3B Blackbio — Q3 FY26 earnings call

Call held 21 Feb 2026

Management summary

3B Blackbio reported strong consolidated revenue growth for the nine months ended December 31, 2025, driven by the Coris acquisition. The company provided guidance for double-digit revenue and export growth for FY26, while focusing on new product development, regulatory approvals (US FDA, IVDR), and strategic M&A to expand its diagnostic portfolio and market reach, particularly in the US and Europe.

Highlights

  • Consolidated revenue for 9M FY26 (with Coris) was INR 99.06 crores, up 52.87% YoY from INR 64.80 crores (without Coris) in 9M FY25.

  • 3B Blackbio's standalone growth was 11.8% YoY, or over 20% when excluding seasonal spikes.

  • Overall revenue growth guidance for FY26 is 10-15%, with export growth projected at 15-20%.

  • Coris contributed INR 24 crores to Q3 FY26 revenue, including INR 8.8 crores from a one-off HAT contract.

  • Coris is targeted to become EBITDA positive at 2-3% of revenue in FY27.

  • US FDA approval for Coris is anticipated in 1-1.5 years, with full market penetration expected in 3-4 years.

  • IVDR certification for Europe is expected within 6-9 months, crucial for continued market access.

Key financials

3 periods

Q3 FY26

  • Coris Revenue
    ₹24 Cr
  • HAT Contract Revenue
    ₹8.8 Cr

9M FY25, without Coris

  • Revenue
    ₹64.8 Cr

9M FY26, with Coris

  • Revenue
    ₹99.06 Cr
    YoY +52.9%

What they filed

Q1 FY27: revenue up 50.7%, net profit down 29.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue29 25 23 22 34 +16%50 +98%35 +57%33 +51%
EBITDA16 15 8 12 15 −9%22 +44%8 +7%9 −28%
Net profit15 13 8 13 15 +1%22 +66%10 +22%9 −29%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Capital allocation

high confidence
  • M&A Coris (Belgium) Acquisition · Integrated

    To acquire profits from a distributor, establish a subsidiary in Europe (UK), enable bulk kit transfer for local manufacturing and faster delivery, provide local tech support, and enhance credibility with 'Made in UK' kits. Coris also brings lateral flow POC and AMR products, with US FDA registration underway.

    Coris had an EBITDA loss of $325k for the 12 months prior to acquisition. Targeted to be EBITDA positive at 2-3% of revenue next year. Consolidation for FY26 includes Q3, Q4, and 33 days from September (acquisition on August 29).

    Good afternoon to all the shareholders and members who have joined. So this is an earning call post our nine months numbers and as I had a bloodral letter that I was down with laryngitis. Still my voice is little this thing but we thought to conclude this call. So most of you who have must have seen the numbers presentations, we have closed nine months with a number which is INR99.06 crores versus INR64.80 crores which was the previous numbers were without Coris and these numbers are with Coris so there is a huge growth. / No so first let me clear, we acquired our UK distributor who was already selling our kits in UK. But the object was to have those profits which a distributor was having come into the company. And to have a subsidiary established in Europe, specifically in UK. So we could transfer the kits from here in bulk form, manufacture them there for a faster delivery to the customer. / So for this year it will be negative. We have already mentioned that for 12 months it was an EBITDA loss of 325k. Even the 3-month grace period that they have got like 15 months to make the uniform financial year for all of them. For next year, we are trying that we are EBITDA positive, maybe 2% or 3% of the revenue. / Yes, and some 33 days for September. Because we took the acquisition on 29th August.
  • M&A New Acquisitions Acquisition · Announced · Consideration ₹[object Object] (undisclosed)

    To expand product portfolio and market reach, focusing on diagnostic segments.

    Company aims to keep INR 50 crores in reserve and target acquisitions worth INR 130-140 crores.

    So what we were thinking that at least 50-odd we keep reserve for the company. And 130, 140 is what we can target to have an acquisition. And we are very actively looking, we have appointed two consultants. We ourself dedicate almost 1 hour or 2 hour searching for companies. That is the top of the agenda to acquire a company.
  • Liquidity Cash ₹190 Cr Cash position post Coris deal is approximately INR 190 crores.
    Ranvir ji, it's somewhere around 190. But exact number I won't be able to comment. But it's somewhere around this.

Guidance & targets

Revenue

  • Overall Revenue Growth Revenue · FY26 · High confidence 10-15%
    And so on the full year basis we expect that we will grow at 10% to 15% on tap line and mostly on EBITDA also. / overall we will grow at 10% to 15% and exports will grow at 15% to 20%. / overall growth rate of 10% to 15% and exports of 15% to 20%.

