Thyrocare Technologies Limited has informed the Exchange about Investor Presentation
July 23, 2025
The National Stock Exchange of India Limited Exchange Plaza Bandera Kurla Complex, (SYMBOL: THYROCARE) Bandra (E), Mumbai - 400 051
BSE Limited Phiroze Jeejeeboy Towers Dalal Street, (SCRIP CODE 539871) Mumbai- 400 001
Subject: Presentation on Unaudited Financial Results (Standalone and Consolidated)
for the quarter ended June 30, 2025: Disclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Ref:
Dear Sir/Madam,
Please find enclosed a copy of the presentation to be shared during the earnings conference call with analysts and investors, scheduled to be held today, i.e., July 23, 2025, at 5:00 p.m. (IST), on the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2025.
same
The is https://investor.thyrocare.com/
also
being made
available
on
the
Company’s website
This is for your information and records.
Thyrocare Technologies Limited,
Yours Faithfully, For Brijesh Kumar
Company Secretary and Compliance Officer Encl. as above
Thyrocare Earnings Presentation
Q1 FY26
Safe harbour statement
Statements in this presentation describing the Company’s performance may be “forward looking statements” within the
meaning of applicable security laws and regulations. Actual results may differ materially from those directly or indirectly
expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include,
among others, economic conditions affecting demand/supply and price conditions in the market, changes in or due to the
environment, Government regulations, laws, statutes, judicial pronouncements and/or incidental factors.
2
Agenda
01
Latest updates
02
03
Performance highlights
Financial performance
04
Going forward strategy
3
Delivered 23% YoY revenue growth & 37% YoY EBITDA growth in Q1 FY26 while maintaining highest quality standards
Financial Parameters
Consolidated Revenue
193 Cr (+23% YoY)
Pathology revenue growth
25% YoY
Radiology revenue growth1
6% YoY
Operational Parameters
Quarterly Active franchisee2
Patients
9,551 (+17% YoY)
4.6Mn (+12% YoY)
Quality Parameters
Samples processed in NABL labs3
96% (+200 pps YoY)
Tests conducted
Complaints per million tests
46.9 Mn (+15% YoY)
4.1 (36% lower YoY)
Revenue Growth (23% YoY)
EBITDA Growth (37% YoY)
1 Includes Pulse Hitech revenue 2 The number refers to franchisees active in the current quarter Q1FY26. For reference, active franchisee count was 9,413 in Q4FY25 and 8,145 in Q1FY25. The previously reported 11,000+ (in the Q4FY25 presentation) reflected total transacting franchisees over the financial year 2024-2025 3 Lower due to the addition of new partner labs and the RPL-Bhagalpur lab, which became operational in the current quarter and are yet to undergo the NABL accreditation process
4
Strengthening our PAN-India footprint by establishing labs across key regions (1/2)
Launch of Regional Processing Lab in Bhagalpur Bihar
► Commissioned a Regional Processing Lab in Bhagalpur, Bihar, with a processing capacity of up to 2,500 samples per day
► This facility will significantly strengthen our testing network in Eastern India and improve turnaround times in nearby catchment areas
5
Strengthening our PAN-India footprint by establishing labs across key regions (2/2)
Expansion into Kashmir with a new partner lab
Launch of a new partner lab in Roorkee
► Launched two new partnership labs in collaboration with local diagnostic lab partners, strategically located in key regions of North India
including Kashmir and Roorkee each with a daily sample processing capacity of 300
► These labs will help strengthen last-mile diagnostic access and deepen our presence in emerging markets
6
Nationwide network dedicated to serving the masses
Thyrocare’s PAN India presence
Thyrocare established Labs (30) :
► West (8) : Navi Mumbai, Mumbai (Kurla), Pune,
Raipur, Ahmedabad, Nagpur, Mumbai (Kandivali),
Goa
► East (6) : Kolkata, Bhubaneswar, Guwahati, Patna,
