The Indian diagnostics industry has been given preference due to increase in demand of healthcare sector, led by heavy profits and huge scope of growth. In FY-23, the market size of domestic diagnostics industry is USD 13 billion and it is anticipated to increase at 14% CAGR for next 5 years. The following are the factors that will cause demand for diagnostic sectors: growth in elderly people, rise in chronic diseases, increase in demand for preventive tests, and government initiatives. Government Healthcare Expenditure in India is very low compared to other countries. Moreover, it is on upward direction with projected to hit around 3.3% of GDP per capita.
The diagnostics sector has faced huge fragmentation, the individual centers accounts for 46%, private hospital based labs is around 28%, government hospitals at 11%, regional chains at 9% and national chains at 6%. The fragmentation results in many issues in terms of capabilities and growth. It also provides chances for consolidation and the appearance of new business ideas. The supply of healthcare sectors is shattered at huge level with about 16% of healthcare facilities has about 42% of bed capacity and 46% of healthcare delivery market. The pathology lab shows similar pattern of data, with small-sized labs organizing amazing type of tests and developing good source of income.
The small and local unorganized diagnostics laboratories is leading the market by controlling 70% of total diagnostic market. Prior to pandemic, due to improvement in financial condition of country and quickly growing urban population, a specific part of diagnostic business was shifting from unorganized to organized sector. There is no restriction on entry, therefore more unorganized players are stepping into the industry and there is no movement observed in share of organised players in total diagnostic market. The dependency on organized players have grown as regional unorganized players are facing issues.
The old-aged people is rising in country, India is facing demographic shifts where contribution of individuals above 60 years of age is forecasted to touch about 13% by FY-31. Currently, the pressure of non-communicable diseases is growing which is responsible for 74% of deaths by FY-30. These data shows that demand of healthcare services will grow in future. In this article, you will learn interesting information about Thyrocare Technologies Ltd price forecast, market cap, promoter, shareholding pattern, revenue, net profit, sales, headquarters.
Thyrocare Technologies Ltd – Key Points
Promoter
Docon Technologies Pvt. Ltd.
Industry
Diagnostics
Established
1996
Headquarters
Navi Mumbai, Maharshtra
Employees
1700+
Active franchie
7900+
Patients served
15 million
Districts served
570+
Thyrocare Technologies Ltd – Statistics
Market cap
Rs 4584 crores
ROCE
18.2%
ROE
13.3%
Face value
Rs. 10
Book value
Rs. 97
Samples processed everyday
>60,000
Laboratory in Tanzania
1
Satelite laboratories
6
About Thyrocare Technologies Ltd
Thyrocare is one of the pioneer across India in the field of diagnostics sector that arranges a large collection of medical diagnostic tests and profiles of tests that monitor and detect health problems and diseases. The company has checked more than 22 million samples in previous year by serving more than 1.5 crore patients with amazing turnaround time, preciseness in reporting, and in compliance, this is possible due to huge experience of managing with diagnostic needs of people. In past year, the company conducted more than 14.7 crores of clinical investigations which is higher compared to any of peers in the industry and has provided services in more than 570 districts of our country.
On 31st March 2024, the company conducted 929 district tests and 288 profile tests to monitor many health-related problems such as growth disorders, thyroid disorders, diabetes, anaemia, infertility, cardiovascular, and several diseases which cause infection. The 43 profiles are managed under the brand name “Aarogyam” which offers patients a pack of wellness and preventive healthcare tests. The company manages its operating services through a completely automated Centralised Processing Laboratory (CPL) and has increased its operations to include a network of Zonal Processing Laboratories (ZPL), Regional Processing Laboratories (RPL), and Satellite Processing Laboratories (SPL).
