The transaction will see Trovera acquire Nueclear Healthcare, including its subsidiaries, in a deal approved by Thyrocare’s board.
Thyrocare Technologies has approved the sale of its entire stake in wholly owned subsidiary Nueclear Healthcare Ltd (NHL) to Trovera Healthcare for around ₹141.4 crore.
The transaction will transfer 100% of Nueclear Healthcare to Trovera as Thyrocare shifts its capital and management focus towards its core pathology business.
Under the proposed deal, Thyrocare will sell 1,11,11,000 equity shares in Nueclear Healthcare, representing the subsidiary’s entire issued and paid-up equity share capital.
The consideration will include approximately ₹81.9 crore in cash, subject to a working-capital adjustment, and ₹59.5 crore through 42,500 compulsorily convertible preference shares (CCPS) in Trovera.
The CCPS will be issued at ₹14,000 per share, including a premium of ₹13,990. On a fully diluted basis, the shares will represent around 4.5% of Trovera’s share capital and will be convertible into equity shares on a 1:1 basis.
Transaction Expected to Close by November 2026
The share purchase agreement between the parties has not yet been executed.
Thyrocare expects the transaction to be completed on or before November 30, 2026, subject to shareholder approval and other applicable regulatory and statutory approvals.
Trovera Healthcare was incorporated on June 16, 2026, and is engaged in, or proposes to operate in, healthcare and diagnostic services.
The company is not part of Thyrocare’s promoter or promoter group. The proposed transaction has also not been classified as a related-party transaction.
Why Thyrocare Is Selling Nueclear Healthcare
Nueclear Healthcare operates in radiology and diagnostic imaging, a segment that requires continued investment in equipment, technology, maintenance and infrastructure.
Thyrocare said the divestment will allow the company to allocate more capital and management attention to its pathology operations.
The decision follows an earlier review of Nueclear’s radiology business. In July 2026, Thyrocare’s board had given in-principle approval to evaluate restructuring options for the subsidiary’s radiology operations.
During Thyrocare’s Q1 FY27 earnings call, Managing Director and CEO Rahul Guha said the radiology business had not been growing and that the company had remained cautious about investing additional capital because of its returns compared with the pathology business.
At the time, Thyrocare was looking for a partner willing to invest in and expand the business.
The proposed agreement with Trovera now moves that process forward.
Thyrocare to Buy Gurugram and Hyderabad Properties
Alongside the sale of Nueclear Healthcare, Thyrocare’s board has approved the purchase of land and buildings in Gurugram, Haryana, and Hyderabad, Telangana, from NHL for approximately ₹20.59 crore.
The consideration does not include applicable stamp duty, registration fees and other charges.
Thyrocare currently operates diagnostic laboratory facilities from these properties and pays rent to Nueclear Healthcare for their use.
The proposed property purchase is expected to be completed before or simultaneously with the sale of NHL.
This will allow Thyrocare to retain the properties supporting its laboratory operations after Nueclear Healthcare changes ownership.
Nueclear Healthcare Reported ₹44.62 Crore Revenue in FY26
Nueclear Healthcare reported revenue from operations of ₹44.62 crore in FY26, down around 6% from ₹47.59 crore in the previous financial year.
The subsidiary accounted for approximately 5.38% of Thyrocare’s consolidated turnover during FY26.
NHL reported a profit after tax of ₹6.16 crore in FY26, compared with virtually no profit in FY25. Its PAT margin stood at around 14%.
The subsidiary’s net worth was ₹83.55 crore as of March 31, 2026, equivalent to approximately 14.27% of Thyrocare’s consolidated net worth excluding non-controlling interest.
Thyrocare’s Radiology Business Faces Pressure
Thyrocare’s wider radiology business also includes Pulse Hitech.
The segment generated ₹13.48 crore in revenue during Q1 FY27, down 4% year-on-year. The company attributed the decline to its strategic exit from non-profitable centres.
The performance contrasts with growth in Thyrocare’s broader pathology-led business.
Consolidated revenue from operations increased 24.3% year-on-year to ₹240.02 crore in Q1 FY27, while profit after tax rose 34.1% to ₹51.33 crore.
The proposed Nueclear Healthcare sale therefore marks a strategic shift for Thyrocare, allowing the company to exit a slower-growing radiology business while concentrating resources on the pathology operations that continue to drive its wider growth.