    — Dhirendra Dubey

  • Export Revenue Growth Revenue · FY26 · High confidence 15-20%
    So our exports will grow slightly higher 15% to 20%. Overall we will grow by 10% to 15%. / overall we will grow at 10% to 15% and exports will grow at 15% to 20%. / overall growth rate of 10% to 15% and exports of 15% to 20%.

    — Dhirendra Dubey

Profitability

  • Coris EBITDA Margin Profitability · FY27 · High confidence 2-3% positive

    Previously -$325k loss → 2-3% positive

    So for this year it will be negative. We have already mentioned that for 12 months it was an EBITDA loss of 325k. Even the 3-month grace period that they have got like 15 months to make the uniform financial year for all of them. For next year, we are trying that we are EBITDA positive, maybe 2% or 3% of the revenue.

    — Dhirendra Dubey

Regulatory

  • Coris US FDA Approval Regulatory · within 1.5 years · Medium confidence 1-1.5 years
    Regulatory approvals take one to two years. The moment you have the approval then you start penetrating the market which is a process by itself. So again to have the full effect come into the company, it should be I think maybe three or four years from now. / So most probably in one or maybe less than 1.5 years we should have the US FDA approval.

    — Dhirendra Dubey

  • IVDR Certification Regulatory · within 9 months · High confidence 6-9 months
    The moment we have this IVDR during next six to nine months, then the IVDR because distributors, labs, now the question is your kit IVDR?

    — Dhirendra Dubey

Product Contribution

  • PCR Kit Contribution to Coris Sales Product Contribution · next year · Medium confidence 2-5%
    around 5% of their sales or maybe 2%, 3% of the sales in next year can be from PCR kits.

    — Dhirendra Dubey

Listing

  • NSE Listing Application Listing · Q1 FY27 · High confidence Post March audited results
    And once we have the audited results for the March, post that we can take up this NSE because there is a clear cut requirement for paid up capital and net worth. 3 years will actually finish off in September this year, rather they have finished off. So instead of trying to make the authorities because once we apply, they might say, okay let's get the audited figures. So instead of trying to play it short of 6 months or so, let's have the audited numbers and then try to approach it. Post March.

    — Dhirendra Dubey

What to watch in Q4 FY26

Coris EBITDA Turnaround

FY27
Current EBITDA loss of $325k (12 months)
Target EBITDA positive (2-3% of revenue)

Why it matters

Verifying Coris's profitability turnaround is crucial for the overall consolidated margin improvement and M&A success.

For next year, we are trying that we are EBITDA positive, maybe 2% or 3% of the revenue.

Risks & concerns

  • Increased Competition and Margin Pressure

    medium

    High margins in molecular diagnostics attract new players, leading to increased competition and potential pressure on pricing and margins, especially for high-volume products.

    Both acknowledged

  • Lengthy Regulatory Approval Processes

    medium

    Regulatory approvals like US FDA (1-2 years) and IVDR (6-9 months) are time-consuming, potentially delaying market entry and full commercialization of new products or markets.

    Management acknowledged

  • Seasonal Fluctuations in Domestic Sales

    low

    Domestic growth can be significantly impacted by seasonal spikes (e.g., Dengue/Flu), making quarter-on-quarter comparisons less reliable and potentially masking underlying growth.

    Management acknowledged

Q&A highlights

7 direct
Competition and Market Dynamics Direct
Any industry which has a high margin, it will have competition. If you just see mobile industry where it was and where it is today. So new players keep coming. I can't ask them why are you coming. It's a very simple thing you know. When the margins are literally low, then probably competition might not come.

Management directly addressed the increasing competition, linking it to the high-margin nature of the molecular diagnostics business and the entry of players from other diagnostic segments.

Asked by Ganesh

New Products, Segments, and Closed Systems Direct
No, so we are already doing a sample to answer machine which is a segment by itself. So we are also developing automated extraction and we are trying to develop kits you know which are highly multiplexed like our respiratory panel, AMR panel. So that give us the continued growth that we are actually forseeing or telling.

Management clarified their R&D pipeline, including a sample-to-answer machine (OEM model), automated extraction, and multiplexed kits, indicating future growth drivers beyond current offerings.

Asked by Sagar Tanna

Synergy between India and Belgium (Coris) Acquisitions Partial
No, so just now because it is recent acquisition, we are trying to make them work on a standalone basis. We are integrated... We are of course trying to tell them to offer the PCR kits through their network. But it is very recent acquisition so it will take some time.

Management indicated a gradual integration approach for Coris, prioritizing its standalone growth and US market focus before pushing for significant cross-selling of PCR kits, suggesting a longer timeline for full synergy realization.

Asked by Sagar Tanna

US FDA Approval Cost and Timeline Direct
It would be somewhere between US$300,000 approximately to US$400 maybe. / Regulatory approvals take one to two years. The moment you have the approval then you start penetrating the market which is a process by itself. So again to have the full effect come into the company, it should be I think maybe three or four years from now.

