1. At a Glance
Thyrocare just diagnosed itself with a 59.9% YoY profit surge in Q1 FY26. Net profit: ₹38 Cr. Revenue? ₹193 Cr. And guess what? The CFO resigned right after approving the results. Coincidence or classic “mission accomplished” exit? Either way, the diagnostics company is back in growth mode, flexing a 30% OPM.
2. Introduction with Hook
Imagine a laboratory report that reads:
- Glucose: Normal
- Cholesterol: High
- CFO Resignation: Positive
Welcome to Thyrocare FY26! They’re running tests across the country faster than Gen Z runs from commitments—and now, they’ve added a leadership reshuffle as a cherry on top.
Key Stat #1: Q1 PAT up 60%.
Key Stat #2: OPM stable at a sexy 30%.
Key Stat #3: Stock is up 86% in a year. Someone’s wellness packages are working.
3. Business Model (WTF Do They Even Do?)
- Diagnostics, diagnostics, diagnostics.
- 92% revenue from testing—no side hustles, no distractions.
- 929 tests. 288 profiles. 43 “Aarogyam” wellness packages.
- Processes 3 billion investigations annually (yes, with a “b”).
Think of it as the Amazon of blood samples. Except no one’s happy to receive a parcel from them.
4. Financials Overview
| Metric | Q1 FY26 | YoY Growth |
|---|---|---|
| Revenue | ₹193 Cr | +23.0% |
| EBITDA | ₹58 Cr | +65.7% |
| EBITDA Margin | 30% | vs 27% YoY |
| PAT | ₹38 Cr | +59.9% |
| EPS | ₹7.35 | vs ₹4.56 |
Commentary:
OPM’s glowing like a well-diagnosed liver. Cost control + volume growth = healthy bottom line. But CFO Alok Jagnani did a mic drop right after. Drama? Yes. Crisis? No.
5. Valuation
P/E Based Valuation:
- TTM EPS: ₹20.09
- Current P/E: 60.8
- Fair P/E Range: 30x–40x
- FV Range: ₹600 – ₹800
EV/EBITDA Based Valuation:
- EBITDA (FY25): ₹204 Cr
- EV: ~₹6,400 Cr
- EV/EBITDA: ~31x
- Fair EV/EBITDA: 16x–22x
- FV Range: ₹1050 – ₹1300
Punchline:
If you’re paying 60x earnings, hope they start offering stock price checkups in Aarogyam soon.
6. What’s Cooking – News, Triggers, Drama
- CFO Resigned: Alok Jagnani exits, becomes non-executive director. Vikram Gupta steps in as CFO. That’s like your CA becoming HR.
- Q1 Fireworks: Revenue, EBITDA, and PAT all growing fast.
- Dividends continue: Yield at 1.74%. Not bad for a “tech” in name only.
- FIIs bailing out: Down from 10.4% to 3.2% in just a year.
Plot twist: Company is finally delivering—just as foreign investors are ghosting.
7. Balance Sheet
| Item | FY25 |
|---|---|
| Equity Capital | ₹53 Cr |
| Reserves | ₹494 Cr |
| Borrowings | ₹25 Cr |
| Total Liabilities | ₹693 Cr |
| Net Worth | ₹547 Cr |
| Fixed Assets | ₹297 Cr |
Analysis:
Balance sheet cleaner than your hands post-COVID. Zero long-term debt drama. Net worth rising. Borrowings just enough to buy snacks.
8. Cash Flow – Sab Number Game Hai
| Year | Ops CF | Inv CF | Fin CF | Net CF |
|---|---|---|---|---|
| FY23 | ₹129 Cr | -₹39 Cr | -₹86 Cr | ₹4 Cr |
| FY24 | ₹168 Cr | -₹91 Cr | -₹85 Cr | -₹8 Cr |
| FY25 | ₹191 Cr | -₹53 Cr | -₹130 Cr | ₹8 Cr |
Quote:
“Cash flow looks like a gym rat: all cardio, no fat.” Steady ops inflow, smart investing, and dividends still flowing.
9. Ratios – Sexy or Stressy?
| Metric | FY25 Value |
|---|---|
| ROCE | 25% |
| ROE | 16% |
| P/E | 60.8 |
| D/E | 0.05 |
| OPM | 28% |
Verdict:
ROCE is yoga instructor-level flexible. ROE? Lean. P/E? Please explain. This is not a biotech startup, people.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹527 Cr | ₹123 Cr | ₹64 Cr |
| FY24 | ₹572 Cr | ₹140 Cr | ₹69 Cr |
| FY25 | ₹687 Cr | ₹190 Cr | ₹91 Cr |
YoY: Revenue up, margins up, PAT up.
TTM Revenue? ₹723 Cr. TTM PAT? ₹105 Cr.
Diagnosis? Recovery with symptoms of profitability.
11. Peer Comparison
| Company | Rev (Cr) | PAT (Cr) | P/E |
|---|---|---|---|
| Dr Lal Pathlabs | 2,461 | 488.7 | 51.7 |
| Vijaya Diagnost. | 681 | 143.9 | 72.6 |
| Metropolis | 1,331 | 144.9 | 71.4 |
| Thyrocare | 723 | 105.2 | 60.8 |
| Krsnaa Diagnost. | 681 | 82.8 | 33.6 |
Comment:
Thyrocare is the affordable Tesla in a Benz showroom. Not the biggest, not the fanciest, but it gets the job done—fast and profitable.
12. Miscellaneous – Shareholding, Promoters
- Promoters: 71.06% (unchanged)
- FIIs: Slipped to 3.23%
- DIIs: Holding steady at 14.54%
- Public: 11.18% and chilling
Also:
- Dividend payout? 122% in FY25. Clearly, they believe in cash karma.
- No new dilution. No bonus. No buyback. Just pure testing.
13. EduInvesting Verdict™
Thyrocare is not here to reinvent diagnostics—it’s here to dominate it with low-cost, high-margin, low-bullshit execution.
✅ Operationally solid
✅ Cash rich
❌ Valuation spicy
❌ CFO quitting feels… ominous?
Verdict:
“A healthy checkup report, but maybe don’t swipe your entire wallet just yet. Stay for the quarterly bloodwork.”
Metadata
Written by EduInvesting Team | 23 July 2025
Tags: Thyrocare, Diagnostics, Q1 FY26, EduInvesting Premium
