Thyrocare Technologies Ltd Management Discussions

From Volume to Value. From Routine to Remarkable.

The Thyrocare Transformation Story: FY23 to FY26

Three years ago, Thyrocare was a high-volume, low-complexity diagnostics machine, efficient, affordable, and deeply respected, yet largely one-dimensional. Between FY 2023 and FY 2026, the Company undertook a deliberate and disciplined transformation, broadening its clinical capabilities without compromising its operational efficiency. Today, Thyrocare offers cancer diagnostics, genetic predisposition testing, 250+ allergen tests and PET-CT imaging — while continuing to operate one of Indias most cost-efficient diagnostics networks.

01 Economic Review Global Economy1

CY 2025 was a year of resilient growth despite ongoing trade tensions and geopolitical uncertainties. Global GDP expanded by 3.4%, supported by front-loaded trade activity, investments in AI and semiconductors and sustained fiscal support across major economies.

Among advanced economies, the United States led growth at 2.1% growth. Emerging and developing economies expanded by 4.4%, with China recording 5.0% growth driven by government spending and export strength. Meanwhile, energy market volatility, particularly disruptions in the Strait of Hormuz, added cost pressure across logistics and industrial output.

Global GDP Growth Trend

Outlook

Global growth is expected to moderate to 3.1% in CY 2026 before recovering marginally to 3.2% in CY 2027, reflecting easing inventory cycles, trade-related pressures and softer consumption trends. Global headline inflation is projected to rise to 4.4% in CY 2026 before easing to 3.7% in CY 2027. The near-term calls for resilience, while the medium- term is expected to reward sustained investment and strategic discipline.

Indian Economy2

India enters FY 2026 as the worlds fastest-growing large economy, with GDP growth estimated at 7.6%, compared to 7.1% in FY 2025. Growth remained broad-based, supported by resilient rural consumption, manufacturing momentum driven by PLI schemes, robust infrastructure investments and continued strength in the services sector. Headline CPI stood at 3.40%3 on the revised 2024 base, supporting real purchasing power across urban and rural markets. The recently concluded India-EU Free Trade Agreement and ongoing trade negotiations with the US further position India as a strategic node in evolving global value chains.

Outlook

India is projected to sustain GDP growth in the range of 6.8-7.2%4 in FY 2027. Private consumption is expected to grow ~7.0%, supported by a monetary stance from the RBI and continued fiscal consolidation. A well-capitalised financial system, strong domestic demand fundamentals and institutional resilience continue to underpin growth, even as global volatility persists.

Industry Review Indian Healthcare Sector5

Indias healthcare sector posted one of its strongest performance years in FY 2026. Deal activity exceeded INR 10,000 Crore, spanning buyouts, strategic investments and cross-border transactions, as private equity and strategic buyers doubled down on scalable networks and tech- enabled care models. The Union Budget 2026-27 reinforced this momentum, allocating INR 1,06,5306 Crore to healthcare, a ~10% increase over revised FY 2026 estimates.

Operational metrics reflected strong sectoral momentum. Hospital chains improved revenue per bed by 10-16% YoY, driven by a higher share of complex procedures, with oncology and cardiology leading the charge. Diagnostics companies reported revenue growth of 10-22%, with EBITDA margins in the 25-35% range, supported by expansion into smaller cities, consumer-facing channels and advanced testing capabilities. Multi-speciality hospitals recorded revenue growth of 9-28%, with occupancy rates of 54-77% and rising international patient inflows.

The Infrastructure Gap — and the Opportunity Within

India currently has 1.6 hospital beds7 and 1.23 doctors per 1,000 population8, well below WHO benchmarks. This represents not only a healthcare challenge but also a structural opportunity for organised diagnostics providers. Every doctor interaction, primary care touchpoint and insurance-linked consultation contributes to diagnostic demand. Thyrocare is strategically positioned to benefit from this structural opportunity.

Indian In-Vitro Diagnostics (IVD) Market

The Indian IVD market is expected to grow at a CAGR of approximately 10-12% through FY 2027, almost twice the global IVD growth rate of approximately 7%. This growth outperformance is supported by long-term structural factors rather than cyclical trends. Rising disease burden, expanding healthcare infrastructure, government incentives for domestic manufacturing and a clear shift toward preventive health are collectively supporting industry growth. Within the IVD market, the organised diagnostics sector is outpacing the market materially and high-value subsegments, molecular diagnostics (12.5%), oncology (10.8%), genomics (16%+ NGS), are growing at multiples of the base rate. Thyrocares deliberate pivot into speciality testing is a direct bet on these faster-growing, higher-margin vectors.