Management provided specific cost and timeline estimates for US FDA approval and subsequent market penetration, offering clarity on a key growth driver.

Asked by Sagar Tanna

Recurrence of HAT Contract Revenue Direct
No see you see I think we have explained regarding the HAT contract. Actually it was a contract for 6 million, which was received in February 24 and it was to be supplied in four years. So logically it is 1.5 million every year... So it is not there in every quarter. That is what we mean by one off event.

Management clarified the nature of the HAT contract as a multi-year, fixed-value contract with annual contributions, rather than a recurring quarterly revenue stream, helping to adjust revenue modeling.

Asked by Dharmil Shah

Domestic Growth Ex-Coris and Market Share Direct
if we say that last year Dengue and flu was not there to the intensity that it is in this year, lower intensity. Then we are growing at 20%. If we take that spike which is a fact, then we are growing at almost 11.4%. And we have also given a clear guidelines that this year overall we will grow at 10% to 15% and exports will grow at 15% to 20%.

Management explained the impact of seasonal factors on domestic growth comparisons and reiterated overall growth guidance, providing context for perceived slower domestic growth.

Asked by Dharmil Shah

Importance of IVDR Certification for Europe Direct
if you are not IVDR compliant, then after May 26 whichever products you have not put in an application with a notified body, that products will become research use... The moment we have this IVDR during next six to nine months, then the IVDR because distributors, labs, now the question is your kit IVDR?

Management highlighted the critical regulatory requirement of IVDR certification for continued commercial sales in Europe, emphasizing its strategic importance for maintaining market access.

Asked by Ranvir Singh

NGS Vertical Strategy and Profitability Direct
No, NGS traction is very low. Because NGS now every lab is moving into higher machines and trying to have larger panels you know made OEM because a very stiff competition is there in the Indian market. Our purpose of doing NGS was to remain technology relevant... NGS is not our key strategy because as a frank this thing, the margins are very low in NGS.

Management clarified that NGS is a strategic investment for technology relevance and future-proofing, not a current profit driver due to low margins and high competition, managing investor expectations.

Asked by Ranvir Singh

2 min read 6 chapters

Detailed narrative

Q3 FY26 Performance and Growth Drivers

3B Blackbio Dx Ltd. reported a consolidated revenue of INR 99.06 crores for the nine months ended December 31, 2025, marking a substantial 52.87% year-on-year growth compared to INR 64.80 crores in the prior year (excluding Coris). The standalone 3B Blackbio business grew by 11.8% year-on-year, with an underlying growth exceeding 20% when adjusted for the seasonal Dengue/Flu spike in the previous year. The company projects an overall revenue growth of 10-15% for FY26, with exports expected to grow at a higher rate of 15-20%.

Coris Acquisition and Integration Strategy

The recent acquisition of Belgium-based Coris contributed INR 24 crores to the Q3 FY26 revenue, which included INR 8.8 crores from a one-off HAT contract. Coris, specializing in lateral flow and AMR products, recorded an EBITDA loss of $325k over the past 12 months but is targeted to achieve EBITDA positivity at 2-3% of revenue in FY27. The integration strategy is gradual, prioritizing Coris's standalone growth and US market focus, with PCR kit contributions to Coris's sales expected to be 2-5% next year.

Regulatory Approvals and Market Expansion

The company is aggressively pursuing regulatory approvals to unlock new markets. US FDA registration for Coris's products is underway, with approval anticipated in 1-1.5 years and full market penetration in 3-4 years, which is deemed crucial for future growth and to offset the eventual sunset of the HAT contract. Additionally, IVDR certification for the European market is expected within 6-9 months, a critical step to ensure continued commercial sales of their products in Europe.

Product Development and R&D Focus

3B Blackbio is investing significantly in R&D to expand its product portfolio. Key developments include a sample-to-answer machine (expected next quarter via an OEM model), automated extraction systems, and highly multiplexed kits for respiratory and AMR panels. The company is also developing dPCR and Coris NGS products, primarily to maintain technological relevance and future-proof against potential PCR obsolescence, rather than as immediate profit drivers due to low NGS margins and high competition.

Competition and Market Dynamics

Management acknowledges that the high-margin nature of molecular diagnostics attracts increasing competition, which could lead to margin pressure and impact price realization, especially for high-volume products. The total addressable market for their reagent business in India is estimated at INR 400-500 crores. The company emphasizes customer stickiness through a wide product range in infectious and oncology segments, coupled with strong support and service.

Capital Allocation and Future Growth Initiatives

Post the Coris acquisition, the company maintains a cash position of approximately INR 190 crores. They are actively seeking new acquisition opportunities, with a target to acquire companies worth INR 130-140 crores, while reserving INR 50 crores for such endeavors. The company also plans to apply for NSE listing post the audited results for March, having met the necessary paid-up capital and net worth requirements.

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