- **3B BlackBio Dx Ltd is a molecular diagnostics company that designs, develops and manufactures the test kits used to detect diseases from patient samples - a business that began in 1972 as an agrochemicals formulator and pivoted entirely after 2010, when the founder’s son set out to build import-substitution diagnostic tests to international standards. That diagnostics engine grew to eclipse the legacy operation, and the two were proposed to be merged into a single listed entity that now sells its products in over 70 countries. The recurring approach is to build a full-spectrum molecular diagnostics house - spanning multiple testing technologies under one roof - and then widen the moat by acquiring European brands that bring regulatory certifications, niche monopolies and direct access to developed markets.** # Business segments Three engines at different stages - a diagnostics platform that is the core business, a legacy agrochemical division kept for steady government and export sales, and a European subsidiary that doubles as a manufacturing and distribution bridge to developed markets - with the diagnostics engine itself built on four technology lines and recently strengthened by a Belgian acquisition. ## 1. Molecular diagnostics: the company’s core engine, spanning four testing technologies **It makes the kits that labs use to detect infections, cancers and drug-resistant bugs, and claims to be the only molecular diagnostics company globally to integrate qPCR, lateral flow, next-generation sequencing and digital PCR assays under one roof.** - **Over 120 assays across four brands** - the TRUPCR® line covers real-time PCR tests for infectious diseases, oncology, blood-borne diseases and syndromic panels (a single test that checks for multiple pathogens at once); TRURAPID® handles lateral flow rapid tests; TRUNGS® addresses next-generation sequencing; and TRUdPCR® covers digital PCR, which was commercially launched in Q3 of FY 2025-26. - **The COVID moment built the brand** - during the pandemic, the company became the largest supplier of RT-PCR tests in India, supplying over 16 million tests to more than 400 labs across 80 cities, and its subsidiary became the first Indian molecular diagnostics company to receive US FDA Emergency Use Authorization for its COVID-19 PCR kit. - **Equipment placed on reagent-rental locks in recurring revenue** - about 20-25% of domestic sales come from a contractual model where the company installs PCR or extraction systems in labs and hospitals under 2-3 year exclusivity agreements, so those customers must keep buying the company’s assay kits. - **In-house enzymes keep costs down** - the company produces its own enzymes rather than buying them from third parties, which contributes to a cost advantage over European and American competitors, alongside lower manpower costs in India. - **Manufacturing headroom for demand spikes** - the main Bhopal plant runs at roughly 65% of installed capacity on average, dipping to around 50% in lean periods, which means it can scale up rapidly when vector-borne disease or flu seasons hit. ## 2. Antimicrobial resistance (AMR): a specialised portfolio riding a global health tailwind **Rapid tests that tell a doctor within 15 minutes whether a bacterial infection will resist common antibiotics - built across both PCR and lateral flow platforms and now strengthened by a Belgian acquisition with a monopoly product.** - **Speed is the clinical selling point** - the TRURAPID® RESIST range delivers results within 15 minutes of a positive culture or blood culture, letting clinicians decide quickly whether to use carbapenem antibiotics (imipenem, meropenem and others) or switch to alternatives. - **A monopoly in sleeping sickness** - through the Coris BioConcept acquisition, the company now owns the HAT Sero K-SeT, a rapid test for Human African Trypanosomiasis (African sleeping sickness) that management describes as a global monopoly, supplied under a EUR 6.0 million Belgian Government order to be delivered over four years. - **The US FDA door is being pushed open** - the company is pursuing US FDA clearance for selected AMR products, and Coris is separately working on FDA registration for its RESIST-5 AMR test, a process expected to take 1-2 years; success would unlock the large American diagnostic market. ## 3. Agrochemicals: the legacy division, kept for steady government and export sales **A stable, low-debt business that formulates insecticides, fungicides and public-health products, selling mainly through government e-tenders and exports to Bangladesh - deliberately maintained rather than grown.** - **A broad but legacy portfolio** - the division makes over 70 insecticides, 15 fungicides, 11 herbicides, 11 public health products, and a range of bio-pesticides and bio-fertilizers, all under ISO 9001 certification. - **Government tenders are the main channel** - sales flow through the Government e-Marketplace (GeM) platform, exports (primarily to Bangladesh), and public health and warehousing contracts, with export sales of INR 277.74 Lakh in FY 2025-26. - **Run for cash, not for growth** - the stated vision is to supply only old customers, government vector-borne disease control tenders and exports, and the division operates with minimal debt; historically the company had intended to continue it only until a suitable buyer is found for its brands. # TRUPCR® Europe Limited: the UK subsidiary that is both factory and bridge **A Manchester-based subsidiary that takes bulk kits from India, finishes them locally and labels them “Made in UK” - cutting lead times for European customers and providing same-time-zone technical support, while also distributing into Latin America and Africa.** - **“Made in UK” opens EU doors** - assays manufactured and finished in Manchester carry that label, which is a significant selling point for EU customers because of proximity and easier regulatory compliance; the facility is ISO 13485:2016 certified by BSI UK. - **A 40% compounder over four years** - the subsidiary has delivered a CAGR of approximately 40% since inception, with FY26 sales of GBP 1,751,860, and has expanded beyond Europe into LATAM and African markets. # Group structure and partners **A single listed Indian parent with one material UK subsidiary, which together acquired a Belgian diagnostics company in 2025 - a structure deliberately kept simple, with no other associate or joint venture companies.** - The listed entity is 3B BlackBio Dx Limited (BSE-listed), formed when the diagnostics subsidiary 3B BlackBio Biotech India Limited was merged into the original agrochemical parent Kilpest India Limited in 2023, with the name change effective November 2023. - The sole subsidiary is TRUPCR® Europe Limited in Manchester, an unlisted material subsidiary that handles European sales, marketing, technical support and R&D. - Through the parent and the UK subsidiary, the group entered into a definitive agreement to acquire 100% of Coris Holding SRL - the parent of Coris BioConcept SRL in Belgium - from Avacta Group Plc of London. - The Board is led by Chairman & Managing Director Dhirendra Dubey, with N.K. Dubey as Whole-Time Director, and the company has stated an intention to pursue a listing on the National Stock Exchange.