New Risk • May 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 116% Dividend yield: 3.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹471, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 40x in the Healthcare industry in India. Total returns to shareholders of 220% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹282 per share. Announcement • Apr 29
Thyrocare Technologies Limited to Report Q4, 2026 Results on May 07, 2026 Thyrocare Technologies Limited announced that they will report Q4, 2026 results on May 07, 2026 Reported Earnings • Jan 29
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: ₹1.82 (up from ₹1.19 in 3Q 2025). Revenue: ₹1.96b (up 18% from 3Q 2025). Net income: ₹290.1m (up 52% from 3Q 2025). Profit margin: 15% (up from 12% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 75%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 20
Thyrocare Technologies Limited to Report Q3, 2026 Results on Jan 28, 2026 Thyrocare Technologies Limited announced that they will report Q3, 2026 results on Jan 28, 2026 Announcement • Jan 05
Thyrocare Technologies Limited Appoints Rajdeep Panwar as Chief Commercial Officer, Effective January 5, 2026 Thyrocare Technologies Limited approved the appointment of Mr. Rajdeep Panwar as Chief Commercial Officer of the Company, categorised as Senior Management Personnel, with effect from January 5, 2026. Mr. Rajdeep Panwar is a senior healthcare and diagnostics industry professional with over 21 years of experience, having led large-scale diagnostic networks, laboratory operations and commercial functions across reputed healthcare organisations. He most recently served as Director – GHL Pharma & Diagnostics Limited (Medanta Labs), where he led the establishment and expansion of laboratory and pharmacy business verticals across North India. His prior experience includes leadership roles at Apollo Diagnostics, Dr. Lal PathLabs, Ortho Clinical Diagnostics (Johnson & Johnson Group), Quest Diagnostics India Private Limited, Sitaram Bhartia Institute of Science & Research and Pathnet India Private Limited. Mr. Panwar has extensive experience in P&L management, laboratory network expansion, business launches, digital diagnostics initiatives, NABL/CAP accreditation, LIMS integration and large-scale team leadership, and has played a key role in scaling diagnostic operations across metro and non-metro markets. He holds an M.Sc. in Biochemistry, B.Sc. in Medical Laboratory Technology, a Diploma in Medical Laboratory Technology, and is trained as an Internal Auditor for NABL ISO 15189. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,564, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 44x in the Healthcare industry in India. Total returns to shareholders of 173% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹818 per share. Upcoming Dividend • Oct 17
Upcoming dividend of ₹7.00 per share Eligible shareholders must have bought the stock before 24 October 2025. Payment date: 13 November 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.7%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.3%). Reported Earnings • Oct 15
Second quarter 2026 earnings released: EPS: ₹9.05 (vs ₹4.99 in 2Q 2025) Second quarter 2026 results: EPS: ₹9.05 (up from ₹4.99 in 2Q 2025). Revenue: ₹2.20b (up 24% from 2Q 2025). Net income: ₹479.9m (up 80% from 2Q 2025). Profit margin: 22% (up from 15% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 06
Thyrocare Technologies Limited to Report Q2, 2026 Results on Oct 14, 2025 Thyrocare Technologies Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Oct 14, 2025 Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Additional Non-Executive & Non-Independent Director Alok Jagnani was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 18
Upcoming dividend of ₹21.00 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 30 August 2025. The company is paying out more than 100% of its profits and is paying out 76% of its cash flow. Trailing yield: 1.8%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.3%). Announcement • Jul 16
Thyrocare Technologies Limited to Report Q1, 2026 Results on Jul 23, 2025 Thyrocare Technologies Limited announced that they will report Q1, 2026 results on Jul 23, 2025 New Risk • Jul 14
New major risk - Revenue and earnings growth Earnings have declined by 8.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.3% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (122% payout ratio). Price Target Changed • Jul 11
Price target increased by 19% to ₹1,125 Up from ₹943, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₹1,085. Stock is up 70% over the past year. The company is forecast to post earnings per share of ₹20.80 for next year compared to ₹17.28 last year. Reported Earnings • Jul 08
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹17.13 (up from ₹13.37 in FY 2024). Revenue: ₹6.87b (up 20% from FY 2024). Net income: ₹915.1m (up 29% from FY 2024). Profit margin: 13% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 27%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Jul 07
Thyrocare Technologies Limited, Annual General Meeting, Jul 31, 2025 Thyrocare Technologies Limited, Annual General Meeting, Jul 31, 2025, at 10:30 Indian Standard Time. Location: d-37/3. ttc industrial area, midc, turbhe, navi mumbai - 400703., navi mumba India Reported Earnings • Apr 24
