THYROCARENSE14 October 2025

Thyrocare Technologies Limited has informed the Exchange about Investor Presentation

Thyrocare Technologies Limited

October 14, 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:

Ref:

Presentation on Unaudited Financial Results Consolidated) for the quarter and half year ended September 30, 2025 Disclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

(Standalone and

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., October 14, 2025, at 5:30 p.m. (IST), on the Unaudited Financial Results (Standalone and Consolidated) for the quarter abd half year ended September 30, 2025.

same

The is https://investor.thyrocare.com/

also

being made

available

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

Q2 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.

Agenda

Latest updates

Performance highlights

Financial performance

Going forward strategy

Delivered 22% YoY revenue growth & 48% YoY EBITDA growth in Q2 FY26 while maintaining highest quality standards

Financial Parameters

Quality Parameters

Consolidated Revenue

217 Cr (+22% YoY)

Standalone Revenue growth

202 Cr (+24% YoY)

Franchisee revenue growth

125 Cr (+20% YoY)

Operational Parameters

Partnership revenue growth

66 Cr (+35% YoY)

Quarterly Active franchisee1

Patients

10,100+ (+20% YoY)

5 Mn (+12% YoY)

Samples processed in NABL labs2

Tests conducted

Complaints per million tests

96%

53.3 Mn (+21% YoY)

3.8 (67% lower YoY)

Revenue Growth (22% YoY)

EBITDA Growth (48% YoY)

1The number refers to franchisees active in the current quarter Q2FY26. For reference, active franchisee count was 9,413 in Q4FY25 and 8,445 in Q2FY25. The previously reported 11,000+ (in the Q4FY25 presentation) reflected total transacting franchisees over the financial year 2024-2025 2 Gap exists due to the addition of partnerlabs, RPL- Vijaywada and Bhagalpur lab, which became operational in the recent quarters and are yet to undergo the NABL accreditation process Tanzania operations have been fully consolidated as a subsidiary in the current financial year

Strengthening our Pan-India footprint by establishing labs across key regions

Launch of Regional Processing Lab in Vijaywada (Andhra Pradesh)

► Commissioned a Regional Processing Lab in Vijaywada, Andhra Pradesh with a processing capacity of ~2000 samples per day

► This facility will significantly strengthen our testing network in Southern India and improve turnaround times in nearby catchment areas

Nationwide network dedicated to serving the masses

Thyrocare’s PAN India presence

India Labs (37) :

► West (9) : Navi Mumbai, Mumbai (Kurla), Pune,

Raipur, Ahmedabad, Nagpur, Mumbai (Kandivali),

Goa, Surat

► East (6) : Kolkata, Bhubaneswar, Guwahati, Patna,

Ranchi, Bhagalpur

► North (13) : Noida, Bhopal, Jaipur, Delhi, Lucknow,

Varanasi, Indore, Amritsar, Mohali, Ambala,

Sundernagar, Kashmir, Roorkee

► South (9) : Bangalore ZPL, Coimbatore, Kochi,

Chennai, Hyderabad, Bangalore SPL, Vizag,

Vijaywada, Tirupati

International Lab (1) : Tanzania (1)

Our USP

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)

Strengthening our relationships with doctors and channel partners

Advisory Board Meeting with doctors – July 2025

Strengthening our channel partners – September 2025

► Hosted Doctor Advisory Board meet in Varanasi, Uttar Pradesh, to exchange insights with leading doctors and strengthen our commitment to quality diagnostics

► Hosted channel partner meet at Ahmedabad to reward and

strengthen our relationship with our leading partners

Great Place To Work

Thyrocare awarded as Great place to work in August 2025

► Thyrocare was certified as a Great Place To Work® in August 2025, a recognition by the global authority on workplace culture,

reflecting our commitment to fostering a positive, includive and empowering environment for our people

Agenda

Latest updates

Performance highlights

Financial performance

Going forward strategy

Quarter health check - Financial Performance Q2 FY26

YoY TTL Consolidated Revenue

+22%

YoY Reported EBITDA

+48%

YoY Pathology Revenue

+24%

YoY Normalized EBITDA2

+49%

YoY Radiology Revenue1

+3%

Normalized EBITDA%2

35%

1 Radiology figures include Pulse Hitech’s revenue and reflects revenue growth only from active centers 2 Normalized EBITDA is at consolidated level and is before non-cash charge of parent group API ESOPs Tanzania operations have been fully consolidated as a subsidiary in the current financial year

