Consolidated PAT dives 68% YoY on ₹45 Cr NHL writedown; revenue +25%, adjusted PAT +26%

Thyrocare's consolidated PAT fell 68.2% YoY to ₹15.22 Cr in Q2 FY27, a headline that looks like a sharp reversal but is almost entirely the product of a ₹44.98 Cr exceptional impairment booked against Nueclear Healthcare (NHL), the radiology subsidiary the company agreed to sell on September 21, 2026. Strip that one-off out and adjusted PAT rose ~25.9% YoY to roughly ₹60.2 Cr, tracking almost exactly with the 25.1% YoY revenue growth to ₹270.81 Cr (+12.8% QoQ) — a result that reads as strong on the underlying numbers even as the reported bottom line looks like a collapse. Margins tell the same story: operating margin (OPM) was 32.97% this quarter, essentially flat against 32.95% a year ago and up from 32.19% last quarter — the core pathology business is not under pressure. The entire margin damage sits below the operating line: reported net margin fell to 5.5% from 21.8% a year ago purely because of the impairment, while adjusted net margin held near 21.9%, in line with both comparison quarters. Standalone results show a smaller ₹9.17 Cr impairment against the same NHL investment, with standalone PAT of ₹48.13 Cr on ₹256.25 Cr revenue — the gap versus the ₹44.98 Cr consolidated hit reflects NHL's goodwill and net assets being written down at the group level. No quarter-specific Street estimates for Q2 FY27 turned up in search, so the print can't be scored precisely against consensus; the closest benchmark is full-year FY27 consensus revenue growth of ~17.5% (sharpely.in), which the 25.1% YoY Q2 print and ~24% H1 run-rate are already running well ahead of. Against management's own July-2026 guidance — mid-to-high-teens (15-20%) FY27 revenue growth and a ~34% sustainable EBITDA margin — the quarter beats on revenue and lands about a point short on margin. This also cuts against our pre-result preview, which expected the Nueclear transaction to produce a sizeable one-time GAIN offsetting a smaller, leaner consolidated base; instead it produced a one-time LOSS (the ₹44.98 Cr impairment), and revenue came in well above the preview's ₹215-225 Cr band because NHL was still fully consolidated — the sale hadn't closed by quarter-end, so the footprint hadn't actually shrunk yet. EBITDA margin of 32.97% landed inside the preview's 33-34% expected band. The preview's franchise/partnership mix growth expectation (20-25% YoY) isn't separately disclosed in this filing and can't be graded. By segment, core Diagnostic Testing Services grew revenue 27.4% YoY to ₹256.74 Cr, while Imaging Services (housed in NHL) shrank 4.6% YoY to ₹13.55 Cr, consistent with a business being wound down ahead of sale. No management press release accompanied this filing to cross-check framing; of the other pre-result watch items, API Holdings/Docon promoter restructuring and the HSBC MF stake saw no update in this result. The NHL sale's shareholder postal-ballot approval concluded the same day as this result (October 29, 2026); since the deal hadn't closed at September 30, this quarter's numbers still fully consolidate NHL, including the impairment taken against it. The next print will show whether the sale has closed and how the group's revenue base and margin shift once Imaging Services is deconsolidated.