Thyrocare Technologies financials and balance sheet

NSE: THYROCAREBSE: 539871Healthcare ServicesSmall Cap

₹463.15₹8.95 (1.90%)BSE ₹462.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹472.10.

52-week range of traded prices to 23 Oct 2026

₹342.55Low, 23 Mar 2026₹662.00High, 12 Aug 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹7,372 Cr673rd largest listed
P/E: 41.8
P/B: 12.6
Dividend yield: 2.02%
ROE: 31.1%
ROCE: 37.9%
Debt to equity: 0.00
Volume, NSE: 2,67,87146.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Thyrocare Technologies annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹829 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue829
Materials and goods−220
Employee costs−138
Other expenses−209
Operating profit262
Depreciation−59
Other income+17
One-off items−6.2
Finance costs−2.8
Profit before tax211
Tax−50
Joint ventures+1.4
Net profit163

What the company owns

Plant, investments and other assets₹405 Cr
Current investments₹152 Cr
Receivables₹74 Cr
Cash and bank₹68 Cr
Inventory₹48 Cr

What pays for it: net worth and liabilities

Net worth₹586 Cr
Other liabilities₹96 Cr
Owed to suppliers₹65 Cr

Thyrocare Technologies business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Thyrocare Technologies segment results by quarter

Revenue by segment

₹829 CrTotal

Diagnostic Testing Services₹773 Cr93.2% of total
Imaging Services₹53 Cr6.4% of total
Others₹3 Cr0.4% of total

Profit by segment

Diagnostic Testing Services₹197 Cr98.4% of total
Imaging Services₹1 Cr0.3% of total
Others₹3 Cr1.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Diagnostic Testing Services
Revenue, ₹ crore
368
397
473
555
522
630
773
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
136
144
149
200
91
136
197
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Imaging Services
Revenue, ₹ crore
33
34
20
27
40
48
54
53
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−6
−7
−9
−2
3
−5
−4
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
2
3
1
6
5
2
3
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
1
0
3
−1
0
1
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	403	434	495	589	527	572	687	829
Company revenue, as in its results	403	433	495	589	527	572	687	829
Revenue	368	397	473	555	–	522	630	773
Revenue growth	–	7.9%	19.1%	17.4%	–	–	20.6%	22.7%
Profit	136	144	149	200	–	91	136	197
Profit growth	–	6.5%	3.4%	34.0%	–	–	49.0%	45.7%
Margin	36.8%	36.4%	31.6%	36.0%	–	17.4%	21.5%	25.6%
Return on capital	112.9%	146.3%	114.9%	87.3%	–	28.0%	36.4%	53.8%
Assets	150	160	207	302	–	422	481	514
Liabilities	30	62	77	73	–	97	109	147
Capital employed	120	99	130	229	–	325	372	367
Revenue	33	34	20	27	40	48	54	53
Revenue growth	–	4.4%	−40.1%	34.0%	47.1%	18.4%	14.0%	−2.1%
Profit	−6	−7	−9	−2	3	−5	−4	1
Margin	−18.0%	−19.1%	−44.2%	−6.7%	7.4%	−9.6%	−7.4%	1.3%
Return on capital	−5.7%	−9.6%	−15.8%	−5.1%	5.7%	−2.7%	−2.4%	0.4%
Assets	109	103	92	42	60	182	180	192
Liabilities	6	36	35	6	7	13	11	11
Capital employed	102	68	57	36	52	169	169	181
Revenue	2	3	1	6	5	2	3	3
Revenue growth	–	–	–	–	−14.9%	–	–	–
Profit	0	1	0	3	−1	0	1	3
Margin	3.7%	26.2%	6.0%	44.0%	−20.4%	−7.3%	16.9%	74.5%
Return on capital	12.7%	641.7%	0.0%	1,003.7%	–	–	–	–
Assets	1	0	247	0	0	0	0	0
Liabilities	0	0	7	0	0	0	0	0
Capital employed	1	0	240	0	0	0	0	0
Revenue	–	–	–	–	481	–	–	–
Profit	–	–	–	–	79	–	–	–
Margin	–	–	–	–	16.5%	–	–	–
Return on capital	–	–	–	–	36.4%	–	–	–
Assets	–	–	–	–	298	–	–	–
Liabilities	–	–	–	–	79	–	–	–
Capital employed	–	–	–	–	218	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Thyrocare Technologies quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 25 May	Mar 2021Filed 10 May	Mar 2022Filed 2 May	Mar 2023Filed 24 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 7 May
Revenue from operations	307	356	403	433	495	589	527	572	687	829
	–	212	249	261	323	354	407	434	497	567
Materials and goods bought	89	95	111	117	164	170	163	167	191	220
Employee costs	–	35	43	49	58	61	106	108	127	138
Other expenses	–	81	95	95	101	123	137	160	179	209
Operating profit before depreciation	–	145	154	173	171	235	120	137	190	262
Operating margin	–	40.6%	38.3%	39.8%	34.6%	39.9%	22.8%	24.0%	27.7%	31.6%
Materials, % of revenue	–	26.7%	27.4%	27.0%	33.1%	28.8%	31.0%	29.1%	27.8%	26.5%
Employee costs, % of revenue	–	9.9%	10.8%	11.3%	11.7%	10.4%	20.2%	18.9%	18.4%	16.7%
Other expenses, % of revenue	–	22.8%	23.5%	21.9%	20.5%	20.9%	26.1%	28.0%	26.1%	25.3%
Depreciation and amortisation	18	20	26	32	30	34	39	47	55	59
Operating profit after depreciation	–	125	128	141	141	201	81	90	135	203
Other income	9	23	10	8	12	29	8	9	15	17
Finance costs	–	0	1	2	1	2	2	4	3	3
Profit before one-off items and tax	109	147	137	146	153	228	87	96	147	218
One-off items	0	−2	0	−7	0	0	0	0	0	−6
Profit before tax	109	145	137	140	153	228	87	96	147	211
	38	52	53	52	39	52	24	26	55	50
Current tax	–	52	53	43	44	56	30	30	48	57
Deferred tax	–	−1	0	9	−5	−5	−6	−4	7	−7
Share of profit of joint ventures and associates	–	–	1	1	0	0	1	0	−1	1
	71	93	85	88	113	176	64	69	91	163
Belonging to the company's shareholders	71	93	85	88	113	176	64	71	92	163
Belonging to outside owners of subsidiaries	–	–	0	–	0	–	0	−1	−1	0
Other comprehensive income	–	–	0	0	−1	0	2	0	−1	0
Total comprehensive income	–	–	85	89	112	176	66	70	90	163
Net margin	23.1%	26.2%	21.1%	20.4%	22.9%	29.9%	12.2%	12.2%	13.2%	19.6%
Net margin without joint ventures and associates	–	–	21.0%	20.3%	22.9%	29.9%	12.0%	12.1%	13.4%	19.5%

