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Last Updated: April 2, 2026, 3:49 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 539871 | NSE: THYROCARE

Thyrocare Technologies Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹201.35Overvalued by 44.38%vs CMP ₹362.00

P/E (43.8) × ROE (17.4%) × BV (₹32.40) × DY (1.93%)

₹105.74Overvalued by 70.79%vs CMP ₹362.00
MoS: -242.3% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹194.2322%Over (-46.3%)
Graham NumberEarnings₹76.3716%Over (-78.9%)
Earnings PowerEarnings₹36.7511%Over (-89.8%)
DCFCash Flow₹79.8313%Over (-77.9%)
Net Asset ValueAssets₹32.427%Over (-91%)
EV/EBITDAEnterprise₹175.799%Over (-51.4%)
Earnings YieldEarnings₹80.007%Over (-77.9%)
ROCE CapitalReturns₹95.859%Over (-73.5%)
Revenue MultipleRevenue₹59.655%Over (-83.5%)
Consensus (9 models)₹105.74100%Overvalued
Key Drivers: Wide model spread (₹32–₹194) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -3.5%

*Investments are subject to market risks

Investment Snapshot

76
Thyrocare Technologies Ltd scores 76/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health87/100 · Strong
ROCE 26.5% ExcellentROE 17.4% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money70/100 · Strong
FII holding up 2.55% (6mo) AccumulatingDII holding up 5.55% MF buyingPromoter decreased by 10.13% CautionShareholders up 43% Retail surge
Earnings Quality40/100 · Moderate
OPM contracting (33% → 28%) Declining
Quarterly Momentum100/100 · Strong
Revenue (4Q): +23% YoY AcceleratingProfit (4Q): +37% YoY StrongOPM: 32.0% (up 6.0% YoY) Margin expansion
Industry Rank85/100 · Strong
P/E 43.8 vs industry 75.2 Cheaper than peersROCE 26.5% vs industry 14.7% Above peersROE 17.4% vs industry 13.9% Above peers3Y sales CAGR: 4% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:49 am

Market Cap 5,762 Cr.
Current Price 362
Intrinsic Value₹105.74
High / Low 538/220
Stock P/E43.8
Book Value 32.4
Dividend Yield1.93 %
ROCE26.5 %
ROE17.4 %
Face Value 10.0
PEG Ratio-12.37

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Thyrocare Technologies Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Thyrocare Technologies Ltd 5,762 Cr. 362 538/22043.8 32.41.93 %26.5 %17.4 % 10.0
Indraprastha Medical Corporation Ltd 3,664 Cr. 400 641/32220.0 71.81.13 %39.1 %30.0 % 10.0
Healthcare Global Enterprises Ltd 7,990 Cr. 535 800/498294 61.70.00 %8.56 %5.14 % 10.0
Artemis Medicare Services Ltd 3,528 Cr. 223 306/20335.5 56.00.20 %14.9 %12.9 % 1.00
Metropolis Healthcare Ltd 8,796 Cr. 424 566/32950.3 69.10.24 %14.7 %11.5 % 2.00
Industry Average26,819.31 Cr611.5975.1783.710.36%14.71%13.91%9.04

All Competitor Stocks of Thyrocare Technologies Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 117125124136123141144163153174179202182
Expenses 911029010092108101114112118122133124
Operating Profit 26233337313442494056576958
OPM % 22%18%27%27%25%24%29%30%26%32%32%34%32%
Other Income 120223324542-3
Interest 111111110111-0
Depreciation 99991110910151291020
Profit before tax 18152428212535402848516137
Tax % 28%33%31%28%28%23%28%27%32%54%29%29%29%
Net Profit 13101720151925301922364326
EPS in Rs 0.800.631.051.280.941.211.581.861.201.382.272.711.64

Last Updated: February 3, 2026, 8:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 150180235298332370401474562486524633737
Expenses 81109140182193222233304330371388446498
Operating Profit 697195115139148168171232115136188239
OPM % 46%40%40%39%42%40%42%36%41%24%26%30%32%
Other Income 7136-162114-3512756138
Interest 0010001135531
Depreciation 6111112121420212834394750
Profit before tax 697389871481471121612078198151196
Tax % 33%33%34%46%35%35%29%26%27%30%28%37%
Net Profit 46495947969579120152577196127
EPS in Rs 14.073.253.642.905.966.015.007.559.583.594.486.028.00
Dividend Payout % 0%157%91%115%56%111%33%110%52%167%134%116%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)6.52%20.41%-20.34%104.26%-1.04%-16.84%51.90%26.67%-62.50%24.56%35.21%
Change in YoY Net Profit Growth (%)0.00%13.89%-40.75%124.59%-105.30%-15.80%68.74%-25.23%-89.17%87.06%10.65%

