Thyrocare to Sell Entire Nueclear Healthcare Stake for Rs 141.4 Crore

Khushi Jain
September 21, 2026

Thyrocare Technologies Ltd has approved the sale of its entire stake in wholly owned subsidiary Nueclear Healthcare Ltd (NHL) to Trovera Healthcare for about Rs 141.4 crore, as the diagnostics company shifts its capital and management focus towards its core pathology business.

Under the proposed transaction, Thyrocare will transfer 1,11,11,000 equity shares in NHL, representing 100% of the subsidiary’s issued and paid-up equity share capital, to Trovera.

The consideration will comprise about Rs 81.9 crore in cash, subject to a working-capital adjustment, and Rs 59.5 crore through 42,500 compulsorily convertible preference shares (CCPS) of Trovera.

The CCPS will be issued at Rs 14,000 each, including a premium of Rs 13,990 per share. They will represent about 4.5% of Trovera’s share capital on a fully diluted basis and will be convertible into equity shares on a 1:1 basis.

The share purchase agreement has not yet been executed. Thyrocare expects the transaction to be completed on or before 30 November 2026, subject to shareholder and other applicable approvals.

Trovera was incorporated on 16 June 2026 and is engaged in, or proposes to carry on, healthcare and diagnostic-services activities. The company is not part of Thyrocare’s promoter or promoter group, and the proposed transaction is not classified as a related-party transaction.

Why Thyrocare Is Selling NHL

NHL operates in radiology and diagnostic imaging, a business that requires continued spending on diagnostic equipment, technology, maintenance and infrastructure.

Thyrocare said the divestment will allow it to direct capital and management attention towards its pathology operations.

The decision follows an earlier review of the radiology business. In July 2026, Thyrocare’s board gave in-principle approval to evaluate a restructuring of NHL’s radiology operations.

During the company’s Q1 FY27 earnings call, managing director and CEO Rahul Guha said the business had not been growing and that Thyrocare had been conservative about putting further capital into it because of its return profile compared with pathology.

At the time, the company was looking for a partner willing to invest in and grow the business. Guha also said there was no definitive buyer at that stage.

The agreement with Trovera marks the next step in that process.

Thyrocare to Buy Gurugram and Hyderabad Properties From NHL

Alongside the proposed stake sale, Thyrocare’s board has approved the purchase of land and buildings in Gurugram, Haryana, and Hyderabad, Telangana, from NHL for about Rs 20.59 crore.

The consideration excludes applicable stamp duty, registration fees and other charges.

Thyrocare already operates diagnostic laboratory facilities from the two properties and pays rent to NHL for their use.

The purchase is proposed to be completed before or simultaneously with the sale of NHL, allowing Thyrocare to retain the properties used for its laboratory operations after the subsidiary is sold.

NHL Reports Rs 44.62 Crore Revenue in FY26

NHL reported revenue from operations of Rs 44.62 crore in FY26, down about 6% from Rs 47.59 crore a year earlier. Its FY26 revenue represented about 5.38% of Thyrocare’s consolidated turnover.

NHL recorded a PAT of Rs 6.16 crore during the year, compared with virtually no profit in FY25. Its FY26 PAT margin stood at about 14%.

The subsidiary’s net worth stood at Rs 83.55 crore as of 31 March 2026, representing about 14.27% of Thyrocare’s consolidated net worth excluding non-controlling interest.

Thyrocare’s broader radiology business also includes Pulse Hitech. The segment reported revenue of Rs 13.48 crore in Q1 FY27, down 4% from a year earlier, with the company attributing the decline to its strategic exit from non-profitable centres.

The pathology-led wider business continued to grow during the quarter. Thyrocare’s consolidated revenue from operations rose 24.3% year-on-year to Rs 240.02 crore in Q1 FY27, while profit after tax increased 34.1% to Rs 51.33 crore.

FAQs

1. How much will Thyrocare receive from the sale of NHL?
Thyrocare will receive about Rs 141.4 crore, comprising about Rs 81.9 crore in cash and Rs 59.5 crore through Trovera CCPS.

2. How much stake in Nueclear Healthcare will Thyrocare sell?
Thyrocare will transfer its entire 100% stake in NHL to Trovera.

3. When is the NHL transaction expected to be completed?
Thyrocare expects the transaction to be completed on or before 30 November 2026, subject to shareholder and other applicable approvals.