Analysts/Institutional Investor Meet/Con. Call Updates

November 02, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza Phiroze Jeejeebhoy Towers B(SaYnMdrBaO KLu:r TlaH CYoRmOpCleAxR, E ) (DSaClRalI PS tCreOeDt,E : 539871) B andra (E), Mumbai - 400051 Mumbai- 400001 Sub: Transcript of post results earning conference call held on October 29, 2026, with Analyst/Investors. Ref: Disclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/ Madam, Pursuant to Regulation 30(6) read with Part A of Schedule III of the Listing Regulations, please find enclosed herewith the transcript of the earnings conference call with Analysts and Investors held on October 29, 2026. The same has also been made available on the website of the Company https://investor.thyrocare.com/ We request you to please take the same on record. T hyrocare Technologies Limited, Yours Faithfully, Brijesh Kumar Company Secretary and Compliance Officer Encl. A/a “Thyrocare Technologies Limited Q2 FY27 Earnings Conference Call” October 29, 2026 MANAGEMENT: MR. RAHUL GUHA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – THYROCARE TECHNOLOGIES LIMITED MR. RAJDEEP PANWAR – CHIEF COMMERCIAL OFFICER – THYROCARE TECHNOLOGIES LIMITED DR. RAMESH KINHA – CHIEF OPERATING OFFICER – THYROCARE TECHNOLOGIES LIMITED MR. VIKRAM GUPTA – CHIEF FINANCIAL OFFICER – THYROCARE TECHNOLOGIES LIMITED MR. PRINESH PARIKH – STRATEGY AND INVESTOR RELATIONS – THYROCARE TECHNOLOGIES LIMITED Page 1 of 20 Thyrocare Technologies Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Thyrocare Technologies Limited Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prinesh Parikh from Thyrocare Technologies Limited. Thank you, and over to you, sir. Prinesh Parikh: Thank you, Dorwin. Good evening, everyone, and thanks for joining us today. I am Prinesh Parikh from the Strategy and IR team of Thyrocare. It's a pleasure to welcome you all to our Q2 FY27 Earnings Call. Joining me on the call today are Mr. Rahul Guha, our MD and CEO; Mr. Rajdeep Panwar, our Chief Commercial Officer; Dr. Ramesh Kinha, our Chief Operating Officer; and Mr. Vikram Gupta, our Chief Financial Officer. I hope you have gone through our results release and the quarterly earnings presentation and press release, which have now been uploaded on the stock exchange website. The transcript of this call will be available in a week's time on the company's website. Please note that today's discussion may be forward-looking in nature and must be viewed in relation to the risks pertaining to the business. After the end of the call, in case you have any further questions, please feel free to reach out to us at the Investor Relations team. I now hand over the call to Mr. Rahul Guha to make the opening remarks. Rahul Guha: Thank you, Prinesh. Good evening, everyone, and thank you for joining us today. As in all my calls, I will begin with a quote from Nelson Mandela in recognition of our foray into Africa: “It is in your hands, to make a better world for all who live in it.” We believe Thyrocare has the opportunity to take its proven business model and make affordable, high-quality diagnostics accessible to many more patients. Diagnostics today has moved from a back-end support function to the centre of clinical decisions and preventive care. And that is exactly where our model of affordable, accessible and dependable testing fits. Technology is a growing part of that story. We continue to invest in digital capabilities across booking, logistics, lab operations and reporting, which improves efficiency today and prepares us for future innovations. Continuing the growth momentum of over 20% achieved in each of the past 2 years, our pathology business grew even faster in Q2 FY27, delivering 27% growth. This performance reflects our sustained investment in service levels and quality, which continue to strengthen our franchisee network. During the quarter, we recorded our highest ever franchisee additions, taking our active franchisee base to over 12,911, 4x the base we started with at the time of the acquisition. Our Page 2 of 20 Thyrocare Technologies Limited October 29, 2026 laboratory network has expanded from 17 labs in FY21 to 49 labs today, of which 5 new laboratories were opened in Q2 FY27. Across most of India, our Thyrocare lab is now within about 150 kilometres, so samples no longer travel to Mumbai, except for specialized tests, thus enabling faster and more efficient turnaround times. Our test menu has grown nearly fivefold to more than 1,420 tests, and our quality backbone has grown with it. More than 108 MD pathologists and every lab we own is NABL accredited in a country where only 2% of labs carry that accreditation tag. On the collection side, our 2,100- plus phlebotomists, one of the largest home collection networks in the country, arrived on time for 99% of their visits. The most exciting part of this year is specialty. We took the Thyrocare playbook of scale, reach and affordability into specialty diagnostics, starting with allergy and genomics. And the business is now live and gaining steady traction. We call this journey “From Routine to Remarkable – The Next Frontier of Diagnostics”. Specialty Diagnostics in India is underpenetrated, expensive and fragmented, the same problems Thyrocare solved in routine and preventive testing. Our operating model built on scale, automation, quality and affordability is why we believe we can win here. Our investments in expanding in-house capacity and broadening our test portfolio have enabled us to progressively bring specialty testing in-house, reducing our reliance on reference labs. Building on our historically modest specialty testing portfolio, the recent additions in allergy and genomics are beginning to deliver encouraging results. While the specialty segments currently contribute only around 4% of our pathology revenue, the early traction reflects the benefits of our strategic investments, enhanced in-house capabilities and continued expansion of our test menu. This is not just a portfolio expansion. It is a proven execution engine pointed at a larger, faster-growing segment. Our ambition is to build one of India's most trusted, accessible and scalable specialty diagnostics platform and with it, the company's next long-term growth engine. On NHL, Nueclear Healthcare Limited, as approved by our Board in the Q1 meeting and as communicated during our previous investor call, we have initiated the process for the shareholders' approval for the disinvestment of NHL (our radiology business) for a consideration of INR141 crores to Trovera, which is a mix of cash of INR81.9 crores and equity of INR59.5 crores. The decision is after considering the strategic rationale, including focus of the management on the pathology business where growth, profitability and return on capital are much higher. The return on capital employed, ROCE, of Thyrocare is 34.9% and NHL ROCE is 6.95%. The limited growth prospects of NHL as a stand-alone PET/CT player in the competitive integrated radiology market, which is reflected via NHL's degrowth of about 9% in the past 5 quarters versus positive 22%-plus average growth of Thyrocare stand-alone. Page 3 of 20 Thyrocare Technologies Limited October 29, 2026 NHL is pulling the consolidated revenue growth rates and EBITDA margin down by 2% and 1%, respectively. NHL also has low operating PAT, and the investments required to continue Nueclear, as much of the equipment are at end of life is substantial. Hence, we took the decision to exit NHL. [Showing first 8,000 characters — download PDF for full document]