Docon Technologies Private Limited has filed its annual disclosure regarding the encumbrance of shares in Thyrocare Technologies Limited for the financial year ended March 31, 2026. The filing, submitted to the National Stock Exchange of India and BSE Limited, confirms that the promoter group has not made any new encumbrances other than those already disclosed during the year.

The company stated that it has provided an encumbrance on its entire shareholding, which constitutes 60.93% of the total share capital of Thyrocare Technologies Limited. This status was duly reported to the stock exchanges and the target company. The disclosure details the history of pledges, including releases and modifications, dating back to June 2022.

Pledging History

The filing outlines a series of transactions involving the release and creation of pledges. Notably, on September 16, 2025, the company released a pledge of 3,76,56,092 shares, reducing the encumbered stake to 0%. However, subsequent transactions in September and December 2025 saw the creation of fresh pledges, bringing the total encumbered shares to 9,69,69,696.

Impact of Bonus Issue

The increase in the number of pledged shares is attributed to a bonus issue announced by the target company. On December 1, 2025, Thyrocare Technologies Limited allotted bonus shares in a 2:1 ratio. Consequently, a fresh encumbrance was created on the newly allotted shares to maintain the pledge percentage.

Encumbrance Details

The following table summarizes the key pledging events disclosed for the financial year:

The declaration was submitted on behalf of Docon Technologies Private Limited and API Holdings Limited, both classified as Promoter and Promoter Group respectively. The authorized signatory, Madhuri Sarangdhar, confirmed that the details are accurate and complete.

Thyrocare Technologies Limited has released the transcript of its post-results earnings conference call held on May 12, 2026. The company reported a strong financial performance for the quarter and fiscal year ended March 31, 2026, driven by robust growth across its franchisee and partnership segments.

Q4 FY26 Financial Performance

For the quarter ended March 31, 2026, the company reported a consolidated revenue of INR224 crores, reflecting a 20% year-on-year growth. Standalone revenue stood at INR210 crores, up 21% year-on-year. Profit after tax (PAT) for the quarter surged to INR48.7 crores, a 128% increase compared to the same period last year, with a PAT margin of 21.7%.

The company's consolidated gross margin improved to 74.7%, an increase of over 113 basis points year-on-year. This expansion was attributed to better negotiations with vendors and strong test volume growth. EBITDA for the quarter grew 31% year-on-year, with an EBITDA margin of 34%.

Operational Highlights and Strategic Updates

Thyrocare processed 210 million tests in FY '26, a 23% year-on-year increase, serving 19.2 million patients. The franchisee network expanded to 10,800 active partners in Q4 FY '26. The company also made significant strides in specialty testing, including the launch of genomic testing and allergy testing using the Phadia platform.

Management highlighted that the partnership business grew by 32% year-on-year in FY '26, despite a one-off dip in Q4 due to the normalization of pricing in the insurance segment. The company's Tanzania operations grew by 75% year-on-year, though they have not yet broken even.

Full Year Performance and Guidance

For the full fiscal year FY '26, consolidated revenue reached INR829 crores, a 21% year-on-year increase. EBITDA for the year stood at INR262 crores, growing 38% year-on-year, while PAT was INR163 crores, an 81% increase. Earnings per share (adjusted) came in at INR2.99, up 64% from the previous year.

The Board of Directors has recommended a final dividend of INR7 per equity share for the year ended March 31, 2026. Looking ahead, the company expects to maintain EBITDA margins around 34% and anticipates mid- to high-teens revenue growth in FY '27, driven primarily by volume expansion.