Please find attached the Earnings Call Transcript held on May 12, 2026
THYROCARE · price
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Thyrocare Technologies reported strong Q4 FY '26 results with consolidated revenue of INR224 crores (+20% YoY) and PAT of INR48.7 crores (+128% YoY). Full-year FY '26 consolidated revenue stood at INR829 crores (+21% YoY) with PAT of INR163 crores (+81% YoY). The company processed 210 million tests in FY '26 (+23% YoY) across 10,800 franchisees. Gross margins improved to 74.7% (+113 bps YoY) due to volume growth and vendor negotiations. Management guided for steady-state gross margins of 73-74% and mid-to-high teens growth for FY '27. The company is expanding into specialty diagnostics including genomics (launched May 1), allergy testing (250+ SKUs), and histopathology, targeting 15-20% specialty revenue mix in 3 years. The Tanzania operation continues to incur small losses (under INR1 crore per quarter) but is showing 75% YoY growth.
The strong margin expansion and clear specialty growth roadmap signal Thyrocare's transition from a pure-play preventive diagnostics company to a broader diagnostics player. The asset-light franchise model with 65% lab utilization and zero debt provides ample room for investments in high-margin specialty testing, which could improve blended revenue per test over the next 2-3 years.