Slide 1: Exchange filing cover letter for investor presentation
May 07, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza Phiroze Jeejeeboy Towers Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400051 Mumbai- 400001 (SYMBOL: THYROCARE) (SCRIP CODE: 539871) Sub: Investor Presentation on Audited Financial Results (Standalone and Co
Slide 2: Thyrocare Earnings Presentation Q4FY26 & FY26
Thyrocare Earnings Presentation Q4FY26 & FY26 1
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 02 Performance highlights 03 Financial performance 04 Going forward strategy 3
Slide 5: Q4FY26 - Delivered 20% YoY revenue and 31% YoY EBITDA growth
Q4FY26 - Delivered 20% YoY revenue and 31% YoY EBITDA growth with highest quality standards Financial Parameters Quality Parameters 224 Cr Samples Consolidated Revenue 97% (+20% YoY) Processed in NABL Labs 211 Cr Standalone Revenue (+21% YoY) Tests 59.0 Mn Conducted (+29% YoY) 128 Cr Franchisee Reve
Slide 6: FY26 - Delivered 21% YoY revenue and 39% YoY EBITDA growth
FY26 - Delivered 21% YoY revenue and 39% YoY EBITDA growth with highest quality standards Financial Parameters Operational Parameters Quality Parameters Thyrocare Consolidated 829 Cr Branded ~1,350 Samples Processed in 96% Revenue (+21% YoY) Franchisees NABL Labs Standalone 774 Cr 19.2 Mn Revenue (+
Slide 7: Expanding capabilities through lab additions and new service launches
Expanding capabilities through lab additions and new service launches 6
Slide 8: Brand Elevation through endorsement and national recognition
Brand Elevation through endorsement and national recognition Onboarded Madhuri Dixit as brand ambassador Recognized with 2 National Awards at Voice of Healthcare Forum 7
Slide 9: Nationwide lab network dedicated to making good quality diagnostics accessible
Nationwide lab network dedicated to making good quality diagnostics accessible and affordable to all India Labs (40) : ► West (9) : Mumbai (3), Pune, Raipur, Ahmedabad, Nagpur, Goa, Surat ► East (6) : Kolkata, Bhubaneswar, Guwahati, Patna, Ranchi, Bhagalpur ► North (15) : Noida, Bhopal, Jaipur, Delh
Slide 10: Our USP
Our USP Note: We were India’s first diagnostic chain to achieve 100% NABL accreditation across all labs in Q4FY25 *As per a survey on doctors’ perception of laboratory diagnostics (IJARIIT, 2023) 9
Slide 11: Strengthening our relationships with channel partners
Strengthening our relationships with channel partners In FY26, Thyrocare conducted 13 franchisee meetings Pan-India, capturing feedback from 750+ franchisees across locations. These insights were used to strengthen processes, service delivery, and overall quality outcome 10
Slide 12: Strengthening our relationships with doctors
Strengthening our relationships with doctors In FY26, Thyrocare conducted 9 doctor meets and enabled lab visits, capturing insights from 300+ doctors Pan-India. These interactions helped showcase our quality systems, advanced equipment, and strengthen awareness of our capabilities while addressing k
Slide 13: Agenda
Agenda 01 Latest updates 02 Performance highlights 03 Financial performance 04 Going forward strategy 12
Slide 14: Financial Performance Q4FY26
Financial Performance Q4FY26 YoY TTL Consolidated YoY Pathology Revenue +20% Revenue +21% Reported YoY Reported EBITDA +31% EBITDA margin 34% YoY PAT +128% PAT margin 22% Note : Tanzania operations have been fully consolidated as a subsidiary in the current financial year 13
Slide 15: Financial Performance FY26
Financial Performance FY26 YoY TTL Consolidated YoY Pathology +21% +22% Revenue Revenue Reported YoY Reported EBITDA +38% EBITDA margin 32% YoY PAT +81% PAT margin 20% Note : Tanzania operations have been fully consolidated as a subsidiary in the current financial year 14
Slide 16: FY26 - Strong and consistent growth outlined by key metrics
FY26 - Strong and consistent growth outlined by key metrics Tests performed (Mn) Patients (Mn) Quarterly active franchisees (#) +23% +15% +15% 10,831 209.6 9,413 19.2 170.5 16.7 7,610 147.0 15.1 1 FY24 FY25 FY26 FY24 FY25 FY26 Q4FY24 Q4FY25 Q4FY26 Revenue per test (INR) 1,2 Revenue per patient (INR)
Slide 17: 20% YoY revenue growth in overall business and 31% YoY growth in Reported EBITDA