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ₹17.13 (up from ₹13.37 in FY 2024). Revenue: ₹7.02b (up 23% from FY 2024). Net income: ₹915.1m (up 29% from FY 2024). Profit margin: 13% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 27%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Apr 23
Thyrocare Technologies Limited Recommends Final Dividend for the Financial Year 2024-25 Thyrocare Technologies Limited at its board meeting held on April 23, 2025, recommended Final Dividend of INR 21 per equity share for the financial year 2024-25 subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company. The Dividend, if declared by shareholders, shall be paid within 30 days from the date of the AGM. Announcement • Apr 15
Thyrocare Technologies Limited to Report Q4, 2025 Results on Apr 23, 2025 Thyrocare Technologies Limited announced that they will report Q4, 2025 results on Apr 23, 2025 New Risk • Apr 08
New major risk - Revenue and earnings growth Earnings have declined by 8.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.0% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (135% payout ratio). Reported Earnings • Jan 24
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ₹3.58 (up from ₹2.78 in 3Q 2024). Revenue: ₹1.70b (up 26% from 3Q 2024). Net income: ₹191.1m (up 25% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Jan 23
Thyrocare Technologies Limited Announces Company Secretary and Compliance Officer Changes, Effect from January 31, 2025 Thyrocare Technologies Limited announced that Mr. Ramjee Dorai, Company Secretary and Compliance Officer will retire from the services of the Company with effect from the close of business hours on January 31, 2025. announced the appointment of Mr. Brijesh Kumar as Company Secretary, Compliance Officer and Key Managerial Personnel of the Company with effect from January 31, 2025, to take over from Mr. Ramjee Dorai consequent on the latter's superannuation. Mr. Brijesh Kumar is a qualified Company Secretary, a law graduate, and holds an Honors degree in Commerce (B. Com Hons). He also possesses a diploma in e-Commerce and has over 12 years of experience in corporate secretarial and legal affairs. He has expertise in Securities and Capital Market Laws, Corporate Laws, FEMA, compliance management, and has handled mergers and acquisitions, share listings, fund- raising initiatives, ESOPs, joint ventures, and other critical corporate actions. Prior to joining Thyrocare Technologies Limited, he served as Head Company Secretary & Compliance Officer at Jubilant Industries Limited. Earlier he held key roles in the secretarial functions of Uno Minda Limited and AKM Global. Announcement • Jan 16
Thyrocare Technologies Limited to Report Q3, 2025 Results on Jan 23, 2025 Thyrocare Technologies Limited announced that they will report Q3, 2025 results on Jan 23, 2025 Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹824, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 48x in the Healthcare industry in India. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹718 per share. Recent Insider Transactions • Nov 07
MD, CEO & Chairman recently bought ₹1.1m worth of stock On the 1st of November, Rahul Guha bought around 1k shares on-market at roughly ₹964 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Rahul's only on-market trade for the last 12 months. Price Target Changed • Oct 24
Price target increased by 9.1% to ₹903 Up from ₹828, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₹915. Stock is up 74% over the past year. The company is forecast to post earnings per share of ₹18.60 for next year compared to ₹13.37 last year. Reported Earnings • Oct 24
Second quarter 2025 earnings released: EPS: ₹4.99 (vs ₹3.84 in 2Q 2024) Second quarter 2025 results: EPS: ₹4.99 (up from ₹3.84 in 2Q 2024). Revenue: ₹1.77b (up 20% from 2Q 2024). Net income: ₹266.7m (up 31% from 2Q 2024). Profit margin: 15% (up from 14% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Oct 18
High number of new directors Independent Director Nishant Shah was the last director to join the board, commencing their role in 2024. Announcement • Oct 16
Thyrocare Technologies Limited to Report Q2, 2025 Results on Oct 23, 2024 Thyrocare Technologies Limited announced that they will report Q2, 2025 results on Oct 23, 2024 Buy Or Sell Opportunity • Oct 16
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to ₹890. The fair value is estimated to be ₹724, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 45%. Price Target Changed • Oct 12
Price target increased by 8.5% to ₹828 Up from ₹763, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₹829. Stock is up 45% over the past year. The company is forecast to post earnings per share of ₹18.20 for next year compared to ₹13.37 last year. Announcement • Oct 11
Thyrocare Technologies Limited (BSE:539871) completed the acquisition of Diagnostics and and pathological services business of Virnta Labs Limited from Vimta Labs Limited (BSE:524394) for INR 70 million. Thyrocare Technologies Limited (BSE:539871) entered into Business Transfer Agreement to acquire Diagnostics and and pathological services business of Virnta Labs Limited from Vimta Labs Limited (BSE:524394) for INR 70 million on August 30, 2024. A cash consideration of INR 70 million will be paid by Thyrocare Technologies Limited. For the period ended March 31, 2024 Diagnostics and and pathological services business of Virnta Labs Limited had revenue of INR 296.67 million.