Half year health check - Financial Performance H1 FY26

YoY TTL Consolidated Revenue

+23%

YoY Reported EBITDA

+43%

YoY Pathology Revenue

+24%

YoY Normalized EBITDA2

+45%

YoY Radiology Revenue1

+7%

Normalized EBITDA%2

34%

Strong and consistent growth outlined by key metrics

Tests performed (Mn)

Patients (Mn)

Active franchisees (#)

+21%

53.3

38.2

44.0

+13%

5.0

4.0

4.4

+20%

10,159

7,451

8,446

Q2FY24

Q2FY25

Q2FY26

Q2FY24

Q2FY25

Q2FY26

Q2FY24

Q2FY25

Q2FY26

Revenue per test (INR) 1

Revenue per patient (INR) 1

Tests per patient (#)

+2%

35.7

37.1

38.0

+10%

+8%

337

368

406

9.4

9.9

10.7

Q2FY24

Q2FY25

Q2FY26

Q2FY24

Q2FY25

Q2FY26

Q2FY24

Q2FY25

Q2FY26

1 Pathology business including materials & other revenue, corresponding figures restated accordingly

22% YoY revenue growth in overall business and 49% YoY growth in Normalized EBITDA in Q2FY26

Consolidated Revenue (INR Cr)

Normalized EBITDA (INR Cr)

+22%

177.4

165.9

187.2

193.0

216.5

163.1

152.5

173.9

178.9

202.3

+49%

65.3

63.4

50.7

49.3

50.7

47.1

62.5

61.7

75.4

72.6

14.3

13.4

13.3

14.1

14.2

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

2.2

2.8

1.7

2.8

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

YoY Growth% Pathology +24% Radiology1,2 +3%

1 Radiology includes Pulse Hitech 2 Reflects revenue growth only from active centers

N EBITDA%

29% 30% 35% 33% 35%

Pathology

Radiology

YoY Growth%

Pathology +43% Radiology1 +100%

Pathology

Radiology

Franchise revenue grew by 20% YoY and Partnership revenue grew by 35% YoY in Q2 FY26

Pathology Revenue1 (Rs Cr)

104.9

100.2

105.4

125.4

YoY%

+20%

112.5

Pathology Vials (Lakhs)

46.3

41.6

43.8

48.1

51.4

YoY%

+11%

48.6

43.2

58.2

56.3

65.6

+35%

18.5

15.8

20.7

20.6

22.9

+24%

9.6

9.1

10.3

10.1

11.2

+16%

1.7

1.5

1.6

1.8

+4%

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY26

163.1 Cr

152.5 Cr

173.9 Cr

178.9 Cr

202.2 Cr

+24%1

66.6 Lakhs

58.9 Lakhs

66.1 Lakhs

70.3 Lakhs

76.1 Lakhs

+14%

1 Pathology business including materials & other revenue, corresponding figures restated accordingly

Agenda

Latest updates

Performance highlights

Financial performance

Performance highlights

Financial performance

Going forward strategy

Income statement - TTL Standalone : Jump in PAT by 46% YoY

Quarter

Half Year

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 amortisation Finance cost Other income PBT and exceptional items Tax expense/exceptional items Profit after tax and exceptional items

Q2FY26 202.23 (57.36) 144.87 (27.30) (47.11) 2.54 73.00 (3.98) 69.02 (9.70) (0.60) 2.28 61.00 (17.89) 43.10

26%

YoY 24%

Q2FY25 163.05 (47.80) 115.25 (25.29) (38.74) (0.03) 43% 51.19 (2.46) 48.73 42% (9.94) (0.63) 2.12 40.28 (10.74) 29.54

46%

51%

H1FY26 381.12 (109.96) 271.16 (52.75) (86.54) 2.88 134.75 (9.51) 125.24 (18.65) (1.22) 6.24 111.61 (32.67) 78.94

26%

YoY 24%

H1FY25 306.68 (90.71) 215.97 (49.72) (70.04) (0.52) 41% 95.69 (5.18) 90.51 38% (19.39) (1.56) 5.28 74.84 (20.58) 54.26

45%

49%

Gross margin % Normalized EBITDA% Reported EBITDA% PAT%

72% 36% 34% 21%

71% 31% 30% 18%

71% 35% 33% 21%

70% 31% 30% 17%

1 Pertains to parent company ESOPs, Refer slide 20

Pathology revenue grew by 24% YoY, Franchise grew by 20%; Partnerships grew by 35% respectively