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 20 May	Mar 2020Filed 25 May	Mar 2021Filed 10 May	Mar 2022Filed 2 May	Mar 2023Filed 24 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 7 May
	435	367	427	527	535	528	547	586
	435	367	427	527	534	527	547	586
Share capital	53	53	53	53	53	53	53	159
Reserves	382	314	374	474	481	474	494	426
Belonging to outside owners of subsidiaries	–	–	0	–	1	1	0	1
	3	3	0	0	0	22	0	0
Repayable after a year	3	3	0	0	0	11	0	0
Repayable within a year	0	0	0	0	0	11	0	0
	21	82	95	65	77	90	122	110
Trade payables	8	22	25	17	25	40	76	65
Other financial liabilities	5	26	26	16	31	26	24	26
Other liabilities	6	32	38	24	8	9	18	15
Provisions	1	1	3	7	3	3	1	1
Tax owed	1	1	3	1	10	1	2	2
	19	21	23	17	20	26	24	51
Other financial liabilities	10	6	5	16	16	12	17	39
Other liabilities	0	–	0	–	3	0	0	–
Provisions	7	8	14	0	0	3	7	12
Deferred tax	0	5	4	–	1	0	0	–
	475	469	546	608	633	644	693	747
Held for sale or for a demerger	19	31	–	–	–	–	–	–
	339	317	308	328	360	365	355	375
Plant in use, after depreciation	186	143	129	150	157	168	149	206
Plant being built	1	5	8	3	2	3	14	3
Intangible assets	2	26	1	1	1	33	5	3
Goodwill	107	100	100	100	100	104	108	108
Intangible assets being developed	0	0	0	–	35	0	0	–
Investments	0	0	0	34	6	0	0	0
Stakes in joint ventures and associates	21	21	21	–	22	26	24	25
Loans given	4	4	3	9	0	0	0	0
Other financial assets	8	12	36	21	5	5	8	7
Deferred tax	5	0	6	6	12	15	9	16
Other assets	5	5	3	3	19	11	39	7
	117	121	238	280	273	279	338	372
Inventories	18	21	23	25	28	48	47	48
Trade receivables	12	17	45	93	85	43	73	74
Cash and cash equivalents	5	9	13	14	18	9	18	38
Other bank balances	5	2	3	0	11	31	37	30
Current investments	75	69	104	125	122	137	137	152
Loans given	0	1	1	0	0	0	0	0
Other financial assets	0	0	46	2	4	3	1	2
Tax paid in advance	–	0	0	10	–	0	0	–
Other assets	2	3	3	11	5	8	25	28
Net debt	−82	−78	−120	−139	−151	−155	−192	−220

