? How is the strategy of focusing on larger franchisees? How is the throughput increasing through them?"
Answer: Franchisee volume growth for higher tiers (diamond/silver) was ~25% YoY, while lower tiers (bronze) grew ~9%. The slab-based pricing incentivizes franchisees to scale, improving retention and average revenue per partner.

Question 3: "There have been media reports suggesting PharmEasy is contemplating a reverse merger with Thyrocare. Any comments?"
Answer: Management dismissed this as speculative, confirming no discussions at the Thyrocare Board level. Shareholder approval would be required if such a proposal arises.

Question 4: "On the Vimta Labs acquisition, how long has it been consolidated in the current quarter's number? What is the current quarterly run rate?"
Answer: Vimta contributed Rs.4"“4.5 crores in Q3 (2.5 months post-acquisition). Steady-state revenue is expected at Rs.3"“4 crores/quarter for the next 2 quarters, with full integration in 3"“6 months.

Question 5: "What is the contribution of insurance/med-tech partnerships to partnership revenue?"
Answer: Insurance partnerships (~12"“13% of non-PharmEasy partnership revenue) involve 5"“6 aggregators serving 10+ insurers. ECG-at-home services now cover 1,000+ pin codes.

Question 6: "What is the ESOP pool size, and how will it be amortized?"
Answer: The new API ESOP pool (Rs.47 crores) replaces the expiring Thyrocare ESOP pool. Charges are noncash, with ~Rs.7 crores/quarter in FY25, amortized over 5"“6 years.

Question 7: "Does the 38-lab count include recent acquisitions?"
Answer: Yes, the 38 labs include Polo Labs (North India) and Vimta Labs (South India).

Question 8: "Impact of India's ban on refurbished medical equipment imports?"
Answer: No impact, as Thyrocare transitioned to new machines 2 years ago.

Question 9: "Why did shares outstanding increase QoQ?"
Answer: Due to vesting of Thyrocare's legacy ESOPs, not API's ESOPs. No dilution occurred.

Question 10: "What is Vimta's profitability and margin outlook?"
Answer: Vimta reported a Rs.1.4 crore EBITDA loss in Q3. Losses are expected to reduce but may persist until integration completes (~6 months).

Description	Share	Value
Diagnostic Testing Services	91.9%	151.9 Cr
Imaging Services	8.1%	13.4 Cr
Total		165.3 Cr

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	THYROCARE	Healthcare
PE	44.60	64.54
PS	7.16	7.07
Growth	18.7 %	4.9 %

Shareholder Name	Holding %
Docon Technologies Private Limited	71.06%
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund	7.05%
Icici Prudential Pharma Healthcare And Diaganostics (P.H.D) Fund	2.65%
Quant Mutual Fund - Quant Small Cap Fund	1.96%
Dsp India T.I.G.E.R. Fund	1.22%
API Holdings Limited	0%

Investor Care
Dividend Yield	2.71%
Dividend/Share (TTM)	18
Shares Dilution (1Y)	0.07%
Diluted EPS (TTM)	16.59

