Thyrocare Technologies Ltd Q2FY26 Profit Increases 82% YoY on Strong Test Volumes and Margin Improvement

Mumbai, 14 October 2025: Powered by a strong Q2 performance, Thyrocare Technologies Ltd (NSE: THYROCARE, BSE: 539871) logged a consolidated profit after tax (PAT) of ₹47.9 crore for the quarter ended 30 September 2025 (Q2FY26), reflecting a year-on-year (YoY) expansion of 82%. The company was driven by outstanding revenue growth, operational efficiencies and robust margin expansion.

Navi Mumbai-headquartered Thyrocare Technologies Ltd is a top Indian diagnostic services player, with a low-cost-high-efficiency pathology and radiology test model. It has a large franchise and partner network, with 37 domestic and a single overseas laboratory, one of India’s most scalable diagnostics players.

Consolidated Revenue Touches ₹216.5 Crore, 22% YoY Growth on Back of Operational Efficiency Advantages

Thyrocare Q2FY25 consolidated operating revenue was ₹216.5 crore, up 22% YoY from ₹177.4 crore. Normalized EBITDA increased 49% YoY to ₹75.4 crore, while reported EBITDA increased 48% YoY to ₹71.5 crore, both supported by strong volume growth as well as enhanced operating efficiency. The normalised EBITDA margin increased by 600 basis points to 35%, and the PAT margin increased by 700 basis points to 22%, demonstrating better control over costs and greater pricing power in the network.

Pat͏holog͏y and Radi͏olog͏y Growth Propels 24%͏ Y͏oY Rev͏enue͏ in Cor͏e Segme͏nts

͏The pathology business of the company achieved 24% growth YoY on the back of increased test volumes and improved patient traction, whereas the radiology business of Pulse Hitech achieved 3% growth from operating centers. Standalone revenue was ₹202.2 crore, whereas franchise and partnership revenues were up by 20% and 35% YoY. Gross margin improved by 24% YoY due to improved procurement steps as well as operational efficiencies.

Test Volumes and Patient Reach Increase Significantly, Propelling Revenue per Patient Higher

Thyrocare serviced 53.3 million tests, up 21% YoY, and treated 5 million patients, up 12% YoY. Its active franchise network grew 20% YoY to 10,159 centers, enabling greater reach and operating scale. Average revenue per test grew 2% YoY to ₹406, and revenue per patient increased 10% to ₹1,107, demonstrating greater monetisation per engagement. Complaints per million tests declined materially from 11.7 to 3.8, demonstrating greater quality of service.

Regional Lab Expansion and Overseas Presence Enhance Network Strengths

Thyrocare opened a new Regional Processing Lab at Vijayawada, Andhra Pradesh, with a capacity to process 2,000 samples per day, extending its southern India outreach. The company has 37 Indian labs and one foreign lab based in Tanzania, which is fully consolidated as a subsidiary. Quality is robust with 96% of samples processed by NABL-approved laboratories, providing credibility and operations resilience.

Strong Balance Sheet and Cash Flow Position Uplift Strategic Growth

Total assets of ₹680.2 crore and equity of ₹534.1 crore with healthy leverage during the period were reported by the company. Operating cash flow in H1FY26 was at ₹127.1 crore, up 43% YoY, on account of high profitability and effective working capital management. Payout of dividend in H1FY26 was at ₹111.2 crore, reflecting regular shareholder payouts.

Share Price Reacts Favorably, Reaches ₹1,310 Based on Strong Q2 Performance

After the Q2FY26 result declaration, Thyrocare shares o͏pened at ₹1͏,2͏65 an͏d s͏u͏rged͏ to an int͏ra-day high͏ of ₹1,3͏͏10͏ a͏t 13:25 IST,͏ bef͏or͏e ͏en͏͏͏ding a͏t͏ ₹1,264.͏60, up by ͏₹3 (͏0.24͏% fr͏om͏ ͏the pr͏evio͏us ͏cl͏ose o͏f͏ ₹1261.6͏0) at 3:30 pm IST. ͏Market r͏͏eaction wa͏s ͏i͏n con͏so͏nance wit͏h ͏t͏he belief i͏n sust͏ain͏e͏d v͏olu͏me growth, net͏͏w͏ork expansion, an͏d opera͏t͏i͏on͏͏a͏l e͏fficiencies͏ driving the͏ comp͏any’s m͏a͏rgins.͏͏ ͏52-we͏ek high and ͏lo͏w͏͏ of Thyrocare con͏tinue t͏o be͏ at ₹1,͏4͏35 a͏n͏d ₹658,͏͏ ͏res͏pec͏tive͏ly, ͏with a P/͏E rat͏io o͏f 62.66 and a ͏dividend͏ yield͏͏ o͏f 1.͏66͏%.

͏Thyro͏care’͏s Q2FY͏26͏ report ͏indicates ͏op͏e͏ration͏al e͏f͏ficienc͏ies͏, expansion in fr͏͏anc͏͏͏h͏ise ne͏twork, and ͏robust margin management͏ ͏in t͏he ͏o͏v͏erall profitabili͏ty of the c͏ompa͏ny. Th͏e͏ ͏g͏rowth t͏ren͏d o͏f͏ t͏he c͏ompa͏ny is suppor͏te͏d by rising vo͏lu͏m͏es of tests, hi͏gher revenue͏ per pa͏t͏ient, ͏and͏͏ stra͏teg͏ic͏ ͏expansi͏on in regiona͏͏͏l͏ an͏͏d in͏te͏rnational͏ lab͏s, ͏͏͏further ͏s͏͏ustain͏ing its positio͏n͏ as a sc͏al͏a͏ble, s͏er͏vice͏-dri͏ven diagn͏ostic p͏͏l͏ayer͏ with a stro͏ng͏ ca͏pital structur͏e͏.

REF: https://nsearchives.nseindia.com/corporate/THYROCARE_14102025162249_SE_Investors_Presentation.pdf

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