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

PharmEasy-owned diagnostic firm Thyrocare Technologies has approved the sale of its entire stake in wholly-owned subsidiary Nueclear Healthcare Ltd (NHL) to Trovera Healthcare for approximately ₹141.4 crore in a cash-and-stock deal. Thyrocare will transfer 1.11 crore equity shares, representing 100% of NHL's issued and paid-up share capital, to Trovera.

Trovera will pay ₹81.9 crore in cash and allot 42,500 CCPS worth ₹59.5 crore to Thyrocare. The CCPS, priced at ₹14,000 each, will represent about 4.5% of Trovera's share capital and will be convertible into equity shares at a 1:1 ratio. Thyrocare expects to finalize the transaction by November 30.

Nueclear Healthcare's radiology and diagnostic-imaging business requires continued investment in equipment, technology, maintenance, and infrastructure. Thyrocare intends to utilize the sale to refocus its capital and management attention on its core pathology business. The divestiture was initially reported in September 2024, driven by the vertical's underperformance and the need for additional investment.

Nueclear Healthcare generated ₹44.62 crore or 5.38% of Thyrocare's total revenue in FY26, while its net worth of ₹83.55 crore accounted for 14.27% of Thyrocare's consolidated net worth. The company's profit after tax (PAT) represented 10.9% of its revenue in FY26, compared to Thyrocare's standalone PAT margin of 19.2%. Thyrocare's radiology segment, comprising NHL and Pulse Hitech, saw a 4% YoY decline in operating revenue to ₹13.48 crore in Q1 FY27 as the company exited loss-making centers.