Thyrocare Technologies Limited (BSE:539871) completed the acquisition of Diagnostics and and pathological services business of Virnta Labs Limited from Vimta Labs Limited (BSE:524394) for INR 70 million on October 11, 2024. Buy Or Sell Opportunity • Sep 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to ₹869. The fair value is estimated to be ₹723, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 45%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 35% in the next year. Announcement • Aug 27
Thyrocare Technologies Limited Approves Dividend for the Financial Year 2023-24 Thyrocare Technologies Limited at its AGM held on August 23, 2024 approved to declare dividend of INR 18 per equity share of face value of INR 10 per each for the financial year 2023-24. Announcement • Aug 21
Thyrocare Technologies Limited Announces Cessation of Gopalkrishna Shivaram Hegde as Independent Director and as Member / Chairman of the Respective Committee Thyrocare Technologies Limited announced that the second term as Independent Director of Mr. Gopalkrishna Shivaram Hegde will be over at the close of office hours of August 20, 2024, and consequently he will cease to be a Director as well as Member /Chairman of the respective Committee of the Board. Buy Or Sell Opportunity • Aug 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to ₹867. The fair value is estimated to be ₹722, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 45%. Revenue is forecast to grow by 14% in a year. Earnings are forecast to grow by 35% in the next year. Upcoming Dividend • Aug 09
Upcoming dividend of ₹18.00 per share Eligible shareholders must have bought the stock before 16 August 2024. Payment date: 22 September 2024. The company is paying out more than 100% of its profits and is paying out 90% of its cash flow. Trailing yield: 2.2%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.3%). Announcement • Aug 02
Thyrocare Technologies Limited, Annual General Meeting, Aug 23, 2024 Thyrocare Technologies Limited, Annual General Meeting, Aug 23, 2024, at 16:00 Indian Standard Time. Location: d-37/3. ttc industrial area, midc, turbhe, navi mumbai - 400703., navi mumba India Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹776, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 45x in the Healthcare industry in India. Total loss to shareholders of 38% over the past three years. Announcement • Jul 30
Thyrocare Technologies Limited (BSE:539871) acquired Diagnostic and pathological services business of Polo Labs Private Limited for INR 42.6 million. Thyrocare Technologies Limited (BSE:539871) entered into business transfer agreement to acquire Diagnostic and pathological services business of Polo Labs Private Limited for INR 42.6 million on July 2, 2024. The transaction is expected to complete 60 business days from the execution date of the business transfer agreement .
Thyrocare Technologies Limited (BSE:539871) completed the acquisition of Diagnostic and pathological services business of Polo Labs Private Limited on July 29, 2024. Buy Or Sell Opportunity • Jul 24
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ₹765. The fair value is estimated to be ₹623, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 45%. Revenue is forecast to grow by 13% in a year. Earnings are forecast to grow by 35% in the next year. Reported Earnings • Jul 24
First quarter 2025 earnings released: EPS: ₹4.52 (vs ₹3.26 in 1Q 2024) First quarter 2025 results: EPS: ₹4.52 (up from ₹3.26 in 1Q 2024). Revenue: ₹1.61b (up 19% from 1Q 2024). Net income: ₹241.7m (up 40% from 1Q 2024). Profit margin: 15% (up from 13% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Announcement • Jul 17
Thyrocare Technologies Limited to Report Q1, 2025 Results on Jul 23, 2024 Thyrocare Technologies Limited announced that they will report Q1, 2025 results on Jul 23, 2024 Buy Or Sell Opportunity • Jun 12
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 3.6% to ₹662. The fair value is estimated to be ₹539, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 40%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. New Risk • May 15
New major risk - Revenue and earnings growth Earnings have declined by 1.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Cash payout ratio: 147% Earnings have declined by 1.1% per year over the past 5 years. Announcement • May 15
Thyrocare Technologies Limited Proposes Final Dividend for the Financial Year 2023-24 Thyrocare Technologies Limited proposed final Dividend of INR 18/- per equity share of face value of INR 10/- each for the financial year 2023-24, for approval at the ensuing Annual General Meeting. Announcement • May 09
Thyrocare Technologies Limited to Report Q4, 2024 Results on May 14, 2024 Thyrocare Technologies Limited announced that they will report Q4, 2024 results on May 14, 2024 Announcement • Feb 28
Thyrocare Technologies Limited (BSE:539871) completed the acquisition of Think Health Diagnostic Private Limited. Thyrocare Technologies Limited (BSE:539871) agreed to acquire Think Health Diagnostic Private Limited for INR 3.2 million on February 1, 2024. As of March 31, 2023, Think Health Diagnostic Private Limited generated revenue of INR 7.9 million.