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 10 May	Mar 2022Filed 2 May	Mar 2023Filed 24 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 7 May
	116	267	129	168	191	213
	165	326	158	197	233	273
	−17	54	15	40	14	−18
Receivables	−28	59	−1	33	−31	−1
Inventories	−3	1	−3	−20	1	−2
Payables	3	−8	9	16	36	−11
Other working capital	10	3	11	11	8	−4
Tax paid	−43	−57	−28	−29	−41	−60
Interest paid	−1	−2	0	0	0	0
Capital spending	28	38	44	62	45	21
Free cash flow	88	229	86	106	146	192
	−50	−120	−39	−91	−53	−23
Plant and property sold	5	−19	2	1	0	5
Companies bought	0	0	0	0	−11	0
Interest received	0	−1	1	1	2	3
	−62	−147	−86	−85	−130	−170
Borrowings raised	−3	0	0	29	0	0
Borrowings repaid	0	0	0	−7	−22	0
Interest paid	0	−2	0	−7	0	0
Lease payments	−6	−5	−8	−6	−13	−21
Dividends paid	53	79	79	95	95	148
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	5	0	4	−8	8	21

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Thyrocare Technologies dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 25 May	Mar 2021Filed 10 May	Mar 2022Filed 2 May	Mar 2023Filed 24 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 7 May
	₹4.40	₹5.80	₹5.32	₹5.58	₹7.14	₹11.10	₹4.05	₹4.47	₹5.71	₹10.27
As stated that year	₹13.21	₹17.39	₹15.95	₹16.74	₹21.41	₹33.30	₹12.16	₹13.42	₹17.13	₹10.27
	₹4.40	₹5.78	₹5.30	₹5.57	₹7.12	₹11.08	₹4.05	₹4.47	₹5.69	₹10.24
As stated that year	₹13.19	₹17.34	₹15.91	₹16.71	₹21.37	₹33.24	₹12.14	₹13.40	₹17.08	₹10.24
	₹3.33	₹3.33	₹6.67	₹1.67	₹8.33	₹5.00	₹6.00	₹6.00	₹7.00	₹9.33
As declared that year	₹10.00	₹10.00	₹20.00	₹5.00	₹25.00	₹15.00	₹18.00	₹18.00	₹21.00	–
	–	–	₹27.47	₹23.13	₹26.95	₹33.18	₹33.65	₹33.16	₹34.39	₹36.78
On that year's share count	–	–	₹82.41	₹69.39	₹80.86	₹99.54	₹100.94	₹99.48	₹103.18	₹36.78
Dividend payout	75.7%	57.6%	124.0%	29.9%	116.8%	45.0%	147.7%	134.7%	121.6%	91.1%
Shareholder yield	–	–	–	–	1.1%	1.9%	3.5%	3.0%	2.6%	2.7%
Market cap at the year end (₹ crore)	3,856	3,206	2,817	2,624	4,772	4,102	2,275	3,124	3,602	5,563

