M. Provisions, Contingent Liabilities and Contingent
Assets

A provision is recognized when the enterprise has a
present obligation (legal or constructive) as a result
of a past event and it is probable that an outflow of
resources embodying economic benefits will be
required to settle the obligation, in respect of which

a reliable estimate can be made. These are reviewed
at each balance sheet date and adjusted to reflect the
current management estimates.

If the effect of the time value of money is material,
provisions are determined by discounting the expected
future cash flows specific to the liability. The unwinding
of the discount is recognized as finance cost.

Contingent Liabilities are disclosed in respect of
possible obligations that arise from past events but
their existence is confirmed by the occurrence or non¬
occurrence of one or more uncertain future events not
wholly within the control of the Company.

A contingent asset is a possible asset that arises from
past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of
the entity. Contingent Assets are not recognized till the
realization of the income is virtually certain. However,
the same are disclosed in the financial statements
where an inflow of economic benefit is probable.

Contract liabilities

A contract liability is the obligation to provides services
to a customer for which the Company has received
consideration from the customer. If a customer pays
consideration before the Company provides services
to the customer, a contract liability is recognised
when the payment is made. Contract liabilities are
recognised as revenue when the Company performs
under the contract.

O. Leases

Identifying leases

The Company accounts for a contract, or a portion
of a contract, as a lease when it conveys the right
to use an asset for a period of time in exchange for
consideration. Leases are those contracts that satisfy
the following criteria:

(i) There is an identified asset;

(ii) The Company obtains substantially all the
economic benefits from use of the asset; and

(iii) The Company has the right to direct
use of the asset.

The Company considers whether the supplier has
substantive substitution rights. If the supplier does
have those rights, the contract is not identified as
giving rise to a lease.

In determining whether the Company obtains
substantially all the economic benefits from use of
the asset, the Company considers only the economic
benefits that arise from use of the asset, not those
incidentals to legal ownership or other potential benefits.

In determining whether the Company has the right to
direct use of the asset, the Company considers whether
it directs how and for what purpose the asset is used
throughout the period of use. If there are no significant
decisions to be made because they are pre-determined
due to the nature of the asset, the Company considers
whether it was involved in the design of the asset in a
way that predetermines how and for what purpose the
asset will be used throughout the period of use. If the
contract or portion of a contract does not satisfy these
criteria, the Company applies other applicable Ind AS
rather than Ind AS 116.

The Company recognises Right-of-Use (ROU) assets
and corresponding lease liabilities in accordance with
Ind AS 116 - Leases. The lease term represents the non¬
cancellable period of the lease together with periods
covered by an extension option, where the Company is
reasonably certain to exercise such option, and periods

covered by a termination option, where the Company
is reasonably certain not to exercise such option.

The determination of lease term requires management
judgement and is reviewed at the end of the first year
of the lease commencement and thereafter upon
occurrence of any significant event or change in
circumstances affecting the assessment of exercise of
renewal or termination options. For Right-of-Use assets
pertaining to Regional Resource Centres (RRCs), the
lease term has been determined based on the latest
assessment carried out by management in this regard.

P. Recognition of rental income, dividend
income, interest income or expense

Rental income is recognised as part of other income
in the Statement of Profit and Loss on a straight-line
basis over the term of the lease except where the
rentals are structured to increase in line with expected
general inflation.

Dividend income is recognised in profit or loss on the
date on which the Company's right to receive payment
is established.

Interest income or expense is recognised using the
effective interest method.

The 'effective interest rate' is the rate that exactly
discounts estimated future cash payments or receipts
through the expected life of the financial instrument to:

- the gross carrying amount of the financial asset; or

- the amortised cost of the financial liability.

Q. Income tax

Tax expense recognised in Statement of Profit and
Loss comprises the sum of deferred tax and current
tax. It is recognised in the Statement of Profit and Loss,
except when it relates to an item that is recognised in
OCI or directly in equity, in which case, the tax is also
recognised in OCI or directly in equity.

(i) Current tax

Current tax comprises the expected tax payable
or refund receivable on the taxable income or loss
for the year and any adjustment to the tax payable
or receivable in respect of previous years. The
amount of current tax reflects the best estimate
of the tax amount expected to be paid or refund
receivable after considering the uncertainty, if
any, related to income taxes. It is measured using
tax rates (and tax laws) enacted or substantively
enacted by the reporting date.