Thyrocare Technologies Limited (BSE:539871) completed the acquisition of Think Health Diagnostic Private Limited on February 27, 2024. Think Health has become wholly-owned subsidiary company of Thyrocare. Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: ₹2.78 (vs ₹1.89 in 3Q 2023) Third quarter 2024 results: EPS: ₹2.78 (up from ₹1.89 in 3Q 2023). Revenue: ₹1.37b (up 7.4% from 3Q 2023). Net income: ₹153.5m (up 4.3% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Jan 25
Thyrocare Technologies Limited to Report Q3, 2024 Results on Feb 01, 2024 Thyrocare Technologies Limited announced that they will report Q3, 2024 results on Feb 01, 2024 Price Target Changed • Dec 13
Price target increased by 7.3% to ₹695 Up from ₹648, the current price target is an average from 2 analysts. New target price is 12% above last closing price of ₹620. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of ₹15.30 for next year compared to ₹12.16 last year. Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: ₹3.84 (vs ₹3.80 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.84 (up from ₹3.80 in 2Q 2023). Revenue: ₹1.48b (up 9.7% from 2Q 2023). Net income: ₹203.4m (up 32% from 2Q 2023). Profit margin: 14% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 22% per year. Announcement • Oct 24
Thyrocare Technologies Limited to Report Q2, 2024 Results on Oct 31, 2023 Thyrocare Technologies Limited announced that they will report Q2, 2024 results on Oct 31, 2023 Recent Insider Transactions • Aug 18
MD, CEO & Chairman recently bought ₹4.3m worth of stock On the 11th of August, Rahul Guha bought around 8k shares on-market at roughly ₹575 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rahul has been a buyer over the last 12 months, purchasing a net total of ₹15m worth in shares. Announcement • Aug 03
Thyrocare Technologies Limited Appoints Alok Kumar Jagnani as Chief Financial Officer Thyrocare Technologies Limited approved the appointment of Mr. Alok Kumar Jagnani as the Chief Financial Officer ("CFO") of the Company. Date of appointment August 9, 2023. Mr. Alok Kumar Jagnani is seasoned finance professional with over 20 years of post-qualification experience in the world's manufacturing and service industries. His expertise spans across various profiles including Corporate Assurance and Risk Management, Internal Control & SOX, Retail Governance, Head of Finance, and Finance Controller for operations worth INR 30,000+ million. He also encompasses Project Finance, Business Transformation, and ERP implementation, including SAP, S4 Hana, HFM/HPM, Oracle, Readsoft, AMDOCs. He has a strong background in Merger Due Diligence, Pre and Post Merger Integration, Business and Process Transformation, Shared Service Centre Setup, and KPI Monitoring. He has also led GST (VAT) implementation projects, managing ERP/IT-related changes and communication. Prior to joining Thyrocare, he worked as Finance Controller at Greencell Group, a leading EV company, where he oversaw the end-to-end operations of the Finance department, including Accounting, MIS, FP&A, Treasury, Inventory Management. Previously he has also worked with Vodafone Idea Limited and Tata Steel Ltd. Board Change • Aug 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Prapti Gilada was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 28
Thyrocare Technologies Limited to Report Q1, 2024 Results on Aug 01, 2023 Thyrocare Technologies Limited announced that they will report Q1, 2024 results on Aug 01, 2023 Reported Earnings • Jul 21
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹12.16 (down from ₹33.30 in FY 2022). Revenue: ₹5.27b (down 11% from FY 2022). Net income: ₹643.6m (down 64% from FY 2022). Profit margin: 12% (down from 30% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Jul 15
Thyrocare Technologies Limited Accepts Resignation of Sachin Salvi as Chief Financial Officer Thyrocare Technologies Limited at its board meeting held on July 14, 2023, accepted the resignation of Mr. Sachin Salvi with effect from July 31, 2023 from the post of Chief Financial Officer of the Company. Mr. Sachin Salvi has tendered his resignation from the post of Chief Financial Officer of the Company for exploring career opportunity options. Price Target Changed • Jun 12
Price target decreased by 7.0% to ₹730 Down from ₹785, the current price target is an average from 2 analysts. New target price is 57% above last closing price of ₹466. Stock is down 31% over the past year. The company is forecast to post earnings per share of ₹21.60 for next year compared to ₹12.16 last year. Reported Earnings • May 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹12.16 (down from ₹33.30 in FY 2022). Revenue: ₹5.35b (down 9.1% from FY 2022). Net income: ₹644.9m (down 63% from FY 2022). Profit margin: 12% (down from 30% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 17
