[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Manu Jemini [@ManuJemini](/creator/twitter/ManuJemini) on x XXX followers Created: 2025-07-23 13:40:26 UTC Thyrocare: Outpacing the Industry with a B2B Focus & Quality Leadership! 🔬🇮🇳 A deep dive into their Q4 FY25 & FY25 Earnings Call ⬇️ Thyrocare Technologies delivered a robust FY25, with consolidated revenue growing XX% YoY, outpacing the industry's mid-teens growth. The company's strategic shift to a slab-based pricing model has energized its franchise network, which has now crossed XXXXXX partners. X. Outlook & FY26 Guidance - Growth & Margins: Management has guided for "mid-teens revenue growth with stable margins" for FY26. While the XX% growth in FY25 sets a high base, they are confident of continued outperformance. - Network Expansion: The company plans to add 1,500+ new franchisees in FY26, continuing its aggressive network expansion. - Menu Expansion: The focus for FY26 is on technology-led menu expansion, particularly exploring new technologies in allergy and genomics testing. - Dividend Payout: A final dividend of ₹21/share has been recommended. The company is likely to maintain its high dividend payout policy, given its strong cash flows and low capex requirements. 🎯 X. FY25 Performance - A Year of Strong Growth - Solid Financials: FY25 saw a XX% YoY growth in consolidated revenue to ₹687 Crores. The normalized EBITDA grew by XX% YoY to ₹210 Crores, with the margin at a healthy 31%. PAT (ex-exceptional items) was up XX% YoY to ₹101 Crores. - Margin Drivers: The strong Q4 margin expansion was driven by year-end volume discounts from vendors, operating leverage from higher volumes, and reduced provisioning. - Segment Strength: The Pathology business grew XX% YoY, and the Partnership business was up XX% YoY in FY25. ✅💰 X. Strategic Highlights - Slab-Based Pricing Model: The shift from a uniform discount structure to a pay-for-performance, slab-based model in May 2023 has been a key success factor, motivating franchisees to scale volumes. This has also improved realizations as new, smaller partners are onboarded at higher rates. - XXX% NABL Accredited: Thyrocare is now India’s first and only XXX% NABL-accredited national laboratory chain, a significant differentiator that underscores its leadership in quality and builds trust with doctors and patients. - "String of Pearls" M&A: The company is focused on small, targeted acquisitions in new geographies to fill white spaces. Recent acquisitions include Polo Labs (Punjab/Haryana) and Vimta Clinical Diagnostics (Telangana/AP). 🔬 X. Business Mix & Channel Growth - B2B Partner of Choice: Thyrocare remains firmly focused on its B2B strategy, aiming to be the backend testing partner for the entire diagnostics ecosystem. - Growing Non-Aarogyam Share: While the Aarogyam wellness packages are a key product, they now contribute XX% of revenue (down from 40%), as the specialized and routine non-Aarogyam tests are growing at a faster rate. - Partnership Business: This segment, which includes collaborations with online platforms and other partners, grew at a strong XX% YoY. ✨ X. Corporate Updates - PharmEasy Merger Speculation: Management dismissed media reports about a potential merger with its parent company, PharmEasy, stating there have been "no discussion in the Thyrocare Board" on this matter. - International Foray: The company launched operations in Tanzania (Africa) in March 2024. While still in its early stages, the business is doubling every quarter. 🌍 X. Management Tone - Confident but Measured: The management's tone was confident, backed by strong execution and market outperformance. However, they were also measured in their guidance for FY26, acknowledging the high base of the previous year. The focus remains on disciplined, quality-led, and profitable growth. 👍 XX engagements  **Related Topics** [robust](/topic/robust) [quarterly earnings](/topic/quarterly-earnings) [Post Link](https://x.com/ManuJemini/status/1948015350278402271)
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Manu Jemini @ManuJemini on x XXX followers
Created: 2025-07-23 13:40:26 UTC
Thyrocare: Outpacing the Industry with a B2B Focus & Quality Leadership! 🔬🇮🇳
A deep dive into their Q4 FY25 & FY25 Earnings Call ⬇️
Thyrocare Technologies delivered a robust FY25, with consolidated revenue growing XX% YoY, outpacing the industry's mid-teens growth.
The company's strategic shift to a slab-based pricing model has energized its franchise network, which has now crossed XXXXXX partners.
X. Outlook & FY26 Guidance
- Growth & Margins: Management has guided for "mid-teens revenue growth with stable margins" for FY26. While the XX% growth in FY25 sets a high base, they are confident of continued outperformance.
- Network Expansion: The company plans to add 1,500+ new franchisees in FY26, continuing its aggressive network expansion.
- Menu Expansion: The focus for FY26 is on technology-led menu expansion, particularly exploring new technologies in allergy and genomics testing.
- Dividend Payout: A final dividend of ₹21/share has been recommended. The company is likely to maintain its high dividend payout policy, given its strong cash flows and low capex requirements. 🎯
X. FY25 Performance - A Year of Strong Growth
- Solid Financials: FY25 saw a XX% YoY growth in consolidated revenue to ₹687 Crores. The normalized EBITDA grew by XX% YoY to ₹210 Crores, with the margin at a healthy 31%. PAT (ex-exceptional items) was up XX% YoY to ₹101 Crores.
- Margin Drivers: The strong Q4 margin expansion was driven by year-end volume discounts from vendors, operating leverage from higher volumes, and reduced provisioning.
- Segment Strength: The Pathology business grew XX% YoY, and the Partnership business was up XX% YoY in FY25. ✅💰
X. Strategic Highlights
- Slab-Based Pricing Model: The shift from a uniform discount structure to a pay-for-performance, slab-based model in May 2023 has been a key success factor, motivating franchisees to scale volumes. This has also improved realizations as new, smaller partners are onboarded at higher rates.
- XXX% NABL Accredited: Thyrocare is now India’s first and only XXX% NABL-accredited national laboratory chain, a significant differentiator that underscores its leadership in quality and builds trust with doctors and patients.
- "String of Pearls" M&A: The company is focused on small, targeted acquisitions in new geographies to fill white spaces. Recent acquisitions include Polo Labs (Punjab/Haryana) and Vimta Clinical Diagnostics (Telangana/AP). 🔬
X. Business Mix & Channel Growth
- B2B Partner of Choice: Thyrocare remains firmly focused on its B2B strategy, aiming to be the backend testing partner for the entire diagnostics ecosystem.
- Growing Non-Aarogyam Share: While the Aarogyam wellness packages are a key product, they now contribute XX% of revenue (down from 40%), as the specialized and routine non-Aarogyam tests are growing at a faster rate.
- Partnership Business: This segment, which includes collaborations with online platforms and other partners, grew at a strong XX% YoY. ✨
X. Corporate Updates
- PharmEasy Merger Speculation: Management dismissed media reports about a potential merger with its parent company, PharmEasy, stating there have been "no discussion in the Thyrocare Board" on this matter.
- International Foray: The company launched operations in Tanzania (Africa) in March 2024. While still in its early stages, the business is doubling every quarter. 🌍
X. Management Tone
- Confident but Measured: The management's tone was confident, backed by strong execution and market outperformance. However, they were also measured in their guidance for FY26, acknowledging the high base of the previous year. The focus remains on disciplined, quality-led, and profitable growth. 👍
XX engagements
Related Topics robust quarterly earnings