Global Economy: The global economic environment during FY 2025-26 remained uncertain, with geopolitical tensions, disruptions in international trade affecting businesses across regions. Developments in Eastern Europe and the Middle East continued to influence global supply chains and trade flows.
Domestic Economy - Despite these global challenges, the Indian economy remained resilient and continued to grow at a healthy pace. In the financial year 2025-26, India recorded a growth rate of 7.4% , making it the fastest-growing major economy in the world, as reported by the Reserve Bank of India (RBI).
This growth was supported by several factors:
? Continued government spending on infrastructure and development
? Resilient domestic demand and healthy balance sheets across banks and businesses
? Supportive monetary and fiscal policies
? Investment activity also remained steady, while consumption continued to support overall economic momentum
Despite global uncertainties, including geopolitical tensions and disruptions in international trade, Indias economy remained relatively resilient during FY 2025-26. Strong domestic demand, continued investment and policy support helped sustain economic activity across sectors. This stable macroeconomic environment provided a favorable backdrop for businesses to pursue growth, expand capacity and invest in new opportunities.
Demand for agrochemicals remains closely linked to cropping patterns, monsoon conditions, pest incidence and farmer economics. During FY 2025-26, uneven and prolonged monsoon conditions in certain regions affected the timing of crop protection applications and resulted in variability in demand. The sector also faced competitive pricing and the impact of geopolitical tensions and global supply-chain disruptions.
The Agrochemicals Division reported sales of ? 1,080.00 Lakh in FY 2025-26 compared with ? 1,218.61 Lakh in FY 2024-25. Despite the decline in revenue, the division improved its operating performance and returned to profitability during the year. The business continues to participate in government and institutional procurement through GeM and other tender platforms and remains virtually debt-free.
The Indian agrochemical sector continues to benefit from the Governments focus on improving agricultural productivity, domestic manufacturing and sustainable farming practices. At the same time, the industry remains influenced by monsoon variability, crop patterns, input costs, competitive pricing and geopolitical developments affecting global trade and supply chains. These factors shaped the operating environment for the sector during FY 2025-26.
The Companys primary focus continues to be on Molecular Diagnostics, while the Agrochemicals Division is being maintained to capture opportunities in government, institutional, domestic and export markets. Efforts are also being made to increase visibility of the Companys micro-fertilizer, bio-fertilizer and public health product ranges.
The Indian molecular diagnostics market continued to expand during FY 2025-26, with the Total Addressable Market (TAM) for the companys product range currently estimated at approximately ? 500-600 crore , supported by increasing demand for early, accurate and reliable diagnosis of infectious diseases, cancer and genetic disorders. However, the seasonal breakout of diseases both vector borne like Dengue/Chikungunya or viral infections like flu can impact these numbers. The industry is expected to grow at a compound annual growth rate (CAGR) of 8-10% over the next few years, driven by technologies such as real-time PCR, next-generation sequencing (NGS) and digital PCR which are gaining wider acceptance across hospitals, diagnostic laboratories and various government led healthcare initiatives.
The growing focus on genomics and precision medicine is also contributing to the development of the sector. Molecular diagnostics is increasingly being used for disease diagnosis, treatment selection and patient management, particularly in oncology, infectious diseases and genetic disorders.
Government programmes such as Ayushman Bharat, the National Health Mission and disease-specific initiatives including the National TB Elimination Programme are supporting wider access to diagnostic services. The expansion of molecular testing facilities beyond major metropolitan areas is also increasing the accessibility of advanced diagnostics.
At the same time, the Governments focus on indigenous manufacturing and self-reliance in healthcare is supporting the development of cost-effective diagnostic products within India. These factors, together with increasing awareness among healthcare professionals and patients, are expected to support the long-term growth of molecular diagnostics in the country.
The field of molecular diagnostics is undergoing rapid technological transformation. Growing technologies techniques such as RT-PCR and next-generation sequencing (NGS) are playing a pivotal role in redefining diagnostic capabilities. RT-PCR continues to be widely used due to its high sensitivity and specificity, particularly for detecting infectious diseases and genetic mutations. Meanwhile, NGS enables large-scale genomic analysis, facilitating early detection of complex diseases including cancers and inherited conditions.