The company also owns subsidiary, Nueclear Healthcare Limited, the company operates a network of molecular imaging centres situated in Mumbai, Hyderabad, New Delhi, Lucknow, Baroda, Surat, Nashik, and Bengaluru pays attention on quickly and fast detection of cancer. In past year, the company performs 31,505 PET-CT scans in whole country. The CPL of company is located in Delhi and Navi Mumbai are installed with automated systems, processes from one of the best international and Indian Healthcare Brands, instruments related to diagnostic testing. The CPL is completely automatic, based on barcode, bi-directionally interfaced, and laboratory information systems. The CPL fulfills the criteria of international standards of best quality and has received worldwide accreditations from College of American Pathologists (CAP), ISO, and National Accreditation Board for Testing and Calibration laboratories. In 2014, the company started Regional Processing Laboratories (RPL) and presently performs its operations in various main cities of country with 19 RPLs which processes samples received from specific regions. In 2021, the company began setting ZPLs to make sure that these ZPLs manage advance tests that are presently operated from centralised processing laboratory. At present, the company manages 2 ZPLs at Kolkata and Bangalore and moreover the company has also added 6 satellite labs in Mumbai, Mohali, Visakhapatnam, Indore, Bangalore, and Goa for rapid turnaround and faster reach.
The sample collection process is undertaken by company in whole India through network of authorised service providers which aggregates samples from laboratories, local hospitals, clinics, diagnostic centres, doctors and clinic that offer services connected with diagnostic. On 31st March, 2024, the company has a distribution channel of 7900 franchisees, including laboratories, local hospitals, nursing homes, diagnostic centres, doctors and clinics spread among 570 districts which covers all states within India. The network of authorised service providers is vast has encouraged us to scale the reach of RPLs, ZPLs, CPLs, and SPLs thereby offering us with entry into huge customer base.
With the help of Nueclear, we are building an increasing network of molecular that has basic goal of initial and result providing screening. PET-CT scanners are utilized in individual imaging centres to provide guidance in staging, detection of treatment, diagnosis of cancer, and checking of disease whether it is causing again. The company presently has 10 active PET-CT scanners in our 10 active imaging centres with each centre in Bangalore, Hyderabad, Baroda, Surat, Nashik, Central Mumbai, Western Mumbai, Navi Mumbai, Lucknow. Nueclear also possess and manage a medical cyclotron unit in Navi Mumbai which generates the radioactive biomarker FDG needed for PET-CT monitoring. The company has faith that they have build a platform for diagnostic services at genuine prices and is looking to improve our services and tests offerings.
Thyrocare has shown consistent growth in past few years and has made no compromise on reporting and testing. The company has deep experience of over 25 years, there are millions of patients across country for their diagnostic requirements. In the field of diagnostic sector, the brand name of company has achieved lot of popularity and amongst doctors for our preventive healthcare profile solution. The company has reached top position in preventive trend in healthcare sector. In 1996, Thyrocare began with only 3 tests i.e. T3, T4, and TSH and currently provides more than 920 tests on platform with amazing quality and accuracy in reporting in whole India. The patients have developed lot of trust in testing process which has resulted to create new tagline “Tests You Can Trust” developed with our new logo.
The company collaborated with Pharmeasy has provided amazing benefits in diagnostic sector. The cost framework is very genuine and has domestic presence in widespread network integrated with Phrameasy’s technology support to increase operations at very less customer acquisition cost encourages us to expand in future. The main focus of company is to cross-sell diagnostic services with help of Pharmeasy platform that constantly monitors users for purchasing medicines. The company considers these platforms as their beneficial customer in future for selling services related to diagnostics. The company has started collaboration with doctors with staff involved in field work. The company is consistently working as back-end service providers for our B2B channel partners which offers genuine diagnostics solutions to our patients and golden chances for distribution partners to expand with us instead of competing with local level.
At Thyrocare, the company has strong belief that biggest force for success of company is talented employees working in the company. The company makes consistent efforts to provide learning and creative atmosphere to employees with strong base of faith for them to grow and prosper. In past year, company made consistent efforts to build team of employees within the organization. The company hired total employees of 658 out of which 45% were freshers with almost 0 to 6 months of experience. At present, there are 1,751 employees working.
