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Employees: 2,092
Size Thyrocare Technologies (THYROCARE.NS) is an India Health Care company (Medical/Nursing Services) with a market value of $830M, the 655th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹493.10 on 6 Nov 2026.
Performance Over six months the shares gained 4.8%, against +7.8% for the median peer and 0.0% for the India market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 22.0% over the last twelve months (peer median +6.7%); the operating margin is 25.6% (peer median 7.2%).
Valuation It trades at 35.2× forward earnings against a peer median of 18.6× (4th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 30.4 points above its cost of capital (13.8% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹9.30B | ₹8.29B | ₹6.87B | ₹5.72B | ₹5.27B |
| Revenue growth | — | +21% | +20% | +9% | — |
| Gross profit | ₹4.76B | ₹3.10B | ₹2.28B | ₹1.81B | ₹1.50B |
| EBITDA | ₹2.99B | ₹2.65B | ₹1.94B | ₹1.43B | ₹1.25B |
| Net income | ₹1.44B | ₹1.63B | ₹915M | ₹708M | ₹645M |
| Free cash flow | n/a | ₹1.95B | ₹1.48B | ₹1.03B | ₹870M |
| Capital expenditure | n/a | ₹209M | ₹335M | ₹616M | ₹436M |
| Total debt | ₹569M | ₹507M | ₹247M | ₹423M | ₹233M |
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| Measure | THYROCARE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | +0.1% | 7th lowest of 21 |
| 6-month return | +4.8% | +7.8% | 10th lowest of 20 |
| Distance from 52-week high | -25.5% | -21.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +22.0% | +6.7% | 4th highest of 21 |
| Operating margin | 25.6% | 7.2% | 2nd highest of 21 |
| Forward P/E | 35.2× | 18.6× | 4th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 27.9% | 8.9% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +10.9% | +12.3% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | +17.0 pp | -4.9 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | +30.4 pp | -1.0 pp | highest of 20 |
| EV / EBITDA | 25.7× | 10.1× | 3rd most expensive of 15 |
| Net debt / EBITDA | -0.5× | 2.6× | 4th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thyrocare Technologies THYROCARE.NS | India | $830M | +5% | +22% | 26% | 35.2× | 27.9% | +10.9% |
| Jinxin Fertility 1951.HK | Hong Kong | $800M | -2% | +7% | 11% | 24.4× | 18.0% | +12.4% |
| Terveystalo Oy TTALO.HE | Finland | $883M | -19% | -8% | 8% | 11.1× | -4.6% | +5.3% |
| BML 4694.T | Japan | $887M | -2% | +4% | 7% | 18.6× | -9.7% | +1.6% |
| Ginkgo Bioworks DNA | United States | $760M | +26% | -52% | -258% | n/a | n/a | n/a |
| WELL Health Technologies WELL.TO | Canada | $760M | -5% | +39% | 7% | 14.7× | 9.1% | +94.5% |
| HK inno.N 195940.KS | South Korea | $745M | -32% | +7% | 12% | 11.8× | -10.8% | +12.2% |
| AdaptHealth AHCO | United States | $1.00B | +8% | -3% | 3% | n/a | 16.3% | +25.2% |
| GMR Solutions GMRS | United States | $672M | n/a | -4% | 14% | 8.0× | -20.0% | -4.0% |
| Regis Healthcare REG.AX | Australia | $1.05B | -17% | +17% | 4% | 25.1× | 14.6% | +14.4% |
| Fulgent Genetics FLGT | United States | $653M | +49% | +7% | -36% | n/a | n/a | n/a |
| Nephrocare Health Services NEPHROPLUS.NS | India | $639M | +10% | +33% | 14% | 41.9× | 35.7% | +31.6% |
| Novogene 688315.SS | China | $1.16B | +31% | +6% | 7% | 35.7× | 17.1% | +8.2% |
| Shanghai Labway Clinical Laboratory 301060.SZ | China | $593M | -4% | -19% | 6% | n/a | 8.8% | +3.2% |
| GoodRx GDRX | United States | $1.20B | +20% | -2% | 12% | 10.4× | 6.8% | +7.7% |
| Nutex Health NUTX | United States | $1.24B | +32% | +7% | 43% | 7.2× | -19.5% | +253.5% |
| Metropolis Healthcare METROPOLIS.NS | India | $1.25B | +12% | +20% | 18% | 45.6× | 32.4% | +10.5% |
| Pennant PNTG | United States | $1.27B | +1% | +38% | 6% | 24.0× | 21.1% | +19.4% |
| Lumexa Imaging LMRI | United States | $1.29B | +29% | +8% | 3% | 18.6× | n/a | n/a |
| OPKO Health OPK | United States | $1.29B | +52% | -11% | -29% | n/a | n/a | n/a |
| Diagnostyka DIA.WA | Poland | $1.29B | -5% | +19% | 15% | 18.4× | 6.9% | +18.9% |