Thyrocare Q2 FY26: Revenue up 22%, PAT 82%, margin 35%

What changed for Thyrocare after the COVID cycle

Thyrocare Technologies’ financial trend over FY21 to FY25 shows a full COVID-cycle normalisation followed by a clear recovery in its core diagnostics business. Revenue rose from ₹495 crore in FY21 to ₹687 crore in FY25, implying an 8.6% CAGR over four years. The company flagged that the non-COVID core portfolio has compounded at 19% annually over the same period, pointing to stronger underlying momentum once pandemic-related distortions faded. FY22 was described as a one-off peak due to COVID testing tailwinds, which was followed by a sharp reset in FY23. From FY24 onward, the company has been on a recovery path, culminating in its highest-ever annual revenue in FY25.

FY25: record revenue, improving profitability

Alongside revenue growth, profitability metrics have moved away from COVID-era peaks and started to firm up again. EBITDA margin recovered from 23% in FY23 to 28% in FY25, as cited in the performance summary. PAT margin was described as stabilising around 13%.

Operational scale also improved, with test volumes rising from 10 million in FY21 to 17 million in FY25. Volumes growing faster than revenue is consistent with improving network utilisation and operating leverage, especially in a franchise-heavy collection model where fixed lab infrastructure is spread over rising throughput.

Q2 FY26: topline and profit rebound accelerates

In Q2 FY26, Thyrocare reported strong year-on-year growth across revenue, EBITDA and profit after tax. Consolidated revenue was reported at ₹216.53 crore, a 22% YoY increase. EBITDA rose to ₹75.36 crore, up 49% YoY, while PAT climbed 82% YoY to ₹47.90 crore.

Margin expansion was a key highlight. One reported data table for the quarter showed EBITDA margin at 35% (versus 29% in Q2 FY25), while another line item referenced an EBITDA margin of 33% for Q2 FY26. The difference appears to be rounding or classification in the source summaries, but both versions indicate a clear step-up in profitability versus the year-ago quarter.

Stock reaction, 52-week high and bonus issue

Thyrocare’s shares touched a fresh 52-week high after the strong Q2 FY26 PAT growth. Separately, the stock was also cited as surging 19.78% to ₹921 on April 24, 2025, versus a previous close of ₹768.85 on the BSE, following the announcement of its Q4 FY25 results.

The board also announced a 2:1 bonus issue, as mentioned alongside the Q2 FY26 result coverage. In Q4 FY25-related coverage, the company’s market capitalisation was stated at ₹4,578.37 crore following the rally.

Operational metrics show higher engagement per patient

The company’s operating metrics in the period were presented as supportive of volume-led growth and better monetisation per customer. Tests conducted were reported at 53.3 million (+21% YoY), while patients served were 5.0 million (+12% YoY). Tests per patient increased to 10.7 from 9.9, attributed to comprehensive health packages.

Distribution reach also expanded. Active franchisees were reported at 10,100, up 20% YoY from 8,446. Revenue per patient was reported at ₹406 versus ₹368 a year earlier.

Q4 FY25: profit growth, higher margin and dividend recommendation

For Q4 FY25 (January to March 2025), the company reported revenue from operations of ₹187.2 crore, up 21.3% YoY versus ₹154.3 crore in Q4 FY24. Consolidated net profit was reported at ₹21.7 crore, up 21.9% YoY from ₹17.8 crore.

A separate disclosure stated that excluding exceptional items, PAT surged 88% YoY to ₹32.5 crore. EBITDA was reported at ₹57.8 crore versus ₹33.9 crore in Q4 FY24, implying 70.5% YoY growth and an EBITDA margin of 30.9% (up from 22%). Another release also referenced “normalized EBITDA” of ₹65.3 crore for the quarter and a “normalized EBITDA margin” of 35%, indicating adjustments and normalisation differences in the reported summaries.

The board recommended a final dividend of ₹21 per equity share for FY25, subject to shareholder approval.

Volumes, segments and the post-COVID pivot

Thyrocare operates through Diagnostic Testing Services, Imaging Services, and Others. The Diagnostic Testing Services segment was described as the largest contributor, with testing volumes rising 14% YoY to 167.9 million samples in FY25, the highest on record. Growth drivers mentioned included expanded test offerings and the Aarogyam wellness packages.

The post-pandemic pivot was also quantified in one summary: COVID testing revenue fell from ₹171 crore in FY22 to ₹6 crore in FY23. The recovery narrative since then has been anchored in non-COVID diagnostics and channel execution through franchise and partnership models.

Key numbers at a glance

Why the margin trajectory matters for investors

Across the described period, Thyrocare’s story is less about a single quarter and more about how the business behaves after the COVID testing spike and subsequent drop-off. The cited improvement from 23% EBITDA margin in FY23 to 28% in FY25, followed by an even stronger Q2 FY26 EBITDA margin (33% to 35% depending on the summary), highlights operating leverage from higher utilisation and cost discipline.

Volume growth outpacing revenue growth over FY21 to FY25 also matters because it indicates network utilisation efficiencies. Meanwhile, the rise in tests per patient and revenue per patient in Q2 FY26 suggests increasing basket size and better monetisation through packaged offerings.

Conclusion

Thyrocare’s FY25 record revenue and Q2 FY26 jump in revenue, EBITDA and PAT point to a post-COVID recovery that is increasingly driven by the non-COVID core portfolio. With a 2:1 bonus announced and a ₹21 final dividend recommended for FY25 (subject to shareholder approval), the next key watchpoint will be subsequent quarterly updates that confirm whether the higher margin band sustains alongside volume growth.