Thyrocare Technologies Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:10%
3 Years:4%
TTM:23%
Compounded Profit Growth
10 Years:7%
5 Years:-3%
3 Years:-15%
TTM:34%
Stock Price CAGR
10 Years:%
5 Years:12%
3 Years:27%
1 Year:55%
Return on Equity
10 Years:20%
5 Years:19%
3 Years:14%
Last Year:17%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: January 7, 2026, 4:33 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 11515454545353535353535353
Reserves 195229322364400403325393468468461484463
Borrowings 25000009102121392322
Other Liabilities 1414392631325573557068116113
Total Liabilities 246293414444485488442528597612620676651
Fixed Assets 87839389103108112119149157159158160
CWIP 66120148211143
Investments 119162266299315289239274259274291284265
Other Assets 33425554688988127186180169221223
Total Assets 246293414444485488442528597612620676651

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 4636678911297136111106120155191
Cash from Investing Activity + -52-21-19-40-48-327-53-12-32-80-55
Cash from Financing Activity + 0-23-45-48-65-96-163-58-87-88-84-124
Net Cash Flow -6-731-1-31061-912
Free Cash Flow 323252798678127776699114144
CFO/OP 101%83%103%112%115%107%108%91%70%129%135%121%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow44.0071.0095.00115.00139.00148.00159.00161.00211.0094.0097.00165.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1291171011143460632840
Inventory Days 5447546466546050546310693
Days Payable 1358423196248305283141
Cash Conversion Cycle 5351576853461237847451-9
Working Capital Days 22521528114-12745341418
ROCE %33%27%27%29%33%31%36%37%41%15%18%26%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 71.14%71.14%71.14%71.11%71.11%71.11%71.11%71.06%71.06%71.06%71.06%60.93%
FIIs 9.99%3.44%3.46%3.35%2.90%2.49%1.93%2.77%2.41%3.23%4.85%4.96%
DIIs 8.45%13.46%13.33%13.89%14.88%14.89%14.79%14.68%14.97%14.54%13.47%20.52%
Public 10.40%11.95%12.08%11.64%11.11%11.49%12.15%11.49%11.57%11.18%10.61%13.61%
No. of Shareholders 74,38676,29272,00068,84464,82361,63659,37756,66657,40354,56654,14277,619