Three Trends Reshaping the Sector

1. AI in Diagnostics: Artificial intelligence is no longer a pilot programme. AI-enabled tools are being deployed across image analysis, pathology interpretation and predictive diagnostics. At Thyrocare, AI-powered tools are being used across the value chain to improve accuracy and reporting turnaround time.

2. At-Home Diagnostic Services: Home sample collection, digital report delivery and teleconsultation integration have significantly expanded healthcare accessibility. Thyrocares phlebotomy network and franchise ecosystem have been purpose-built for exactly this moment, deeply, distributed, digitally connected.

3. Specialised and High-Value Testing: The Indian diagnostics market is moving up the clinical ladder. Molecular diagnostics, oncology panels, genomics, and advanced immunoassays. These segments are increasingly becoming mainstream within the diagnostics ecosystem. These segments also offer higher margins and stronger clinical relevance.

03 The Thyrocare Transformation

*~FY~2023-FY 2026~

Between FY 2023 and FY 2026, Thyrocare undertook a deliberate portfolio expansion from a preventive-health- focused, high-volume lab network into a full-spectrum diagnostics company. The underlying industry trend was clear: Indias disease burden is becoming increasingly complex, driving the need for more comprehensive and advanced diagnostic capabilities.

FY 2023 was Thyrocares post-COVID transition year, as the industry adjusted to normalised demand conditions following

the decline in pandemic-related testing. Revenue fell to Rs.527 Crore from Rs.589 Crore in FY22. EBITDA margins compressed to 23%. PAT halved. It was a year that highlighted the need to identify sustainable long-term growth drivers. The Company responded by strengthening speciality diagnostics, brand investment, network quality, and international expansion initiatives, the benefits of which are now increasingly reflected in operational performance.

The Scoreboard: FY 2023 to FY 2026

Metric	FY 2023	FY 2024	FY 2025	FY 2026	Change FY 2026 vs FY 2025	Change FY 2026 vs FY 2023
Revenue (Rs. Crore)	527	572	687	829	+21%	+57%
EBITDA (Rs. Crore)	120	137	190	256	+34%	+113%
EBITDA Margin	22.8%	24.0%	27.7%	31.6%	+400bps	+800bps
PAT (Rs. Crore)	64	69	91	163	+79%	+155%
PAT Margin	12%	12%	13%	20%	+700bps	+800bps
ROCE	15%	17%	24%	34%	+1,000bps	+1,900bps
Tests Conducted (Mn)	141.4	147.0	170.5	209.6	+23%	+48%
Patients Served (Mn)	15.4	15.0	16.7	19.2	+15%	+25%
Test Menu	720+	920+	920+	1,275+	+39%	+77%
Pathologists	23	56	70	98	+28	+75
Turnaround time (TAT)	3.80	3.05	3.43	3.40	-1%	-11%
Quarterly Active Franchisees (Exit Q4)	7,500	7,600	9,400	10,800	+15%	+44%
Partnership Revenue	151	151	192	254	+32%	+68%

What the Numbers Actually Say

The Margin Story: Expanding Through Investment

EBITDA margin increased from 23% to 31% in three years — an ~800 bps improvement — even as the Company was simultaneously absorbing the cost of new labs, two acquisitions (Vimta Labs and Polo Labs), and investment in allergy and genomics infrastructure. This margin expansion was not driven by cost rationalisation alone. This reflects

operating leverage, with fixed costs being spread across a growing volume base, with the early specialty mix beginning to pull revenue per test higher.

The ROCE Acceleration: Capital Efficiency Improving

Return on Capital Employed moved from around 15% in FY 2023 to 34% in FY 2026 — an ~1900 bps improvement and representing one of the greatest improvements within the organised diagnostics sector during this period. This is significant as ROCE remains an important indicator of the effectiveness of the Companys asset-light operating model. Thyrocare deployed capital into labs, acquisitions and technology, and still improved the return on every rupee employed. This reflects the strengthening capital efficiency of the business.

The Volume Story: More Tests, More Patients

Tests conducted grew from approximately 141 Million in FY 2023 to 210 Million in FY 2026, representing a 48% increase over three years. Patients served grew from ~15.4 Million to 19.2 Million. Critically, the growth in tests outpaced the growth in patients, which indicates that tests per patient are increasing. This reflects the early impact of the Companys portfolio shift, as speciality packages and multi-panel diagnostics become a larger share of the mix, each patient interaction generates more clinical and commercial value.