As diagnostic needs evolve, molecular diagnostics is gaining prominence as a vital tool for early and accurate disease detection. The sectors ongoing innovation and growing application across clinical and public health settings highlight its expanding role in Indias healthcare ecosystem.
In summary, the Indian MDx market is positioned for sustained growth, supported by disease burden, increasing demand for precision diagnostics, technology-driven improvements, and enabling government policies. This upward trend underscores the strategic importance of molecular diagnostics in shaping the future of healthcare delivery in India.
The Companys diagnostics business is engaged in the design, development, manufacture and commercialisation of qPCR assays, rapid diagnostic tests, NGS-based diagnostic kits, digital PCR assays and nucleic acid extraction solutions for reliable testing of patient samples. The broad technology portfolio allows the Company to address different requirements across infectious diseases, oncology, genetics and antimicrobial resistance. We are the only molecular company globally to integrate offerings for Rapid Diagnostics (Lateral Flow), NGS solutions and covering the entire range of molecular diagnostic solutions in its true sense.
With the largest range of Indian IVD and CE-IVD products in the molecular diagnostics segment and our growing portfolio, we are considered as one of the leading molecular diagnostic kit manufacturers not only in India but also in the international markets.
The Molecular Diagnostics division has maintained a strong growth trajectory over the past four years, with sales increasing from ? 4,833.00 Lakh in FY 2022-23 to ? 8,647.69 Lakh in FY 2025-26 , representing a CAGR of approximately 21.4% . This consistent growth reflects the increasing acceptance of our molecular diagnostic portfolio across domestic and international markets.
Sales: 3B BlackBio Dx Limited - Standalone - Diagnostic Business
| FY 2022-23 | FY 2023-24 | FY 2024-25 | FY 2025-26 |
| 4,833.00 Lakh | 5,745.19 Lakh | 7,834.36 Lakh | 8,647.69 Lakh |
FY 2025-26 has grown by 10.4% , largely due to the flu, dengue/chikungunya sales spike which was present in Q2 and Q3 of FY 2024-25 amounting to ? 420.00 Lakh which was not present in 2025-26 along with some export orders being cancelled due to the geopolitical tensions in the middle-east. Had these two been more favorable, the sales growth for FY 2025-26 would have been higher by 5-6%.
However, the total sales for the Molecular Diagnostics division was ? 13,111.81 Lakh in FY 2025-26 against ? 8,428.25 Lakh in FY 2024-25 (including sales from the UK subsidiary - TRUPCR ® Europe Limited and Belgium subsidiary - Coris BioConcept SRL).
TRUPCR ® continues to strengthen its presence in international markets, with products reaching more than 70 countries and over 200 customers across Europe, the Middle East, Asia-Pacific, Latin America, Africa and North America. During FY 2025-26, our export business maintained its growth momentum, supported by increasing business from existing markets, expansion of our distribution network, new product registrations, participation in international tenders and successful product validations with key customers.
During the year, we further strengthened our presence in established markets while expanding into newer geographies. New markets were added across APAC and Africa following completion of product registrations and tendering processes. The Middle East and Europe continue to be important contributors to our international business, while our efforts to build a stronger presence across Southeast Asia, Africa and Latin America are progressing steadily.
Regulatory registrations remain an important part of our international expansion strategy. Depending on the country and regulatory pathway, registrations can take approximately 10-15 months from initiation before commercial business can commence. During the year, we initiated registrations in additional countries across Latin America and Asia, which are expected to create new commercial opportunities as approvals are received. We also continued to participate in international tenders, both directly and through our distribution partners, helping us build institutional business and recurring opportunities across multiple markets.
The international business environment remained challenging during the year. Geopolitical tensions and disruptions in global trade and logistics affected business conversion and movement of goods in certain regions. At the same time, increasing competition, particularly from lower-priced products, continued to put pressure on pricing and margins. Despite these challenges, our international business continued to expand, supported by the quality and reliability of our products, a wide molecular diagnostics portfolio and established relationships with distributors and customers.
Our ability to respond quickly to customer requirements also remains an important advantage in international markets. Faster order fulfilment, particularly for European customers, along with responsive technical and application support, helps us maintain strong customer relationships and differentiate our products in an increasingly competitive market.
