Date: October 29, 2026

Financial Performance Summary

Quarterly Performance (Q2FY27)

  • Revenue from operations: ₹270.8 crore, up 25.1% YoY (Q2FY26: ₹216.5 crore)
  • Gross margin: ₹201.0 crore, up 28.4% YoY (Q2FY26: ₹156.5 crore)
  • Gross margin percentage: 74.2% (Q2FY26: 72.3%)
  • Reported EBITDA: ₹89.3 crore, up 24.9% YoY (Q2FY26: ₹71.5 crore)
  • EBITDA margin: 33.0% (consistent with Q2FY26: 33.0%)
  • PAT before exceptional items: ₹60.2 crore, up 25.7% YoY (Q2FY26: ₹47.9 crore)
  • PAT before exceptions margin: 22.2% (Q2FY26: 22.1%)
  • Reported PAT: ₹15.2 crore (includes exceptional item impact)
  • EPS before exceptions: ₹3.78, up 25.6% YoY (Q2FY26: ₹3.01)
  • Reported EPS: ₹0.96

Half-Year Performance (H1FY27)

  • Revenue from operations: ₹510.8 crore, up 24.7% YoY (H1FY26: ₹409.6 crore)
  • Gross margin: ₹378.8 crore, up 28.9% YoY (H1FY26: ₹293.9 crore)
  • Gross margin percentage: 74.2% (H1FY26: 71.8%)
  • Reported EBITDA: ₹166.6 crore, up 29.2% YoY (H1FY26: ₹128.9 crore)
  • EBITDA margin: 32.6% (H1FY26: 31.5%)
  • PAT before exceptional items: ₹111.5 crore, up 29.7% YoY (H1FY26: ₹86.0 crore)
  • PAT before exceptions margin: 21.8% (H1FY26: 21.0%)
  • Reported PAT: ₹66.6 crore
  • EPS before exceptions: ₹7.01, up 29.8% YoY (H1FY26: ₹5.40)
  • Reported EPS: ₹4.18

Operational Highlights

Volume Metrics

  • Tests processed: 61.6 million tests in Q2FY27, up 27.4% YoY
  • Complaints per million tests: 2.90, down 24% YoY
  • Average turnaround time (ATAT): 3.49 hours from sample receipt

Segment Performance

  • Pathology segment growth: 26.7% YoY
  • Franchise revenue growth: 26.9% YoY
  • Partnership revenue growth: 27.9% YoY

Cost Structure

  • Cost of materials consumed/sold: ₹69.8 crore (Q2FY27)
  • Employee benefit expenses: ₹45.2 crore (Q2FY27)
  • Other expenses: ₹66.5 crore (Q2FY27)
  • Depreciation and amortization: ₹13.5 crore (Q2FY27)
  • Finance cost: ₹1.6 crore (Q2FY27)
  • Other income: ₹3.6 crore (Q2FY27)

Exceptional Items

  • One-time, non-cash impairment charge: ₹45 crore relating to NHL business
  • Reason: Recognized in connection with definitive term sheet for proposed sale of NHL business
  • Impact: Does not affect operational performance; excluded from PAT before exceptional items
  • Status: Postal ballot seeking shareholder approval for divestment initiated

Strategic Initiatives

Specialty Diagnostics Expansion

  • Focus areas: Allergy and genomics testing
  • Objective: Building clinical trust through scientific rigor, quality, and turnaround times
  • Progress: Business live and gaining steady traction with phased test menu expansion

Product Launch

  • Pregnancy Test Kit: Rapid home-testing solution delivering results in 5 minutes
  • Unique feature: First kit in India backed by confirmatory lab test
  • Distribution: Launched with API Holdings group company Ascent, present in 10,000+ chemists
  • Brand ambassador: Actress Yami Gautam onboarded for consumer awareness

Network Expansion

  • Active franchisees: 12,911 during the quarter
  • Pan-India presence: Extensive laboratory network across India

Management Commentary

Rahul Guha, MD & CEO: \"Thyrocare reported a strong performance this quarter, driven by continued focus on operational efficiency, network expansion, and value-driven diagnostics. During the period, we also strengthened our specialty portfolio with the addition of allergy testing and entry into genomics through the launch of NIPT, with a phased expansion of the test menu underway. Thyrocare continues to expand its reach in underserved regions and scale its franchise and partner network, while remaining committed to delivering high-quality, affordable healthcare services across India. I am particularly excited about our foray into Point of Care devices with a unique proposition and soon hope to be present in all major chemist outlets.\"

Company Background

  • Business: India's first fully automated diagnostic laboratory chain
  • Clients: Patients, healthtech providers, insurance companies, pharmaceutical companies, franchisees, laboratories, hospitals, government
  • Quality accreditations: ISO 9001:2015, NABL, CAP accreditations
  • Market position: India's largest diagnostic test volume processor