Gross margin% improved by 101 Basis Points YoY driven by operating efficiencies & procurement savings

Employee expenses increased primarily due to annual increments

ESOP cost represents non-cash charge of parent ESOPs

Other expenses increased YoY largely driven by volume increase

Normalized EBITDA% increased by 460 Basis Points driven by improved margin, operating leverage and old receivable recoveries

Income statement - NHL Standalone

Quarter

Half Year

Q2FY26 11.77 (2.30) 9.47 (1.27) (6.26) 0.00 1.94 0.07 2.01 (1.10) 0.00 0.95 1.86 0.28

Q2FY25 12.60 (3.06) 9.54 (1.43) (8.08) (0.26) (0.23) - (0.23) (2.83) (0.15) 0.80 (2.41) 0.35

YoY -7%

-1%

953%

983%

177%

H1FY26 23.94 (5.00) 18.94 (2.38) (12.49) (0.12) 3.95 (0.28) 3.67 (2.82) (0.17) 1.80 2.48 0.25

H1FY25 24.03 (5.51) 18.52 (2.81) (14.77) (0.26) 0.68 - 0.68 (4.23) (0.30) 1.59 (2.26) 0.68

Revenue from operations declined 7%

due to the consolidation/exit of non

profitable centers.

YoY 0%

Strategic Focus continued to prioritize

profitable growth,

improve margins and

478%

optimize overheads

438%

Normalized EBITDA has improved by

183 bps vs Q2FY25, driven by better

gross margins, optimization of overheads,

209%

and the absence of a one-time cost

incurred last year

2.14

(2.06)

204%

2.73

(1.59)

272%

Gross margin % Normalized EBITDA% Reported EBITDA% PAT%

81% 16% 17% 18%

76% (2%) (2%) (15%)

79% 16% 15% 11%

77% 3% 3% -6%

1 Pertains to parent company ESOPs, Refer slide 20

Depreciation lower vs Q2FY25 for impact

of accelerated depreciation in last year

Profit before tax stood at INR 1.86 crore

and profit after tax at INR 2.14 crore,

compared to losses in Q2FY25

Income statement - TTL Consolidated : Jump in PAT by 82% YoY

Quarter

Half Year

H1FY25 YoY

Revenue from operations grew by

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 amortisation Finance cost Other income PBT and exceptional items Share in profit in Associate & JV entity Tax expense Profit after tax and exceptional items

Q2FY26 216.53 (60.07) 156.46 (29.21) (54.37) 2.48 75.36 (3.91) 71.45 (11.51) (0.59) 3.05 62.40 0.28 (14.78)

24%

Q2FY25 177.36 (50.99) 126.37 (27.10) (48.30) (0.29) 50.68 (2.46) 48.22 (13.07) (0.76) 2.60 36.99 (0.29) (10.33)

YoY H1FY26 22% 409.56 (115.70) 293.86 (56.63) (101.17) 2.65 138.71 (9.80) 128.91 (22.92) (1.37) 7.70 112.32 0.53 (26.89)

48%

49%

69%

23%

24%

45%

43%

60%

334.27 (96.44) 237.83 (53.73) (87.90) (0.78) 95.42 (5.18) 90.24 (24.43) (1.75) 6.23 70.29 (0.66) (19.79)

47.90

26.37

82%

85.96

49.84

72%

Gross margin % Normalized EBITDA% Reported EBITDA% PAT%

72% 35% 33% 22%

71% 29% 27% 15%

72% 34% 31% 21%

71% 29% 27% 15%

22%

Gross margin improved by 24% YoY,

in line with increased revenue & better

margin

Normalized EBITDA improved by 49%

YoY and Reported EBITDA by 48%

YOY

ESOP cost represents non-cash charge

of parent ESOPs

Profit Before Tax improved by 69%

YoY and Profit After Tax improved by

82% YoY.