Going forward, our focus will be on increasing penetration in existing markets, converting ongoing registrations into commercial business, expanding into newer territories and strengthening our distributor and institutional customer network. We will also continue to pursue international tenders and identify opportunities for registering a wider range of products in key markets. Despite continuing geopolitical and competitive challenges, we expect our export business to maintain a positive growth trajectory in FY 2026-27, supported by new market entries, a growing customer base and continued demand for our molecular diagnostic solutions.
Sales: Export - 3B BlackBio Dx Limited - Standalone - Diagnostic Business (Non-COVID)
| FY 2022-23 | FY 2023-24 | FY 2024-25 | FY 2025-26 |
| \u20b9 694.46 Lakh | \u20b9 868.99 Lakh | \u20b9 1,703.52 Lakh | \u20b9 2,140.94 Lakh |
TRUPCR ® Europe Limited continued its strong growth momentum during FY 2025-26, supported by increasing acceptance of its Made in UK product portfolio and a growing customer base across Europe. The Manchester facility provides an important advantage through faster deliveries, local technical support and closer engagement with customers and distributors. The Company is also gradually expanding its reach beyond Europe into markets across Latin America, Africa and other geographies.
In FY 2025-26, TRUPCR ® Europe Limited (TPE) have gained momentum with growth of 36% in Sales as shown below versus FY 2024-25. TRUPCR ® Europe Limited continues to be a strong growth driver for the group with a 57.2% CAGR over a period of last four years, with its Made in UK portfolio gaining steady acceptance across Europe.
| FY 2022-23 | FY 2023-24 | FY 2024-25 | FY 2025-26 |
| 451,195 | 679,464 | 1,287,580 | 1,751,860 |
Accomplishing another milestone acquisition, the company - 3B (70%) along with its UK subsidiary - TPE (30%) acquired all the shares of Coris Holding SRL, the parent company of Coris Bioconcept SRL (Coris) from Avacta Group Plc, London (a 30 years old manufacturer of Rapid Diagnostic Solutions) for an upfront cash consideration of £ 2.15 Million (including net cash & customary working capital adjustments) with an earnout based on future business performance of up to £ 0.615 Million payable (the Acquisition) totaling to £ 2.765 Million . The completion of purchase took place on 29th August 2025 .
According to the Ind AS rules, the consolidation can only be done from the date of acquisition, so the consolidation of Coriss accounts was done from 29th August 2025 till 31st March 2026 only, which were profitable months / quarters for Coris.
Coris product portfolio comprises of rapid in-vitro diagnostic test kits, primarily focused on the antibiotic resistance markers (AMR). As part of their portfolio, the company offers a range of rapid lateral flow tests (LFT) designed to support early & accurate diagnosis at the point of care. Coris also offers an LFT - HAT Sero K-SeT for detecting antibodies specific to Trypanosoma brucei gambiense (a parasite that causes African sleeping sickness), a product that holds global monopoly.
Acquisition of Coris BioConcept SRL is a strategically thought move that strengthens our position in the IVD segment and our fight against AMR. The product portfolio of Coris complements our existing molecular diagnostics product range.
By combining our expertise in the PCR-based solutions and with Coris innovation in rapid testing, the company is accelerating its vision of faster, accessible, and more accurate diagnostics worldwide. As stated above, with the efforts that will be put in this year, we expect CORIS to be EBITDA positive in the next financial year and also to get reasonable growth.
In the period consolidated i.e., from 29th August 2025 till 31st March 2026, sales of ? 3,591.19 Lakh ( € 3.39M) were consolidated for Coris.
For FY 2026-27, Coris expects its AMR portfolio to grow by 15-20% , while other product segments may face some pressure from Chinese competition. Overall, sales are expected to grow by 10-15% , with a slightly positive EBITDA. IVDR certification for two of their key AMR products is expected to support further market growth. Coris has also initiated US FDA registration for RESIST-5, which is expected to open opportunities in the US and other markets recognising FDA approvals from FY 2027-28 onwards. With a strong position in AMR diagnostics, new products under development and increased marketing efforts across the Middle East, APAC and the US, Coris is well placed to expand its presence in existing and new markets.
During FY 2025-26, the TRURAPID ® business progressed further, with Antimicrobial Resistance emerging as an important focus area. With regulatory approvals from CDSCO, Government of India, for the existing TRURAPID ® product line, the company intends to progressively expand this portfolio as new products complete development and applicable regulatory requirements.
