3B Blackbio — Q4 FY26 earnings call

Call held 1 Jun 2026

Management summary

3B Blackbio Dx Ltd. reported a robust FY26 with consolidated revenue of INR142 crores and PAT of INR60 crores, driven by strong performances from its Indian, TRUPCR Europe, and newly acquired Coris BioConcept segments. While Indian growth was slightly below projections, international operations showed significant momentum. The company targets 15-20% revenue and EBITDA growth for FY27, focusing on global expansion and IVDR transition, despite facing near-term margin pressures from Coris and competition in specific product categories.

Highlights

  • Strong consolidated revenue of INR142 crores and PAT of INR60 crores for FY26, reflecting healthy growth across diagnostic businesses.

  • TRUPCR Europe delivered consistent growth with a CAGR of approximately 40% over four years, reaching GBP1.75 million (INR20.67 crores) in sales for FY26.

  • Coris BioConcept, acquired in August, made a meaningful contribution with INR35.91 crores in sales and INR8.76 crores in PAT for 7 months.

  • The company is targeting 15% to 20% growth in both revenue and EBITDA for FY27.

  • Successful IVDR transition is expected to provide a significant competitive advantage in the European market.

Concerns

  • 3B India's molecular diagnostic business growth of 10% was slightly lower than projections due to exceptional flu/dengue demand in FY25 and geopolitical tensions impacting exports.

  • Coris BioConcept's EBITDA margin is currently low (around 10%) and is expected to be only slightly positive in FY27, with Q1 and Q2 FY27 projected to be loss-making due to seasonality.

  • Competition persists in certain low-priced assays (tuberculosis, HBV, HCV) and from Chinese companies in high-volume products (respiratory, Entero).

  • Uncertainty regarding the exact timeframe for US FDA approval for Coris's AMR product (estimated 1-1.5 years or longer).

  • High European M&A valuations (20x multiples) make acquisitions challenging, despite active search.

Key financials

  1. Consolidated Revenue ₹142 Cr
  2. Consolidated PAT ₹60 Cr
  3. 3B India Molecular Diagnostic Revenue ₹86.47 Cr +10%YoY
  4. TRUPCR Europe Revenue ₹20.67 Cr
  5. Coris BioConcept Revenue (7 months) ₹35.91 Cr
  6. Consolidated EBITDA Margin 40%

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.

Segment breakdown

  • 3B India Molecular Diagnostic
    ₹86.47 Cr Revenue10% Growth
  • TRUPCR Europe
    1.75 million gbp Sales₹20.67 Cr Sales40% CAGR (last 4 years)
  • Coris BioConcept
    ₹35.91 Cr Sales (7 months post-acquisition)₹8.76 Cr PAT (7 months post-acquisition)10% EBITDA Margin

Capital allocation

medium confidence
  • Capex Capex disclosed
    • Increase capacity if needed ₹4 Cr
    For expansion we don't need too much of capital because currently also we are utilizing around 50% of our capacity, so we are very well placed for meeting out any sudden spurge in demand. And if we have to increase capacity, it would not take more than INR4 crores to INR5 crores.
  • M&A Coris BioConcept Acquisition · Integrated

    Meaningful contribution to consolidated revenue and profitability, expanding global presence.

    Contributed INR35.91 crores in sales and INR8.76 crores in PAT for 7 months; currently has low EBITDA margin (around 10%) and expected to be slightly positive in FY27.

    Moving to which we acquired in August last year, the business has delivered a meaningful contribution to both consolidated revenue and profitability. Consolidated sales for FY26 for seven months is at INR35.91 crores with a PAT of INR8.76 crores, which is due to one-time event of the HAT order being supplied in the profitable part of the year for which we have consolidated post-acquisition, that is post 29th August.
  • M&A Deal Acquisition · Announced

    Utilize cash balance for inorganic growth and market expansion.

    Actively looking at 2-3 opportunities, aiming for an acquisition by year-end FY27. Target criteria include a minimum topline of 2 million Euros and a growing sector, with a preference for EBITDA-positive or slightly positive targets.