The Context: Outperforming in a Tough Cycle

The organised diagnostics sector overall grew revenue at ~10-12% CAGR over the five years to FY 2025. Thyrocares non-COVID core portfolio recorded annual growth of 19% annually over the last four years, significantly ahead of the sector. This was achieved while the industry faced consistent pricing pressure: across the seven major listed diagnostics players, revenue per patient declined from Rs.786 in FY21 to Rs.759 in FY 2025, and revenue per test fell from Rs.233 to Rs.187. Thyrocare responded by strengthening its presence across higher-value clinical segments rather than competing solely on pricing, a strategy reflected in the improvement in margin performance.

What Changed: The Investment Thesis

The FY 2023-FY 2026 period was defined by three strategic investments, none of which were accidental:

1. Network and Quality Infrastructure -Sustaining the Foundation

Scale without quality can become a structural risk. Accordingly, Thyrocare continued to maintain a strong focus on quality, supported by NABL accreditation and Six Sigma compliance across operations. During FY 2026, the Company added 7 laboratories, taking its total network to 41 laboratories, including 40 in India and its first international laboratory in Tanzania.

More importantly, Thyrocare became Indias first diagnostic chain to achieve 100% NABL accreditation across all laboratories. The Company also maintained an average turnaround time (TAT) of 3.4 hours from sample receipt to report

release, remaining among the best in the industry. Alongside infrastructure expansion, the Company significantly strengthened its franchisee network. From a base of approximately 3,600 franchisees in Q4 FY21, Thyrocare expanded to over 10,800+ quarterly active franchisees, improving accessibility to affordable and quality diagnostics across markets.

The Companys operational and workplace excellence was further recognised through the Great Place to Work certification in August 2025, along with dual recognition at the 4th National Diagnostics Forum as the Best Diagnostic Lab Chain of the Year and Patient-Centric Diagnostic Company of the Year. These recognitions reflect Thyrocares strong service standards, customer focus, and operational capabilities.

2. Brand and Consumer Equity - Building Pull

In parallel with clinical expansion, Thyrocare continued to strengthen its brand presence and consumer engagement initiatives. The onboarding of Madhuri Dixit as brand ambassador represented a strategic step toward building stronger consumer awareness in preventive and womens healthcare.

During the year, the Company continued to scale Her Check, a platform focused on womens reproductive health, alongside Jaanch, which offers doctor-curated speciality diagnostic packages across multiple health conditions, including hair loss and cancer screening. Both platforms witnessed encouraging traction during the year.

Jaanch recorded a twofold increase in sales during FY26, reflecting growing consumer preference for clinically relevant and specialised diagnostic solutions beyond routine annual health check-ups.

Specialty Diagnostics — Building Depth

The most consequential shift was Thyrocares deliberate move into specialty testing. This was not about adding more basic panels. It was about entering clinical territory that demands scientific capability, expensive equipment and specialist knowledge — and where fewer players compete.

• Moving beyond Thyroid: In FY 2023 thyroid testing accounted for 15% of the Companys test volumes. This contribution has reduced significantly as Thyrocare expanded its portfolio across Immuno-assay and Biochemistry testing while investing in advanced technologies such as ICP-MS, LCMS, and HPLC. As a result, the Company expanded its test menu from nearly 150 tests to over 1,275 tests, significantly broadening its diagnostic capabilities beyond thyroid testing.

• Histopathology and Allergy Diagnostics: During the year, Thyrocare established its first in-house Histopathology laboratory and commenced processing Histopathology services across its Delhi and Mumbai laboratories. Supported by qualified medical specialists, these capabilities are helping improve timely and affordable cancer diagnosis. The Company also deployed the globally recognised Phadia platform for allergen-specific IgE testing and developed a portfolio of over 250 SKUs covering respiratory, food, and environmental allergens. With rising allergy prevalence and recurring monitoring requirements, this segment presents significant long-term growth opportunities.

• Genomics and Molecular Diagnostics: Thyrocare expanded its presence in genetic screening panels and molecular diagnostics, aligning with the global transition towards precision medicine and advanced disease detection capabilities. While currently at an early stage, these capabilities are strategically important for the Companys longterm diagnostic portfolio expansion.

