THYROCARE TECH LTD

Operates a pan-India diagnostic testing business, running pathology and preventive-health tests through 43 Indian labs and one lab in Tanzania, processing 55.2 million tests for 5.4 million patients in Q1 FY27. The core Diagnostic Testing Services segment generated ₹772.53 crore in FY26, or 93.2% of segment revenue, and ₹197.48 crore of EBIT, driven by branded wellness packages (Aarogyam, Jaanch), routine pathology, and a B2B network of 11,700 active franchisees fed via channel partners. Imaging Services, which runs PET-CT and CT centres and makes radiopharmaceuticals through subsidiary Nueclear Healthcare, contributed ₹53.14 crore (6.4% of segment revenue) and just ₹0.67 crore of EBIT; the board has approved evaluating its demerger or sale, expected over ~6 months. The cost stack is dominated by materials (26.4% of revenue) and employee costs (16.7%), with depreciation at 7.1% and capex at 2.5% of revenue, reflecting a hub-and-spoke processing model rather than a heavy-asset footprint. A new specialty diagnostics line in genomics and allergy was commercially launched in Q1 FY27, with management targeting 15–20% of the portfolio over 3–5 years.