Ranchi, Bhagalpur
► North (9) : Noida, Bhopal, Jaipur, Delhi, Lucknow,
Varanasi, Indore, Amritsar, Mohali
► South (7) : Bangalore ZPL, Coimbatore, Kochi,
Chennai, Hyderabad, Bangalore SPL, Vizag
Other Labs (10) : Partner labs (3), Labs from recent
acquisitions – Polo & Vimta (6), Own lab in Tanzania (1)
7
Our USP
1
2
1We were India’s first diagnostic chain to achieve 100% NABL accreditation across all labs in Q4FY25 2As per a survey on doctors’ perception of laboratory diagnostics (IJARIIT, 2023)
8
Strengthening our relationships with doctors and channel partners
Advisory Board Meeting with doctors
Strengthening our Channel partners
► Hosted Doctor Advisory Board meet in Kullu, Himachal
► Hosted channel partner meet at Coimbatore to reward and
Pradesh, to exchange insights with 50 leading doctors and strengthen our commitment to quality diagnostics
strengthen our relationship with our leading partners
► Start of many such initiatives to deepen our engagement with
► The first of many such initiatives to deepen collaboration
partners across India
with the medical community across India
9
Agenda
01
Latest updates
02
Performance highlights
03
Financial performance
04
Going forward strategy
10
Quarter health check - Financial Performance Q1 FY26
YoY TTL Consolidated Revenue
+23%
YoY Reported EBITDA
+37%
YoY Pathology Revenue
+25%
YoY Normalized EBITDA2
+42%
YoY Radiology Revenue1
+6%
Normalized EBITDA%2
33%
1 Radiology includes Pulse Hitech revenue 2 Normalized EBITDA is at consolidated level and is before non-cash charge of parent group API ESOPs
11
Strong and consistent growth outlined by key metrics
Tests performed (Mn)
Patients (Mn)
Active franchisees (#)
+15%
40.7
46.9
35.2
+12%
4.6
3.8
4.1
Q1FY24
Q1FY25
Q1FY26
Q1FY24
Q1FY25
Q1FY26
Revenue per test (INR)
Revenue per patient (INR)
+11%
33.8
34.0
37.8
+14%
383
315
335
+17%
9,551
7,633
8,145
Q1FY24
Q1FY25
Q1FY26
Tests per patient (#)
+3%
9.3
9.8
10.1
Q1FY24
Q1FY25
Q1FY26
Q1FY24
Q1FY25
Q1FY26
Q1FY24
Q1FY25
Q1FY26
12
23% YoY revenue growth in overall business and 42% YoY growth in Normalized EBITDA in Q1FY26
Consolidated Revenue (INR Cr)
Normalized EBITDA (INR Cr)
+23%
+42%
177.4
165.9
156.9
187.2
193.0
50.7
49.3
44.7
65.3
63.4
143.6
163.1
152.5
173.9
178.9
43.5
50.7
47.1
62.5
61.7
13.3
14.3
13.4
13.3
14.1
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
1.3
0.0
2.3
2.8
1.7
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
YoY Growth% Pathology +25% Radiology1 +6%
1 Radiology includes Pulse Hitech revenue
N EBITDA%
29% 29% 30% 35% 33%
Pathology
Radiology
Pathology1 Radiology2
YoY Growth% +42% +32%
Pathology
Radiology
13
Franchise revenue grew by 25% YoY and Partnership revenue grew by 36% YoY in Q1 FY26
Pathology Revenue1 (Rs Cr)
104.9
100.2
105.4
YoY%
112.5
+20%
Pathology Vials (Lakhs)
43.7
46.3
41.6
43.8
YoY%
48.1
+10%
93.6
41.5
28.6
8.6
48.6
33.8
9.6
43.2
29.6
9.1
58.2
39.4
56.3
36.7
10.3
10.1
+36%
+29%
+18%
15.8
8.9
1.5
18.5
11.0
1.7
15.8
9.0
1.5
20.7
11.5
1.6
20.6
11.4
1.6
+30%
+28%
+4%
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
143.6 Cr
163.1 Cr
152.5 Cr
173.9 Cr
178.9 Cr
+25%1
61.0 Lakhs
66.6 Lakhs
58.9 Lakhs
66.1 Lakhs
70.3 Lakhs
+15%
1 Pathology business including materials & other revenue, restatement from current year, previous year, franchisee revenue didn’t include materials and other revenue Note: Pathology revenue incudes Polo & Vimta revenue starting from this year
14
Strong organic growth with a potential to expand further with M&A
Comparison of organic and consolidated revenue of Q1FY26 vs Q1FY25
Particulars (INR Cr)
Q1FY26
Q1FY25
Q1FY26 vs Q1FY25
Pathology revenue1 (A)
Organic revenue1
Inorganic revenue
Radiology revenue2 (B)
Consolidated revenue (A+B)
179
175
4
14
193
144
143
1
13
157
Growth contribution%
25%
23%
2%
6%
23%
The strong organic growth reflects both high customer loyalty and the outstanding performance of our team, dedicated to delivering exceptional customer success.