• Oncology: Through its wholly owned subsidiary, Nueclear Healthcare, Thyrocare operates a network of molecular imaging centres providing PET-CT scans for cancer staging and treatment monitoring. The FDG radiopharmaceutical produced at Nueclears cyclotron facilities powers these scans across the network.

Tanzania - The International Bet

The Company processed its first sample in Tanzania in April 2024. By FY 2026, Thyrocare had established partnerships with over 150 healthcare facilities in Dar es Salaam. The Tanzania business currently remains in the investment phase, with expansion being undertaken in a calibrated and operationally disciplined manner. The FY 2027 revenue targets are expected to mark the initial phase of return generation from this business. The long-term strategic opportunity remains significant, supported by increasing demand for organised diagnostic infrastructure across African markets. Thyrocares asset-light operating model is well-positioned to support scalable expansion across emerging healthcare ecosystems.

04 Company Overview

Thyrocare Technologies Limited is Indias most automated and quality-certified diagnostics network. Built on an asset- light B2B model, the Company delivers high-accuracy diagnostics at affordable prices through a network of 41 laboratories, 10,800+ active franchisees and a national phlebotomy infrastructure.

Key Highlights of the year

• Recognised as the Best Diagnostic Lab Chain of the Year and Patient-Centric Diagnostic Company of the Year at the 4th National Diagnostics Forum & Awards, reflecting the Companys strong clinical standards and customer-centric approach.

• Achieved Great Place to Work Certification in August 2025, highlighting continued progress in organisational culture, inclusive workplace practices, and employee engagement across the network.

• Onboarded Madhuri Dixit as Brand Ambassador, strengthening consumer connect and enhancing brand visibility across B2C and womens preventive healthcare segments.

• Added 7 new laboratories during the year, further strengthening Pan-India presence and improving service accessibility across key markets.

• Expanded Allergy Diagnostics capabilities through deployment of the globally recognised Phadia platform and expansion of the portfolio to over 250 SKUs, establishing one of the most comprehensive allergy testing portfolios in India.

• Strengthened Genomics and Molecular Diagnostics capabilities through the addition of advanced testing solutions, including genetic screening and specialised diagnostic panels.

05 Segment-wise Performance

	FY 2026	FY 2025	% of FY2026 revenue	% Growth
	(INR Crore)	(INR Crore)
Pathology1	775.93	633.06	93.59%	22.57%
Radiology2	53.11	54.29	6.41%	-2.17%
Total	829.04	687.35	100.00%	20.61%

Pathology — The Core Engine

Pathology remains Thyrocares primary growth and margin driver, contributing approximately 94% of revenue in FY 2026. Scale efficiencies, high asset utilisation and an increasing mix of speciality tests are collectively driving both topline growth and per-patient value. The Companys strategic shift toward high-complexity diagnostics, including allergy, genomics, and oncology panels, marks a structural strengthening of its pathology portfolio and revenue mix.

Aarogyam — Scaling Preventive Health

Aarogyam remains Thyrocares flagship preventive health brand and the anchor of its B2B franchise-led model. During the year, the Company launched 24x7 non-fasting packages, further enhancing patient convenience and accessibility.

The continued evolution of Aarogyam toward more clinically relevant and specialised preventive healthcare packages reflects the Companys focus on aligning preventive diagnostics with rising health awareness and healthcare literacy across India.

Jaanch — Doctor-Curated Speciality Testing

Jaanch has emerged as a strong consumer-focused specialty diagnostics platform for the Company. The platform offers doctor-curated diagnostic packages covering hair loss, cancer screening, hormone testing, and chronic disease monitoring.

The segment recorded a twofold increase in sales during FY26, reflecting growing consumer preference for clinically relevant and specialised diagnostic solutions beyond routine testing. The platform is positioned to strengthen Thyrocares presence in differentiated and consumercentric diagnostics offerings.

Her Check — Strengthening Womens Healthcare Diagnostics

Her Check offers comprehensive diagnostic solutions focused on womens reproductive and preventive healthcare needs, a segment that remains relatively underserved within organised diagnostics.

With increasing health awareness, preventive healthcare adoption, and insurance penetration among women across urban and semi-urban markets, the Company believes Her

Check presents significant long-term growth potential as a differentiated healthcare platform.

Allergy Diagnostics — A Strategic Entry

The launch and expansion of allergy diagnostics capabilities represented one of the Companys key strategic developments during FY 2026. Through the deployment of the globally recognised Phadia platform, Thyrocare expanded its allergen-specific IgE testing portfolio to over 250 SKUs covering food, respiratory, and environmental allergens.

