Detailed Narrative
FY26 Consolidated Performance and Segment Contributions
3B Blackbio Dx Ltd. reported a strong FY26 with consolidated revenue of approximately INR142 crores and a PAT of nearly INR60 crores. This performance was driven by healthy growth across its diagnostic businesses. The 3B India molecular diagnostic business grew by 10% to INR86.47 crores, while TRUPCR Europe achieved sales of GBP1.75 million (INR20.67 crores). The newly acquired Coris BioConcept contributed INR35.91 crores in sales and INR8.76 crores in PAT for the seven months post-acquisition.
3B India's Growth Drivers and Challenges
The Indian molecular diagnostic business experienced a 10% growth in FY26, reaching INR86.47 crores, compared to INR78.34 crores in the previous year. This growth was slightly below projections, primarily due to exceptional flu and dengue/chikungunya demand in FY25 and geopolitical tensions impacting certain export markets. The company's strategy focuses on increasing penetration in government and private laboratories, strengthening its distribution network, and expanding its international business.
TRUPCR Europe's Strong Momentum and IVDR Transition
TRUPCR Europe continued its robust growth trajectory, with sales reaching GBP1.75 million (INR20.67 crores) in FY26, up from GBP1.28 million (INR13.9 crores) in FY25. Over the last four years, this segment has achieved a CAGR of approximately 40%. The company is also actively managing its IVDR transition, having completed QMS audits and progressing with technical documentation review, which is expected to provide a significant competitive advantage in the European market.
Coris BioConcept: Integration, US FDA Focus, and Profitability Outlook
Coris BioConcept, acquired in August FY26, contributed INR35.91 crores in sales and INR8.76 crores in PAT for the seven months post-acquisition. A key strategic focus is the ongoing US FDA submission for selected AMR products, which, upon successful clearance, is expected to open access to the large US diagnostic market. While Coris's EBITDA margin is currently around 10%, the company aims for it to be slightly positive in FY27, with Q1 and Q2 FY27 anticipated to be loss-making due to seasonality.
Future Growth Targets and Market Positioning
For FY27, 3B Blackbio is targeting 15% to 20% growth in both consolidated revenue and EBITDA. This growth is expected to be driven by expanding global presence through distributor partnerships and entry into new geographies across Europe, Africa, Asia Pacific, Middle East, and Latin America. The company believes its strong Indian business, growing international operations, expanding regulatory approvals, and continued investment in innovation position it well for sustained growth.
Capital Allocation Strategy and M&A Pipeline
The company maintains a significant cash balance of approximately INR250 crores, with INR90 crores in cash and INR150 crores in various investments (equity mutual funds, fixed deposits, treasury bonds, AAA-rated corporate bonds). Management is actively pursuing M&A opportunities, aiming for an acquisition by year-end FY27, and has set aside a reserve of INR50 crores for this purpose. Acquisition criteria include targets with a minimum topline of 2 million Euros, operating in a growing sector, and ideally being EBITDA positive or slightly positive.
Depreciation and Cost Management
Consolidated depreciation for FY26 was INR5.12 crores, with approximately INR4 crores attributed to Coris, primarily due to the amortization of capitalized R&D expenses as per Belgian accounting policy. The company expects total depreciation for FY27 to be around INR4.5-5 crores. Management is also focused on rationalizing Coris's cost structure to improve its EBITDA margin and overall profitability.