Thyrocare Technologies Limited announced its audited financial results for the quarter and financial year ended March 31, 2026, delivering a robust performance across key metrics. Consolidated revenue for FY26 reached Rs. 829.04 crore, a 21% increase from Rs. 687.35 crore in the previous year. Profit After Tax (PAT) for the year surged 81% to Rs. 162.85 crore, compared to Rs. 90.75 crore in FY25. The statutory auditors, M/s. M S K A & Associates LLP, issued an unmodified opinion on both the standalone and consolidated audited financial results for the quarter and year ended March 31, 2026. The Board has recommended a final dividend of Rs. 7.00 per equity share for FY26, subject to shareholder approval. The company had already paid an interim dividend of Rs. 7.00 per equity share (pre-bonus issue; equivalent to Rs. 2.33 per share post bonus adjustment), bringing the total dividend for the financial year ended March 31, 2026 to Rs. 9.33 per equity share (post bonus adjustment), subject to approval of the final dividend by shareholders.

Q4 FY26 Financial Performance

For the fourth quarter of FY26, Thyrocare reported consolidated revenue of Rs. 223.95 crore, registering a 20% year-on-year growth led by continued momentum in the Pathology segment, which grew 21% YoY. Reported EBITDA rose 31% YoY to Rs. 75.09 crore, with a reported EBITDA margin of 33.71% compared to 30.83% in Q4 FY25. PAT for the quarter surged 128% YoY to Rs. 48.70 crore. In the Pathology business, franchise revenue grew 21% YoY while partnership revenue recorded 23% YoY growth. Tanzania operations were fully consolidated as a subsidiary during the financial year.

The following table presents the consolidated financial performance for Q4 FY26 and FY26:

Standalone Financial Performance

On a standalone basis, Thyrocare reported revenue from operations of Rs. 210.67 crore for Q4 FY26, compared to Rs. 173.87 crore in Q4 FY25. Standalone profit for the quarter stood at Rs. 43.58 crore, against Rs. 21.95 crore in the year-ago period. For the full year, standalone revenue from operations reached Rs. 774.27 crore versus Rs. 633.10 crore in FY25, while standalone profit for the year was Rs. 148.81 crore compared to Rs. 95.78 crore in FY25. Basic earnings per share (standalone) for FY26 stood at Rs. 9.36, up from Rs. 5.98 in FY25.

The following table summarises the standalone financial results:

Segment-Wise Performance

The Group operates across three business segments: Diagnostic Testing Services, Imaging Services, and Others. Diagnostic Testing Services remained the dominant contributor, reporting segment revenue of Rs. 772.53 crore for FY26 compared to Rs. 629.69 crore in FY25. Imaging Services revenue stood at Rs. 53.14 crore versus Rs. 54.29 crore in the prior year. The Others segment contributed Rs. 3.37 crore in both FY26 and FY25.

Balance Sheet and Cash Flow Highlights

As at March 31, 2026, consolidated total assets stood at Rs. 747.22 crore, up from Rs. 692.75 crore a year earlier. Total equity increased to Rs. 586.02 crore from Rs. 547.05 crore. On a standalone basis, total assets were Rs. 711.21 crore versus Rs. 676.35 crore, with total equity at Rs. 560.68 crore against Rs. 537.10 crore. Consolidated net cash generated from operating activities for FY26 was Rs. 213.24 crore, compared to Rs. 179.91 crore in FY25. Cash and cash equivalents at the end of the year (consolidated) stood at Rs. 38.32 crore, up from Rs. 17.68 crore at the start of the year.

FY26 Full-Year Highlights

For the full year FY26, Thyrocare's consolidated EBITDA grew 38% YoY to Rs. 262.04 crore. In the Pathology business, franchise revenue grew 18% YoY, while partnership revenue recorded a robust 32% YoY growth. Test volumes processed reached 209.6 million for the year, marking a 23% YoY growth. The company processed 59.0 million tests in Q4 FY26 alone, up 29% YoY, reinforcing its position as India's largest diagnostic test volume processor.

Operational and Strategic Highlights

Thyrocare expanded its specialty diagnostics portfolio during the year with the addition of advanced allergy testing, offering 250+ SKUs on the Phadia platform, and entered the genomics space with a state-of-the-art laboratory and the launch of Non-invasive Pre-Natal Testing (NIPT). The company maintained Six Sigma quality standards, reducing complaints to 3.1 per million tests (down 34% YoY), with an Average Turnaround Time (ATAT) of 3.43 hours from sample receipt — positioning Thyrocare as India's first diagnostic chain to achieve this benchmark. The network of quarterly active franchisees stood at approximately 10,800, a 15% increase YoY. The company also onboarded Madhuri Dixit as a brand ambassador and opened a new laboratory in Gwalior, while conducting 13 franchisee meetings and 9 doctor meets during FY26.

