Thyrocare Technologies Ltd

Thyrocare Technologies Limited was incorporated in January, 2000. The Company operates in the healthcare industry and is involved in providing quality diagnostic services at affordable costs to patients, laboratories and hospitals in India. As of 31 March 2025, the Company offered more than 920 distinct tests that support early detection, preventive care and the ongoing disease monitoring. Their 43 profiles are administered under its reputed 'Aarogyam' brand, which offers patients a suite of wellness and preventive health care tests. The Company primarily operates its testing services through a fully automated Centralised Processing Laboratory (the CPL) and has expanded its operations to include a network of Regional Processing Laboratories (RPLs). The company currently operates 25 RPLs, one in each of New Delhi, Coimbatore, Hyderabad, Kolkata, Bangalore, Bhopal, Mumbai Patna and Chennai, which process samples sourced from their respective regions. Nueclear Healthcare Limited (NHL), the wholly owned subsidiary of Thyrocare Technologies, is engaged in PET-CT Scan imaging diagnostic business. NHL currently has 10 active operating PET-CT scanners in 8 imaging centers: two in Navi Mumbai, two in New Delhi, one each in Hyderabad, Central Mumbai, Western Mumbai, Baroda, Nashik and Bangalore. NHL also owns and operates a medical cyclotron unit in Navi Mumbai, which produces the radioactive biomarker FDG required for PET-CT scanning. Thyrocare Technologies CPL, which is located in Navi Mumbai, is equipped with automated systems, diagnostic testing instruments and processes from leading international and Indian healthcare brands. The CPL is fully automated and driven by a barcoded and bi-directionally interfaced system and Laboratory information system. Thyrocare Technologies collects samples through a pan-India network of authorized service providers comprised of Thyrocare Service Providers (TSPs), Thyrocare Aggregators (TAGs) and Online Clients (OLCs), who in turn source these samples from local hospitals, laboratories, diagnostic centers, nursing homes, clinics and doctors that avail diagnostic services from the company. As of 31 March 2019, Thyrocare Technologies had a network of 6342 authorized service providers, comprised of 578 TAGs, 529 TSPs and 5235 OLCs spread across 555 cities and 32 states and 2 union territories. The wide spread network of authorized service providers has enabled the company to expand the reach of the CPL and RPLs, thereby providing the company with access to a larger customer base. Thyrocare Technologies promoted Nueclear Healthcare Limited (NHL) in the year 2011. Thyrocare Technologies acquired controlling stake Nueclear Healthcare Limited effective 15 November 2014. Thyrocare Technologies commenced setting up Regional Processing Laboratories (RPLs) in 2014. During the financial year ended 31 March 2016, Thyrocare Technologies issued 31,87,562 equity shares at a premium of Rs. 295.95/- per share, towards consideration for acquiring 46,11,000 equity shares of M/s. Nueclear Healthcare Limited from remaining six shareholders, so that it becomes wholly-owned subsidiary of the company. NHL became wholly-owned subsidiary of the company with effect from 16 December 2015. The increase in revenue of Thyrocare Technologies' diagnostic services business in Fiscal 2016 was mainly on account of increased focus on preventive care offerings, improvement in turnaround time by newly set-up regional processing laboratories, enhancement in the brand awareness, realization of revenue from newly introduced verticals and media campaigns, and growth in the company's imaging business. Thyrocare Technologies came out with an Initial Public Offer (IPO), to fulfill its contractual obligation to one of the overseas PE Investor to give an exit route within the agreed time. A total number of 1,07,44,708 equity shares were offered for sale to the public at an Issue Price of Rs. 446. The Issue opened on April 27, 2016 and closed on April 29, 2016 and it was a grand success with an over-subscription of more than 75 times, the highest in healthcare industry in India. Subsequently, the company got stellar listing on the bourses on 9 May 2016 with stock prices zooming more than 45% of the higher price band of share price within a few minutes of commencement of trading in the stock exchanges. During the year financial year ended 31 March 2017, Thyrocare Technologies decided to sell its entire holding in Thyrocare International Holding Company (TIHC) at the acquisition cost to a related party, but it could not be completed for want of approval of Reserve Bank of India. Thyrocare Technologies has been holding 5,440 equity shares in Thyrocare International Holding Company (TIHC), Mauritius, valued at Rs 16.15 million, which is about 9.09% of the total equity share capital of the said company. TIHC is holding 51% of the equity share capital of Thyrocare Gulf Laboratories WLL, Bahrain. The increase in revenue of Thyrocare Technologies' diagnostic services business in Fiscal 2017 was mainly on account of the growth in revenue from preventive care offerings, sustained growth in seek care business by improvement in turnaround time due to newly set-up regional processing laboratories, recognition of brand Aarogyam, realization of revenue from newly introduced verticals and media campaigns. The revenue from imaging business in Fiscal 2017, however, grew at lesser pace than the pathology business, mainly on account stagnation of growth evidenced in some region, limitation on conducting scan due to non-availability of FDG for conducting the investigations, delay in starting of PETCT centres in Vadodra and Raipur and competition in regional market. During the financial year ended 31 March 2018, Thyrocare Technologies invested Rs.20 crore in the equity share capital of