Additionally, inorganic growth opportunities promise accelerated expansion and further growth potential.
1 Pathology organic revenue includes materials & other revenue 2 Radiology includes Pulse Hitech
15
Agenda
01
Latest updates
02
03
Performance highlights
Financial performance
04
Going forward strategy
16
Income statement - TTL Standalone
Quarter
Growth%
Annual
INR crore
Q1FY26
Q1FY25
Revenue from operations
Cost of materials consumed/sold
Gross margin
Employee benefit expenses
Other expenses
Provision for receivables
Normalized EBITDA ESOP cost1 Reported EBITDA
Depreciation and amortization Finance cost
Other income
PBT and exceptional items
178.89
(52.59)
126.30
(25.45)
(39.43)
0.34
61.76
(5.54)
56.22
(8.95) (0.62)
3.96
50.61
143.63
(42.91)
100.72
(24.42)
(31.30)
(0.49)
44.51
(2.72)
41.79
(9.45) (0.93)
3.17
34.58
YoY
25%
25%
39%
35%
46%
Tax expenses/exceptional items
(14.77)
(9.85)
Profit after tax incl. exceptional item
35.84
24.73
45%
Gross margin % Normalized EBITDA% Reported EBITDA% PAT incl. exceptional item%
1 Pertains to parent company ESOPs, Refer slide 20
71% 35% 31% 20%
70% 31% 29% 17%
FY25
633.10 (180.08)
453.02 (99.82)
(146.39)
(1.07)
205.74 (19.70)
186.04 (46.52) (2.63)
13.34
150.23
(55.18)
95.05
72% 32% 29% 15%
Pathology revenue grew by 25% YoY, Franchise grew by 20%; Partnerships grew by 36% ,D2C by 18%
Gross margin% improved by 48 Basis Points YoY
Employee expenses increased YoY on account of annual increments and increase in headcount with new acquisitions partially netted off with actuarial gain.
ESOP cost represents non-cash charge of parent ESOPs
Other expenses increased YoY largely driven by volume increase.
Normalized EBITDA% increased by 354 Basis Points primarily due to improved margin and operating leverage.
17
Income statement - NHL Standalone
INR crore Revenue from operations Cost of materials consumed/sold Gross margin Employee benefit expenses Other expenses Provision for receivables Normalized EBITDA ESOP cost1 Reported EBITDA Depreciation and amortization Finance cost Other income PBT and exceptional items Tax expenses/exceptional items Profit after tax and exceptional items
Gross margin % Normalized EBITDA% Reported EBIDTA% PAT incl. exceptional items%
Quarter
Growth% Annual
YoY 6%
5%
126%
86%
422%
26%
Q1FY26 12.17 (2.70) 9.47 (1.11) (6.23) (0.12) 2.01 (0.35) 1.66 (1.72) (0.17) 0.85 0.62 (0.03) 0.59
78% 17% 14% 5%
Q1FY25 11.43 (2.45) 8.98 (1.38) (6.71) - 0.89 - 0.89 (1.41) (0.15) 0.79 0.12 0.35 0.47
79% 8% 8% 4%
FY25 47.59 (10.46)
37.13 (5.50) (26.64) (0.15) 4.84 (1.03) 3.81 (7.10) (0.60) 3.33 (0.56) 0.56 (0.00)
78% 10% 8% 0%
NHL Revenue grew 6% YoY on account
of
increase in FDG sales and better
realization per scan.
