3B BlackBio Dx Q1 FY27: Growth with acquisition drag as Coris turns seasonal

3B BlackBio Dx Limited (formerly Kilpest India Limited) entered Q1 FY 2026-27 with a clear headline split: consolidated revenue moved up sharply, but consolidated profitability moved down. In the quarter, consolidated revenue from operations rose to Rs 3,349.08 lakhs versus Rs 2,223.46 lakhs in Q1 FY 2025-26. Profit before tax fell to Rs 1,321.95 lakhs from Rs 1,586.35 lakhs, while profit after tax declined to Rs 897.84 lakhs from Rs 1,264.45 lakhs. EPS reduced to Rs 10.48 from Rs 14.76.

The company attributes the divergence between revenue growth and profit decline to the inclusion of Coris BioConcept SRL, Belgium in the consolidated base. Management notes that last year’s Q1 numbers did not include Coris as the date of consolidation was 29 August 2025. In Q1 FY27, Coris contributed Rs 862.83 lakhs of sales and a negative EBITDA of Rs 352.24 lakhs.

A cleaner way to read the quarter is to view the base business without Coris. On a consolidated excluding Coris basis, revenue from operations increased to Rs 2,486.24 lakhs from Rs 2,223.46 lakhs. Profit before tax improved to Rs 1,791.76 lakhs from Rs 1,586.35 lakhs. Profit after tax increased to Rs 1,367.66 lakhs from Rs 1,264.45 lakhs. EPS rose to Rs 15.96.

Q1 FY27 performance: consolidated vs excluding Coris

The investor presentation provides both views. Consolidated numbers capture the expanded group scale, including UK and Belgium operations. The excluding Coris view helps isolate operating performance of the India business and TRUPCR Europe.

On the diagnostics side, consolidated revenue from operations for Q1 FY27 stood at Rs 3,205.73 lakhs compared with Rs 1,996.06 lakhs in Q1 FY26. This included sales from TRUPCR Europe Limited, Manchester of Rs 542.91 lakhs and Coris BioConcept SRL, Belgium of Rs 862.83 lakhs.

However, the same consolidated diagnostics view shows EBITDA declining to Rs 1,466.54 lakhs from Rs 1,619.43 lakhs, again because Coris posted losses in the quarter. The company explicitly discloses Coris negative EBITDA as part of the consolidated result.

The MDx business excluding Coris shows a more positive operating picture. For Q1 FY27, revenue from operations excluding Coris increased to Rs 2,342.90 lakhs from Rs 1,996.06 lakhs, a 17.4 percent rise. EBITDA increased to Rs 1,818.82 lakhs from Rs 1,619.43 lakhs, and PBT increased to Rs 1,791.75 lakhs from Rs 1,591.51 lakhs. PAT increased to Rs 1,367.65 lakhs from Rs 1,269.61 lakhs.

Financial summary table (all values in Rs lakhs)

Diagnostics strategy: breadth, contracts and compliance

The molecular diagnostics platform remains positioned as the primary growth engine. The presentation describes a portfolio spanning qPCR assays (TRUPCR), lateral flow assays (TRURAPID), NGS assays (TRUNGS), and digital PCR assays (TRUdPCR). The company states that more than 120 molecular diagnostic assays have been developed.

A key operational lever in India is the company’s sales model. It outlines three channels for Q1 FY27 in India: tender sales of about 5 to 7 percent, contractual reagent-rental contributions projected at 20 to 25 percent for the financial year and coming years, and the remaining 65 to 70 percent coming from other supplies to hospitals and labs.

The reagent-rental model is described as a long-term arrangement where diagnostic equipment such as real-time PCR systems or extraction systems is placed at customer sites with the condition that only the company’s assays are used. The presentation also states that over 15 long-term contracts are already in place, typically spanning 2 to 3 years.

The company acknowledges that competition has increased post COVID, and it is using a liberal credit policy to protect customer relationships. It notes this has resulted in higher debtor levels currently, which it plans to bring down gradually in the coming years.

Regulatory readiness is presented as another central pillar. The company states it is compliant with CDSCO licensing and has a wide CE-IVD range. It also states it has passed the IVDR QMS audit and is progressing towards IVDR certification. In the IVDR section, management clarifies that the transition period allows continued sale of legacy devices until 31 December 2028, while technical evaluation of product groups continues. BSI Group has been appointed as the Notified Body.

Exports and international footprint: growth, but geopolitical friction

International markets remain a major growth theme in the presentation. Management states the company has presence in over 70 countries, spanning Europe, Middle East, APAC, LATAM and North America including the United States and Canada, and is expanding in Africa.

Exports grew in Q1 FY27. Export sales were reported at Rs 596.28 lakhs compared with Rs 430.90 lakhs in Q1 FY26. The company describes this as a 38 percent growth for the quarter. It also flags that growth could have been higher if geopolitical tensions had not delayed or cancelled some orders and created logistical challenges.

TRUPCR Europe Limited, Manchester is positioned as a growth driver for the group. The company states TRUPCR Europe recorded 13 percent growth in sales in Q1 FY27 versus Q1 FY26, moving from GBP 380,477 to GBP 432,997. It adds that geopolitical tensions resulted in a few orders not being received and growth could have been higher by 4 to 5 percent under more favorable conditions.

The company links international expansion to distributor onboarding, marketing team expansion, and participation in global exhibitions such as ADLM in the USA and WHX Johannesburg.

Coris BioConcept: seasonal economics and a focused AMR bet

Coris is the key reason consolidated profitability weakened in Q1. The presentation explains that Coris is seasonally loss making in Q1 and Q2 and turns profitable in Q3 and Q4, driven by supply timing of the HAT order.

Management states Coris received confirmation for a HAT order of EUR 1.41 million to be supplied in Q3, December 2026. It also notes that in 2025, HAT sales were EUR 1.35 million supplied in December 2025. The broader HAT contract is described as a Belgium government order of EUR 6.0 million received in February 2024 to be supplied over four years.

In Q1 FY27, Coris recorded revenue from operations of EUR 796K with an EBITDA loss of EUR 325K, compared with revenue from operations of EUR 788K with an EBITDA loss of EUR 414K in Q1 FY26. Management states control measures reduced the loss by 21 percent.

The presentation also gives product mix direction at Coris. It states AMR grew 12 percent and constituted about 70 percent of sales in Q1 FY27, while other categories declined 54 percent and formed about 30 percent of sales, attributed to Chinese competition.

For FY 2026-27, Coris guidance is specific: AMR products are expected to grow 15 to 20 percent, other products are expected to decline, and overall sales are expected to grow 10 to 15 percent with slight positive EBITDA.

Regulatory milestones are presented as potential longer-term drivers. Coris is stated to have received IVDR certification for its two main AMR products. Management also states Coris has started working on US FDA registration for RESIST-5 AMR, expected to take 1 to 2 years, and that the US market opportunity should start sales in 2027-28.

Takeaways from the quarter

The quarter shows why the company has chosen to disclose both consolidated and excluding Coris performance. Consolidated results reflect the expanded group footprint, but profitability is currently weighed down by Coris losses and seasonality. Excluding Coris, the core business delivered higher revenue, higher profits, and improved EPS.

Management’s near-term focus is clear: sustain export momentum despite geopolitical disruptions, expand long-term contracts through the reagent-rental model, push forward on IVDR compliance, and improve Coris profitability through cost controls and seasonally stronger second-half execution. The success of these levers will determine whether group growth translates into steadier consolidated margins over FY 2026-27.