Thyrocare Technologies Limited – Investor Presentation Summary

Key Operational Highlights

  • Quarterly active franchisees: 12,911
  • Samples processed in NABL labs: 5.7 Mn (+14% YoY)
  • Tests conducted: 61.6 Mn (+27% YoY)
  • Complaints per Mn tests: 2.9 (24% down YoY)
  • Added ~1,180 franchisees in Q2 FY27 - highest quarterly addition in 3 years

Key drivers of operational performance: Expansion of laboratory network, franchisee relationship strengthening, doctor engagement programs

Segment-wise Performance

Pathology Business (Core):

  • Revenue growth: 27% YoY in Q2 FY27
  • Franchisee channel growth: 27% YoY
  • Partnerships channel growth: 28% YoY
  • D2C channel growth: 17% YoY
  • 5-year CAGR in Pathology Revenue: 21%

Radiology Business (Nuclear Healthcare and Pulse Hi Tech):

  • Revenue: INR 13.6 Cr (-4.2% YoY)
  • Strategic exit from non-profitable centers
  • EBITDA: INR 3.6 Cr (+24.1% YoY)
  • PAT: INR 2.4 Cr (0% YoY change)

Financial Highlights

Consolidated Performance Q2 FY27:

  • Revenue: INR 270.8 Cr
  • EBITDA: INR 89.3 Cr
  • PAT before exceptions: INR 60.2 Cr
  • Reported PAT: INR 15.2 Cr
  • EPS before exceptions: INR 3.78
  • Reported EPS: INR 0.96

YoY comparison:

  • Revenue growth: 25.1% YoY
  • EBITDA growth: 24.9% YoY
  • PAT before exceptions growth: 25.7% YoY

Margin Analysis:

  • Gross margin: 74.2% (improved 190 bps YoY)
  • EBITDA margin: 33.0%
  • PAT before exceptions margin: 22.2%

H1 FY27 Performance:

  • Revenue: INR 510.8 Cr (+24.7% YoY)
  • EBITDA: INR 166.6 Cr (+29.2% YoY)
  • PAT before exceptions: INR 111.5 Cr (+29.7% YoY)
  • Reported PAT: INR 66.6 Cr

Drivers of financial performance: Higher revenue growth, gross margin improvement, operational efficiencies

Key Risks: Not explicitly disclosed in presentation

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not specified

Balance Sheet Snapshot

As of September 30, 2026 (Consolidated):

  • Total assets: INR 725.1 Cr
  • Property, plant and equipment: INR 155.9 Cr
  • Right-of-use assets: INR 66.5 Cr
  • Goodwill: INR 63.2 Cr (reduced from INR 108.2 Cr in Mar'26)
  • Investments: INR 141.7 Cr
  • Trade receivables: INR 89.3 Cr
  • Cash and cash equivalents: INR 21.9 Cr
  • Bank balances: INR 42.6 Cr
  • Total equity: INR 552.4 Cr
  • No borrowings (debt-free)

Financial Health Insights: Strong cash position, debt-free status, healthy equity base

Capex & Cash Flow Health

H1 FY27 Cash Flow:

  • Operating cash flow: INR 132.8 Cr
  • Investing cash flow: -INR 30.4 Cr
  • Financing cash flow: -INR 118.9 Cr
  • Net decrease in cash: -INR 16.4 Cr

Capital Expenditure:

  • Capex invested: INR 33.2 Cr in H1 FY27
  • Used for 8 new lab expansions and addition of new machines for capacity

Financing Activities:

  • Dividend payout: INR 111.4 Cr

Investment Rationale: Focus on laboratory network expansion and capacity enhancement

Strategic & R&D Initiatives

Recent Initiatives:

  • Launched India's first pregnancy kit with lab test in every pack
  • Launched 5 new labs (4 Regional Processing Laboratories in Asansol, Nasik, Madurai, Jabalpur and 1 Hybrid lab in Jamshedpur)
  • Conducted franchisee meetings across locations
  • Conducted 45 doctor meetings with 100+ doctors

Growth Strategy Pillars:

1. Franchise Network Strengthening: Through structured training and capability building

2. Institutional Partnerships: Collaborations with health-tech, corporates and insurance providers

3. Routine to Remarkable: Expanding specialty offerings across advanced pathology, genomic and biomarker-based diagnostics

4. Scientific Engagement: Deepening clinician outreach and scientific engagement

Expected impact on growth: Enhanced value per patient, presence in high-value growth segments, improved accessibility

Strategic Rationale: Focus on B2B service provider model with affordable value-driven approach based on scale efficiencies

Divestment Impact

Nueclear Healthcare Ltd (NHL) Divestment:

  • Total consideration: INR 141.4 Cr for 100% stake
  • Cash at completion: INR 81.9 Cr
  • Trovera CCPS: INR 59.5 Cr for ~4.5% stake
  • Standalone FS impairment: INR 9.2 Cr
  • Consolidated FS impairment: INR 45.0 Cr

NHL Q2 FY27 Performance:

  • Revenue: INR 11.0 Cr (-6.5% YoY)
  • Operating profit: INR 1.1 Cr (9.6% YoY)
  • 3-year operating loss: INR 3.8 Cr

Divestment Rationale:

  • Focus on pathology (ROCE 34.91% vs NHL 6.95%)
  • Limited growth as standalone PET-CT player
  • Additional investments required with longer payback period

Management Commentary & Growth Outlook

Strategic Outlook: Multi-pronged growth strategy designed to enhance patient value, reinforce competitive positioning and ensure long-term performance

FY Guidance: Not explicitly provided

Market Share Targets: Not specified

Risks and Opportunities: Not explicitly highlighted

Additional Business Information

Company Overview:

  • Making good quality diagnostics affordable to all since 1996
  • Pan-India presence with network of 49 labs
  • Improvement across quality, reliability and reach over last 5 years

Business Model:

  • Pathology strategy: B2B service provider with affordable value-driven model based on scale efficiencies
  • Channels: Franchise (Offline) - 95%, Partnerships (Online), Direct to Consumer - 5%