Equinox Labs Private Limited (Equinox), a company engaged in the business of water, food and other environment and hygiene testing. While Rs. 10 crores were paid by cash, for another Rs.10 crore, Thyrocare Technologies transferred its Water Testing business, on a slump sale basis, valued at Rs.10 crore. Equinox has issued 4,29,185 numbers of equity shares of the company, constituting 30% of their paid-up Equity Share capital and Thyrocare Technologies is entitled to have two directors as nominees on their Board. Thus, Equinox became an Associate company of Thyrocare Technologies, as defined in the Companies Act, 2013. During the year under review, Thyrocare Technologies' revenue from imaging business grew at rapid pace than the pathology business, mainly on account of newly added PETCT centers ramping up operations and gaining market control in the respective regions. During the year 2019, the Company bought back 9,58,900 equity shares for an aggregate amount of Rs 63 crore being 1.78% of the total paid-up equity share capital, at an average price of Rs 656.90 per equity share. The equity shares bought back were extinguished on 12 October 2018 and 22 October 2018. In FY 2019, the Company has given Loan aggregating to Rs 39 Crores to Nueclear Healthcare Limited under the provisions of Section 186 of the Companies Act, 2013, read with Companies (Meetings of Board and its Powers) Rules, 2014. The Company's businesses have been adversely impacted due to the rapid spread of novel coronavirus (COVID-19) pandemic across the globe. In view of the countrywide lockdown, operations of the Company's / Group's (collection centres, imaging centres, CPLs, RPLs and offices, etc.) are scaled down or shut down from the second half of March 2020. Although the lockdown has been lifted either partially or fully in some of the states, its duration in remaining states is still uncertain. The business of Nueclear Healthcare Limited(a whollyowned subsidiary) has also been adversely impacted. As on 31 March 2020, the company has 1 wholly owned subsidiary, Nueclear Healthcare Limited and 1 associate company, Equinox Labs Private Ltd. As of 31 March 2021, the Company offered 279 distinct tests and 79 profiles of tests to detect a number of disorders, including thyroid disorders, growth disorders, metabolism disorders, auto-immunity, diabetes, anemia, cardiovascular disorders, infertility and various infectious diseases. On September 02, 2021, Docon Technologies Private Limited acquired 3,49,72,999 equity shares having a face value of Rs. 10/- each from erstwhile promoters, Dr. A. Velumani and Mr. A. Sundararaju and 9 other promoter group shareholders after complying with the statutory requirements as provided under SEBI . Docon also acquired additional 26,83,093 equity shares having face value of Rs. 10/- each from public through the open offer made by them pursuant to the provisions of SEBI (SAST) Regulations. Thus, Docon Technologies Private Limited acquired a total no of 3,76,56,092 equity shares representing 71.22% of total paid up capital of Company and has become new promoter of the Company. Consequently, the Company has become a subsidiary company of Docon Technologies Private Limited w.e.f. September 02, 2021. As on, March 31, 2022, the Company had a network of about 1500 active channel partners and more than 9000 collection points, comprised of TSPs, TAGs, OLCs, local hospitals, laboratories, diagnostic centres, nursing homes, clinics and doctors spread across more than 500 districts covering all the states within the country. During year 2022, the Company provided an extensive menu of over 700 tests, of which more than 300 tests have been added in FY 22. To further enhance its quality, the Company installed automation for urine testing at 12 lab locations, Beckman Analysers in Zonal Processing Laboratories for specialized tests. In 2022-23, Company increased the number of labs accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) from 6 to 20. It extended the flagship preventive care series 'Aarogyam' with Pro and Plus series. The introduction of the plus and pro series in the flagship 'Aarogyam' package took a preventive care segment to new heights with the launch of 24x7 non-fasting packages and launched a new series of Investigation packages under the brand 'Jaanch. In 2023-24, Thyrocare entered into a Joint Venture Agreement to set up lab operations in Tanzania, which became operational from April, 2024. On February 27, 2024, Company acquired 100% stake in Think Health Diagnostics Private Limited to enter into ECG at home services. The Company increased the number of labs accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) from 15 to 25 in 2024. It launched Troponin I Heart Attack Risk Test for the first time in India to understand the risk of heart attack with a single blood test. In financial year 2024-25, Company acquired Polo Labs and the diagnostic and pathological services division of Vimta Labs Limited. The Company's first international laboratory in Dar es Salaam, Tanzania, commenced operations in April 2024. During the year 2025-26, Company entered into genomic testing focusing on Non-Invasive Prenatal Testing (NIPT). It expanded the routine diagnostics categories across oncology markers, autoimmune testing, molecular diagnostics, allergy diagnostics and rare disease testing in FY26. The launch of allergy testing with a portfolio of over 250 SKUs was the key addition during the year. Company commenced processing Histopathology services across its Delhi and Mumbai laboratories in FY26. Thyrocare expanded its presence in genetic screening panels and molecular diagnostics, transitioning globally towards precision medicine and advanced disease detection capabilities. By FY 2026, Thyrocare had established partnerships with over 150 healthcare facilities in Dar es Salaam.