1 Pertains to parent company ESOPs, Refer slide 20 The consolidated results include TTL (standalone), NHL, and other subsidiaries & associates. Tanzania operations have been fully consolidated as a subsidiary in the current financial year

Balance Sheet - TTL Consolidated

INR crore Non-current assets Property, plant & equipment Capital work-in-progress Goodwill Other intangible assets Right of use assets Investment in associate and joint venture Financial assets (i) Other financial assets Deferred tax assets (net) Non-current tax assets (net) Other non-current assets Total non-current assets (i) Current assets Inventories Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than above (iv) Other financial assets Other current assets Total current assets (ii) Total assets (i+ii)

Sep25

Mar25

152.90 3.05 108.21 4.21 35.87 24.28

7.98 12.90 5.66 1.59 356.65

148.71 14.15 108.21 4.84 35.45 24.17

7.89 8.53 1.65 1.43 355.03

37.92

46.54

121.61 75.49 31.54 39.26 1.72 16.02 323.56 680.21

137.36 73.00 17.68 36.80 1.15 25.19 337.72 692.75

INR crore Equity Equity share capital Other equity Non-controlling interests Total equity (i) Non-current liabilities Financial liabilities (i) Other financial liabilities (ii) Lease liabilities Provisions Total non-current liabilities (ii) Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (iv) Other financial liabilities Contract liabilities Current tax liabilities (net) Provisions Other current liabilities Total current liabilities (iii) Total liabilities (iv=ii+iii) Total equity and liabilities (i+iv)

Sep25

Mar25

52.99 481.22 (0.10) 534.11

0.12 16.75 7.16 24.03

- 7.93 66.01 21.47 12.22 10.94 0.99 2.51 122.07 146.10 680.21

52.99 493.76 0.30 547.05

- 16.92 6.94 23.86

- 7.76 76.21 16.60 13.63 2.38 1.00 4.26 121.84 145.70 692.75

The consolidated results include TTL (standalone), NHL, and other subsidiaries & associates. Tanzania operations have been fully consolidated as a subsidiary in the current financial year

Cash Flow Statement - TTL Consolidated : Operating Cash flow increased by 43%

INR crore A. Cash flow from operating activities Profit before tax Non-cash items and other adjustments Changes in working capital Income tax paid (net of refunds) Net cash flow generated/(used) from operating activities (i)

B. Cash flow from investing activities Net (purchase)/sale of PPE, CWIP and capital advances Net (purchase)/sale of investments Net (purchase)/sale of investments Others Net cash flow generated/(used) from investing activities (ii)

C. Cash flow from financing activities Net proceeds/(repayment) of borrowings Dividend paid to the shareholders Others Net cash flow generated/(used) from financing activities (iii)

Net increase/(decrease) in cash & cash equivalents (iv=i+ii+iii) Cash & cash equivalents at the beginning of the year (v) Cash & cash equivalents at the end of the reporting period (iv+v)

Half Year

H1FY26

H1FY25

Operating activities: Incremental cash

generated from the operating activities

stands at INR 38.04 Cr, i.e, 43% over

H1FY25.

During H1FY26, cash generated from

operating activities was INR 127.12 Cr .

Investing activities: Capex payout

H1FY26 was INR 14.89 Cr.

Financing activities: Dividend payout

in H1FY26 was INR 111.24 Crs

112.32 27.41 5.89 (18.50) 127.12

(14.89) 18.21 0.00 1.39 4.71

0.00 (111.24) (6.73) (117.97)

13.86 17.68 31.54

70.98 27.76 2.90 (12.55) 89.08

(7.78) 80.45 -3.50 0.64 69.82

(21.48) (95.31) (5.67) (122.46)

36.44 9.29 45.73

The consolidated results include TTL (standalone), NHL, and other subsidiaries & associates. Tanzania operations have been fully consolidated as a subsidiary in the current financial year

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

Q2FY26 216.53 (60.07) 156.46 (29.21) (54.37) 2.48 75.36 (3.91) 71.45

Q2FY25 177.36 (50.99) 126.37 (27.10) (48.30) (0.29) 50.68 (2.46) 48.22

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

FY26 FY27 FY28 FY29 FY30 0.6 17.5

9.1

4.2

1.8

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

Agenda

Latest updates

Performance highlights

Financial performance

Going forward strategy

Vision & Mission

Global in our reach, excellence in our experience

To make good quality diagnostics affordable to all

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

Strengthening our presence in Tanzania to deliver accessible, high-quality, and affordable diagnostic testing services

Our strategy remains to be a B2B service provider with an affordable value driven model based on scale efficiencies

Franchise

► Mom & Pop collection centres

62%

► Local labs

► Nursing homes & hospitals

Partnerships ► Online diagnostic aggregators

► Healthcare platforms

► Employee wellness platforms

► Public & private partnerships

32%

Thyrocare is well placed to leverage best of both worlds

% Revenue contribution in pathology business

+ Direct to Consumer Business at 6%

← All Transcripts THYROCARE Stock Page →

Thyrocare Technologies Limited has informed the Exchange about Investor Presentation

Market Movers