Arthneeti

Thyrocare Technologies Q2 FY27 Share Price & Earnings Call Analysis

₹456.30-11.48% today
Market cap
₹7,263 Cr
P/E
40.19
ROE
28.40%
PEG
1.12
Price to sales
8.29
Debt to equity
0.09
52W high / low
₹1,592 / ₹350
Sales growth (5Y)
10.88%
EBITDA margin
32.14%
Net profit margin
19.37%
Promoter holding
51.02%
Sales (last year)
₹876 Cr

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.

Guidance scorecard · Q2 FY27 call

What Thyrocare Tech.'s management guided
and where it ranks in Healthcare Services

#30of 33 in
Healthcare Services
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Franchisee additions guidance for FY27: 700 in Q1, 500 in Q2, 0 in Q3, 500 in Q4; net additions may be lower due to churn.
  • Medium-term specialty segment (genomics, allergy) expected to form 15-20% of portfolio within 3-5 years.
  • Pathology business grew ~27%; franchisee business grew ~23-27% YoY, reflecting strong volume growth.
  • Revenue growth target for the company is conservatively around mid to high teens percentage annually.
  • New franchisee additions and field force expansions to support volume growth and market penetration in Tier 3 and 4 cities.
  • Emphasis on higher-value, semi-specialized tests expected to improve realization and margins.

2 more points from Thyrocare Tech.'s call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Thyrocare Tech. said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Most investments in specialty diagnostics have already been made, focusing on central labs in Mumbai and Delhi.
  • Future capex on specialty testing is expected to be limited, mostly expansion CAPEX if volumes exceed expectations.
  • No significant capex anticipated for specialty segment in the next year.

2 more points from Thyrocare Tech.'s call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Thyrocare Tech. said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Thyrocare Tech. said on the order book →

Full Q1 FY27 analysis
Full Healthcare Services ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Healthcare Services
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Aster DM Quality Care LtdGood growth
    3
See all potential multibaggersWhere does Thyrocare Tech. rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Healthcare Services companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹903 Cr—
240%+Flat₹583 Cr22.2
3Aster DM Quality Care Ltd20–40%Up 2%+₹58,782 Cr162.9
420–40%Up 0–2%₹1,730 Cr17.5
520–40%Up 0–2%₹580 Cr11.9
620–40%Flat₹1.13L Cr53.9

Sign up free to see every company in the sector ranking and track Thyrocare Tech..

Pro shows every company guiding 40%+ revenue growth →Full Healthcare Services ranking

Financials of Thyrocare Tech.

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Thyrocare Tech.

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +71.11%71.11%71.11%71.11%71.06%71.06%71.06%71.06%60.93%60.92%60.92%51.02%
FIIs +3.35%2.90%2.49%1.93%2.77%2.41%3.23%4.85%4.96%5.37%5.43%9.37%
DIIs +13.89%14.88%14.89%14.79%14.68%14.97%14.54%13.47%20.52%21.00%20.92%25.92%
Public +11.64%11.11%11.49%12.15%11.49%11.57%11.18%10.61%13.61%12.71%12.71%13.69%
No. of Shareholders68,84464,82361,63659,37756,66657,40354,56654,14277,61973,37773,06475,186

Financials of Thyrocare Tech.

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +148135154157177166187193217196224240271
Expenses +110103121115129124130135145138149163182
Operating Profit38323442484257587158757789
OPM %25%23%22%27%27%25%30%30%33%30%34%32%33%
Other Income +333434553-155-41
Interest111111111-0212
Depreciation11131311131714111222141214
Profit before tax28202334372847506335646834
Tax %28%26%25%29%28%32%54%24%24%21%24%25%55%
Net Profit +20151724261922384828495115
EPS in Rs1.280.971.121.521.681.201.362.453.021.822.963.281.00

Financials of Thyrocare Tech.

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +183241304356403434495589527572687829930
Expenses +110147189212249261323353403432498566631
Operating Profit7394115145154174171236123140190263299
OPM %40%39%38%41%38%40%35%40%23%24%28%32%32%
Other Income +87-15211111229991512-32
Interest0100121356444
Depreciation13181820263230343947555962
Profit before tax6882821451381401522288996145213202
Tax %35%37%48%36%38%37%26%23%27%28%38%24%
Net Profit +445243938588113176646991163143
EPS in Rs2.983.212.665.795.385.587.1311.104.064.455.7610.249.06
Dividend Payout %171%104%125%58%124%30%117%45%148%135%122%137%

Financials of Thyrocare Tech.

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital5154545453535353535353159159
Reserves226312354390382314374474481474494426394
Borrowings +00002128212342255157
Other Liabilities +534430363790106607475121111115
Total Liabilities329410438479475469541607632644693747725
Fixed Assets +196259259299294269253285294306297317289
CWIP611701583231431
Investments86931041209590126146144162162177168
Other Assets +4256586084105154173192173220250267
Total Assets329410438479475469541607632644693747725

Financials of Thyrocare Tech.

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +346890107100168115113129168191213
Cash from Investing Activity +-18-18-42-43-121-49-24-39-91-53-23
Cash from Financing Activity +-23-45-49-64-94-165-62-89-86-85-130-170
Net Cash Flow-65-0-0-54404-8821
Free Cash Flow2553536361158939988107146198
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit79%106%113%108%104%122%92%72%128%141%123%104%

Financials of Thyrocare Tech.

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days10118101114335859283933
Inventory Days4856656660645253621048981
Days Payable510625256856365488146109
Cash Conversion Cycle53576750461029756744-184
Working Capital Days282191028-819413171319
ROCE %24%28%33%30%35%36%42%17%18%25%35%

Guidance history

How Thyrocare Tech.'s guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →20–40%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

35out of 100

Momentum score · price trend

35 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+14.1%72%
Last 6 months+24.7%79%
Last 3 months−6.8%54%

The price is 25.3% below its all-time high of ₹649.35 (11 Aug 2026). Stocks more than 20% below their peak have their score halved, so 71 became 35.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Thyrocare Tech.: 0.4 × 72 + 0.4 × 79 + 0.2 × 54 = 71, halved to 35 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Thyrocare Tech.'s management said in earlier quarters

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