Thyrocare Technologies Q2 FY27 results: net profit down 68.2% to ₹15.22 crore, revenue up 25.1%

How did Thyrocare Technologies perform in Q2 FY27?

Thyrocare Technologies reported consolidated revenue of ₹270.81 crore for Q2 FY27, up ₹54.28 crore or 25.1% from Q2 FY26. EBITDA was ₹89.29 crore, up ₹17.94 crore or 25.1%, while the margin was 33.0%, unchanged from the year-ago quarter. Against Q1 FY27, revenue rose 12.8% and EBITDA rose 15.6%; the margin increased by 0.8 percentage points to 33.0%.

Profit before tax fell to ₹32.85 crore from ₹62.30 crore a year earlier and ₹67.58 crore in the previous quarter. Net profit was ₹15.22 crore, down 68.2% from ₹47.81 crore in Q2 FY26 and 70.3% from ₹51.33 crore in Q1 FY27. Basic EPS was ₹0.96, compared with ₹9.05 and ₹3.23 in the respective comparison periods.

On a standalone basis, Q2 FY27 revenue was ₹256.25 crore, up 26.7% from ₹202.23 crore in Q2 FY26. Standalone profit before tax was ₹43.03 crore, compared with ₹60.89 crore a year earlier, and the company reported an exceptional charge of ₹9.17 crore.

What changed in Thyrocare Technologies' costs and profit?

Total expenses were ₹196.61 crore in Q2 FY27, up ₹39.33 crore or 25.0% from Q2 FY26. Cost of materials rose ₹9.45 crore to ₹69.26 crore, employee cost increased ₹11.98 crore to ₹45.21 crore, finance costs rose ₹0.98 crore to ₹1.57 crore, depreciation increased ₹2.01 crore to ₹13.52 crore and other expenses rose ₹14.58 crore to ₹66.47 crore.

Other income was ₹3.63 crore, up ₹0.58 crore or 19.0% from Q2 FY26. The company reported an exceptional charge of ₹44.98 crore, while Q2 FY26 had no exceptional item. Tax expense was ₹18.43 crore, up ₹3.66 crore or 24.8% from ₹14.77 crore.

Against Q1 FY27, total expenses were higher by ₹20.02 crore, including a ₹7.38 crore rise in cost of materials and a ₹5.60 crore rise in employee cost. Other income was lower by ₹0.52 crore, tax expense was higher by ₹1.47 crore and there was no exceptional item in Q1 FY27.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹510.83 crore, up ₹101.27 crore or 24.7% from H1 FY26, while total income was ₹518.61 crore, up 24.3%. EBITDA before the exceptional charge was ₹89.29 crore in Q2, and the investor presentation reported H1 FY27 EBITDA growth of 29.2%.

H1 FY27 profit before tax was ₹100.43 crore, down ₹12.1 crore or 10.8% from ₹112.53 crore in H1 FY26. Net profit was ₹66.55 crore, down ₹19.55 crore or 22.7% from ₹86.1 crore, and basic EPS was ₹4.18, compared with ₹16.4.

What do the balance sheet and cash flow show?

Total assets stood at ₹725.13 crore on 30 September 2026, compared with ₹747.22 crore on 31 March 2026. Total equity was ₹552.42 crore, compared with ₹586.02 crore, while cash declined to ₹21.9 crore from ₹38.32 crore. The company had no borrowings at either date.

Inventories were ₹48.72 crore, compared with ₹48.46 crore at the previous balance sheet date. Trade receivables increased to ₹89.34 crore from ₹73.88 crore, while trade payables declined to ₹62.5 crore from ₹65.37 crore.

In H1 FY27, operating cash flow was ₹132.72 crore, compared with ₹127.12 crore in H1 FY26. Investing cash flow was negative ₹30.39 crore, compared with ₹4.71 crore a year earlier, and financing cash flow was negative ₹118.85 crore, compared with negative ₹117.97 crore. Capital expenditure was ₹33.2 crore, compared with ₹15.79 crore.

How has Thyrocare Technologies done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters. It increased from ₹165.92 crore in Q3 FY25 to a period high of ₹270.81 crore in Q2 FY27, with the latest quarter 12.8% higher than Q1 FY27.

Net profit reached ₹51.33 crore in Q1 FY27 before falling to ₹15.22 crore in Q2 FY27. Over the same eight-quarter series, the low was ₹18.95 crore in Q3 FY25 and the high was ₹51.33 crore in Q1 FY27.

EBITDA margin bottomed at 25.2% in Q3 FY25 and reached a high of 33.5% in Q4 FY26. It was 32.2% in Q1 FY27 and 33.0% in Q2 FY27, showing recovery from the earlier low after the previous quarter’s reduction.

Which businesses drove the quarter?

Diagnostic Testing Services reported revenue of ₹256.74 crore in Q2 FY27, up 27.4% from ₹201.56 crore in Q2 FY26. Segment EBIT was ₹71.52 crore, compared with ₹56.95 crore, and the EBIT margin was 27.9%.

Imaging Services reported revenue of ₹13.55 crore, down 4.6% from ₹14.2 crore a year earlier. EBIT was ₹2.09 crore, compared with ₹1.8 crore, and the EBIT margin was 15.4%. The Others segment reported revenue of ₹0.52 crore, down 32.5%, and EBIT of ₹0.59 crore.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the limited review reports. The company also filed its investor presentation for the earnings conference call held on 29 October 2026.

Shareholders approved the purchase of land and a building from Nueclear Healthcare Limited, a material wholly owned subsidiary. They also approved the sale or divestment of the company’s entire shareholding in Nueclear Healthcare Limited to Trovera Healthcare Private Limited; the divestment resolution also received approval from a majority of public shareholders under Regulation 37A.

What did Thyrocare Technologies' management say?

Management raised its FY27 revenue-growth outlook to the early 20s from mid-teens to high teens. It maintained long-term EBITDA margin guidance of about 31%-31.5% and expected franchise additions of 1,500-2,000 annually, implying 20,000-25,000 over five years. The company expects no significant franchise additions in Q3 FY27 and a return to the normal pace in Q4 FY27.

Management said pathology grew 27% and quarterly franchise additions of 1,180 took the active base to 12,911. It targets specialty diagnostics at 10%-15% of revenue over three to five years, compared with about 4% of pathology revenue currently, and expects API Group excluding Thyrocare to turn profitable by Q4 FY27.

The CFO said the ₹45 crore consolidated non-cash impairment was a one-time charge with no impact on operations or cash flow. Management also said the pregnancy-kit launch would remain non-EPS-accretive for at least three quarters because of out-of-home media spending.

Management identified seasonality in franchise additions, early-stage specialty diagnostics and dependence on physician engagement as risks. It also said the NHL sale remained subject to shareholder approval and execution of the share purchase agreement, while H2 FY27 capital expenditure was expected to be similar to H1’s ₹30 crore.

How did Thyrocare Technologies shares react?

The filing appeared after market hours. From the price when the results were published, the stock fell 2.8% after five minutes, 4.2% after 15 minutes and 2.9% after 30 minutes. It closed 11.9% below its previous close on the reaction day, then was down 7.4% from that pre-results close by the next day’s close.

Earlier reaction-day moves were mixed: the stock rose 3.8% on 23 July 2026 and 2.9% on 7 May 2026, fell 8.2% on 28 January 2026 and 2.3% on 14 October 2025, and posted gains of 11.8% on 23 July 2025 and 19.8% on 23 July 2024.