20% YoY revenue growth in overall business and 31% YoY growth in Reported EBITDA in Q4FY26 Consolidated Revenue (INR Cr) Reported EBITDA (INR Cr) +20% +31% 216.5 223.9 71.4 75.1 193.0 195.5 187.2 57.4 57.5 57.6 202.3 211.5 68.6 72.4 173.5 178.9 183.1 55.2 55.3 56.8 13.7 14.1 14.2 2.2 2.2 2.9 0.9 2.7
Slide 18: Franchisee business now accelerating and catching up with partnership business
Franchisee business now accelerating and catching up with partnership business Pathology Revenue1 (Rs Cr) Pathology Vials (Lakhs) YoY% YoY% 125.4 127.6 51.4 52.5 112.5 112.2 +21% 48.1 +20% 105.4 46.4 43.8 71.6 65.6 58.2 56.3 60.1 +23%1 25.8 22.9 22.6 +25% 20.7 20.6 10.3 10.1 11.2 10.2 11.5 +11% 1.6
Slide 19: Sustained network expansion drives franchisee base to a record high
Sustained network expansion drives franchisee base to a record high of ~10,800 in Q4FY26 Journey of Quarterly active franchisee count (FY21 to FY26) 10,831 CAGR : - 10,159 10,278 +25% Q4FY21 to Q4FY26 9,413 9,550 9,165 8,446 8,145 7,542 7,633 7,451 7,610 7,171 7,284 6,479 5,794 4,509 3,531 3,617 3,4
Slide 20: Sustained franchise success driving superior growth
Sustained franchise success driving superior growth Franchise Cohorts : Revenue per retained franchise from FY22 to FY26, rebased to 1 Year Y1 Y2 Y3 Y4 Y5 FY22 1.0x 2.6x 3.4x 4.1x 5.1x FY23 1.0x 2.4x 3.3x 3.9x FY24 1.0x 2.6x 3.3x FY25 1.0x 2.5x FY26 1.0x ► Revenue per retained franchise has been con
Slide 21: Agenda
Agenda 01 Latest updates 02 Performance highlights 03 Financial performance 04 Going forward strategy 20
Slide 22: Income statement - TTL Standalone : Jump in PAT by 101% YoY
Income statement - TTL Standalone : Jump in PAT by 101% YoY Quarter Financial Year Revenue grew by 21% YoY, Franchise INR crore Q4FY26 Q4FY25 YoY FY26 FY25 YoY Revenue from operations 210.67 173.87 21% 774.27 633.10 22% 21%; Partnerships 23% Cost of materials consumed/sold (54.53) (46.95) (209.23) (
Slide 23: Income statement - NHL Standalone
Income statement - NHL Standalone Quarter Financial year INR crore Q4FY26 Q4FY25 YoY FY26 FY25 YoY Revenue from operations 10.31 11.89 (13%) 44.62 47.59 (6%) Revenue declined 13%, reflecting a Cost of materials consumed/sold (2.01) (2.36) (9.08) (10.46) strategic exit from non-profitable centers Gro
Slide 24: Income statement - TTL Consolidated : Jump in PAT by 128% YoY
Income statement - TTL Consolidated : Jump in PAT by 128% YoY Quarter Financial Year Revenue grew by 20% YoY INR crore Q4FY26 Q4FY25 YoY FY26 FY25 YoY Revenue from operations 223.95 187.16 20% 829.04 687.35 21% Cost of materials consumed/sold (56.68) (49.47) (219.57) (191.08) Gross margin improved 1
Slide 25: Balance Sheet - TTL Consolidated
Balance Sheet - TTL Consolidated INR crore Mar26 Mar25 INR crore Mar26 Mar25 Non-current assets Equity Property, plant & equipment 145.08 148.71 Equity share capital 159.17 52.99 Capital work-in-progress 3.06 14.15 Other equity 426.33 493.76 Goodwill 108.21 108.21 Non-controlling interests 0.52 0.30
Slide 26: Cash Flow Statement - TTL Consolidated
Cash Flow Statement - TTL Consolidated : Operating Cash flow generated in FY26 was INR 213.24 Cr Annual Operating activities : Incremental cash INR crore FY26 FY25 generated from the operating activities A. Cash flow from operating activities Profit before tax 212.88 146.88 stands at INR 213.2 Cr. N
Slide 27: Agenda
Agenda 01 Latest updates 02 Performance highlights 03 Financial performance 04 Going forward strategy 26
Slide 28: Vision & Mission
Vision & Mission Global in our reach, excellence in our experience To make good quality diagnostics affordable to all 27
Slide 29: Going forward - Key pillars of growth
Going forward - Key pillars of growth PARTNERSHIPS ► Going deeper into ► Expanding our ► Strengthening our India with focused partnerships towards presence in test menu insurance and ECG at Tanzania to deliver ► Strengthening our home accessible, high existing franchise ► Strengthen and further qual
Slide 30: Our pathology strategy remains to be a B2B service provider
Our pathology 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 61% ► Local labs ► Nursing homes & hospitals ► Healthcare platforms ► Employee wellness
Slide 31: Thank You
i, 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 publi