Diagnostic major Thyrocare Technologies Ltd has delivered a strong profit for Q2 of FY26, with both revenue and profit rising sharply. The company reported consolidated revenue of Rs 216.53 crore, a growth of 22% year-on-year.
Profit after tax jumped 82% YoY to Rs 47.90 crore, led by higher test volumes, strong growth in the pathology segment, and better operational efficiency. The results highlight Thyrocare’s continued dominance as one of India’s most trusted diagnostic service providers.
Thyrocare Q2 Profit
The company’s pathology business surged 24%, while franchise revenue grew 20% and partnership revenue rose by 35%. Normalized EBITDA was up 49% YoY to Rs 75.36 crore, with an EBITDA margin of 33% and a gross margin of 72%.
In Q2FY26, Thyrocare processed an all-time high of 53.3 million diagnostic tests, recording a 21% year-on-year increase in volume. This milestone reinforces its leadership as India’s largest diagnostic test processor by volume.
Bonus and Dividend
Alongside its financial results, Thyrocare announced a 2:1 bonus share issue and an interim dividend of Rs 7 per share (pre-bonus). The Board of Directors approved the issuance of two bonus equity shares for every one fully paid-up equity share held, subject to statutory and shareholder approvals.
The record date for the interim dividend has been fixed as October 24, 2025. This dual announcement reflects the company’s commitment to rewarding shareholders as it marks its 25th year in the industry.
Expansion in New Areas
In the first half of FY26, Thyrocare expanded its network by adding four new laboratories in Vijayawada, Bhagalpur, Roorkee, and Kashmir. This move is part of its strategy to improve accessibility and deepen its reach in underserved regions of India.
By strengthening its national presence, Thyrocare is targeting both urban and semi-urban areas, ensuring faster diagnostics and improved service delivery for a wider population base.
Debt-Free and Strong Reserves
On the financial stability front, Thyrocare remains debt-free on a consolidated basis. The company also holds over Rs 190 crore in net cash and short-term investments, providing it with the flexibility to pursue growth opportunities and sustain shareholder rewards.
This strong balance sheet not only enhances investor confidence but also positions the company to continue funding expansion and innovation in the diagnostic services sector.
Leadership Speaks on Growth
Commenting on the results, Rahul Guha, MD & CEO of Thyrocare, said the performance underscores the company’s focus on operational excellence, network expansion, and value-driven diagnostics. He highlighted that the company’s ongoing regional expansion is aligned with its mission of delivering high-quality and affordable healthcare services across India.
Adding to this, Alok Kumar Jagnani, Group CFO, emphasized that the bonus share announcement marks 25 years of trust and innovation, reinforcing Thyrocare’s commitment to its investors and long-term growth journey.
Thyrocare Business Model
The Thyrocare business model is built on high test volumes, strong franchise networks, and centralized processing efficiency. Unlike many diagnostic players that rely heavily on walk-in centers, Thyrocare leverages a hub-and-spoke system, where regional labs feed into larger central labs, ensuring lower costs and higher efficiency.
This model allows Thyrocare to deliver tests at affordable prices while maintaining scale and profitability. Its focus on automation, partnerships, and a nationwide franchise system has helped it process millions of tests every quarter while staying debt-free and profitable.