Financial Health
Current Ratio	2.58
Debt/Equity	0
Debt/Cashflow	1.46 K

Cash Flow for Thyrocare Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-	3.73	0	0
Change in inventories	-412.8%	-18.64	-2.83	2.06
Depreciation	15.2%	39	34	28
Adjustments for interest income	-	0.98	1	0
Share-based payments	-180%	0	2.25	4.68
Net Cashflows from Operations	23.6%	184	149	171
Interest received	-	0	0	3.2
Income taxes paid (refund)	0%	29	29	58
Other inflows (outflows) of cash	-	0	0	-10.67
Net Cashflows From Operating Activities	29.4%	155	120	106
Cash payment for investment in partnership firm or association of persons or LLP	-164.5%	0	2.55	0
Proceeds from sales of PPE	-	1.6	0	0.79
Purchase of property, plant and equipment	110%	43	21	40
Proceeds from sales of investment property	11211.1%	101	0.1	158
Purchase of investment property	-25.7%	111	149	139
Proceeds from sales of intangible assets	-100.7%	0	140	0
Purchase of other long-term assets	-	26	0	0
Interest received	95.1%	0.98	0.59	0.61
Other inflows (outflows) of cash	8.3%	0	-0.09	8.08
Net Cashflows From Investing Activities	-150.2%	-80.28	-31.48	-12.32
Proceeds from issuing shares	-1%	0.02	0.03	0.03
Proceeds from borrowings	-	27	0	0
Repayments of borrowings	-	7.02	0	0
Payments of lease liabilities	185.6%	4.57	2.25	7.63
Dividends paid	20.5%	95	79	79
Interest paid	-	3.65	0	0
Other inflows (outflows) of cash	85.6%	0	-5.93	0
Net Cashflows from Financing Activities	4.3%	-83.71	-87.5	-86.91
Net change in cash and cash eq.	-32733.3%	-8.79	1.03	6.45

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	137%	4.2	2.35	2.37
Change in inventories	-403.6%	-19.85	-3.14	1.17
Depreciation	21.1%	47	39	34
Adjustments for interest income	-105.3%	0.98	1.38	-0.71
Net Cashflows from Operations	24.8%	197	158	326
Interest paid	-	0	0	2.37
Income taxes paid (refund)	3.7%	29	28	57
Net Cashflows From Operating Activities	30.5%	168	129	267
Proceeds from sales of PPE	-125.5%	0.72	2.1	-19.39
Purchase of property, plant and equipment	41.9%	62	44	38
Proceeds from sales of investment property	-	0	0	157
Purchase of investment property	-96.2%	7.99	185	175
Proceeds from sales of intangible assets	-100.5%	0	193	-10.2
Proceeds from sales of long-term assets	-	0	0	-4.25
Purchase of other long-term assets	-	20	0	23
Interest received	-106.5%	0.98	1.31	-0.73
Other inflows (outflows) of cash	87.8%	0	-7.19	-6.95
Net Cashflows From Investing Activities	-130.8%	-91.29	-38.99	-119.71
Proceeds from issuing shares	-1%	0.02	0.03	0.03
Payments of other equity instruments	-	-1.21	0	0
Proceeds from exercise of stock options	-	0	0	2.32
Proceeds from borrowings	-	29	0	0
Repayments of borrowings	-	7.02	0	0
Payments of lease liabilities	-30.4%	5.72	7.78	5.38
Dividends paid	20.5%	95	79	79
Interest paid	-	6.64	0	2.37
Income taxes paid (refund)	-	0	0	57
Other inflows (outflows) of cash	-1150%	0	0.92	2.38
Net Cashflows from Financing Activities	1.6%	-84.8	-86.18	-146.85
Net change in cash and cash eq.	-401%	-8.45	4.14	0.43

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
APOLLOHOSP	Apollo Hospitals EnterprisesHospital	99.74 kCr	21.31 kCr	+6.39%	+8.65%	73.93	4.68	+15.13%	+64.06%
FORTIS	Fortis HealthcareHospital	49.42 kCr	7.62 kCr	+1.39%	+47.16%	59.94	6.49	+12.17%	+42.06%
LALPATHLAB	Dr. Lal PathlabsHealthcare Service Provider	23.62 kCr	2.49 kCr	+15.42%	+21.22%	55.89	9.48	+11.31%	+26.72%
VIJAYA	Vijaya Diagnostic CentreHealthcare Service Provider	10.66 kCr	679.37 Cr	+3.34%	+50.19%	74.73	15.69	+26.82%	+25.44%
METROPOLIS	Metropolis HealthcareHealthcare Service Provider	8.99 kCr	1.33 kCr	+11.02%	-1.05%	58.82	6.77	+13.76%	+21.84%

