3B BlackBio Dx: FY26 growth led by MDx, with Coris adding scale and complexity

3B BlackBio Dx Ltd. (formerly Kilpest India) ended FY 2025-26 with a sharper tilt toward molecular diagnostics. On a consolidated basis, revenue from operations rose to INR 141.92 crore (from INR 96.47 crore in FY25), while profit after tax increased to INR 59.93 crore (from INR 47.69 crore). The company also reported EPS of INR 69.94 for FY26 versus INR 55.66 in FY25.

The year was also structurally different from prior years because Coris BioConcept SRL, Belgium was acquired on 29 August 2025. Management repeatedly highlighted that FY26 includes only seven months of Coris and that Coris profitability in FY26 included a one-time timing benefit from the HAT order being supplied in the consolidated period.

FY26 in numbers: consolidated uplift, but watch the base effects

The consolidated step-up was driven primarily by the MDx division. The investor presentation reports MDx revenue from operations of INR 131.12 crore in FY26 versus INR 84.28 crore in FY25. Coris contributed INR 35.91 crore of sales in the consolidated period, while TRUPCR Europe contributed INR 20.67 crore.

Management also explained why the India standalone MDx growth was more muted than the consolidated headline. In FY26, 3B India standalone MDx sales were INR 86.48 crore versus INR 78.34 crore in FY25, a 10.4 percent increase. According to management, this was largely because FY25 had an exceptional flu and dengue or chikungunya spike (around INR 4.20 crore in Q2 and Q3) that did not repeat, and because some export orders were cancelled due to geopolitical tensions in the Middle East.

Notes: Coris sales of INR 35.91 crore are included in FY26. The company stated FY26 PBT included Coris profit of INR 8.76 crore due to a one-time event related to the HAT order.

Operating model and demand drivers: panels, exports, and contracts

The company’s positioning in MDx is built around breadth. It markets qPCR assays (TRUPCR), lateral flow assays (TRURAPID), NGS assays (TRUNGS), and digital PCR assays (TRUdPCR), and states it has developed over 120 molecular diagnostic assays. It claims access to more than 1,000 labs and hospitals across 100-plus Indian cities, and an export footprint spanning 70-plus countries.

On the India sales model, management split domestic revenue generation into three buckets: tender sales at roughly 5 to 7 percent, a contractual or reagent-rental model expected at 20 to 25 percent, and the remaining 65 to 70 percent from other supplies to labs and hospitals. Management also acknowledged that the company is following a liberal credit policy to sustain competitiveness, which has increased debtor levels, with an intent to gradually bring them down.

Exports remained a strategic focus. The presentation disclosed non-Covid export sales of INR 21.41 crore in FY26 versus INR 17.04 crore in FY25, a 25 percent increase. Management also described the export mix at present as roughly 45 percent Europe, about 25 percent Middle East, about 25 percent APAC, and about 5 percent rest of world, with the mix expected to shift as new geographies scale.

TRUPCR Europe: a steady international growth lever

TRUPCR Europe Limited (Manchester) has become a meaningful second engine for the group. The presentation reported sales of GBP 1.75 million in FY26 compared with GBP 1.29 million in FY25. Management described this as 36 percent growth year-on-year, with a roughly 40 percent CAGR over four years.

The company highlighted the benefits of EU-aligned branding and smoother logistics for European customers, supported by ISO 13485 certification through BSI (UK). It also pointed to marketing activity such as MEDICA participation and onboarding new distributors as part of its European expansion playbook.

Coris BioConcept: AMR strength, HAT volatility, and US FDA as a catalyst

Coris is the most important strategic change in the FY26 story, but also the biggest source of comparability noise. Management stated that Coris contributed INR 35.91 crore of sales for seven months of consolidation and reported PAT of INR 8.76 crore, but clarified this profit was due to a one-time event linked to HAT order supply in the profitable part of the year.

The performance review in the presentation gives a clearer operational picture. Coris’s HAT sales were reported at EUR 2.1 million in 2024 and EUR 1.35 million in 2025, with the decline attributed to disturbance in Congo. The HAT contract is described as a Belgium government order of EUR 6.0 million received in February 2024 to be supplied over four years.

Excluding HAT and R and D projects, Coris described its business mix as mainly AMR and infectious. It reported 30 percent growth in AMR, which forms 69 percent of sales, while infectious degrew 26 percent due to Chinese competition. Management guided that AMR products could grow 15 to 20 percent in FY27, and that overall Coris sales could grow 10 to 15 percent with slight positive EBITDA.

A key medium-term trigger is US FDA registration. Management stated Coris is pursuing US FDA registration for its RESIST-5 AMR product, with an expected timeline of 1 to 2 years. It also said US market entry could start in FY28 and that US could eventually contribute around 20 percent of Coris revenue, building toward EUR 1.0 to 1.5 million in sales.

Regulation as strategy: IVDR transition and certifications

The investor presentation positions regulatory readiness as a competitive moat. The company stated it is progressing on the EU IVDR transition plan, with IVDR applicable from 26 May 2026. It also stated that it can continue selling legacy devices until 31 December 2028 during the transition period, while it completes product group technical evaluations.

BSI Group has been appointed as the notified body, and the company said it successfully passed IVDR-aligned QMS audits conducted in November 2025. Management also reiterated on the call that a successful IVDR transition should be a meaningful competitive advantage as customers increasingly prefer suppliers with clear IVDR pathways.

Investor takeaway: guidance is clear, but FY27 will normalize the Coris base

For FY 2026-27, management guided consolidated revenue growth of 15 to 20 percent. It also stated that margin profile should remain broadly similar on a full-year basis, while cautioning against quarter-on-quarter interpretation because Coris has seasonality and HAT order timing effects.

The core analytical point for investors is that FY27 comparisons will change because Coris will be consolidated for a full 12 months, including quarters that were not present in FY26 consolidation. Management itself acknowledged that Coris can be loss-making in Q1 and Q2 and that profitability may rise later in the year with HAT order execution. This makes the annual view more reliable than quarterly optics.

At the same time, the company’s strategy appears internally consistent across the documents: broaden the test menu, push higher-value panels, deepen exports through TRUPCR Europe, build AMR credibility through Coris, and invest in regulatory readiness under IVDR while exploring sample-to-answer systems and further M&A.

If execution aligns with the 15 to 20 percent growth guidance and Coris stabilizes toward the stated slight EBITDA positivity, FY27 could represent a cleaner read on the group’s normalized earnings power, with fewer acquisition timing distortions than FY26.