The TRUNGS ® business continues to be developed as part of the Companys strategy to maintain capabilities across emerging molecular diagnostic technologies.
The NGS market remains highly competitive and customer adoption of ready-to-use diagnostic panels is gradual, particularly as several laboratories continue to use internally developed workflows. Accordingly, the Company does not expect NGS to become a major revenue contributor in the immediate term, and growth is expected to be gradual.
The TRUNGS ® portfolio includes the Solid Tumor Panel, with additional products being developed or commercialised for applications including myeloid malignancies, hereditary and somatic cancer mutations and tuberculosis drug resistance. These products broaden the Companys technology offering and enable it to provide a wider range of molecular diagnostic solutions to customers.
During FY 2025-26, the Company progressed from development to commercialisation of its digital PCR assays. Products under this technology platform were commercially launched during Q3 of FY 2025-26.
Digital PCR enables absolute quantification of target nucleic acids and has potential applications in disease detection, mutation analysis, treatment monitoring and research. As this is a newly commercialised segment, sales contribution during FY 2025-26 remained nominal.
The Company will continue to evaluate market opportunities and develop suitable assays as adoption of digital PCR increases.
The Company made significant progress during FY 2025-26 towards compliance of its key TRUPCR ® product portfolio with Regulation (EU) 2017/746 on in vitro diagnostic medical devices (IVDR).
BSI Group has been appointed as the Notified Body for conformity assessment. During November 2025, the Company successfully completed its IVDR-aligned Quality Management System audits conducted by BSI. Technical documentation for the identified product groups is presently under evaluation.
The Regulatory Affairs team is working closely with R&D, Quality Assurance and other departments to complete the requirements of the Regulation. The Company remains focused on obtaining IVDR certification for its key product portfolio within the applicable transition timelines for Class C IVD products.
The Company delivered a strong performance during FY 2025-26, supported by growth in molecular diagnostics, exports and international operations. Progress towards IVDR certification, expansion into new markets, continued R&D and development of rapid diagnostics and AMR products were important developments during the year.
The acquisition of Coris BioConcept further expanded the Groups capabilities and product portfolio, particularly in rapid and AMR diagnostics. With a growing international customer base, a broad diagnostic portfolio and continued focus on product quality and new technology development, the Company remains positioned for sustainable growth.
The company is well positioned as a market leader in India in the molecular diagnostic segment. The consolidated revenue of the company stands at ? 14,191.81 Lakh in FY 2025-26 against ? 9,646.86 Lakh in FY 2024-25 (including consolidated revenues from TRUPCR ® Europe Limited and Coris BioConcept SRL).
Molecular diagnostics continues to evolve rapidly with increasing adoption of PCR, genomics, NGS, digital PCR and rapid diagnostic technologies. Growing demand for early disease detection, precision medicine and faster diagnostic decision-making is expected to provide long-term opportunities for the industry.
For the Company, growth opportunities are expected to arise from both domestic and international markets. The core qPCR portfolio remains the principal business, while expansion into newer applications and technologies provides opportunities to broaden the customer base.
In the domestic market, increasing adoption of molecular testing across hospitals, diagnostic laboratories and specialised testing centres provides further growth potential. Expansion of healthcare and diagnostic infrastructure beyond major cities, greater awareness of early and accurate diagnosis, and increasing use of molecular testing in infectious diseases, oncology and genetic disorders are expected to support demand. Government healthcare programmes, institutional procurement and the growing preference for reliable, indigenously manufactured diagnostic solutions also provide opportunities for deeper penetration across the Indian market.
Internationally, exports, new geographic registrations and increasing penetration of existing markets remain important growth drivers. Progress towards IVDR certification will support continued access to European markets and strengthen the regulatory positioning of the TRUPCR ® portfolio. TRUPCR ® Europe provides an established base for serving European customers with faster delivery and local technical support.
The acquisition of Coris has expanded the Groups presence in rapid diagnostics and AMR, while providing access to an established European product portfolio, distributor network and R&D capability. The growing global concern around antimicrobial resistance provides a significant long-term opportunity for both the TRURAPID ® and Coris portfolios.