Current tax assets and current tax liabilities are
offset only if there is a legally enforceable right to
set off the recognised amounts, and it is intended
to realise the asset and settle the liability on a net
basis or simultaneously.

(ii) Deferred tax

Deferred tax is recognised in respect of temporary
differences between the carrying amounts
of assets and liabilities for financial reporting
purposes and the corresponding amounts used
for taxation purposes.

Deferred tax assets are recognised to the
extent that it is probable that future taxable
profits will be available against which they can
be used. Deferred tax assets - unrecognised or
recognised, are reviewed at each reporting date
and are recognised/ reduced to the extent that it
is probable/ no longer probable respectively that
the related tax benefit will be realised.

Deferred tax is measured at the tax rates that are
expected to apply to the period when the asset
is realised or the liability is settled, based on the
laws that have been enacted or substantively
enacted by the reporting date.

R. Events occurring after the Balance Sheet Date

Where events occurring after the balance sheet date
provide evidence of conditions that existed at the end
of the reporting period, the impact of such events is
adjusted within the Financial Statements. Otherwise,
events after the balance sheet date of material size or
nature are only disclosed.

S. Earning Per share

Basic earnings per equity share is computed by
dividing the net profit attributable to the equity holders
of the Company by the weighted average numbers of
the equity shares outstanding during the period. The
weighted average number of equity shares outstanding
during the period is adjusted for events such as bonus
issue, bonus element in a rights issue, share split, and
reverse share split (consolidation of shares) that have
changed the number of equity shares outstanding,
without a corresponding change in resources.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the period attributable
to equity shareholders of the Company and the
weighted average number of shares outstanding during
the period are adjusted for the effects of all dilutive
potential equity shares.

Diluted earnings per equity share is computed by
dividing the net profit attributable to the equity holders
of the Company by the weighted average number of
equity shares considered for deriving basic earnings
per equity share and the weighted average number
of equity shares that would have been outstanding
assuming the conversion of all dilutive potential equity
shares. The dilutive potential equity shares are adjusted
for the proceeds receivable had the equity shares
been actually issued at fair value (i.e. the average
market value of the outstanding equity shares). Dilutive
potential equity shares are deemed converted as of
the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined
independently for each period presented.

T. Cash flow statement

Cash flows are reported using the indirect method,
whereby profit for the period is adjusted for the effects
of transactions of non-cash nature, any deferrals or
accruals of past or future operating cash receipts or
payments and item of income or expenses associated
with investing or financing cash flows. The Company
segregate the cash flows in operating, investing and
financing activities.

U. Segment reporting

In accordance with Ind AS 108 'Operating Segments',
segment information has been given in the consolidated
financial statements of the holding company.

V. Investment in subsidiaries, associates and joint
ventures

Investments in subsidiaries, associates and joint
ventures are measured at cost as per Ind AS 27 -
Separate Financial Statements less accumulated
impairment, if any as per Ind AS 36 Impairment of Assets.

W. Recent Accounting Standards and
Pronouncements

The Ministry of Corporate Affairs has notified
amendments to various Indian Accounting Standards
through the Companies (Indian Accounting Standards)
Amendment Rules, 2025 and the Companies
(Indian Accounting Standards) Second Amendment
Rules, 2025 as under:

• Amendments to Ind AS 1 and Ind AS 10: Classification

of Liabilities as Current or Non-current

These amendments are introduced to clarify
the requirements on determining whether a
liability is current or non-current and require new
disclosures for non-current liabilities that are
subject to future covenants. These amendments

apply for the annual reporting periods beginning
on or after April 1, 2025, while certain amendments
are effective for annual reporting periods
beginning on or after April 1, 2026. The Company
is in the process of assessing the impact of these
amendments, which will be applied retrospectively
in accordance with Ind AS 8. These amendments
may particularly affect the classification and
disclosures relating to non-current borrowings
subject to future covenant compliance.
Amendments to Ind AS 107 and Ind AS 7: Supplier
Finance Arrangements.

