1. At a Glance
Imagine a diagnostics lab that survived COVID, the post-COVID slump, the “let’s-get-fit-again” wave, and still manages to make 3 billion blood tests a year. That’s Thyrocare Technologies Ltd — the OG of affordable pathology, now trying to stay relevant while its rivals flex vanity brands and 5-star-looking centers.
At ₹459/share, the company commands a market cap of ₹7,305 crore and a P/E of 51.4×, pricier than your last full-body checkup. With a ROCE of 24.8 % and ROE of 16.2 %, it’s running a clean and asset-light lab model. The Q3 FY26 results are its real CPR moment — revenue ₹195.53 cr (+17.8 % YoY) and PAT ₹28.05 cr (+75 % YoY).
Promoters trimmed their holding by 10 %, pledging 100 % of what remains — like mortgaging your stethoscope to buy an MRI machine. Dividend yield still a decent 1.53 %. The stock’s up ~80 % YoY, proving that sometimes, health reports and stock charts both go green.
2. Introduction
Once upon a time, Thyrocare was India’s poster boy for affordable diagnostics — fast, centralized, and ruthlessly efficient. Then came fancy rivals with marble-floored wellness centers, calling basic lipid panels “executive packages.”
But Q3 FY26 is Thyrocare’s comeback quarter. The company’s core engine — its B2B franchise model — is back on steroids, processing 49.6 million tests this quarter. New tie-ups, celebrity endorsement (Madhuri Dixit says hi), and solid operating leverage have given margins a diagnostic boost.
Even the sleepy shareholders woke up when Docon Technologies (the promoter) dumped ₹667 crore worth of shares in October 2025. Promoter stake down from 70.9 % to 60.9 %, but the business pulse still strong.
With India’s preventive healthcare market galloping toward ₹1 lakh crore and Thyrocare’s network of 37 NABL-accredited labs humming across the country, the company is out to prove that boring pathology can still deliver hot profits.
3. Business Model – WTF Do They Even Do?
Thyrocare’s game is simple: run a gigantic, centralized processing model that takes tiny blood vials from every corner of India, flies them to one of its labs overnight, and spits out digital reports before your family WhatsApp group finishes guessing your sugar levels.
Revenue Mix (Q2 FY26):
- Pathology – 93 %
- Radiology & Others – 7 %
Its three-tier business model:
- Franchise Network (62 %) – 11,000+ local clinics, hospitals, and labs that collect samples.
- Partnerships (32 %) – corporate wellness, B2G tie-ups, and
- online health platforms.
- Direct to Consumer (6 %) – for those who like booking tests the way they book biryani.
The company offers 929 tests, 288 profiles, and 43 Aarogyam wellness packages — basically everything from thyroid to testosterone.
Through subsidiary Nueclear Healthcare, it also runs 10 PET-CT imaging centers and one medical cyclotron unit in Navi Mumbai to produce FDG biomarkers for cancer screening.
So yes, they do a lot more than just Thyroid tests — though let’s be honest, the name still makes everyone think that’s all they do.
4. Financials Overview – Q3 FY26
| Metric (₹ Cr) | Q3 FY26 | Q3 FY25 | Q2 FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 195.53 | 166.00 | 217.00 | +17.8 % | –9.9 % |
| EBITDA | 58 | 42 | 71 | +38.1 % | –18.3 % |
| PAT | 28.05 | 16.00 | 48.00 | +75.3 % | –41.7 % |
| EPS (₹) | 1.82 | 0.97 | 3.02 | +87.6 % | –39.7 % |
Annualised EPS = ₹ 1.82 × 4 = ₹ 7.28
So, at ₹ 459/share, the P/E ≈ 63× on annualised Q3 EPS. That’s richer than the lipid profile bill after Diwali.
Margins? OPM ~30 %, holding steady.
PAT margin ~14.3 %. The sequential dip is seasonal — festive season equals less pathology, more pastries.
5. Valuation Discussion – Fair Value Range (For Education Only)
Let’s keep our calculators honest.
a) P/E Method:
Industry median ≈ 36× (Dr Lal Pathlabs 43.9×; Metropolis 59.9×; Vijaya 64.6×).
At Thyrocare’s annualised EPS ₹ 7.28:
- Lower band = 30× → ₹ 219
- Upper band = 60× → ₹ 437
b) EV/EBITDA Method:
EV ₹ 7,259 cr, EBITDA ₹ 244 cr → EV/EBITDA = 29.7×.
Peer average ≈ 25–30× → Value range ₹ 400–₹ 475 per share.
c) DCF Method (educational illustration):
Assume FCF growth 12 %, WACC 10 %, terminal 4 %.
Intrinsic range = ₹ 420–₹ 470.
🧾 Fair Value Range: ₹ 400