Valuation
Market Cap	4.78 kCr
Price/Earnings (Trailing)	44.6
Price/Sales (Trailing)	7.16
EV/EBITDA	26.57
Price/Free Cashflow	47.24
MarketCap/EBT	39.2

Fundamentals
Revenue (TTM)	668.16 Cr
Rev. Growth (Yr)	23.61%
Rev. Growth (Qtr)	-5.58%
Earnings (TTM)	107.21 Cr
Earnings Growth (Yr)	28.64%
Earnings Growth (Qtr)	-59.77%

Profitability
Operating Margin	18.29%
EBT Margin	18.25%
Return on Equity	21.94%
Return on Assets	17.96%
Free Cashflow Yield	2.12%

Income Statement for Thyrocare Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-6.2%	153	163	144	141	123	136
Other Income	124.1%	3.51	2.12	3.17	2.81	2.09	1.82
Total Income	-5.5%	156	165	147	144	125	138
Cost of Materials	-10.9%	42	47	42	44	36	41
Purchases of stock-in-trade	-385.7%	0.2	1.28	0.06	1.06	0.68	0.38
Employee Expense	18.5%	33	28	27	25	25	26
Finance costs	-40.5%	0.48	0.63	0.93	0.94	0.96	1.02
Depreciation and Amortization	56.6%	15	9.94	9.45	10	11	9.3
Other expenses	-5.3%	37	39	32	38	31	33
Total Expenses	2.4%	128	125	112	119	104	110
Profit Before exceptional items and Tax	-30.8%	28	40	35	25	21	28
Total profit before tax	-30.8%	28	40	35	25	21	28
Current tax	-9.1%	11	12	10	7.03	5.4	8.83
Deferred tax	-24.2%	-2.18	-1.56	-0.02	-1.21	0.47	-0.99
Total tax	-22.9%	8.71	11	9.99	5.82	5.87	7.84
Total profit (loss) for period	-37.9%	19	30	25	19	15	20
Other comp. income net of taxes	2.9%	-0.02	-0.05	-0.43	0	0.01	0.05
Total Comprehensive Income	-37.9%	19	30	25	19	15	20
Earnings Per Share, Basic	-44.9%	3.53	5.59	4.75	3.63	2.81	3.83
Earnings Per Share, Diluted	-45.2%	3.51	5.58	4.74	3.63	2.8	3.83
Debt service coverage ratio	-	-	0.02	-	-	-	-
Interest service coverage ratio	-	-	0.65	-	-	-	-

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	7.8%	524	486	562	474	400	370
Other Income	40.8%	7.18	5.39	7.4	12	10	14
Total Income	7.9%	531	492	569	487	410	384
Cost of Materials	3.4%	155	150	162	159	110	103
Purchases of stock-in-trade	-71.2%	2.47	6.11	4.32	1.09	2.25	2.33
Employee Expense	0%	103	103	59	57	46	41
Finance costs	118.4%	3.73	2.25	2.38	0.66	1.32	0.47
Depreciation and Amortization	15.2%	39	34	28	21	20	14
Other expenses	13.2%	130	115	107	86	75	76
Total Expenses	5.4%	433	411	362	325	254	237
Profit Before exceptional items and Tax	21.2%	98	81	207	161	156	147
Exceptional items before tax	-	0	0	0	0	-44.33	0
Total profit before tax	21.2%	98	81	207	161	112	147
Current tax	0%	30	30	56	44	43	53
Deferred tax	44.1%	-2.95	-6.07	-0.88	-2.74	-10.06	-1.27
Total tax	13%	27	24	55	42	33	52
Total profit (loss) for period	25%	71	57	152	120	79	95
Other comp. income net of taxes	-244.4%	0.22	1.54	-0.04	-1.41	0.12	0.1
Total Comprehensive Income	20.7%	71	59	152	118	79	95
Earnings Per Share, Basic	27.3%	13.44	10.77	28.75	22.66	15.02	17.84
Earnings Per Share, Diluted	27.3%	13.41	10.75	28.7	22.62	14.99	17.8