• Amendments to Ind AS 21: The Effects of
Changes in Foreign Exchange Rates (Lack of
Exchangeability)

These amendments require assessing currency
exchangeability and estimating exchange rates
when currencies are not readily exchangeable and
also requires specific disclosures viz. the nature
and financial effects of the currency not being
exchangeable, the spot exchange rates used,
the estimation process, and the risks to which
the entity is exposed because of the currency
not being exchangeable. The amendment
also lays down transition requirements, while
specifically stating that an entity shall not restate

comparative information in applying Lack of
Exchangeability. These amendments are effective
from April 1, 2025; however, these amendments
are not expected to have a material impact
on the Company's financial statements as the
Company's transactions are limited to currencies
that are freely convertible and exchangeable, and
management has assessed that no significant
restrictions apply to its operations.

• Amendments to Ind AS 12: International tax
reform—Pillar Two model rules

The amendments to Ind AS 12 have been
introduced in response to the OECD's BEPS Pillar
Two rules and include a mandatory temporary
exception to the recognition and disclosure of
deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules
and disclosure requirements for affected entities
to help users of the financial statements better
understand an entity's exposure to Pillar Two
income taxes arising from that legislation. These
amendments have no impact on the Company's
financial statements as the Company is not in
scope of the Pillar Two model rules.

Note:

1. The Company has assessed the recoverable amount of the investment made in its wholly owned subsidiary Nueclear
Healthcare Limited ('NHL') as value in use, being the higher of Fair Value less Cost of Disposal and Value in Use. For the
current period, NHL has reported growth in its operations. For the year ended March 31, 2026, NHL has reported profit
before tax of H 5.80 crores. Also, NHL still has accumulated losses carried forward from the previous years and, hence
the Company continues to assess the profitability and growth of NHL. The management does not foresee any further
requirement of impairment of its investment made in NHL as at March 31, 2026, other than those already provided for
in the books of account amounting to H 44.33 crores (31 March 2025 : H 44.33 crores).

Critical assumptions involved in the valuation are as follows:

(a) Discount rate: 20.90% (March 2025: 19.40%)

(b) Terminal growth rate: 4% (March 2025: 4%)

2. During the year, the company increased its shareholding in Thyrocare Laboratories (Tanzania) Limited from 50%
to 57.25% on 1^st April, 2025 thereby obtaining control over the entity. Accordingly, in accordance with Ind AS 110
Consolidated Financial Statements, Thyrocare Laboratories (Tanzania) Limited has been consolidated on a line-
by-line basis with effect from April 1, 2025. Considering the valuation and cost per share before and after this
acquisition remained same there is no impact in the statement of Profit & Loss and Other comprehensive income.
The increase has led to reclassification of investment from joint venture to a subsidiary in current financial year.
Further during the year, the company made an investment by subscribing to 1,68,746 Compulsorily Convertible
Preference Shares (CCPS) of Thyrocare Laboratories (Tanzania) Limited at a price of TZS 10,000 per share.
In the previous year ended March 31, 2025, the investment in Thyrocare Laboratories (Tanzania) Limited was accounted
for as a joint venture.

The Company has, pursuant to the approval of the Board of Directors and shareholders, issued bonus equity shares
in the ratio of 2:1 (i.e., two equity shares for every one equity share held) by capitalisation of an aggregate amount of
H106.11 Crore out of its reserves, comprising Capital Redemption Reserve of H0.96 Crore, Securities Premium of H78.09
Crore and General Reserves of H27.06 Crore

(b) Rights, preferences and restrictions attached to equity shares

Equity shares have a face value of H 10. Each holder of equity shares is entitled to participate in dividends. The dividend
proposed by the board of directors is subject to the approval of the shareholders in the annual general meeting. In the
event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the

Pledge of Shares and Dilution of Promoter Shareholding

API Holdings Limited ("API"), the Ultimate Holding Company of the Company, had previously raised funds through
issuance of secured, unlisted, redeemable non-convertible debentures ("Old Debentures"). In connection with
such borrowings, equity shares of the Company held by its promoter entity, Docon Technologies Private Limited
("Docon"), were pledged in favour of the debenture trustee.

