Financial Performance Overview

  • Consolidated FY26 Performance: Revenue of approximately ₹142 crores with PAT of nearly ₹60 crores
  • 3B India Molecular Diagnostic Business: Sales of ₹86.47 crores compared to ₹78.34 crores in previous year, representing 10% growth
  • Growth Constraints: Lower than projected growth due to exceptional flu and dengue/chikungunya demand in FY25 and geopolitical tensions in Middle East affecting export markets

Business Segment Performance

TRUPCR Europe:

  • Delivered consistent growth with CAGR of approximately 40% over last four years
  • FY26 sales reached GBP 1.75 million (₹20.67 crores) compared to GBP 1.28 million (₹13.9 crores) in previous year
  • Established brand presence and strengthened distributor relationships across multiple geographies

Coris BioConcept:

  • Acquired in August 2025 (post August 29th)
  • 7-month contribution: Sales of ₹35.91 crores with PAT of ₹8.76 crores
  • Full-year revenue (15 months from January to March 2026): ₹57.65 crores
  • One-time HAT order supplied in profitable part of year
  • EBITDA margins currently around 10% due to high employment costs

Strategic Initiatives

IVDR Transition:

  • Appointed BSI as notified body
  • Successfully completed IVDR-aligned QMS audits
  • Technical documentation review for key product families progressing as planned
  • Considered significant competitive advantage for European market access

US FDA Submission:

  • Ongoing process for selected AMR products from Coris
  • Successful clearance would provide access to US diagnostic market
  • Expected timeline: 1-1.5 years or potentially longer
  • Potential contribution: 20% of revenue (₹11-16 crores) once established

Growth Guidance and Outlook

  • FY27 Revenue Growth Target: 15-20%
  • EBITDA Margin Target: Similar growth pace of 15-20%
  • Domestic Growth Expectation: Approximately 15% (can reach 20% with seasonal flu/dengue)
  • International Growth Expectation: 20-25%
  • Focus Areas: Expanding global presence through distributor partnerships, increasing customer base in existing markets, and entering new geographies across Europe, Africa, Asia Pacific, Middle East, and Latin America

Market Position and Competition

  • Indian molecular diagnostic market size: ₹500-600 crores
  • Company market share: Approximately 15%
  • Competition management: Focus on higher panels (respiratory, meningitis, oncology) where competition is lesser versus single tests like tuberculosis, HBV, HCV
  • Chinese competition affecting respiratory and Entero products (23% of business)
  • IVDR expected to create barriers against competition in export markets

Financial Details

Depreciation:

  • FY26 total depreciation: ₹5.12 crores versus ₹1.08 crores previous year
  • ₹4 crores attributable to Coris acquisition
  • R&D capitalization amortization: ₹1.6 crores (20% of ₹8 crores R&D capitalization)
  • Expected FY27 depreciation: ₹4.5-5 crores

Tax Benefits:

  • Coris has tax loss carry forward of 2-3 million Euros
  • Expected tax benefits for 3-4 years

Cash Deployment:

  • Maintaining ₹50 crore reserve for M&A opportunities
  • Current deployment: 5-7% in equity mutual funds, 30-35% in fixed deposits, 30-35% in treasury bonds, AAA-rated corporate bonds
  • Liquidity maintained for acquisition opportunities

HAT Order Status (Coris)

  • Original contract: Euro 6 million over 4 years
  • Executed to date: 3.45 million Euros (2.1 + 1.35)
  • Remaining: 2.4 million Euros to be delivered through FY28
  • FY27 expectation: Approximately 1.35 million Euros
  • Potential delays due to Ebola situation in Congo

M&A Strategy

  • Active pursuit of additional acquisitions
  • Criteria: Topline of €2 million minimum, growing sector, potential turnaround situations
  • Expanding beyond core IVD to include molecular or genetics adjacent areas
  • Consultants engaged for target identification
  • Expected closure within current year

Capacity Utilization

  • Current utilization: Approximately 50%
  • Capacity expansion requirement: ₹4-5 crores for sudden demand surge

Conference Call Participants

Management:

  • Mr. Dhirendra Dubey – Chairman and Managing Director
  • Mr. Nikhil Dubey – Whole-Time Director

Moderator:

  • Mr. Ranvir Singh – Nuvama Wealth and Investment Limited