Thyrocare to sell Nueclear radiology business for ₹141.4 crore, focus on pathology

PharmEasy-owned Thyrocare will divest its 100% stake in Nueclear Healthcare to Trovera Healthcare, exiting radiology. The company will separately buy diagnostic-lab properties in Gurugram and Hyderabad from Nueclear for ₹20.59 crore, with closing targeted by November 30.

— Source publishedMon, 21 Sept, 2026, 17:31 IST·First seen Mon, 21 Sept, 2026, 17:57 IST·Source Inc42 · Buzz

What happened

Thyrocare Technologies · PharmEasy-owned Thyrocare will sell 100% of radiology subsidiary Nueclear Healthcare to Trovera for ₹141.4 crore, exiting radiology to

Key facts

  • ₹141.4 crore total transaction value
  • ₹81.9 crore cash consideration
  • ₹59.5 crore in 42,500 CCPS
  • 100% stake / 1.11 crore NHL equity shares
  • Trovera CCPS stake of approximately 4.5%
  • ₹20.59 crore proposed purchase of Gurugram and Hyderabad land and buildings
  • NHL FY26 turnover: ₹44.62 crore
  • NHL turnover share: 5.38% of Thyrocare total
  • NHL net worth: ₹83.55 crore
  • NHL net-worth share: 14.27% of consolidated net worth
  • NHL FY26 PAT margin: 10.9%
  • Thyrocare standalone PAT margin: 19.2%
  • Q1 FY27 radiology revenue: ₹13.48 crore, down 4% YoY
  • Q1 FY27 consolidated net profit: ₹51.3 crore, up 34% YoY
  • Q1 FY27 operating revenue: ₹240 crore, up 24.4% YoY
  • Thyrocare share price: ₹572, up 2.9%

Why this matters

The transaction cleanly separates Nueclear’s radiology operations from selected diagnostic real estate, giving Thyrocare an asset-backed route to preserve lab capacity while transferring the non-core business to Trovera.

What to watch

  • Regulatory, lender and contractual approvals required for closing by November 30.
  • Whether Trovera retains Thyrocare referral flows or competes for diagnostic customers after acquiring Nueclear.
  • Management disclosure of net cash proceeds, tax impact, debt repayment and capital-expenditure plans.
  • Changes in Thyrocare pathology revenue growth, sample volumes, test mix and EBITDA margin after the divestment.
  • Property-transfer terms, lab capacity utilization and any lease or operating-cost savings from the Gurugram and Hyderabad assets.
  • Further PharmEasy-led asset rationalization, funding actions or restructuring across its healthcare portfolio.
  • Complete the Nueclear stake sale and property acquisition by the targeted November 30 closing date.
  • Deploy net divestment proceeds toward pathology-lab expansion, automation, collection-center density, logistics or balance-sheet strengthening.
  • Establish commercial referral or bundled-testing arrangements with radiology providers to preserve imaging-related customer traffic.
  • Increase emphasis on high-volume preventive testing, B2B hospital partnerships and tier-2/tier-3 collection networks.
  • Communicate post-transaction profitability, cash-use priorities and the operating impact of the carved-out radiology business.

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