Rising urban allergy prevalence, low diagnostic penetration, and the requirement for periodic monitoring are expected to support recurring and high-frequency revenue opportunities within this segment over the long term.

Genomics Building Future-Ready Capabilities

The Company continued expanding its presence in genomics and molecular diagnostics through investments in genetic screening panels and specialised molecular testing solutions. While the segment remains at an early stage in terms of scale, it represents a strategically important capability aligned with the global transition toward precision medicine.

As genomics-driven diagnostics gain wider adoption across oncology, rare diseases, and personalised treatment pathways, the Company believes these capabilities will become increasingly relevant within the broader diagnostics ecosystem.

Radiology and Imaging — Nueclear Healthcare

Nueclear Healthcare, a wholly-owned subsidiary of Thyrocare Technologies Limited, operates the Companys molecular imaging network, including PET-CT centres used for cancer staging, treatment monitoring, and recurrence detection.

The subsidiary also produces FDG radiopharmaceutical agents used in PET-CT imaging, providing Thyrocare with a differentiated level of vertical integration within the high-complexity imaging segment. Nueclear continues to remain in an investment-led expansion phase, with focus on improving utilisation levels and maintaining disciplined capital allocation.

Tanzania — International Expansion

The Companys first international laboratory in Dar es Salaam, Tanzania, commenced operations in April 2024 and has since established partnerships with over 150 healthcare facilities. FY26 primarily represented a phase of infrastructure creation, operational expansion, and network development for the business.

The Company expects FY 2027 to mark the beginning of revenue scale-up from the Tanzania operations. With diagnostics infrastructure across several African markets remaining significantly under penetrated, Thyrocares asset- light and franchise-led operating model is well-positioned to support scalable international expansion opportunities.

06 Financial Overview

Key financial Parameter	Consolidated	Standalone	Consolidated	Standalone
	FY 2026	FY 2026	FY 2025	FY 2025
Revenue Growth (%)	20.61%	22.30%	20.19%	20.82%
EBITDA Margin (%)	31.03%	32.33%	27.49%	29.54%
Net Profit Margin (%)	19.64%	19.22%	13.20%	15.13%
Basic EPS (Rs.)	10.27	9.36	5.70	5.98
Return on Net Worth (%)	27.79%	26.54%	16.59%	17.83%
ROCE (%)	33.87%	34.91%	25.97%	27.46%
Debt to Equity	NA	NA	0.05	0.04
Current Ratio	3.39	3.31	2.77	2.69
Interest Coverage Ratio	70.96x	91.37x	43.82x	53.42x
Operating Profit Margin (%)	23.97%	25.73%	19.45%	22.19%
Debtors Turnover	11.29	11.18	11.80	11.60
Inventory Turnover	4.53	4.49	4.03	3.90

07 Outlook: The Next Wave

Thyrocare enters FY 2027 with a fundamentally different clinical and commercial profile than it had three years ago. The transformation from a volume-led preventive diagnostics network to a full-spectrum diagnostics company, with meaningful positions in speciality testing, molecular imaging and international markets, was not accidental. It was architected.

The Growth Vectors for FY 2027 and Beyond

1. Specialty Testing: From Niche to Mainstream

Specialty diagnostics, including allergy testing, genomics, oncology panels, and advanced immunoassays, are expected to contribute an increasing share of the Companys revenue mix over the next few years. These segments offer higher per-test realisations, stronger clinical relevance, and relatively lower competitive intensity compared to routine wellness diagnostics.

The Company continues to invest in scientific engagement initiatives, clinician partnerships, and expansion of its specialty test portfolio to accelerate adoption and strengthen its clinical positioning.

2. Network Densification — Tier 3 and Beyond

Diagnostic demand in India is increasingly expanding beyond metropolitan markets. Thyrocares network of over 10,800+ quarterly active franchisee partners, built over two decades, provides strong market access across emerging healthcare regions.

The Companys focus for FY27 includes network densification across Tier 3+ cities, supported by regional processing laboratories aimed at reducing turnaround time (TAT) and improving service consistency across underserved geographies.

3. Insurance and Institutional Partnerships

The Company continues to strengthen partnerships with hospitals, insurance providers, and health-tech platforms to build a recurring and high-volume business pipeline that complements its franchise-led B2B model.