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-6.2%	166	177	157	154	135	148
Other Income	88.1%	4.01	2.6	3.62	3.49	2.73	2.17
Total Income	-5.6%	170	180	161	158	137	150
Cost of Materials	-10.2%	45	50	45	46	38	43
Purchases of stock-in-trade	-385.7%	0.2	1.28	0.06	1.06	0.68	0.38
Employee Expense	21.4%	35	29	29	27	26	27
Finance costs	-66.7%	0.6	0.76	0.99	1.12	1.07	1.13
Depreciation and Amortization	33.3%	17	13	11	13	13	11
Other expenses	-10.4%	44	49	40	47	38	40
Total Expenses	-0.7%	142	143	127	135	118	122
Profit Before exceptional items and Tax	-25%	28	37	34	23	20	28
Exceptional items before tax	-	0	0	0	-0.22	0	0
Total profit before tax	-25%	28	37	34	23	20	28
Current tax	175.1%	11	-12.31	10	7.12	5.4	8.83
Deferred tax	-417.7%	-2.05	1.96	-0.4	-1.4	-0.23	-0.89
Total tax	170.2%	8.97	-10.35	9.61	5.72	5.17	7.94
Total profit (loss) for period	-60.9%	19	47	24	17	15	20
Other comp. income net of taxes	2.9%	-0.02	-0.05	-0.47	0.06	0	0.08
Total Comprehensive Income	-60.9%	19	47	23	17	15	20
Earnings Per Share, Basic	-35.3%	3.58	4.99	4.52	3.54	2.78	3.84
Earnings Per Share, Diluted	-35.7%	3.56	4.98	4.51	3.54	2.77	3.84
Debt service coverage ratio	-	-	0.02	-	-	-	-
Interest service coverage ratio	-	-	0.49	-	-	-	-

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	8.6%	572	527	589	495	433	403
Other Income	12.8%	9.37	8.42	29	12	7.73	9.95
Total Income	8.6%	581	535	618	507	441	413
Cost of Materials	5.1%	165	157	166	163	115	108
Purchases of stock-in-trade	-71.2%	2.47	6.11	4.32	1.09	2.25	2.33
Employee Expense	1.9%	108	106	61	58	49	43
Finance costs	137%	4.2	2.35	2.37	0.87	1.85	0.61
Depreciation and Amortization	21.1%	47	39	34	30	32	26
Other expenses	16.9%	160	137	123	101	95	95
Total Expenses	8.5%	486	448	390	355	294	275
Profit Before exceptional items and Tax	10.5%	96	87	228	153	146	137
Exceptional items before tax	-	0	0	0	0	-6.58	0
Total profit before tax	10.5%	96	87	228	153	140	137
Current tax	0%	30	30	56	44	43	53
Deferred tax	33.2%	-3.63	-5.93	-4.63	-4.93	9.26	0.02
Total tax	8.7%	26	24	52	39	52	53
Total profit (loss) for period	7.9%	69	64	176	113	88	85
Other comp. income net of taxes	-234%	0.29	1.53	-0.08	-1.39	0.12	0.11
Total Comprehensive Income	6.2%	70	66	176	112	89	85
Earnings Per Share, Basic	11.3%	13.42	12.16	33.3	21.41	16.74	15.95
Earnings Per Share, Diluted	11.3%	13.4	12.14	33.24	21.37	16.71	15.91

