Thyrocare Technologies Ltd's board has in-principle approved the evaluation of a proposed demerger of its wholly-owned subsidiary Nueclear Healthcare Limited's radiology business undertaking. The proposed restructuring aims to transfer the radiology business outside the group through a scheme of arrangement, slump sale, business transfer, or any other appropriate structure. This strategic move is intended to streamline operations and follows a board meeting held on Thursday, July 23, 2026.

Nueclear Healthcare Limited is engaged in advanced cancer diagnostics and nuclear medicine. The subsidiary operates PET-CT and CT imaging centres, provides nuclear medicine diagnostic services, and manufactures radiopharmaceuticals through its medical cyclotron facilities. These services support the early detection, diagnosis, staging, and monitoring of cancer and other complex diseases.

The Proposed Restructuring is currently at an in-principle evaluation stage. The detailed terms of the proposed transaction will be placed before the board of directors of Nueclear Healthcare Limited at the appropriate time. Following this, necessary disclosures and filings will be made with the stock exchanges and other regulatory or statutory authorities as applicable.

Thyrocare Technologies Ltd will ensure compliance with all applicable regulatory requirements, including under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, at each stage of the Proposed Restructuring. This includes timely intimation to the stock exchanges.

The board meeting commenced at 2:45 P.M. and concluded at 03:35 P.M. on July 23, 2026.

Thyrocare Technologies reported a 34% year-on-year increase in consolidated net profit to ₹51.33 crore for the quarter ended June 30, 2026 (Q1FY27), compared to ₹38.29 crore in the corresponding period of the previous year. The growth was driven by a 24% rise in revenue from operations, which reached ₹240.02 crore, up from ₹193.03 crore in Q1FY26. EBITDA for the quarter grew by 34% to ₹77.27 crore, with the margin expanding to 32.2% from 29.9% in the prior year, reflecting improved operational efficiency.

The company processed 55.2 million tests during the quarter, a 28% increase year-on-year, reinforcing its position as India's largest diagnostic test volume processor. The Pathology segment grew by 26%, with franchise revenue increasing 27% and partnership revenue rising 26%. Thyrocare also expanded into Specialty Diagnostics, commencing with Allergy and Genomics, while maintaining Six Sigma quality standards with complaints per million tests reducing to 3.1.

Financial Performance

The Board of Directors, at its meeting held on July 23, 2026, approved the unaudited standalone and consolidated financial results for the quarter. The results were reviewed by the statutory auditors, Price Waterhouse Chartered Accountants LLP, who issued an unmodified conclusion. The company's total expenses for the quarter stood at ₹176.59 crore on a consolidated basis, compared to ₹147.45 crore in the previous year.

The table below summarises the key financial metrics for the quarter:

Segment Performance

The group operates primarily through diagnostic testing services and imaging services. Diagnostic testing services remained the largest revenue contributor, generating ₹226.21 crore in segment revenue for the quarter. The imaging services segment reported revenue of ₹13.48 crore. The segment results before tax and exceptional items for the diagnostic testing services stood at ₹61.90 crore.

Corporate Governance

Based on the recommendation of the Audit Committee, the Board approved the re-appointment of M/s. Ernst & Young LLP, Chartered Accountants, as Internal Auditors of the company for the financial year 2026-27. The Board meeting commenced at 2:45 P.M. and concluded at 3:35 P.M. on July 23, 2026.