The company has young and energetic team members, is it wise to invest in their growth and learning which helps to achieve success in their business. In past year, the company took some steps for employees for providing them education with a combination of internal and external facilitators. The company also motivates employees to offer good education by funding their fees.
Thyrocare Technologies Ltd – Shareholding pattern
Promoter
71.11%
FIIs
2.90%
DIIs
14.88%
Public
11.11%
Thyrocare Technologies Ltd – Revenue and net profit
Particulars
FY 23-24 ( In crores)
Sales
524
Expenses
388
EBIDTA
136
other income
6
Interest
5
Depreciation
39
Profit before tax
98
(-Tax%)
(-28%)
Net profit
71
EPS (Rs.)
13.43
Thyrocare Technologies Ltd – Watch Full Video
Thyrocare Technologies Ltd Share Price Target – 2024 to 2040
If market faces bearish sentiments, the minimum projected price is anticipated to reach Rs 850. The average trading price is projected to hit Rs 920 at the end of the year. If market observes bullish sentiments, the maximum forecasted price is expected to reach Rs 989. The company has increased its services in preventive care industry. The company has presented plus and Pro series in our flagship program. The company has also introduced a pack of Aarogyam 24×7 packages which are non-fasting packages to provide round-the-clock services related to diagnostic on the wellness side. The company has presented a new type of investigative packages under brand name Jaanch.
If market observes bearish sentiments, the minimum forecasted price is anticipated to hit Rs 995. The average trading price is projected to hit Rs 1062 at the end of the year. If market experiences bullish sentiments, the maximum projected price is estimated to reach Rs 1129. The company has reformulated gynaec portfolio and relaunched it under the brand name of Her Check and pays attention to women’s health.It is a package of 30 packages and 12 specialities created to assure 360-degree care of check for reproductive problems of womens health. The company has introduced for first time “Troponin I” Heart Attack Risk test for first tiome in India with individual blood test.
If market observes bearish sentiments, the minimum projected price is anticipated to reach Rs 1134. The average trading price is projected to hit Rs 1269 at the end of the year. If market faces upward signals, the maximum forecasted price is anticipated to tocuh Rs 1403. The company will consistently pay attention on improving wellness and preventive healthcare sector, in addition to growth of our test offerings through strong price explanation. The company has achieved top position in preventive care segment under brand name ‘Aarogyam’, the company identifies expansion opportunity in this sector and is placed properly to take benefit of deep knowledge. The specific part of attention is given on market on preventive diagnostics and wellness offerings.
If market faces bearish signals, the minimum forecasted price is expected to hit Rs 1410. The average trading price is projected to hit Rs 1534 at the end of the year. If market upward sentiments, the maximum forecasted price is projected to hit Rs 1657. The intention of company is to increase diagnostic test offerings by purchasing new technologies consisting of processes and instruments. The mission is to introduce Tuberculosis testing of best quality by paying attention on ‘Focus TB’ campaign is already started. The company is planning to increase its business in other regions of country by reproducing the amazing TB laboratory setup.
If market faces downward trends, the minimum projected price is estimated to hit Rs 1688. The average trading price is projected to hit Rs 1879 at the end of the year. If market observes bullish sentiments, the maximum projected price is estimated to hit Rs 2069. The systematic installation of Zonal Processing laboratories (ZPLs) for modern tests to increase our distribution channel of RPLs and authorised service providers. The purpose of company is to set ZPLs for modern tests to increase our distribution channel RPLs and authorized service providers. On March, 2020, the operations were mainly impacted due to limitations on movement of goods and personnel across states.
If market faces bearish signals, the minimum projected price is expected to hit Rs 2081. The average trending price is forecasted to hit Rs 2256. If market observes bullish signals, the maximum forecasted price is anticipated to hit Rs 2431. After pandemic, the company has seen huge growth in business, the diagnostic market was untapped at huge level keeping this in mind company has set up ZPL in Bangalore and Kolkata. The ZPL is similar to central processing laboratory and can implement some of complicated and modern tests with a genuine turnaround time that encourages us to fulfill the requirements of patients and also conduct competition with national and local players.