Board Meeting Outcomes — May 07, 2026

At its meeting held on May 07, 2026, the Board of Directors approved several significant corporate actions. M/s. Price Waterhouse Chartered Accountants LLP (ICAI Firm Registration No. 012754N/N500016) has been recommended for appointment as Statutory Auditors for a first term of five consecutive years, commencing from the conclusion of the 26th AGM (to be held in the calendar year 2026) until the conclusion of the 31st AGM (to be held in the calendar year 2031), subject to shareholder approval. This follows the completion of the term of the outgoing auditors, M/s. M S K A & Associates LLP, at the conclusion of the 26th AGM. M/s. Jitender Navneet & Co., Cost Accountants (FRN: 000119), was appointed as Cost Auditor for the financial year 2026-27.

The Board also approved the re-appointment of Mr. Rahul Franklin Guha as Chairman, Managing Director & Chief Executive Officer for a further period of five years from May 4, 2027 to May 3, 2032, subject to shareholder approval. Two new Non-Executive, Non-Independent Directors were appointed with effect from May 8, 2026: Mr. Uday Patel Kadam, who brings over 18 years of experience across healthcare, technology, telecom, and financial services; and Mr. Gaurav Verma, who has over 19 years of experience in marketing, consumer strategy, and business leadership across healthcare, food-tech, and FMCG sectors. Both appointments are subject to shareholder approval within three months from the effective date.

The following table summarises the key board-level changes:

Mr. Dharmil Nirupam Sheth resigned citing pre-occupation and other commitments, ceasing to be a member of the Nomination and Remuneration Committee, Stakeholders' Relationship Committee, and Risk Management Committee. Dr. Dhaval Rajesh Shah also resigned on similar grounds, ceasing to be a member of the Corporate Social Responsibility Committee. Both confirmed there are no material reasons for their resignations beyond those stated in their respective resignation letters dated April 30, 2026.

Subsidiary Investment and MOA Alteration

The Board approved an investment of up to Rs. 5.50 crore in Think Health Diagnostics Private Limited, a wholly owned subsidiary of the company, by way of subscription to its equity shares, to be made in one or more tranches. Think Health is focused on building a diagnostics platform with emphasis on affordable, accessible, and high-volume testing services, with an initial focus on thyroid and routine pathology segments. Think Health will continue to remain a wholly owned subsidiary following the investment.

The Board also approved the alteration of the Memorandum of Association (MOA) of the Company, subject to shareholder and statutory approvals. The existing MOA, based on the erstwhile Companies Act, 1956, is proposed to be aligned with the Companies Act, 2013. Key amendments include updating references in line with the Companies Act, 2013, and inserting an enabling sub-clause under Clause III(A) to broaden the Objects Clause to permit a wider range of activities within the healthcare and diagnostics ecosystem, including allied services and dealing in related products, equipment, and consumables.

Management Commentary

Commenting on the performance, Rahul Guha, MD & CEO, Thyrocare Technologies Limited, said:

"Thyrocare reported a strong performance this quarter, driven by continued focus on operational efficiency, network expansion, and value-driven diagnostics. During the period, we also strengthened our specialty portfolio with the addition of allergy testing and entry into genomics through the launch of NIPT, with a phased expansion of the test menu underway. Thyrocare continues to expand its reach in underserved regions and scale its franchise and partner network, while remaining committed to delivering high-quality, affordable healthcare services across India."

Thyrocare Technologies Limited has cancelled its earnings conference call for analysts and investors that was originally scheduled for Thursday, May 07, 2026, at 5:30 P.M. (IST). The cancellation was communicated to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Cancellation of Q4 FY26 Conference Call

The conference call had been arranged by the company's management to discuss its audited financial results for the quarter and financial year ended March 31, 2026. Thyrocare Technologies cited unforeseen circumstances as the reason for the cancellation, referencing its earlier intimations to the exchanges dated April 29, 2026, and May 04, 2026.

Revised Schedule to Be Announced

The company has informed the exchanges that the revised schedule for the earnings conference call will be intimated in due course. The disclosure was signed by Brijesh Kumar, Company Secretary and Compliance Officer of Thyrocare Technologies Limited, on May 07, 2026.