Thyrocare Technologies Ltd(THYROCARE)

NSE: THYROCAREBSE: 539871

₹ 464.9-1.66%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,400 crNext results: 29 Oct 2026Website: www.thyrocare.comUpdated: 24 Oct 2026

About

Thyrocare Technologies Ltd is an Indian diagnostic services company. It runs a network of NABL-accredited labs that offer pathology testing, and it also provides radiology imaging. It sells its services mainly through franchisees and institutional partners, and it describes itself as India's only 100% NABL-accredited national diagnostic chain. It reported revenue of Rs 829.04 Cr in FY26.^[1]

Business segments

Diagnostic Testing Services made up 93.2% of revenue in FY26, at Rs 772.53 Cr. Its share rose 1.8 percentage points over the FY2019-FY2026 period.^[2]
Imaging Services (radiology) made up 6.4% of revenue in FY26, at Rs 53.14 Cr. Its share fell 1.7 percentage points over the FY2019-FY2026 period.^[2]
In FY25 the annual report described radiology as nascent and capex-intensive, with modest margins. Pathology made up 89% of the business in FY25.^[3]

Products and services

The test menu had 1,375 tests as of Q1 FY27. The FY25 annual report listed more than 920 tests.^[4][3]
Aarogyam is the flagship preventive health brand, with wellness profiles of up to 163 parameters. It made up 36% of pathology sales in FY25 and grew 19% year on year in Q2 FY26.^[3][5]
Sales of Jaanch, which offers doctor-curated panels, doubled in FY25. Jaanch grew 31% year on year in Q2 FY26.^[3][5]
Specialty diagnostics went commercially live in Q1 FY27. They cover allergy testing on the Phadia platform (250+ SKUs), genomics (NGS, whole exome sequencing, NIPT), histopathology and PCR. Specialty is still below 1% of test volume.^[4]
The company offers women's reproductive health solutions under the 'Her-check' brand. The FY25 annual report says it is one of the few companies in India offering ECG checks at home.^[3]
Wholly owned subsidiary Nueclear Healthcare runs molecular imaging centres that performed more than 28,500 PET-CT scans in FY25. It also produces the radiopharmaceutical FDG.^[3]

Lab network and operations

As of Q1 FY27 the network had 43 labs in India and 1 in Tanzania. Three labs opened in that quarter, in Muzaffarpur, Prayagraj and Kurnool.^[4]
In FY25 the number of NABL-accredited labs rose from 25 to 29. The company reported a success rate above 98% in pan-India EQAS (external quality assessment) and holds ICMR, CAP and ISO approvals.^[3]
Specialty tests are processed centrally at hubs in Mumbai and Delhi.^[4]
Permanent headcount was 1822 as of March 31, 2025. The workforce includes over 70 MD pathologists, 600 lab technicians, 1,900 phlebotomists (sample collectors) and 800 last-mile executives.^[3]

Key operating numbers

Tests conducted: 55.2 Mn in Q1 FY27 (up 28% year on year) and 59 Mn in Q4 FY26 (up 29% year on year).^[4]
Patients served: 5.4 Mn in Q1 FY27 (up 17% year on year) and 5.0 Mn in Q2 FY26 (up 12% year on year).^[4]
Revenue per patient was INR 404 in Q1 FY27, up 7% year on year. Tests per patient were 10.2 in Q1 FY27, up 9% year on year.^[4]
Pathology vials processed: 85.9 lakh in Q1 FY27, up 22% year on year.^[4]
Complaints per million tests were 3.1 in Q1 FY27, down 24% year on year.^[4]

Distribution and customers

Active franchisees reached 11,730 in Q1 FY27, up 23% year on year, after about 900 net additions in the quarter. The base was over 11,000 in FY25.^[4][3]
The company served 4,600+ pin codes in FY25. Its B2B network includes hospitals, diagnostic centres and smaller labs, served through a hub-and-spoke model, as well as corporates and insurers.^[3]
The partnership channel (PharmEasy, corporate and insurance) grew 32% in FY26 and 26% year on year in Q1 FY27.^[6]
Pre-policy insurance checkups grew 70% year on year in Q3 FY26. The number of insurance TPAs (third-party administrators) served rose from 3 to 5.^[7]
In FY25 the company said franchisees and B2B partners contribute a significant share of revenue, which brings concentration risk.^[3]

International operations

Revenue at the Tanzania subsidiary grew 75% year on year in FY26 and doubled year on year in Q1 FY27. Quarterly losses were below INR 1 Cr in FY26.^[6]

Expansion plans

Guidance for franchisee net additions in FY27 is 500 to 700 per quarter.^[4]
Specialty diagnostics are targeted to reach 15 to 20% of the test mix within 3 to 5 years.^[4]
A Thyrocare-branded diagnostic consumables venture is expected to be announced by September 2026.^[4]
Annual maintenance capex is expected at about INR 40 Cr, including new labs.^[6]

Recent developments

In Q1 FY27 management sought board approval to divest the nuclear imaging business, which has about INR 140 Cr of invested capital. No buyer has been identified yet.^[4]
Genomics testing launched on 1 May 2026, starting with NIPT in the top 10 cities of North India.^[6]
Revenue at standalone radiology (NHL) fell 6% in FY26 after the exit from unprofitable centres. NHL's PAT reached INR 6.2 Cr.^[6]
The company acquired the diagnostics business of Polo Labs in July 2024 and the clinical diagnostics business of Vimta Labs in October 2024.^[3]
Promoter Docon Technologies has encumbered its entire holding of 3,76,56,092 shares, as disclosed in the FY25 annual report.^[3]

Market Cap

₹7,400 Cr

High / Low

₹662 / 343

Stock P/E

42.0

Price / Book

12.6

Book Value

₹37

EPS

₹10.2

No. of Shares

15.92 Cr

ROCE

37.3%

ROE

28.8%

OPM

26.1%

Debt / Equity

0.00

Sales

₹829 Cr

Net Profit

₹163 Cr

Promoter holding

51.0%

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Thyrocare Technologies Ltd(THYROCARE)

About

Business segments

Products and services

Lab network and operations

Key operating numbers

Distribution and customers

International operations

Expansion plans

Recent developments

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