NGS and digital PCR will continue to be developed as emerging technology areas. While their near-term revenue contribution may remain limited, these platforms enable the Company to remain technologically relevant and offer a broader range of molecular diagnostic solutions.
The company is well positioned as a market leader in India in the molecular diagnostic segment. The consolidated revenue of the company stands at ? 14,191.81 Lakh in FY 2025-26 against ? 9,646.86 Lakh in FY 2024-25 (including consolidated revenues from TRUPCR ® Europe Limited and Coris BioConcept SRL). The EBITDA stand at ? 8,233.24 Lakh in FY 2025-26 against ? 6,519.26 Lakh and PAT stand at ? 5,992.98 Lakh against ? 4,769.11 Lakh .
| S.No. | Particulars | 2025-26 | 2024-25 | % Change |
| I | Sales Turnover | 9,727.50 | 9,052.97 | 7.45 |
| II | Profit before Depreciation | 6,729.99 | 6,478.49 | 3.88 |
| Less: Depreciation | 94.31 | 85.74 | 10.00 | |
| III | Profit before Tax (PBT) | 6,635.68 | 6,392.75 | 3.80 |
| Less: Provision for Tax | 1,703.99 | 1,636.80 | 4.10 | |
| IV | Net Profit after Tax | 4,931.69 | 4,755.95 | 3.70 |
| S.No. | Particulars | 2025-26 | 2024-25 | % Change |
| I | Sales Turnover | 14,191.81 | 9,646.86 | 47.11 |
| II | Profit before Depreciation | 8,209.53 | 6,508.41 | 26.14 |
| Less: Depreciation | 512.56 | 108.59 | 372.01 | |
| III | Profit before Tax (PBT) | 7,696.97 | 6,399.82 | 20.27 |
| Less: Provision for Tax | 1,703.99 | 1,630.71 | 4.49 | |
| IV | Net Profit after Tax | 5,992.98 | 4,769.11 | 25.66 |
The Companys businesses are exposed to various operational, market, regulatory and external risks.
The molecular diagnostics market requires sustained investment in product development, validations, regulatory registrations and customer acquisition. Conversion of new customers and entry into new countries can take time, particularly where regulatory approval is required before commercialization.
Increasing competition, including lower-priced products from global manufacturers, may create pressure on pricing and margins. The Company seeks to address this through a broad product portfolio, quality, customer support, faster service and continued investment in R&D.
Regulatory requirements for medical devices are becoming increasingly stringent across major markets. The ongoing transition to IVDR in Europe and regulatory registrations in other countries require significant technical documentation, clinical evidence and compliance efforts. Delays in regulatory approvals may affect the timing of market entry.
Geopolitical tensions also affect procurement, logistics, delivery timelines and business conversion in international markets.
For the Agrochemicals Division, business performance remains dependent on monsoon conditions, pest incidence, cropping patterns, government procurement and agricultural demand. Increasing climate variability continues to be an important risk for the sector.
a. Environmental, Health & Safety (EHS): We operate in a setting where EHS standards continue to evolve and where hazards - such as fires/explosions, failures of mechanical or pollution-control systems, and accidental spills or releases of hazardous substances - can occur. Such events may trigger regulatory shutdowns, fines, reputational damage, and loss of market share. We mitigate these risks through continuous horizon scanning for legal changes, regular SOP updates and training, upgrades to safety systems, preventive maintenance and integrity testing, routine spill/effluent monitoring, emergency drills that reinforce an EHS-first culture, and periodic independent audits.
b. Regulatory Changes: Health authorities across different markets continue to tighten requirements around registration, safety, labelling, pharmacovigilance/post-market surveillance and environmental stewardship. While this adds time and cost to approvals, it also rewards manufacturers with strong evidence packages, transparent claims and audit-ready systems. The Company is strengthening regulatory framework, harmonising documentation, and investing in training so that compliance becomes a competitive advantage for us within India and internationally.