During the year, API raised funds amounting to H1,700 crore through issuance of fresh secured, unlisted, redeemable
non-convertible debentures ("New Debentures") for the purpose of refinancing the Old Debentures. The proceeds
of the New Debentures have been utilised for redemption of the Old Debentures in full.

Pursuant to the refinancing:

• the existing pledge created over the shares of the Company for securing the Old Debentures has been released; and

• a fresh pledge has been created by Docon over such number of equity shares held by it in the Company, aggregating
up to a maximum of 61% of the paid-up equity share capital of the Company, in favour of the debenture trustee for
securing the New Debentures.

As at March 31, 2026, 9,69,69,696 equity shares of the Company, representing 60.92% of the paid-up equity share
capital of the Company and 100% of the promoter shareholding in the Company, are pledged in favour of the debenture
trustee for securing the New Debentures. The outstanding principal amount of the New Debentures stands at H1,080
crore, consequent to partial redemption.

During the year, Docon has also sold 53,32,860 equity shares of the Company through market trades on October 24,
2025, representing approximately 10% of the paid-up equity share capital of the Company. Pursuant to the aforesaid
transaction, the promoter shareholding in the Company has reduced to 60.93% from 70.98% prior to the transaction.
Docon continues to remain a promoter of the Company subsequent to such dilution.

Capital Reserve

Capital Reserve represents

a) amounts received in earlier years from the selling shareholder at the time of the IPO towards reimbursement of
certain expenses and

b) fair value of trademark "Whaters" (subsequently disposed off) assigned by Dr. Arokiaswamy Velumani (Ex-promoter) in
favour of the Company for no consideration.

Securities Premium

Securities Premium represents the premium received on issue of shares.

Share Option Outstanding Account

The Company has established various equity-settled share-based payment plans for certain categories of employees of the
Company. The balance in the share option outstanding account represents the expenses recorded pursuant to the aforesaid
schemes for which the options are not yet vested or exercised. (Refer note 35 for further details on these plans).

Equity Contribution by the Ultimate Holding Company reserve

API Holdings Limited (the 'Ultimate Parent Company') has established various equity-settled share-based payment plans for
certain categories of employees of the Company. The respective employees are entitled to equity shares of the Ultimate Holding
Company on exercising of options granted to them after completion of the vesting period, as per the plans. The Ultimate Holding
Company is not charging any consideration towards reimbursement of the grant of options from the Company. The balance
in the Equity Contribution by Ultimate Holding Company Reserve account represents the expenses recorded pursuant to the
aforesaid schemes for which the options are not yet vested or exercised, as the same is considered as equity contribution by
the Ultimate Holding Company. (Refer note 35 for further details on these plans).

General Reserve

General Reserve is used to record the transfer from retained earnings of the Company.

Capital Redemption Reserve

The Company bought back 9,58,900 equity shares for an aggregate amount of H 63.00 crores being 1.78% of the total paid up
equity share capital, at an average price of H 656.90 per equity share. The equity shares bought back were extinguished on
12 October 2018 and 22 October 2018 and as per the provisions of the Companies Act, 2013, the Capital Redemption Reserve
is used to record the reduction of the share capital of the Company on account of equity shares bought back out of the
accumulated profits. It is created in accordance with the provisions of the Companies Act, 2013.

Retained Earnings

Retained Earnings represents the accumulated profits carried forward after adjusting for the appropriations as at the
end of the year.

Issue of Bonus Shares

The Company has, pursuant to the approval of the Board of Directors and shareholders, issued bonus equity shares in the ratio
of 2:1 (i.e., two equity shares for every one equity share held) by capitalisation of an aggregate amount of H106.11 crores out of
its reserves, comprising Capital Redemption Reserve of H0.96 crores, Securities Premium of H78.09 crores and General Reserves
of H27.06 crores.

