PharmEasy-Owned Thyrocare To Exit Radiology, Sell Nueclear Healthcare For ₹141 Cr

PharmEasy-owned diagnostic chain Thyrocare Technologies has approved the sale of its entire stake in wholly owned subsidiary Nueclear Healthcare Ltd (NHL) to Trovera Healthcare for about ₹141.4 Cr in a cash-and-stock deal. 

The transaction will see Thyrocare transfer 1.11 Cr equity shares, representing 100% of NHL’s issued and paid-up equity share capital, to Trovera.

Trovera will pay ₹81.9 Cr in cash and allot 42,500 CCPS worth ₹59.5 Cr to Thyrocare. The CCPS, priced at ₹14,000 apiece, will represent approximately 4.5% of Trovera’s share capital and will be convertible into equity shares in a 1:1 ratio.

Trovera was incorporated in June and was founded by Surana Group of Hospitals CEO Dr Prince Surana. The company is engaged in, or proposes to enter, the healthcare and diagnostic-services business. 

Thyrocare said NHL’s radiology and diagnostic-imaging business requires continued investment in equipment, technology, maintenance, and infrastructure. The divestment will allow the listed company to focus its capital and management attention on its core pathology business.

While the share purchase agreement is yet to be executed, Thyrocare expects to complete the transaction on or before November 30.

Separately, Thyrocare’s board approved the purchase of land and buildings in Gurugram and Hyderabad from NHL for ₹20.59 Cr.

Thyrocare currently operates diagnostic laboratories at the two properties and pays NHL rent for using the premises. The purchase is proposed to be completed before or simultaneously with the sale of NHL.

Thyrocare’s plans to divest NHL and exit the radiology business were first reported in September 2024. The vertical’s underperformance and continued investment requirements have been key factors behind the proposed exit. 

NHL had a turnover of ₹44.62 Cr, or 5.38% of Thyrocare’s total turnover, in FY26, while its net worth of ₹83.55 Cr represented 14.27% of the consolidated net worth of the company. NHL’s profit after tax (PAT) represented 10.9% of its total revenue in FY26, compared with Thyrocare’s standalone PAT margin of 19.2%. 

Thyrocare’s radiology segment, comprising NHL and Pulse Hitech, reported a 4% YoY decline in operating revenue to ₹13.48 Cr in Q1 FY27 as the company exited loss-making centres.

While announcing its Q1 results, Thyrocare’s board approved evaluating a proposed demerger of the radiology business under NHL, through a slump sale or business transfer outside the group

During the company’s Q1 FY27 earnings call, MD and CEO Rahul Guha said the vertical had not been growing and that Thyrocare had remained conservative about investing further in it.  Guha said at the time that the company was exploring a partner willing to invest in and grow the radiology business. 

For Q1 FY27, Thyrocare’s consolidated net profit rose 34% YoY to ₹51.3 Cr, while operating revenue increased 24.4% YoY to ₹240 Cr.

Shares of Thyrocare ended today’s trading session 2.9% higher at ₹572 apiece.

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