Thyrocare Technologies is engaged in the business of the healthcare industry, providing quality diagnostic services at affordable costs to patients, laboratories, and hospitals across India. Founded in 1996 and based in Navi Mumbai, India, the company has evolved from a modest thyroid testing laboratory into one of India's leading diagnostic chains, offering comprehensive healthcare solutions nationwide.
Thyrocare Technologies Limited is an Indian multinational chain of diagnostic and preventive care laboratories, headquartered in Navi Mumbai. As of 2021, the company operates a network of 1,122 outlets and collection centers across India and parts of Nepal, Bangladesh, and the Middle East. Its extensive network and technology-driven approach have established it as a dominant player in India's diagnostic services sector.
In a landmark transaction for the Indian healthcare sector, on June 26, 2021, PharmEasy's parent company, API Holdings, acquired a 66.1% controlling stake in Thyrocare, making it the first Indian listed company to be acquired by a startup. API Holdings announced the acquisition of a 66.1 percent stake from Dr. A Velumani and affiliates at a price of ₹1,300 per share, totaling ₹4,546 crore.
This acquisition represents a significant milestone in India's startup ecosystem, marking a pivotal moment where a unicorn acquired a listed company. The transaction allows Thyrocare to leverage PharmEasy's digital platform while maintaining its operational independence and strong market position.
As a leading Pan-India diagnostic chain, Thyrocare offers a wide range of tests focused on early disease detection and health management. It provides 929 tests and 288 profiles, including 43 wellness packages under the "Aarogyam" brand. The company operates through multiple business segments, with Diagnostic Testing Services (92% in FY25 vs. 94% in FY22) being the primary revenue generator.
Thyrocare Technologies Limited provides diagnostic testing services to patients, laboratories, and hospitals. It operates through three segments: Diagnostic Testing Services, Imaging Services, and Others. The company conducts various medical diagnostic tests and profiles aimed at early detection and management of disorders and diseases, including thyroid, growth, metabolism, auto-immunity, diabetes, anemia, cardiovascular conditions, infertility, and various infectious diseases.
The company's testing capabilities are substantial, processing 3 billion investigations annually with a capacity to process 10 billion annually. This massive scale is supported by a centralized, fully automated diagnostic testing laboratory, regional processing laboratories, a medical cyclotron facility, and PET-CT facilities across India.
Thyrocare is India's largest diagnostics solution provider by volume, performing over 110 million tests annually. The 26-year-old firm also operates a network of over 3,330 collection centers in more than 2,000 towns across India. The company's distribution model leverages a franchisee network, which has been instrumental in its pan-India expansion.
The company's market presence extends internationally, with a total of 1,122 outlets and collection centers across India and parts of Nepal, Bangladesh, and the Middle East. This international footprint positions Thyrocare as a regional player in the South Asian diagnostic services market.
Thyrocare Technologies Ltd's net profit increased by 22.05% year-on-year to ₹21.70 crore in Q4 FY2024-2025. The company demonstrated strong financial performance across key metrics:
- Revenue Growth: Sales rose by 21.34% to ₹187.16 crore in the quarter ended March 2025, compared to ₹154.25 crore in the corresponding period of the previous year. For the full year ended March 2025, sales increased by 20.19% to ₹687.35 crore, up from ₹571.88 crore in the previous year.
- Profit Performance: For the full year ended March 2025, net profit grew by 29.32% to ₹91.51 crore, compared to ₹70.76 crore in the previous year.
- Operational Efficiency: EBITDA improved by 70% year-on-year to ₹57.4 crore in the March 2025 quarter, from ₹33.8 crore reported in the corresponding period the previous year. EBITDA margin increased to 31% in Q4 FY25, compared to 22% reported in the corresponding quarter last fiscal year.
- Market Cap: ₹5,723 Crore
- Current Price: ₹1,080
- High / Low: ₹1,110 / 626
- Stock P/E: 66.6
- Book Value: ₹103
- Dividend Yield: 1.97 %
- ROCE: 24.8 %
- ROE: 16.0 %
- Face Value: ₹10.0
These metrics reflect the company's strong market position and investor confidence.
The Board has recommended a final dividend of ₹21 per equity share for FY25, subject to shareholder approval. The record date for the final dividend of ₹21/share is fixed as July 25, 2025, and it will be payable after the AGM approval.
Thyrocare has been at the forefront of technological adoption in the diagnostic services sector. In 2023, Thyrocare integrated AI-based devices to automate manual microscopy across its network using SigTuple's AI100. This integration underscores the company's commitment to leveraging cutting-edge technology to enhance diagnostic accuracy and operational efficiency.
The company's centralized processing model, supported by advanced automation and technology infrastructure, allows it to maintain cost-effective operations while delivering high-quality diagnostic services across its extensive network.
The managing director is Rahul Guha, who leads the company's operations. Docon Technologies Private Limited owns 71.06% of the total equity, reflecting the company's position within the broader API Holdings ecosystem following the 2021 acquisition.
In the third quarter of FY '25, the company demonstrated robust financial performance, achieving a 23% year-on-year revenue growth driven by its pathology business and strategic acquisitions, despite facing margin pressures and operational challenges. The expansion into Africa and the launch of the Jaanch health packages signify a commitment to affordable, high-quality diagnostics. Partnerships in Tanzania and the insurance sector are poised to enhance market presence and revenue streams.
The company's focus on maintaining operational excellence while expanding its geographic footprint and service offerings positions it well for sustained growth in India's evolving healthcare landscape. With strong financial performance, technological capabilities, and the backing of PharmEasy's digital platform, Thyrocare continues to strengthen its position as India's leading diagnostic services provider.
