Thyrocare Reports Strong Q1FY26 Results with 23% YoY Revenue Growth

PNN

New Delhi [India], July 31: Thyrocare Technologies Limited (hereinafter referred to as "THYROCARE" NSE: THYROCARE, BSE: 539871), a leading healthcare diagnostics company, has announced its financial results for the first quarter of FY26, ending June 30, 2025. The company reported a consolidated revenue of ₹193.03 crore for Q1FY26, marking a solid 23 percent growth compared to ₹156.91 crore in the same quarter last year.

This growth was largely driven by the company's core Pathology segment, which posted a 25 percent year-on-year increase. Within this vertical, franchise revenue increased by 20 percent, while partnership revenue saw a sharper growth of 36 percent. The Radiology segment also contributed to the topline, registering a 6 percent year-on-year increase. Total test volume for the quarter reached 46.9 million, representing a 15 percent rise over Q1FY25.

Thyrocare maintained strong profitability during the quarter. Gross margin stood at ₹137.40 crore, growing 23 per cent year-on-year and maintaining a margin of 71 per cent, consistent with the previous year. Normalised EBITDA before ESOP expenses reached ₹63.35 crore, reflecting 42 per cent growth over ₹44.73 crore in Q1 FY25. Reported EBITDA came in at ₹57.46 crore, up 37 per cent from ₹42.01 crore a year earlier. The normalised EBITDA margin improved from 29 per cent to 33 per cent, while the reported EBITDA margin rose from 27 per cent to 30 per cent.

Profit after tax, including exceptional items, was recorded at ₹38.06 crore, a significant 62 per cent jump from ₹23.47 crore in the same quarter last year. The PAT margin also improved considerably, moving from 15 per cent in Q1FY25 to 20 per cent in Q1FY26. These numbers reflect the company's enhanced operational efficiency and strong execution across its diagnostic network.

The company also expanded its physical footprint during the quarter by launching new diagnostic laboratories in Bhagalpur, Kashmir, and Roorkee. These new labs are expected to further strengthen Thyrocare's presence in underserved regions and support the increasing test volumes from both franchise and partner-driven locations.

In addition to the strong quarterly performance, Thyrocare's full-year financials for FY25 provide a stable reference point. The company had reported revenue of ₹687.32 crore, gross margin of ₹496.25 crore at 72 per cent, normalised EBITDA of ₹209.94 crore at 31 per cent, and reported EBITDA of ₹189.21 crore at 28 per cent. PAT for the year stood at ₹90.02 crore, with a 13 percent margin. The improvements seen in Q1FY26 indicate a strong start to the financial year and build momentum for sustained performance going forward.

Speaking on the results, the company's management reaffirmed its commitment to leveraging technology, scalability, and partner-led growth to provide affordable and accessible diagnostic services across India. Thyrocare continues to prioritise operational efficiency while exploring new regions and enhancing the quality and reach of its test offerings.

Thyrocare Technologies Limited remains a pioneer in the Indian diagnostics space, with a strong emphasis on automation, network expansion, and high-volume testing. The company's approach combines low-cost operations with a high-quality service framework, positioning it for sustainable growth in both the pathology and radiology segments.

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