THYROCARE
Micro CapThyrocare Technologies Limited
Pharma
Thyrocare Technologies Limited is a diagnostic chain focused on making good quality diagnostics accessible and affordable. It operates a nationwide lab network in India and has international operations in Tanzania, primarily serving as a B2B service provider through franchisees and partnerships.
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 31 Mar 2026
Excellent · 100/100Rev +20% YoY · PAT +123% YoY · margin expansion · +14% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹224 Cr | +19.8% | +14.3% |
| EBITDA | ₹75 Cr | +31.6% | +29.3% |
| Operating margin | 34.0% | +400 bps | +400 bps |
| PAT | ₹49 Cr | +122.7% | +75.0% |
| PAT margin | 21.9% | +1012 bps | +759 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4FY26 consolidated revenue grew 20% YoY, EBITDA 31% YoY, and PAT 128% YoY, driven by strong pathology growth and network expansion. FY26 results also showed robust growth across key metrics.
Thyrocare delivered strong YoY growth in revenue and profitability for both Q4FY26 and FY26, supported by significant expansion in its franchisee network and test menu. Management's focus on deepening India penetration and strengthening partnerships appears to be yielding results, despite some softness in the radiology segment.
Pathology Revenue Contribution
Latest issuer-disclosed distribution across 3 reported categories.
Franchisee Network Expansion
Quarterly active franchisees reached ~10,800 in Q4FY26, a 15% YoY increase, driving sustained growth.
Test Menu Expansion
Test menu offerings increased by 39% YoY to 1,275 tests in FY26, including Next Gen sequencing, ImmunoCAP, and BioFire Panels.
Strengthening Channel Partner Relationships
Conducted 13 franchisee meetings and 9 doctor meets in FY26 to capture insights and strengthen processes and service delivery.
International Expansion
Tanzania operations have been fully consolidated as a subsidiary in the current financial year, expanding global reach.
New Lab Openings
Opened a new lab in Gwalior in February 2026, expanding the nationwide lab network.
International Lab Consolidation
Tanzania operations fully consolidated as a subsidiary, adding to the international lab presence.
Extensive Lab Network
Operates 40 labs across India (9 West, 6 East, 15 North, 10 South) and 1 international lab in Tanzania.
Brand Elevation
Onboarded Madhuri Dixit as brand ambassador and received 2 National Awards at Voice of Healthcare Forum, enhancing brand visibility.
Enhanced Quality Standards
Achieved 100% NABL accreditation across all labs in Q4FY25, ensuring highest quality standards.
Franchise Success Model
Revenue per retained franchise consistently growing for cohorts post FY22 due to slab-based pricing, enhanced quality, and test menu expansion.
Radiology Revenue Decline
Radiology revenue declined 9% YoY in Q4FY26, impacting overall consolidated revenue growth.
NHL Standalone Revenue Decline
NHL Standalone revenue declined 13% YoY in Q4FY26, reflecting a strategic exit from non-profitable centers.
Rising Employee Benefit Expenses
Employee benefit expenses increased YoY due to annual increments and increased headcounts for new lab openings and specialty menu expansion.
Increasing Other Overheads
Other overheads increased in line with revenue growth, potentially impacting operating leverage if not managed efficiently.
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.
YoY comparison is essential for assessing overall business growth and margin expansion over a full financial cycle, which is critical for diagnostic services. QoQ provides insight into sequential momentum, particularly in franchisee additions and test volumes.
Consolidated Revenue
Q4FY26: 224 Cr (+20% YoY); FY26: 829 Cr (+21% YoY)
Pathology Revenue
Q4FY26: 211 Cr (+21% YoY); FY26: 774 Cr (+22% YoY)
Reported EBITDA
Q4FY26: 75.09 Cr (+31% YoY); FY26: 262.04 Cr (+38% YoY)
Reported EBITDA Margin
Q4FY26: 34% (288bps up YoY); FY26: 32% (400bps up YoY)
Vision and Mission
To make good quality diagnostics affordable to all, globally in reach and excellent in experience.
Deepening India Penetration
Strategy includes going deeper into India with a focused test menu and strengthening the existing franchise network, focusing on large service providers.
Expanding Partnerships
Plans to expand partnerships towards insurance and ECG at home, and further grow the network of partner relationships.
Pathology Business Strategy
The pathology strategy remains to be a B2B service provider with an affordable, value-driven model based on scale efficiencies.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Active Franchisees | ~10,800 (Q4FY26) | Continued growth in the franchisee network and sustained revenue per retained franchise. |
| Test Menu Expansion | 1,275 tests (FY26) | Further additions of specialized tests and new technologies to drive volume and revenue. |
| Reported EBITDA Margin | 34% (Q4FY26) | Sustained margin improvement despite increasing operating expenses and investments in expansion. |
| Radiology Business Performance | -9% YoY revenue decline (Q4FY26) | Signs of stabilization or turnaround in the radiology segment after strategic exits from non-profitable centers. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +1.5% / mo
Technical chart
THYROCAREdaily · 5Y-60.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 77. Wait for confirmation.
- SMA20 rising (~15.7% over last month) — short-term momentum positive.
- RSI(14) at 77 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 66% off 52W high · 60% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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%.
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -128.3%.
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
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 79th percentile of the scored universe and 71st 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: 71st pctile, median 70 · Micro: 68th pctile, median 71
0 documents indexed, 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 2.5%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 53.80
- P/B
- 14.70
- EV/EBITDA
- 27.02
- Market Cap
- 8649.00Cr
Profitability
- ROE
- 28.40%
- ROCE
- 35.40%
- ROA
- 21.82%
- Dividend Y
- 1.72%
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
- 65.75×
- Altman Z
- 9.35
- Book Value
- 36.80
Cash Flow
- FCF Yield
- 2.20%
- FCF Positive Y
- 12/5
- OCF
- 213.00 Cr
- EPS TTM
- 10.24
Shareholding
- Promoter Hold
- 60.92%
- Promoter Pledge
- 100.00%
- Momentum 52W
- 96%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.