THYROCARE Q2 FY27 CONCALL: RAISES REVENUE GROWTH OUTLOOK TO EARLY 20s; TARGETS 10–15% SPECIALTY REVENUE MIX IN 3–5 YEARS, PLANS 1,500–2,000 FRANCHISE ADDITIONS ANNUALLY

• FY27 Revenue Guidance Upgraded: Management raised its revenue growth outlook to the early 20s from its earlier mid-to-high-teens expectation, supported by strong pathology volumes and franchise expansion. • EBITDA Margin Guidance: Management indicated a long-term EBITDA margin expectation of approximately 31–31.5%, while reinvesting operating leverage into new growth initiatives. • Specialty Diagnostics Target: Management expects specialty diagnostics to contribute approximately 10–15% of revenue over the next 3–5 years, compared with around 4% of pathology revenue currently. • Specialty Expansion: Company is scaling allergy testing, genomics and reproductive diagnostics, including maternal screening, with a dedicated team focused on doctor-led adoption. • Franchise Expansion Guidance: Management expects to add approximately 1,500–2,000 franchisees annually, targeting a network of around 20,000–25,000 franchisees over the next five years. • Q3 Franchise Outlook: Management expects limited franchise additions in Q3 FY27 due to seasonality, with the pace of additions likely to normalize in Q4. • Record Franchise Additions: Company added approximately 1,180 franchisees during Q2, taking its active franchise network to a record 12,911. • Franchise Growth Strategy: Management expects future growth to be driven more by franchise additions than by average revenue per franchise, which has remained broadly stable around ₹1.2 lakh per quarter. • Pathology Business: Pathology revenue grew 27% YoY in Q2. Management remains focused on expanding its low-cost B2B diagnostic model across existing and new markets. • Partnership Business: Partnership revenue grew 28% YoY, supported by online health-tech platforms, corporate clients and insurance-related business. • Laboratory Expansion: Network increased to 49 laboratories, including 48 in India and one in Tanzania. Five new laboratories were added in Q2 FY27. • Capex Outlook: Company invested approximately ₹30 Cr in H1 FY27 and expects a similar level of capex during H2, primarily for laboratory expansion and additional testing capacity. • Acquisition Strategy: Management remains open to acquisitions in genomics, specialty diagnostics and regions where Thyrocare has a relatively weaker presence, including Gujarat, Rajasthan, Northeast India and parts of South India. • Nuclear Healthcare Divestment: Company is pursuing the sale of its radiology subsidiary, Nuclear Healthcare Limited, for approximately ₹141 Cr, comprising ₹81.9 Cr cash and ₹59.5 Cr equity consideration. Shareholder approval and transaction completion remain pending. • Divestment Rationale: Management highlighted Thyrocare's ROCE of 34.95% compared with Nuclear Healthcare's 6.95%, supporting its strategy to concentrate capital on the higher-return pathology business. • Pregnancy Test Kit Launch: Thyrocare launched a ₹60 pregnancy test kit with results in five minutes, bundled with a discounted beta-hCG blood test priced at ₹399 versus ₹800. • Consumer Product Expansion: Management plans to launch additional point-of-care diagnostic products backed by laboratory confirmation services. Specific products and revenue targets have not yet been disclosed. • Pregnancy Kit Profitability: Management does not expect the new consumer product business to be EPS-accretive for at least the next three quarters because of marketing and brand-building expenditure. • Consumer Product Guidance: Management expects to provide more clarity on the revenue potential of point-of-care devices during the next financial year, after assessing initial sales and distribution. • Distribution Expansion: Pregnancy test kits have reached over 10,000 pharmacies, supported by Ascent, PharmEasy and quick-commerce distribution partnerships. • API Group Outlook: Management expects API Group's business excluding Thyrocare to turn profitable by Q4 FY27. No merger or reverse merger with Thyrocare is currently under evaluation. • Operating Efficiency: Management continues to focus on improving revenue per patient through test bundling, broader diagnostic packages and higher utilization of its laboratory network. • Service Quality: Average report turnaround time improved to approximately 3.5 hours, while 99% of home-collection visits were completed on time. • Q2 Financial Performance: Consolidated revenue increased 25% YoY to ₹271 Cr, gross margin improved to 74.2%, and EBITDA margin stood at approximately 33%. • Q2 Profitability: Profit before exceptional items and after tax stood at approximately ₹60 Cr. The company recorded a separate non-cash impairment of around ₹45 Cr in consolidated financials relating to Nuclear Healthcare. • Balance Sheet: Company reported net cash and equivalents exceeding ₹211 Cr, zero debt and H1 operating cash flow of approximately ₹133 Cr. • Key Risks: Continued investments in specialty testing, higher marketing expenditure, seasonality in franchise additions, slower adoption of consumer products and execution of the radiology divestment remain important factors.

THYROCARE TECH LTD

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