With increasing health insurance penetration in India, particularly following the expansion of public healthcare initiatives such as Ayushman Bharat, insurance-linked diagnostic volumes are expected to witness sustained growth. Thyrocares scale, quality standards, and operational infrastructure position the Company as a preferred diagnostics partner across institutional ecosystems.

4. AI and Automation — Efficiency as Moat

The integration of AI-powered technologies, including automated microscopy platforms such as SigTuple, forms an important part of the Companys long-term quality and operational efficiency strategy.

AI-enabled systems help reduce variability in morphology analysis, improve throughput, and support consistent quality at scale. As the Company expands into increasingly complex diagnostic categories, technology-assisted interpretation and

automation capabilities are expected to play an increasingly critical role.

5. Nueclear and the Oncology Opportunity

Cancer continues to represent one of Indias fastest- growing disease burdens, increasing the importance of early detection and accurate disease staging. These areas remain highly dependent on advanced diagnostic and molecular imaging capabilities.

Nueclear Healthcare operates at the intersection of this growing demand through its PET-CT imaging network.

IThe next wave of growth for Thyrocare is not about doing more of the same. It is about doing more of what matters clinically — and doing it at the Thyrocare standard of quality, speed and affordability.

08 Risk Management

Thyrocare operates in a complex environment where competitive, operational, clinical and regulatory risks intersect. The following table outlines the principal risks the Company monitors and the mitigation strategies in place.

Risk	Level	Mitigation
Intense competition in a fragmented market	High	Scale-driven cost leadership, automation, brand investment and preventive portfolio differentiation
Reputational risk from report inaccuracies	High	100% NABL accreditation, Six Sigma benchmarks, stringent quality controls and proactive grievance redressal
Lab disruption or operational interruptions	Medium	Distributed lab network, regional processing nodes, redundancy protocols and process automation
Franchisee/B2B partner concentration	Medium	Diversified partner portfolio, structured onboarding, periodic SLA and pricing reviews
IT system failure or cybersecurity breach	Medium	Robust IT architecture, cybersecurity controls, regular audits and disaster recovery mechanisms
Technological disruption and test obsolescence	Medium	Ongoing investment in genomics, allergy, speciality segments and continuous test menu innovation
Skilled workforce attrition	Medium	Continuous training, performance-linked incentives, certification programmes and GPTW culture
Regulatory and policy changes	Low	Strong compliance framework, proactive regulatory monitoring and early engagement with policy bodies
International operations risk	Low	Gradual scaling in Tanzania, local compliance alignment and conservative expansion approach

09 Internal Controls

In accordance with Section 134(5)(e) of the Companies Act 2013, Thyrocares Internal Financial Controls (IFC) system has been established with policies and procedures incorporating five core elements: orderly and efficient conduct of business; safeguarding of assets; adherence to Company policies; prevention and detection of fraud and errors; and accuracy, completeness and timeliness of accounting records and financial reporting.

The Company maintains a transparent framework for periodic evaluation of IFC through internal audits, reinforcing its commitment to best-practice corporate governance. The certification by the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of the Company in this Annual Report provides further assurance on the adequacy and effectiveness of internal control systems.

10 Human Resources

Thyrocares organisational culture is built on meritocracy, collaboration, accountability, and operational excellence. The Company encourages employees across functions to contribute ideas, drive innovation, and participate actively in improving processes and customer outcomes.

The Company also promotes a learning-oriented environment where continuous improvement, adaptability, and professional development remain integral to its operational philosophy.

A Purpose-Driven Workforce

The Companys purpose of making quality diagnostics affordable and accessible continues to guide its workforce of approximately 1,900 permanent employees as of March. 31, 2026.

Across functions including phlebotomy, laboratory operations, technology, customer service and franchise management, employees contribute toward a common objective of delivering accurate and timely diagnostic reports that support critical healthcare decisions.

Workforce Development

The Company conducts structured training programmes covering clinical protocols, operational standards, customer engagement, and technology adoption. These initiatives are complemented by performance-linked rewards and recognition frameworks aimed at strengthening employee engagement and professional growth.

The Great Place to Work certification received in August 2025 reflects the Companys continued efforts toward building an inclusive, performance-driven, and employee- focused workplace culture capable of attracting and retaining skilled healthcare professionals.

Cautionary Statement

This Management Discussion and Analysis contains forward-looking statements based on the Companys current intentions, beliefs and expectations. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. The estimates and projections presented are based on assumptions derived from internal and external information currently available, and are subject to change as underlying factors evolve. The Company undertakes no obligation to update or revise any forwardlooking statement after the date of this report.