Negative other income and high tax rate compressed Thyrocare's Q2 profit
Five new labs expanded the network, while the 32.97% operating margin stood 13.07 percentage points above the 31-peer healthcare median.
Filed 29 Oct 2026, 15:52 IST · after market close · Thyrocare Technologies Ltd (THYROCARE)
Key takeaways
- Q2FY27 net profit was constrained by negative other income of Rs 40.55 cr and a 54.77% tax rate.
- Thyrocare's 32.97% operating margin was 13.07 percentage points above the 19.9% median of 31 healthcare peers that had reported.
- Management said it launched five labs in Q2 FY27 and that Trovera had binding agreements to acquire 39 radiology centres, excluding NHL.
Price around the results
Operating earnings were offset below the operating line
These consolidated Q2FY27 results show operating profit of Rs 89.29 cr, but negative other income of Rs 40.55 cr was the largest drag below that line. Depreciation of Rs 13.52 cr and interest of Rs 1.57 cr further reduced profit before tax to Rs 33.65 cr. The 54.77% tax rate then limited net profit to Rs 15.22 cr, making reported profit a weaker measure of operating performance this quarter.
Margin remains well above the reported healthcare peer median
Thyrocare's 32.97% operating margin was 13.07 percentage points above the 19.9% median for the 31 healthcare peers that had reported the same quarter. With no sequential or year-on-year driver data in this release, the key read is the gap between its operating economics and the wider reported peer set, rather than a directional margin trend.
Five labs added to the testing network
Management said it launched four regional processing laboratories in Asansol, Nasik, Madurai and Jabalpur, along with a hybrid lab in Jamshedpur, during the quarter. The company said these facilities are intended to strengthen its testing network and improve turnaround times in nearby catchment areas. Management also said Trovera had executed binding agreements to acquire 39 radiology centres, excluding NHL, while the presentation flagged NHL's three-year operating loss of Rs 3.8 cr.
The filing came after market close
The consolidated results were filed after market close on 29 October 2026. The immediate share-price response therefore cannot be assessed from the filing timing.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹271 cr |
| Other income | ₹-41 cr |
| Expenses | ₹182 cr |
| Operating profit | ₹89 cr |
| Operating margin (%) | 32.97% |
| Interest | ₹2 cr |
| Depreciation | ₹14 cr |
| Profit before tax | ₹34 cr |
| Tax | ₹18 cr |
| Net profit | ₹15 cr |
| EPS (₹) | ₹0.96 |
Operating margin of 32.97% compares with a Healthcare sector median of 19.90% across 31 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company launched new regional processing and hybrid labs to strengthen its testing network and improve turnaround times.
Expansion
- The company launched five new labs in Q2 FY27, including four regional processing laboratories and one hybrid lab.
- The new labs were scheduled for launch between July and September 2026.
- Trovera had executed binding agreements to acquire 39 radiology centres, excluding NHL.
New initiatives
- The company conducted franchisee meetings and used feedback to strengthen processes, service delivery and quality outcomes.
- The company conducted 45 doctor meetings involving feedback from more than 100 doctors.
Problems & risks
- NHL reported a three-year operating loss of INR 3.8 crore.
What to watch
- Whether operating margin holds above 32.97% as the five new labs scale up.
- Whether the tax rate moves below 54.77% in the next reported quarter.
- The status of Trovera's binding agreements to acquire 39 radiology centres, excluding NHL.