Employee benefit expenses decreased
YoY due to actuarial gains offset by
annual increments
Other expenses decreased YoY due to a
lower scan count, resulting in reduced
partner center incentive
ESOP cost represents non-cash charge
of parent ESOPs
Depreciation and amortization includes
accelerated depreciation
1 Pertains to parent company ESOPs, Refer slide 20 Note: The above financial statements do not include Pulse Hitech, which forms part of reported radiology revenue
18
Income statement - TTL Consolidated
Quarter
Growth% Annual
Revenue from operations grew 23%
INR crore Revenue from operations Cost of materials consumed/sold Gross margin Employee benefit expenses Other expenses Provision for receivables Normalized EBITDA ESOP cost1 Reported EBITDA Depreciation and amortization Finance cost Other income PBT and exceptional items Share of profit in associate and JV entity Tax expenses/exceptional item Profit after tax
Gross margin % Normalized EBITDA% Reported EBITDA% PAT incl. exceptional item%
1 Pertains to parent company ESOPs, Refer slide 20
YoY 23%
23%
42%
37%
50%
62%
Q1FY26 193.03 (55.63) 137.40 (27.42) (46.80) 0.17 63.35 (5.89) 57.46 (11.41) (0.78) 4.65 49.92 0.25 (12.11) 38.06
71% 33% 30% 20%
Q1FY25 156.91 (45.45) 111.46 (26.64) (39.60) (0.49) 44.73 (2.72) 42.01 (11.36) (0.99) 3.62 33.28 (0.36) (9.45) 23.47
71% 29% 27% 15%
YoY
FY25 687.32 (191.07) 496.25 (107.07) (177.90) (1.34) 209.94 (20.73) 189.21 (55.26) (3.05) 14.84 145.74 (1.44) (54.28) 90.02
YoY.
Gross margin improved by 23% YoY in
line with increased revenue
Normalized EBITDA improved by 42%
YoY and Reported EBITDA by 37% YoY.
ESOP cost represents non-cash charge
of parent ESOPs
Profit before tax improved by 50% YoY
and Profit after tax improved by 62%
72% 31% 28% 13%
19
Annexure: Relevance of Normalized EBITDA over Reported EBITDA
Consolidated Profit & Loss (extract)
► Accounting provision
INR crore Revenue from operations Cost of materials consumed/sold Gross margin Employee benefit expenses Other expenses Provision for receivables Normalized EBITDA ESOP cost Reported EBITDA
Q1FY26 193.03 (55.63) 137.40 (27.42) (46.80) 0.17 63.35 (5.89) 57.46
FY25 687.32 (191.07) 496.25 (107.07) (177.90) (1.34) 209.94 (20.73) 189.21
ESOP cost is ESOPs granted from parent group API Holdings to Thyrocare & NHL employees, recognized as share-based payment in the P&L and in the balance sheet as Equity contribution from the parent. Estimated ESOP cost by year is mentioned on the table below:
INR crore ESOP cost
FY25 FY26 FY27 FY28 FY29 1.7 20.7 19.9
8.5
3.9
Under Indian Accounting Standard 102 (Share-based Payment), if a parent issues its own shares for a share-based payment plan of its subsidiary, and the subsidiary has no obligation to settle the payment, the arrangement is treated as an equity-settled share-based payment for the subsidiary. The subsidiary will record this by debiting employee expenses and crediting capital contribution from the parent.
► Effect in the financial statements of subsidiary
► Effect in P&L : Expense is recognized over the vesting period
► Effect in BS : Corresponding increase recorded under ‘Other
Equity’
► Effect in Cash flow : Being a non-cash expense, it is adjusted
within cash flow from the operating activities
► Accordingly, greater emphasis should be placed on Normalized
EBITDA rather than Reported EBITDA, which is impacted by ESOP cost incurred by the parent company (API Holdings). This is because:
► No cash outflow from Thyrocare & NHL
► No dilution of equity of Thyrocare & NHL
20
Agenda
01
Latest updates
02
03
Performance highlights
Financial performance
04 Going forward strategy
21
Vision & Mission
Global in our reach, excellence in our experience
To make good quality diagnostics affordable to all
22
Going forward - Key pillars of growth
►Going deeper into India with focused test menu
►Strengthening our existing franchise network with focus on large service providers
►Expanding our
partnerships towards insurance and ECG at home
►Strengthen and further grow our network of partner relationships ►Focus on PPP business
Strengthening our presence in Tanzania to deliver accessible, high-quality, and affordable diagnostic testing services
23
Our strategy remains to be a B2B service provider with an affordable value driven model based on scale efficiencies
Franchise
► Mom & Pop collection centres
63%
► Local labs
► Nursing homes & hospitals
Partnerships ► Online diagnostic aggregators
► Healthcare platforms
► Employee wellness platforms
► Public & private partnerships
31%
Thyrocare is well placed to leverage best of both worlds
% Revenue contribution in pathology business
+ Direct to Consumer Business at 6%
24