34 Employee benefits

A. Defined contribution plans

The Company makes Provident Fund, ESIC and Maharashtra Labour Welfare Fund contributions to defined contribution
plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of
the payroll costs to fund the benefits. Amount for the year ended 31 March 2026 of H 4.79 crores (31 March 2025: H 4.87
Crore) is recognised as expense and included in Employee benefit expenses. The contributions payable to these plans
by the Company are at rates specified in the rules of the schemes. The Company does not expect any further liability
other than the specified contributions. (Refer note 28)

Notes:

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions
occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the Defined Benefit
Obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation
has been calculated using the projected unit credit method at the end of the reporting period, which is the same
method as applied in calculating the Defined Benefit Obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

35 Share-based payments

A. Description of share-based payment arrangements

The shareholders of the Company had approved the Thyrocare Employees Stock Option Scheme ("ESOS/ Scheme") in
the Annual General Meeting ("AGM") held on September 26, 2015, which was subsequently modified in the AGM held
on August 10, 2023. Pursuant to the said modification, the shareholders authorized the Board of Directors and/or the
Nomination and Remuneration Committee to grant stock options to eligible employees until all remaining options under
the ESOS are exhausted and the equivalent number of equity shares are issued and allotted.

Further, by way of special resolution passed through postal ballot (Notice dated October 23, 2024) on January 09,
2025, the shareholders approved the extension of ESOS to eligible employees of the Holding and/or Subsidiary
Company(ies) of Thyrocare.

B. Measurement of fair values

The Management assessed that cash and bank balances, trade receivables, trade payables and other financial assets
and liabilities approximate their carrying amounts largely due to short-term maturities of these instruments.

The fair value of investment in mutual funds is included at the amount at which the instruments could be exchanged
in a current transaction between willing parties, other than in a forced or liquidation sale. The fair value of the
quoted investments/units of mutual fund scheme are based on net asset value at the reporting date as published by
the mutual fund.

The following table provides the fair value measurement hierarchy of the Company's financial instruments which are
measured at fair value:

Fair value of financial assets and liabilities measured at amortised cost is not materially different from the amortised cost.
Further, impact of time value of money is not significant for the financial instruments classified as current. Accordingly,
the fair value has not been disclosed separately.

C. Financial risk management

The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. The Board of Directors has established a Risk Management Committee, which is responsible
for developing and monitoring the Company's risk management policies. The committee reports regularly to the Board
of Directors on its activities.

The Company's risk management policies are established to identify and analyse the risks faced by the Company, to
set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and
systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company,
through its training and management standards and procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and obligations.

The Company's audit committee oversees how management monitors compliance with the Company's risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation the risks faced by
the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both
regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the
audit committee.

The Company has exposure to the following risks arising from financial instruments:

i. Credit risk

ii. Liquidity risk

iii. Market risk

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or a counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company's trade and other receivables . The
carrying amounts of financial assets represent the maximum credit risk exposure.

a) Trade and Other Receivables

Trade receivables are typically unsecured and are derived from revenue earned from customers located in
India. Credit risk has always been managed by the Company through credit approvals, establishing credit
limits and continuously monitoring the creditworthiness of customers to which the Company grants credit
terms in the normal course of business.

The Company uses Expected Credit Loss model to assess the impairment loss as per simplified approach.
The Company computes the expected credit loss allowance as per simplified approach for trade receivables
based on available external and internal credit risk factors such as the ageing of its dues, market information
about the customer and the company's historical experience for customers.

b) Loans and financial assets measured at amortized cost

Loans and advances given comprises inter company loans hence the risk of default from these companies is
remote. The Company monitors each loans given and makes any specific provision if required.

c) Cash and cash equivalents and Bank balances other than cash and cash equivalents

The Company held cash and cash equivalent and Bank balances other than cash and cash equivalents of
H 62.63 crores as at 31 March 2026 (31 March 2025 : H 51.98 crores). The same are held with banks. Also,
Company invests its short term surplus funds in bank fixed deposit which carry no market risks for short
duration, therefore does not expose the company to credit risk.

d) Others

Apart from trade receivables, loans and cash and bank balances, the Company has no other financial assets
which carry any significant credit risk.

ii. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial assets. The Company's approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they
are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Company's reputation.

Exposure to liquidity risk

The following are remaining contractual maturities of financial liabilities at the reporting date. The amounts are
gross and undiscounted, and include contractual interest payments and exclude the impact of netting agreements.

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity
prices - will affect the Company's income or the value of its holdings of financial instruments. The objective of
market risk management is to manage and control market risk exposures within acceptable parameters, while
optimizing the return.

