### **Overview** Thyrocare Technologies Ltd. is one of India’s largest and most trusted fully automated diagnostic laboratory chains, established in 1996 and headquartered in Navi Mumbai. With a strong focus on **affordable, high-quality, and timely diagnostics**, Thyrocare has evolved from a niche thyroid diagnostics provider to a comprehensive pathology player offering over **920 tests** across preventive health, lifestyle diseases, oncology, and infectious diseases. The company operates under a scalable **B2B franchise and partnerships model**, enabling it to serve a pan-India network of hospitals, clinics, pharmacies, health tech platforms, insurers, and public-sector bodies, while maintaining capital efficiency. With **100% NABL accreditation** across its owned labs—the only national lab chain in India with this distinction—Thyrocare continues to solidify its reputation for quality and innovation. --- ### **Strategic Growth Pillars (as of Q2 FY26)** Thyrocare has aligned its growth strategy around three core pillars: 1. **Customer Success**: Delivering accurate, timely, and affordable services through advanced automation, live reporting, and turnaround time visibility. 2. **Network Expansion**: Deepening penetration across urban, semi-urban, and Tier 3+ cities via franchisees, PPPs, and strategic acquisitions. 3. **Test Menu Expansion**: Launching specialized, high-demand tests, including molecular diagnostics and preventive health offerings. --- ### **Recent Operational Highlights (2025 Updates)** #### **Franchise & Network Expansion** - **Franchise Growth**: Active quarterly franchisees reached **10,100** in Q2 FY26, up from 8,446 YoY and 9,413 in the previous quarter. - **Field & Central Teams**: Expanded to accelerate onboarding and enhance support for franchisees, especially in Tier 3 and emerging markets. - **Branded vs. Non-Branded**: Out of 10,000+ franchises, ~1,000 are fully branded. **All issue Thyrocare-branded reports**, ensuring consistent brand trust and quality perception. - **Franchise Model Diversity**: Partners include hospitals, nursing homes, standalone labs, and collection centers, with over **95% already established**, minimizing startup risks. - **CAPEX Model Shift**: Transitioned from reagent rental (RR) to **purchasing and capitalizing lab equipment**, driven by strong cash flow and long-term cost savings. #### **Geographic Expansion & Infrastructure** - **Regional Processing Labs (RPLs)**: - **Vijayawada RPL**: Commissioned in October 2025, with 2,000-sample daily capacity, strengthening Southern India presence. - **Bhagalpur RPL (Bihar)**: Also commissioned, with 2,500-sample daily capacity, enhancing coverage in Eastern India. - **Kashmir & Roorkee Labs (July 2025)**: Partner labs launched to improve **last-mile access** in North India. - **Total Lab Network**: As of recent data, includes **40 advanced labs** across India and Tanzania, supported by 2 CPLs, 19 RPLs, 2 ZPLs, and 6 SPLs. - **100% NABL-Accredited**: Achieved milestone as India’s only national lab chain with **full NABL accreditation**, reinforcing quality leadership. #### **Acquisitions & Integration (Key to Growth)** - **Polo Labs**: Acquired in FY24–25, strengthened footprint in **Punjab, Haryana, Himachal Pradesh**. Contributed ~₹3.8 crores in incremental revenue. - **Vimta Clinical Diagnostics**: Acquisition added presence in **Telangana, Andhra Pradesh, Uttar Pradesh, and Odisha**, with ~₹6.4 crores in incremental revenue. - **Think Health**: Enabled launch of **ECG-at-Home services**, now available in **1,150+ pin codes**, forming a one-stop solution for **pre-policy health checkups**. - **SyncHealth**: Enhanced ECG-at-home capabilities and pre-policy medical checkup offerings. - **Integration Progress**: Full operational integration of Polo and Vimta achieved, driving **synergies in logistics, turnaround time, and brand reach**. --- ### **Performance & Financial Highlights** | Metric | Q2 FY26 / Latest Update | |-------|------------------------| | **Active Franchisees (Quarterly)** | 10,100+ | | **Total Patients Served (Last 12 Months)** | 16.7 million | | **Tests Conducted (Annual)** | 167.9 million (14% YoY growth) | | **Revenue (FY24–25)** | ₹687.35 crore | | **ROCE / ROE** | 25.97% / 16.89% | | **Revenue Contribution** | 40% from ~1,000 branded/anchor service centers | | **B2B Revenue Share** | ~85% (incl. partnerships and franchises); D2C ~6% | - **Growth in Branded Segments**: - **Aarogyam (Preventive Health)**: +19% YoY - **Jaanch (Lifestyle & Chronic Diseases)**: +31% YoY - **Her Check (Women’s Wellness)**: Relaunched with 12 specialties and 30 diagnostic packages - **Inorganic Growth**: Acquisitions (Polo, Vimta, Think Health) contributed **2–4%** to overall growth, supporting regional and service expansion. --- ### **Innovation & Service Expansion** - **Advanced Technology**: - Uses **BioFire PCR platforms** for rapid molecular diagnosis. - Average **Report TAT: 3.43 hours**, with 98% of reports delivered within 6 hours. - Fully automated labs with **direct LIS-analyser integration**, reducing manual errors. - **Product Launches**: - **Troponin I Test**: India’s first **single-blood test for heart attack risk assessment**. - **Jaanch Brand**: Doctor-curated packages for lifestyle conditions (fever, diabetes, PCOS, hair fall). - **HbA1c Graph Reports & Coagulation Tests**: Enhanced chronic disease monitoring. - **Genomic Testing**: Partnership with **TestEasy** to offer clinical genomics (e.g., TB, fungal infections). - **Phlebotomy & Home Services**: - **Company-owned Phlebotomy Fleet**: ~1,900 phlebotomists (separate from franchise network), servicing **corporate, healthtech, and B2B orders directly**. - **ECG-at-Home**: Operates via 170 dedicated ECG-trained phlebotomists, integrated with blood testing for **insurance and wellness clients**. --- ### **Partnerships & B2B Ecosystem** - **Key Partner Categories**: 1. **HealthTech Platforms**: e.g., PharmEasy, Practo, 1mg. 2. **Corporate & Insurance**: Pre-policy checkups, annual health assessments. 3. **Public-Private Partnerships (PPP)**: TBP, infectious disease control programs. - **Insurance & Pre-Policy Market**: - ECG + Blood Testing **one-stop solution** now in 1,150+ pin codes. - Growing presence among **5+ TPAs and 10 insurance partners**. - **Public Health Initiatives**: - **Tuberculosis (TB) Screening Programs**: Active in **Gujarat, Maharashtra, Assam** under government contracts. - Recognized as a **key implementation partner** in national TB and infectious disease control. --- ### **Subsidiary Operations: Nueclear Healthcare** - **Focus**: Molecular imaging and cancer diagnostics (PET-CT). - **Network**: 10 molecular imaging centers in major Indian cities. - **Key Capability**: In-house production of **FDG (radiopharmaceutical)** via a **medical cyclotron in Navi Mumbai**, ensuring supply reliability and cost control. - **Scans Performed (Annual)**: Over **28,500 PET-CT scans**. - **Growth Strategy**: Expand utilization per center, reactivate dormant units, and fund new deployments through operational cash flow. --- ### **Marketing & Doctor Engagement** - **Brand Positioning**: “Tests You Can Trust” – supported by **CAP accreditation (15+ years)** and 9/10 doctor recommendation rate (per independent survey). - **Doctor Collaborations**: Advisory boards, HbA1c study (2 million data points), and educational campaigns. - **Brand Ambassadors**: Regional celebrities deployed to promote **Aarogyam 24x7, Jaanch, and diabetes testing awareness**. - **Digital Engagement**: Live reporting, chatbot support, mobile app access for franchisees and patients. --- ### **Sustainability & Governance** - **Environmental Compliance**: - Biomedical waste managed via **State Pollution Control Board**. - Emphasis on sustainability in procurement and operations. - **Employee Welfare**: ₹2.5 crore invested in FY25. - **Ethical Sourcing**: 100% critical reagents and materials sourced via long-term contracts.