Slide 1: Exchange filing cover letter for earnings presentation
October 14, 2025 The National Stock Exchange of India Limited BSE Limited Exchange Plaza Phiroze Jeejeeboy Towers Bandera Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 051 Mumbai- 400 001 (SYMBOL: THYROCARE) (SCRIP CODE: 539871) Subject: Presentation on Unaudited Financial Results (Standalon
Slide 2: Thyrocare Earnings Presentation Q2 FY26
Thyrocare Earnings Presentation Q2 FY26
Slide 3: Safe harbour statement
Safe harbour statement Statements in this presentation describing the Company’s performance may be “forward looking statements” within the meaning of applicable security laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Impor
Slide 4: Agenda
Agenda 01 Latest updates Performance highlights 02 Performance highlights Financial performance 03 Financial performance Going forward strategy 04 Going forward strategy 3
Slide 5: Delivered 22% YoY revenue growth & 48% YoY EBITDA growth in Q2 FY26
Delivered 22% YoY revenue growth & 48% YoY EBITDA growth in Q2 FY26 while maintaining highest quality standards Financial Parameters Quality Parameters 217 Cr Samples Consolidated Revenue 96% (+22% YoY) processed in NABL labs2 Standalone Revenue 202 Cr growth (+24% YoY) Tests 53.3 Mn conducted (+21%
Slide 6: Strengthening our Pan-India footprint by establishing labs across key regions
Strengthening our Pan-India footprint by establishing labs across key regions Launch of Regional Processing Lab in Vijaywada (Andhra Pradesh) ► Commissioned a Regional Processing Lab in Vijaywada, Andhra Pradesh with a processing capacity of ~2000 samples per day ► This facility will significantly s
Slide 7: Nationwide network dedicated to serving the masses
Nationwide network dedicated to serving the masses Thyrocare’s PAN India presence India Labs (37) : ► West (9) : Navi Mumbai, Mumbai (Kurla), Pune, Raipur, Ahmedabad, Nagpur, Mumbai (Kandivali), Goa, Surat ► East (6) : Kolkata, Bhubaneswar, Guwahati, Patna, Ranchi, Bhagalpur ► North (13) : Noida, Bh
Slide 8: Our USP
Our USP 1 2 1We were India’s first diagnostic chain to achieve 100% NABL accreditation across all labs in Q4FY25 2As per a survey on doctors’ perception of laboratory diagnostics (IJARIIT, 2023) 7
Slide 9: Strengthening our relationships with doctors and channel partners
Strengthening our relationships with doctors and channel partners Advisory Board Meeting with doctors – July 2025 Strengthening our channel partners – September 2025 ► Hosted Doctor Advisory Board meet in Varanasi, Uttar ► Hosted channel partner meet at Ahmedabad to reward and Pradesh, to exchange i
Slide 10: Great Place To Work
Great Place To Work Thyrocare awarded as Great place to work in August 2025 ► Thyrocare was certified as a Great Place To Work® in August 2025, a recognition by the global authority on workplace culture, reflecting our commitment to fostering a positive, includive and empowering environment for our
Slide 11: Agenda
Agenda 01 Latest updates Performance highlights 02 Performance highlights Financial performance 03 Financial performance Going forward strategy 04 Going forward strategy 10
Slide 12: Quarter health check - Financial Performance Q2 FY26
Quarter health check - Financial Performance Q2 FY26 YoY TTL Consolidated YoY Reported Revenue +22% +48% EBITDA YoY Pathology YoY Normalized Revenue +24% +49% EBITDA2 YoY Radiology Revenue1 +3% Normalized EBITDA%2 35% 1 Radiology figures include Pulse Hitech’s revenue and reflects revenue growth onl
Slide 13: Half year health check - Financial Performance H1 FY26
Half year health check - Financial Performance H1 FY26 YoY TTL Consolidated YoY Reported Revenue +23% +43% EBITDA YoY Pathology YoY Normalized Revenue +24% +45% EBITDA2 YoY Radiology Revenue1 +7% Normalized EBITDA%2 34% 1 Radiology figures include Pulse Hitech’s revenue and reflects revenue growth o
Slide 14: Strong and consistent growth outlined by key metrics
Strong and consistent growth outlined by key metrics Tests performed (Mn) Patients (Mn) Active franchisees (#) +21% +13% +20% 53.3 5.0 10,159 44.0 4.4 8,446 38.2 4.0 7,451 Q2FY24 Q2FY25 Q2FY26 Q2FY24 Q2FY25 Q2FY26 Q2FY24 Q2FY25 Q2FY26 Revenue per test (INR) 1 Revenue per patient (INR) 1 Tests per pa
Slide 15: 22% YoY revenue growth in overall business and 49% YoY growth in Normalized EBITDA