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the year to Mar 2026: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Thyrocare Technologies PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 25 May	Mar 2021Filed 10 May	Mar 2022Filed 2 May	Mar 2023Filed 24 May	Mar 2024Filed 16 May	Mar 2025Filed 12 Jun	Mar 2026Filed 7 May
Revenue growth	27.3%	16.1%	13.1%	7.5%	14.2%	19.1%	−10.6%	8.6%	20.2%	20.6%
Operating profit growth	–	–	6.6%	11.9%	−0.7%	37.2%	−48.9%	14.5%	38.5%	37.7%
Net profit growth	37.0%	31.4%	−8.7%	3.8%	28.0%	55.7%	−63.5%	8.0%	30.6%	79.4%
Earnings per share growth	31.3%	31.6%	−8.3%	5.0%	27.9%	55.5%	−63.5%	10.4%	27.6%	79.9%
	–	–	19.6%	22.1%	28.5%	36.9%	12.2%	13.3%	17.0%	28.8%
	–	–	–	2.5 pts	6.4 pts	8.4 pts	−24.8 pts	1.2 pts	3.7 pts	11.8 pts
From the net margin	–	–	–	−0.7 pts	2.7 pts	8.8 pts	−21.8 pts	0.1 pts	1.0 pts	8.1 pts
From asset turnover	–	–	–	1.5 pts	1.5 pts	1.8 pts	−2.5 pts	0.7 pts	2.1 pts	3.0 pts
From borrowing	–	–	–	1.6 pts	2.3 pts	−2.1 pts	−0.4 pts	0.4 pts	0.6 pts	0.6 pts
Return on capital employed	–	–	29.3%	38.1%	33.0%	38.2%	15.2%	16.5%	24.7%	34.7%
Cash conversion	–	–	–	–	102.8%	151.6%	200.9%	241.2%	210.8%	130.9%
Interest cover	–	286.5	209.9	76.0	162.0	84.8	34.6	21.5	44.3	72.7
Debt to equity	–	–	0.01	0.01	0.00	0.00	0.00	0.04	0.00	0.00
Receivable days	–	–	11	14	33	58	59	28	39	33
Inventory days	–	–	60	64	52	53	62	104	89	81
Payable days	–	–	25	68	56	36	57	88	146	109
Cash conversion cycle, days	–	–	46	10	29	75	64	44	−18	4
Working capital days	–	–	11	−34	17	47	31	14	13	19
Asset turnover	–	–	0.85	0.92	0.97	1.02	0.85	0.90	1.03	1.15
Assets per rupee of net worth	–	–	1.09	1.18	1.28	1.21	1.17	1.20	1.25	1.27
Sales per rupee of plant	–	–	2.17	3.03	3.83	3.94	3.35	3.40	4.62	4.03
Capital spending to depreciation	–	–	–	–	0.93	1.12	1.13	1.31	0.81	0.36
Plant being built, % of plant in use	–	–	0.8%	3.4%	6.4%	2.0%	1.0%	1.5%	9.5%	1.5%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 22.6%
Cash from operations against operating profit: 81.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	13.2%	10.9%	16.3%
Profit growth, yearly rate	12.1%	7.6%	36.2%
Return on equity, average	–	21.7%	19.7%
Return on capital employed, average	–	25.9%	25.3%
Operating margin, average	33.3%	29.2%	27.8%
Net margin, average	20.1%	17.4%	15.0%
Asset turnover, average	–	0.99	1.03
Cash conversion cycle, days, average	–	34	10
Interest cover, average	110.3	51.6	46.2
Debt to equity, average	–	0.01	0.01

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	969	572	213
Cash from investing	−326	−167	−23
Cash from financing	−618	−385	−170
Capital spending	209	127	21
Dividends paid	498	339	148
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	29	29	0
Borrowings repaid	29	29	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	7	3	6	7	7
Altman Z-scorePublished threshold 1.81	–	–	45.77	18.29	27.25	34.08	16.74	18.90	17.91	23.98
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.17	−2.32	−3.04	−3.78	−2.64	−2.79
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	9.27	5.00	−4.19	−1.07	−7.19	−3.80
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.45	1.82	2.17	1.77
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	28.67	155.63	89.54	1.89	−57.52	47.74	−19.41
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	7.42	−26.69	1.48	16.61	69.61	−16.69	−10.78
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.11	9.32	−4.46	−2.58	0.26	2.25	0.48
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.50	0.05	0.03	0.04	0.40	0.03
Effective tax ratePublished threshold 17.16 per cent	35.14	35.67	38.52	37.17	25.78	22.63	27.72	27.71	37.23	23.66
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.27	−4.84	−2.62	9.06	−4.63

A threshold marked as ours has no published figure; it is the line we read the check against.