c. Pricing Pressure and Changes in Market Dynamics: Our segment faces new entrants, shifting competitor go-to-market strategies, rising competitive intensity, and disruptive technologies and channels (e.g., point-of-care, automation). These dynamics can affect revenue, profitability, market share, brand equity, and business continuity, and may accelerate obsolescence. We respond with a diversified product portfolio by adding different technologies in our portfolio like Rapid, NGS and digital PCR. Not only technology, we have a broad & less-concentrated customer base, sustained customer engagement, structured market intelligence, continued R&D and technology refresh, and adaptability to access emerging technologies faster. We are shifting towards higher-value use cases (syndromic panels, viral load, AMR), quick QC/validation support, reagent-rental contracts to mitigate this risk.
d. Supply Chain & Logistics: Volatility in freight and customs, shortages of critical reagents and disposables single-source dependencies, and geopolitical or public-health disruptions can affect production costs, schedules, on-time delivery, customer satisfaction, and revenue recognition. We mitigate by maintaining safety stocks for critical components, enforcing supplier quality agreements and audits, diversifying freight modes, running an S&OP process with forecasting, and maintaining business-continuity plans and optimized Incoterms.
e. Liquidity: Capital-market volatility can constrain access to equity or debt, affecting profitability, cash flows, and day-to-day operations. We maintain regular monitoring of cash-flow with early-warning indicators, ensure sufficient credit lines are in place across subsidiaries in the required currency, and optimize working capital (receivables, inventory, payables).
f. Tax: Complex rules and divergent interpretations can lead to disputes, reassessments, and reputational risk, with implications for cash flows and operations. Our mitigation includes regular monitoring of proposals and rule changes, strong compliance controls, proper documentation and periodic internal reviews.
The company has an elaborate system of internal controls to ensure optimal utilization of companys resources and protection thereof, facilitating accurate and speedy compilation of accounts and management information reports and compliance with laws and regulations. The company has a well-defined organization structure, authority levels and internal guidelines and rules for conducting business transactions. The internal Auditors and companys internal audit department conduct regular audits to ensure adequacy of internal control system, adherence to management instruction and compliance with laws and regulations of the country as well as to suggest improvements.
The Company firmly believes that Human Resources and knowledge capital are vital for business success and creating value for stakeholders and recognises that the quality of its employees is crucial to its success and is dedicated to providing its workforce with the necessary skills to adapt to continuous technological advancements. The Company recognizes the fact that people drive business success, strengthening its efforts to build leadership at all levels. It emphasizes on the freedom to express views, competitive pay structure, performance-based reward system and growth opportunities and internal job opportunities, critical assignments within the organization for career options for the employees. The industrial relations at both the units have remained quite cordial with total dedicated efforts from employees.
The total number of employees as on 31st March 2026 was 86 .
| S.No. | Ratios | FY 2025-26 | FY 2024-25 | Explanation for significant change |
| a. | Debtors Turnover | 3.28 | 2.65 | NA |
| b. | Inventory Turnover | 7.72 | 11.04 | Due to increase in overall inventory as compared to revenue |
| c. | Interest Coverage Ratio | 325.68 | 590.72 | Due to Increase in finance cost of new foreign subsidiary |
| d. | Current Ratio | 5.27 | 7.11 | Due to increase in current liabilities particularly liabilities of Coris, newly acquired entity |
| e. | Debt Equity Ratio | 0.01 | 0.00 | NA |
| f. | Operating Profit Margin (%) | 40.00% | 51.94% | NA |
| g. | Net Profit Margin (%) | 42.23% | 49.44% | NA |
| S. No. | Ratios | FY 2025-26 | FY 2024-25 | Explanation for significant change |
| a. | Return on Net Worth (%) | 22.61% | 23.13% | NA |
The Management Discussion and Analysis report containing your Companys objectives, projections, estimates and expectation may constitute certain statements, which are forward looking within the meaning of applicable laws and regulations. The statements in this management discussion and analysis report could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operation include raw material availability and prices, cyclical demand and pricing in the Companys principal markets, changes in the governmental regulations, tax regimes, forex markets, economic developments within India and the countries with which the Company conducts business and other incidental factors.
| FOR AND ON BEHALF OF THE BOARD | |
| DHIRENDRA DUBEY | NIKHIL KUBER DUBEY |
| CHAIRMAN & MANAGING DIRECTOR | CHIEF FINANCIAL OFFICER & WHOLETIME DIRECTOR |
| DIN: 01493040 | DIN: 00538049 |
| PLACE: BHOPAL | |
| DATE: 13 th August 2026 |
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