22% YoY revenue growth in overall business and 49% YoY growth in Normalized EBITDA in Q2FY26 Consolidated Revenue (INR Cr) Normalized EBITDA (INR Cr) +22% +49% 216.5 75.4 193.0 65.3 63.4 187.2 177.4 165.9 50.7 49.3 202.3 72.6 163.1 173.9 178.9 62.5 61.7 152.5 50.7 47.1 14.3 13.4 14.1 14.2 - 2.2 2.8
Slide 16: Franchise revenue grew by 20% YoY and Partnership revenue grew by 35%
Franchise revenue grew by 20% YoY and Partnership revenue grew by 35% YoY in Q2 FY26 Pathology Revenue1 (Rs Cr) Pathology Vials (Lakhs) YoY% YoY% 125.4 51.4 112.5 +20% 48.1 +11% 104.9 105.4 46.3 100.2 43.8 41.6 65.6 58.2 56.3 +35% 22.9 +24% 48.6 20.7 20.6 43.2 18.5 15.8 9.6 9.1 10.3 10.1 11.2 +16% 1
Slide 17: Agenda
Agenda 01 Latest updates Performance highlights 02 Performance highlights Financial performance 03 Financial performance Going forward strategy 04 Going forward strategy 16
Slide 18: Income statement - TTL Standalone: Jump in PAT by 46% YoY
Income statement - TTL Standalone : Jump in PAT by 46% YoY Quarter Half Year INR crore Q2FY26 Q2FY25 YoY H1FY26 H1FY25 YoY Pathology revenue grew by 24% YoY, Revenue from operations 202.23 163.05 24% 381.12 306.68 24% Franchise grew by 20%; Partnerships Cost of materials consumed/sold (57.36) (47.80
Slide 19: Income statement - NHL Standalone
Income statement - NHL Standalone Quarter Half Year Revenue from operations declined 7% INR crore Q2FY26 Q2FY25 YoY H1FY26 H1FY25 YoY Revenue from operations 11.77 12.60 -7% 23.94 24.03 0% due to the consolidation/exit of non Cost of materials consumed/sold (2.30) (3.06) (5.00) (5.51) profitable cen
Slide 20: Income statement - TTL Consolidated: Jump in PAT by 82% YoY
Income statement - TTL Consolidated : Jump in PAT by 82% YoY Quarter Half Year INR crore Q2FY26 Q2FY25 YoY H1FY26 H1FY25 YoY Revenue from operations grew by Revenue from operations 216.53 177.36 22% 409.56 334.27 23% 22% Cost of materials consumed/sold (60.07) (50.99) (115.70) (96.44) Gross margin 1
Slide 21: Balance Sheet - TTL Consolidated
Balance Sheet - TTL Consolidated INR crore Sep25 Mar25 INR crore Sep25 Mar25 Non-current assets Equity Property, plant & equipment 152.90 148.71 Equity share capital 52.99 52.99 Capital work-in-progress 3.05 14.15 Other equity 481.22 493.76 Goodwill 108.21 108.21 Non-controlling interests (0.10) 0.3
Slide 22: Cash Flow Statement - TTL Consolidated
Cash Flow Statement - TTL Consolidated : Operating Cash flow increased by 43% Half Year INR crore H1FY26 H1FY25 Operating activities: Incremental cash A. Cash flow from operating activities generated from the operating activities Profit before tax 112.32 70.98 27.41 27.76 stands at INR 38.04 Cr, i.e
Slide 23: Annexure: Relevance of Normalized EBITDA over Reported EBITDA
Annexure: Relevance of Normalized EBITDA over Reported EBITDA Consolidated Profit & Loss (extract) ► Accounting provision Under Indian Accounting Standard 102 (Share-based Payment), if a parent issues its own shares for a share-based payment plan of its INR crore Q2FY26 Q2FY25 subsidiary, and the su
Slide 24: Agenda
Agenda 01 Latest updates Performance highlights 02 Performance highlights Financial performance 03 Financial performance Going forward strategy 04 Going forward strategy 23
Slide 25: Vision & Mission
Vision & Mission Global in our reach, excellence in our experience To make good quality diagnostics affordable to all 24
Slide 26: Going forward - Key pillars of growth
Going forward - Key pillars of growth ► Going deeper into ► Expanding our Strengthening our India with focused partnerships towards presence in Tanzania test menu insurance and ECG at to deliver accessible, ► Strengthening our home high-quality, and existing franchise ► Strengthen and further afford
Slide 27: Our strategy remains to be a B2B service provider with an affordable value driven model
Our strategy remains to be a B2B service provider with an affordable value driven model based on scale efficiencies Franchise Partnerships ► Mom & Pop collection centres ► Online diagnostic aggregators 62% ► Local labs ► Nursing homes & hospitals ► Healthcare platforms ► Employee wellness platforms
Slide 28: Thank You
G Thyrocare Tests you can trust For Any queries, please reach out to investor_relations@thyrocare.com Thank You Disclaimer This presentation is for information purposes only and it contains general background information about the Company’s activities. The Company assumes no responsibility to public