Currency risk

The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which
sales and purchases are denominated and the functional currency of Company. The functional currency for large
number of transactions of the Company is H and majority of the customers the Company dealt with operate from
India only. The Company receives almost all of its revenue from the domestic operations.

Exposure to currency risk

The summary quantitative data about the Company's exposure to currency risk as reported to the
management is as follows.

Sensitivity analysis

A reasonably possible strengthening (weakening) of the H or US dollar at 31 March 2026 would have affected the
measurement of financial instruments denominated in foreign currency and affected equity and profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant
and ignores any impact of forecast sales and purchases.

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate
risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest
rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will
fluctuate because of fluctuations in the interest rates.

Exposure to Interest Rate Risk / Sensitivity

Company's interest rate risk arises from borrowings. The interest rate profile of the Company's interest-bearing
financial instruments as reported to the management of the Company is as follows:

Pending resolution of the respective proceedings, it is not practicle for the Company to estimate the timings of cash
outflows, if any, in respect of the above as it is determinable only on receipt of judgments/ decisions pending with various
forums/ authorities.

The Company has reviewed all its pending litigations and proceedings and has adequately provided for matters where
provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company
does not expect the outcome of these proceedings to have a materially adverse effect on its financial position.

The Company has entered into Reagent Rental Arrangements for periods ranging from 2 - 7 years with some of its major reagent
suppliers. As per the terms of the agreement, these reagent suppliers have placed the analysers / diagnostic equipments
at no cost in the processing laboratory. The analysers / diagnostic equipments are programmed by the manufacturers to
be used only against the reagent supplier's brand of reagent kits. The commitments as per these arrangements are either
purchase commitments or rate commitments based on the workloads. The value of purchase commitments for the next
financial year is H 52.23 crores (31 March 2025 : 85.71 crores) as per the terms of these arrangements.

* Amount less than H 0.01 crore
Notes :

During the reporting period, the company conducted transactions with these related parties in the ordinary course of business.
The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding
balances at the year-end are unsecured and settlement occurs in cash.

39 Additional information to the financial statements
a. Segment reporting

The Company is primarily engaged in the business of diagnostic services, which as per Ind AS 108 on 'Operating Segments',
constitutes a single reporting business segment.

There are no material individual markets outside India and hence it has not disclosed information for geographical segments
with respect to the segment revenues or results or assets. During the year ended 31 March 2026 and 31 March 2025, revenue
from transactions with a single external customer did not amount to 10 percent or more of the Company's revenues from the
external customers.

b. During the last financial year, the Company has made two business acquisitions in the diagnostic services sector. On 2 July 2024,
the Company signed a Business Transfer Agreement (BTA) with Polo Labs Private Limited to acquire its diagnostic services
business for a purchase consideration of H 4.26 Crore. The acquisition was recorded with H 1.22 Crore recognized as Goodwill, H
0.80 Crore for Brand name, H 0.69 Crore for Non-compete fees, H 0.45 for Software and H 1.10 Crore for net Fixed assets.

Subsequently, on 11 October 2024, the Company completed the acquisition of the business of diagnostic services of Vimta Labs
Limited's for a purchase consideration of H 7 Crore. The acquisition was recorded with H 2.96 Crore recognized as Goodwill, H 2.34
Crore for Customer relationships, H 0.31 Crore for Non-compete fees and H 1.39 Crore for net fixed assets.

d. Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management
is to safeguard the Company's ability to remain as a going concern and maximise the shareholder value. The current
capital structure of the Company is equity based with financing through borrowings. The Company is not subject to any
externally imposed capital requirement. No changes were made in the objectives, policies or processes for managing
capital during the year ended 31 March 2026 and 31 March 2025. The net debt to equity ratio for the current year has
decreased as a result of the borrowings repaid fully during the current year.

f. Effective 21 November 2025, The Government of India has consolidated multiple existing labour laws into an unified
framework comprising four Labour Codes viz the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial
Relations Code, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 collectively referred
to as the 'New Labour Codes'. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable
assessment of the financial impact due to changes in regulations.