If market observes bearish sentiments, the minimum projected price is anticipated to reach Rs 2464. The average trading price is projected to hit Rs 2716 at the end of the year. If market faces bullish signals, the maximum predicted price is estimated to reach Rs 2968. The purpose of company is build strong and expand its distribution channel in different parts of India through RPLs, SPLs, and authorized service providers. By increasing their distribution channel, the company is planning to increase its customer base, develop huge volume of samples for processing, increase our turnaround time, and control logistics costs. The company is planning to set up RPLs in targeted areas near rail or road networks and in markets that is projected to develop huge volumes of samples.
If market observes downward trends, the minimum projected price is anticipated to hit Rs 7392. The average trading price is projected to hit Rs 7643 at the end of the year. If market faces bullish sentiments, the maximum forecasted price is anticipated to hit Rs 7894. The company is also giving priority to increase and best quality service of authorised parties to survive in future and customer base. The goal of company is to scale distribution channel of RPLs, SPLs, and authorised service providers to rise brand awareness and increase service facilities to push brand awareness. The company is also targeting customers which are untapped by entering deep into key regions and providing door step services to clinic, dispensaries, hospitals, and laboratories.
FAQs
Q1) Who is CEO of Thyrocare Technologies Ltd?
Ans – Mr. Rahul Guha has qualified from IIM-B and his job role is Chief Executive Director and Managing Director of Thyrocare. He has 17 years of deep experience by working as Boston Consulting Group (BCG).
Q2) Is Thyrocare Technologies Ltd a small company?
Ans –Yes, Thyrocare Technologies Ltd is a small cap company with market cap of Rs 4506 crores.
Q3) Who is promoter of Thyrocare Technologies Ltd?
Ans – The promoter of Thyrocare Technologies Ltd is Docon Technologies Pvt. Ltd with stake of almost 71.11%.
Q4) Is Thyrocare Technologies Ltd a profitable company?
Ans –Yes,Thyrocare Technologies Ltd has achieved net profit of Rs 71 crores in FY-24 which is 26% higher compared to FY-23 where net profit was Rs 57 crores.
Q5) How old is Thyrocare Technologies Ltd?
Ans – The company was founded as THYROCORE in year 1996. Thyrocare Technologies Ltd as a company was incorporated in year 2000.
Q6) What is debt of Thyrocare Technologies Ltd?
Ans – The Long term Borrowing of Thyrocare is Rs 10 crores and short term borrowing is Rs 8.86 crores in FY-24. The net profit of company is Rs 71 crores and total debt is Rs 19 crores. The company will repay its debt within 5 years.
Q7) Who are competitors of Thyrocare Technologies Ltd?
Ans – The competitors of Thyrocare are Suraksha Diagnostics, Vijaya Diagnostic Centre, Krsnaa Diagnostics, Aarthi Scans, Medall.
Q8) What is the turnover of Thyrocare Technologies Ltd?
Ans – The turnover of Thyrocare Technologies Ltd for FY-24 is Rs 524 crores which 7.82% higher compared to FY-23 where turnover was Rs 486 crores.
Q9) How much Thyrocare Technologies Ltd sold for?
Ans – In 2021, a 66% stake was acquired by Pharmeasy in Thyrocare Technologies Ltd for Rs 4546 crores from its founder Arokiaswamy Velumani.
Q10) What type of business does Thyrocare Technologies Ltd do?
Ans – Thyrocare is India’s first company based on IT which runs its operations 24 x 7 and it is involved in clinical laboratory business.
Q11) Is Thyrocare Technologies Ltd a good company to invest?
Ans –Yes, Thyrocare is good company to invest for long-term purpose. The company was founded in 1996 and is involved in laboratory business. The turnover of company in year 2013 was Rs 134 crores and in year 2024 was Rs 524 crores. The net profit was Rs 57 crores in FY-13 which rose to Rs 71 crores in FY-24. In past 5 years from 2019 to 2024, the share price of company has shown 63% growth.