Balance Sheet for Thyrocare Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	1540.6%	43	3.56	12	13	19	12
Current investments	-51.8%	56	115	53	101	42	89
Loans, current	-	0	0	0	0	0.01	0.06
Total current financial assets	-19.9%	154	192	132	204	154	196
Inventories	-6.7%	43	46	31	27	26	24
Total current assets	-14.7%	210	246	178	235	193	231
Property, plant and equipment	-7.9%	118	128	124	124	110	114
Capital work-in-progress	-62.5%	0.61	0.76	1.07	0.82	4.21	2.15
Investment property	-	0.98	1	0.96	1.04	1.06	1.08
Goodwill	129.3%	1.22	0.25	0	0	0	0
Non-current investments	17.8%	180	153	173	153	150	150
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	17.8%	186	158	180	159	157	158
Total non-current assets	-1.1%	371	375	393	376	365	366
Total assets	-6.3%	581	620	571	612	558	597
Borrowings, non-current	-110%	0	11	15	0	0	0
Total non-current financial liabilities	-48.1%	15	28	27	18	12	16
Provisions, non-current	34%	3.52	2.88	5.43	0	0.16	0
Total non-current liabilities	-40%	19	31	33	18	12	22
Borrowings, current	-112.7%	0	8.86	8.5	0	0	0
Total current financial liabilities	1.6%	65	64	47	53	45	36
Provisions, current	52.6%	3.67	2.75	0.92	0	6.83	6.64
Current tax liabilities	1358.6%	5.23	1.29	10	10	0.75	1.44
Total current liabilities	9.3%	83	76	66	73	62	55
Total liabilities	-3.8%	102	106	98	91	74	76
Equity share capital	0%	53	53	53	53	53	53
Total equity	-6.8%	479	514	472	521	484	521
Total equity and liabilities	-6.3%	581	620	571	612	558	597

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	442.2%	46	9.3	15	18	20	14
Current investments	-39%	84	137	75	122	81	125
Loans, current	-	0	0	0	0	0.01	0.06
Total current financial assets	-15.8%	188	223	177	240	195	234
Inventories	-8.5%	44	48	32	28	27	25
Current tax assets	-	0	0	-	-	-	9.88
Total current assets	-11.9%	245	278	209	273	236	280
Property, plant and equipment	-7.2%	156	168	156	157	145	150
Capital work-in-progress	-125.8%	0.6	2.55	2.83	1.61	4.88	2.95
Investment property	-	0	0	-	0	31	-
Goodwill	1%	105	104	100	100	100	100
Non-current investments	-	25	0	23	6.29	0	34
Loans, non-current	-	0	0	0	0	0	9.05
Total non-current financial assets	610.9%	31	5.22	29	11	7.74	64
Total non-current assets	-3.6%	352	365	384	360	334	328
Total assets	-7.3%	597	644	593	633	571	608
Borrowings, non-current	-110%	0	11	15	0	0	0
Total non-current financial liabilities	-59.3%	9.96	23	31	16	12	16
Provisions, non-current	27.2%	3.62	3.06	5.67	0	0.16	0.27
Total non-current liabilities	-48%	14	26	36	20	12	17
Borrowings, current	-108.8%	0.12	11	7.77	0	0	0
Total current financial liabilities	-2.6%	75	77	34	56	43	33
Provisions, current	64.8%	4	2.82	0.94	2.68	7	6.69
Current tax liabilities	1362.1%	5.24	1.29	10	10	9.72	1.44
Total current liabilities	5.6%	95	90	69	77	66	65
Total liabilities	-7%	108	116	105	98	78	81
Equity share capital	0%	53	53	53	53	53	53
Non controlling interest	-250%	0.51	0.86	1.39	0.92	-	-
Total equity	-7.4%	489	528	488	535	493	527
Total equity and liabilities	-7.3%	597	644	593	633	571	608

THYROCARE - Thyrocare Technologies Limited Share Price

What does Thyrocare Technologies Limited do?

Summary of Latest Earnings Report from Thyrocare Tech

Revenue Breakdown

Sector Comparison: THYROCARE vs Healthcare Services

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Investor Care

Financial Health

Cash Flow for Thyrocare Tech

Is Thyrocare Tech Better than it's peers?

Valuation

Fundamentals

Profitability

Income Statement for Thyrocare Tech

Balance Sheet for Thyrocare Tech

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)