The Company has assessed the incremental impact of these changes on the basis of the information available and
actuarial valuation report obtained from an independent valuer, consistent with the guidance provided by the Institute
of Chartered Accountants of India. Considering the materiality, its origination due to regulatory changes and non¬
recurring nature of this impact, the Company has presented such incremental impact as "Exceptional Items" in the
audited standalone financial results for the year ended 31 March 2026. Accordingly the Exceptional Items includes of H
4.01 Crore as incremental impact of Gratuity arising primarily due to the change in the definition of wages.

Further Exceptional Items also include H 1.96 Crore which are non recurring costs associated with restructuring of capital
during the year ended 31 March 2026.

g. Other Statutory Information:

(i) Details of benami property held

No proceedings have been initiated or are pending against the Company for holding any benami property under the
Benami Transactions (Prohibitions) Act, 1988 and the rules made thereunder.

(ii) Relationships with struck off companies

The Company does not have any relationship with companies struck off under Section 248 of the Companies Act,
2013 or Section 560 of the Companies Act, 1956.

(iii) Registration of charges or satisfaction with Registrar of Companies

The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

(iv) Details of crypto currency or virtual currency

The Company has not traded or invested in Crypto currency or Virtual Currency during the current or previous year.

(v) Utilisation of borrowings availed from banks and financial institutions

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall
lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not
received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether,
directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vi) Undisclosed Income

The Company does not have any undisclosed income which is not recorded in the books of account that has been
surrendered or disclosed as income during the year (previous year) in the tax assessments under the Income Tax
Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(vii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or by any other lender.

(viii) Compliance with number of layers of companies

The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
the Companies (Restriction on number of Layers) Rules, 2017.

(ix) Compliance with approved scheme(s) of arrangements

The company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.

(x) Title deeds of immovable properties not held in name of the company

The title deeds of all the immovable properties (other than properties where the company is the lessee and the
lease arrangements are duly executed in favour of the lessee) are held in the name of the Company during the
current and previous year.

(xi) Valuation of PPE, intangible assets and Investment property

The company has not revalued its property, plant and equipment (Including Right of use assets) or intangible
assets during the current or previous year.

(xii) Audit trail:

The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule 3(1)
of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021. The said
proviso requires companies, which uses accounting software for maintaining its books of accounts, to use only
such accounting software which has a feature of recording audit trail of each and every transaction, creating an
edit log of each change made in the books of accounts along with the dates when such changes were made and
ensuring that the audit trail cannot be disabled.

During the year ended 31 March 2026, the Company has used certain accounting softwares for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility, except that audit trail feature
was not enabled at the database level in respect of one such accounting software to log any direct data changes.
Further, to the extent enabled, audit trail feature has operated throughout the year for all relevant transactions
recorded in the accounting softwares. Also, we did not come across any instance of audit trail feature being
tampered with. Additionally, the audit trail of prior years has been preserved by the Company as per the statutory
requirements for record retention to the extent it was enabled and recorded in respective years. Further, in respect
of one other accounting software we are unable to assess all above aspects due to non-maintenance of logs with
regards to the same in the system.

(xiii) Back up of books of account:

The Company has used certain accounting softwares for maintaining its books of account during the year ended
March 31, 2026. In respect of 2 such softwares, we are unable to assess whether back-up of the books of account
and other books and papers maintained in electronic mode, have been kept in servers physically located in India
on a daily basis due to non-retention of backup beyond 7 days, as per the current Information Technology policy
of the management.

(xiv) Borrowings secured against current assets

The Company does not have borrowings from banks or financial institutions on the basis of security of current assets.

As per our report of even date attached
For M S K A & Associates LLP

(formerly known as MSKA & Associates) For and on behalf of the Board of Directors of

Chartered Accountants Thyrocare Technologies Limited

Firm's Registration No: 105047W/W101187 CIN - L85110MH2000PLC123882

Ojas D. Joshi Alok Kumar Jagnani Rahul Guha

Partner Director Chief Executive Officer

Membership No: 109752 DIN - 00644360 and Managing Director

DIN - 09588432

Vikram Gupta Brijesh Kumar

Chief Financial Officer Company Secretary

Membership No: A36070

Navi Mumbai, 7 May 2026 Navi Mumbai, 7 May 2026