Thyrocare Technologies Limited to Report Q4, 2023 Results on May 23, 2023 Thyrocare Technologies Limited announced that they will report Q4, 2023 results on May 23, 2023 Announcement • May 10
Thyrocare Technologies Limited Announces Resignation of Vishwas Kulkarni as an Independent Director Thyrocare Technologies Limited announced that Vishwas Kulkarni an Independent Director of the Company, has vide his letter dated May 08, 2023, tendered his resignation with effect from May 23, 2023 and requested the Board of Directors to accept his resignation. Upcoming Dividend • Apr 13
Upcoming dividend of ₹18.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 07 May 2023. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Within top quartile of Indian dividend payers (1.7%). Higher than average of industry peers (0.4%). Recent Insider Transactions • Feb 12
MD, CEO & Director recently bought ₹10m worth of stock On the 6th of February, Rahul Guha bought around 20k shares on-market at roughly ₹510 per share. This transaction amounted to 80% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Rahul has been a buyer over the last 12 months, purchasing a net total of ₹26m worth in shares. Reported Earnings • Feb 05
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ₹1.89 (down from ₹4.05 in 3Q 2022). Revenue: ₹1.28b (up 9.1% from 3Q 2022). Net income: ₹147.2m (down 32% from 3Q 2022). Profit margin: 12% (down from 18% in 3Q 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jan 18
Thyrocare Technologies Limited to Report Q3, 2023 Results on Feb 03, 2023 Thyrocare Technologies Limited announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ₹3.80 (down from ₹14.70 in 2Q 2022). Revenue: ₹1.35b (down 23% from 2Q 2022). Net income: ₹154.3m (down 80% from 2Q 2022). Profit margin: 11% (down from 44% in 2Q 2022). Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ₹3.80 (down from ₹14.70 in 2Q 2022). Revenue: ₹1.37b (down 23% from 2Q 2022). Net income: ₹154.3m (down 80% from 2Q 2022). Profit margin: 11% (down from 44% in 2Q 2022). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 42%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Healthcare industry in India. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 11
MD, CEO & Director recently bought ₹16m worth of stock On the 4th of August, Rahul Guha bought around 25k shares on-market at roughly ₹631 per share. This was the largest purchase by an insider in the last 3 months. This was Rahul's only on-market trade for the last 12 months. Reported Earnings • Jul 14
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹33.30 (up from ₹21.41 in FY 2021). Revenue: ₹5.89b (up 19% from FY 2021). Net income: ₹1.76b (up 56% from FY 2021). Profit margin: 30% (up from 23% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 10% compared to a 18% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 10
Price target decreased to ₹1,073 Down from ₹1,190, the current price target is an average from 4 analysts. New target price is 42% above last closing price of ₹756. The company is forecast to post earnings per share of ₹23.00 for next year compared to ₹33.30 last year. Reported Earnings • May 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹33.30 (up from ₹21.41 in FY 2021). Revenue: ₹6.18b (up 25% from FY 2021). Net income: ₹1.76b (up 56% from FY 2021). Profit margin: 28% (up from 23% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 53%. Over the next year, revenue is forecast to grow 3.9%, compared to a 20% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ₹4.05 (down from ₹6.13 in 3Q 2021). Revenue: ₹1.19b (down 14% from 3Q 2021). Net income: ₹215.0m (down 34% from 3Q 2021). Profit margin: 18% (down from 23% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 2.5%, compared to a 21% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
First quarter 2022 earnings released: EPS ₹10.51 (vs ₹0.04 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹1.65b (up 193% from 1Q 2021). Net income: ₹555.7m (up ₹553.4m from 1Q 2021). Profit margin: 34% (up from 0.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS ₹10.51 (vs ₹0.04 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹1.75b (up 211% from 1Q 2021). Net income: ₹555.8m (up ₹553.5m from 1Q 2021). Profit margin: 32% (up from 0.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 01
Price target increased to ₹1,233 Up from ₹1,021, the current price target is an average from 6 analysts. New target price is 6.1% below last closing price of ₹1,313. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improved over the past week After last week's 17% share price gain to ₹1,229, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 44x in the Healthcare industry in India. Total returns to shareholders of 120% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹524 per share. 
