Thyrocare Technologies Limited (THYROCARE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-16.7%

₹406.36

vs ₹487.70 price

Levered DCF

₹448.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

29.38

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.04×	13.92×	15.08×	11.78×	7.76×	14.05×	9.89×	11.03×
P/B	9.48×	2.35×	2.03×	1.42×	2.6×	3.72×	2.38×	2.16×
P/S	6.69×	1.87×	1.87×	1.44×	2.32×	3.21×	2.02×	2.33×
EV / EBITDA	20.95×	6.34×	7.42×	5.83×	5.2×	8.58×	5.06×	5.68×
Gross margin	37.4%	72.2%	31.6%	69.0%	71.2%	66.9%	73.0%	72.6%
Operating margin	25.0%	19.7%	16.8%	16.4%	34.1%	28.5%	32.7%	32.0%
Net margin	19.7%	13.3%	12.4%	12.2%	29.9%	22.9%	20.4%	21.1%
Current ratio	3.39×	2.77×	3.08×	3.54×	4.19×	2.53×	1.86×	6.61×
Debt / equity	0.09×	0.05×	0.08×	0.04×	0.04×	-0×	0.03×	0.01×
Interest coverage	73.89×	44.3×	17.33×	17.92×	84.82×	162.21×	76.57×	211.66×
Dividend yield	2.7%	7.4%	8.9%	10.5%	5.8%	3.3%	18.2%	2.9%
Payout ratio	91.0%	104.2%	134.6%	123.0%	45.0%	46.7%	179.9%	31.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	27.8%	16.7%	13.4%	12.1%	33.5%	26.5%	24.1%	19.6%
Return on invested capital	24.4%	14.6%	12.1%	11.2%	28.4%	23.0%	22.8%	17.5%
Return on assets	21.8%	13.2%	11.0%	10.2%	29.0%	20.7%	18.8%	17.9%
Free cash flow yield	3.5%	11.4%	9.9%	11.3%	5.5%	5.5%	18.0%	6.4%
Earnings yield	2.9%	7.1%	6.6%	8.5%	12.9%	7.1%	10.1%	9.1%
Enterprise value	₹55.6B	₹12.9B	₹11B	₹7.6B	₹13.7B	₹15.8B	₹8.8B	₹9.4B
Net debt / EBITDA	0.05×	0.03×	0.22×	0.04×	0.03×	-0.08×	0.02×	-0.01×
Cash conversion cycle (days)	21	1	35	73	97	38	10	46