Shareholding Pattern Chart

No. of Shareholders

Thyrocare Technologies Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 5,167,803 0.3 203.431,722,6012025-12-15 03:04:08200%
Nippon India Pharma Fund 4,392,120 2.08 172.91,548,6922025-12-14 07:13:13183.6%
HSBC Midcap Fund 4,373,100 1.38 172.15950,0002025-12-14 07:13:13360.33%
Aditya Birla Sun Life ELSS Tax Saver Fund 3,348,570 0.89 131.823,023,8862026-03-12 03:37:2110.74%
ICICI Prudential Pharma Healthcare & Diagnostics (P.H.D) Fund 3,015,486 1.75 118.72,804,4722026-03-23 18:03:147.52%
ICICI Prudential Dividend Yield Equity Fund 2,053,084 1.24 80.821,909,8002026-03-23 18:03:147.5%
HSBC Large & Mid Cap Fund 1,737,570 1.45 68.4434,5942025-12-15 01:20:14299.81%
ICICI Prudential Multicap Fund 1,311,450 0.32 51.63437,1502025-12-14 07:13:13200%
Aditya Birla Sun Life Pharma & Healthcare Fund 354,579 1.63 13.96N/AN/AN/A
Aditya Birla Sun Life Dividend Yield Fund 319,481 0.84 12.58N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 17.1313.4212.1633.3021.41
Diluted EPS (Rs.) 17.0813.4012.1433.2521.37
Cash EPS (Rs.) 27.8321.9319.2539.7327.14
Book Value[Excl.RevalReserv]/Share (Rs.) 103.1899.65101.1299.5480.81
Book Value[Incl.RevalReserv]/Share (Rs.) 103.1899.65101.1299.5480.81
Revenue From Operations / Share (Rs.) 129.71108.0099.50111.3293.55
PBDIT / Share (Rs.) 38.7227.7224.2749.9334.74
PBIT / Share (Rs.) 28.2918.8516.9643.5329.02
PBT / Share (Rs.) 27.7218.0516.5143.0828.85
Net Profit / Share (Rs.) 17.4013.0511.9433.3321.41
NP After MI And SOA / Share (Rs.) 17.2713.3612.1633.3021.40
PBDIT Margin (%) 29.8525.6624.3944.8537.13
PBIT Margin (%) 21.8117.4417.0439.1031.01
PBT Margin (%) 21.3616.7116.5938.7030.83
Net Profit Margin (%) 13.4112.0811.9929.9422.89
NP After MI And SOA Margin (%) 13.3112.3712.2229.9122.87
Return on Networth / Equity (%) 16.7313.4312.0433.4526.48
Return on Capital Employeed (%) 26.2618.0316.1542.3934.03
Return On Assets (%) 13.2010.9810.1728.9820.73
Long Term Debt / Equity (X) 0.000.020.000.000.00
Total Debt / Equity (X) 0.000.040.000.000.00
Asset Turnover Ratio (%) 1.030.890.790.980.94
Current Ratio (X) 2.773.083.544.182.50
Quick Ratio (X) 2.392.553.183.802.26
Inventory Turnover Ratio (X) 14.624.385.826.807.44
Dividend Payout Ratio (NP) (%) 104.15134.63123.2945.0246.69
Dividend Payout Ratio (CP) (%) 64.9380.8976.9837.7636.84
Earning Retention Ratio (%) -4.15-34.63-23.2954.9853.31
Cash Earning Retention Ratio (%) 35.0719.1123.0262.2463.16
Interest Coverage Ratio (X) 67.2834.9554.67111.45211.14
Interest Coverage Ratio (Post Tax) (X) 31.2317.4527.8975.40131.14
Enterprise Value (Cr.) 3550.203118.272246.854079.234758.17
EV / Net Operating Revenue (X) 5.175.454.276.939.62
EV / EBITDA (X) 17.3021.2417.4915.4425.90
MarketCap / Net Operating Revenue (X) 5.245.484.326.959.65
Retention Ratios (%) -4.15-34.63-23.2954.9753.30
Price / BV (X) 6.595.954.267.7711.17
Price / Net Operating Revenue (X) 5.245.484.326.959.65
EarningsYield 0.020.020.020.040.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Thyrocare Technologies Ltd. is a Public Limited Listed company incorporated on 28/01/2000 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L85110MH2000PLC123882 and registration number is 123882. Currently Company is involved in the business activities of Other human health activities. Company's Total Operating Revenue is Rs. 633.10 Cr. and Equity Capital is Rs. 52.99 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Hospitals & Medical ServicesD/37-1, TTC Industrial Area, MIDC, Turbhe, New Mumbai Maharashtra 400703Contact not found
Management
NamePosition Held
Mr. Rahul GuhaManaging Director & CEO
Mr. Dharmil ShethNon Executive Director
Mr. Hardik DedhiaNon Executive Director
Dr. Dhaval ShahNon Executive Director
Dr.(Mrs.) Indumati GopinathanIndependent Director
Dr.(Ms.) Prapti GiladaIndependent Director
Dr. Harshil VoraIndependent Director
Mr. Nishant A ShahIndependent Director
Mr. Anandh SundarIndependent Director

FAQ

What is the intrinsic value of Thyrocare Technologies Ltd and is it undervalued?

As of 14 April 2026, Thyrocare Technologies Ltd's intrinsic value is ₹105.74, which is 70.79% lower than the current market price of ₹362.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (17.4 %), book value (₹32.4), dividend yield (1.93 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Thyrocare Technologies Ltd?

Thyrocare Technologies Ltd is trading at ₹362.00 as of 14 April 2026, with a FY2026-2027 high of ₹538 and low of ₹220. The stock is currently in the middle of its 52-week range. Market cap stands at ₹5,762 Cr..

How does Thyrocare Technologies Ltd's P/E ratio compare to its industry?

Thyrocare Technologies Ltd has a P/E ratio of 43.8, which is below the industry average of 75.17. This is broadly in line with or below the industry average.

Is Thyrocare Technologies Ltd financially healthy?

Key indicators for Thyrocare Technologies Ltd: ROCE of 26.5 % indicates efficient capital utilization; ROE of 17.4 % shows strong shareholder returns. Dividend yield is 1.93 %.

Is Thyrocare Technologies Ltd profitable and how is the profit trend?

Thyrocare Technologies Ltd reported a net profit of ₹96 Cr in Mar 2025 on revenue of ₹633 Cr. Compared to ₹152 Cr in Mar 2022, the net profit shows a declining trend.

Does Thyrocare Technologies Ltd pay dividends?

Thyrocare Technologies Ltd has a dividend yield of 1.93 % at the current price of ₹362.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Thyrocare Technologies Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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