    So there are two or three opportunities which we are looking into and I think by this year-end we should have something. The cash is there of course, what you are saying is right, around 230 odd. And we are actively looking and I would also request you all also to suggest something if it comes to your mind.
  • Liquidity Cash ₹90 Cr Total cash balance including investments is approximately INR250 crores, with 5-7% in equity mutual funds, 30-35% in fixed deposits, and 30-35% in treasury bonds/AAA-rated corporate bonds. These investments are liquid and can be converted to cash within 3-4 days for M&A.
    I think now we have a huge cash balance of nearly I think INR90 crores plus INR150 crores investments, nearly INR250 crores. ... So you know, somewhere around 5% to 7% is into the equity mutual fund. Almost 30% to 35% is in the fixed deposit. 30%-35% is in the treasury bonds, either direct or the mutual funds dealing in these treasury bonds. And then we have got the AAA-rated bonds of the corporates like Tata Capital and types. So 90% is into these and 5% to 7% is what is in the equity.

Guidance & targets

Revenue

  • Consolidated Revenue Growth Revenue · FY27 · High confidence 15% to 20%
    Now talking about the future outlook; looking ahead, we remain optimistic about the growth prospect of the business and are targeting 15% to 20% growth in '26-'27.

    — Dhirendra Dubey

  • Coris BioConcept Topline Revenue · FY27 · High confidence 5 million
    So, what we can say is that this year we should be at around 5 million topline and slight EBITDA positive.

    — Dhirendra Dubey

  • Coris US AMR product contribution Revenue · Initially · High confidence 1-1.5 million Euros
    So US should contribute around 20% of the revenue. So initially it would be lower, but then it should reach 1 million, 1.5 million Euros. So that is like INR11 crores to INR16 crores.

    — Dhirendra Dubey

  • US market for Coris Resist-5 Revenue · High confidence INR100 crores (10 million Euros)
    And the US market for rapid diagnostic for AMR should be around Coris billing rate if you talk about, it should be around maybe INR100 crores, 10 million.

    — Dhirendra Dubey

Profitability

  • Consolidated EBITDA Growth Profitability · FY27 · High confidence 15% to 20%
    But for a full year basis, 15% to 20% is growth for the revenue and 15% to 20% should be the growth for EBITDA also.

    — Dhirendra Dubey

  • Coris BioConcept EBITDA Positivity Profitability · FY27 · High confidence Slightly positive
    Look, I would not go so hypothetical. I would say that Coris will be EBITDA flat, number 1, we have already claimed this. That Coris will be slightly EBITDA positive.

    — Dhirendra Dubey

  • Coris BioConcept EBITDA Margin Profitability · FY28 · High confidence 5% to 7%
    Not '27. Yes, maybe in 27 also this year also it could be slightly EBITDA positive. And from next year onward we are trying to target say between 5% to 10% EBITDA positivity.

    — Dhirendra Dubey

  • Coris BioConcept EBITDA Margin Profitability · FY29 · High confidence 10%
    Next year we should be growing at 10% topline and have 5% to 7% EBITDA positivity and next year onward, that is the third year, we should be at 6 million and 10% EBITDA. That's the goal.

    — Dhirendra Dubey

M&A

  • M&A Reserve M&A · Next 1-2 years · High confidence INR50 crores
    And I think in next one or two years, what we have said that we will try to keep a reserve of INR50 crores just as a habit, rest all hopefully should be parked in an M&A scenario.

    — Dhirendra Dubey

Regulatory

  • US FDA approval for Coris AMR products Regulatory · 1-1.5 years or longer · Medium confidence Successful clearance
    So it is all those processes that we have already been facing for several years. So it is not something which cannot happen. It will definitely happen, only thing is it will take its own time. But whether it is going to finish off in 1 year, 1.5 years, or maybe drag a little later, that is the only thing.

    — Dhirendra Dubey

Depreciation

  • Total Depreciation Depreciation · FY27 · High confidence INR4.5-5 crores
    Roughly, I think it would be similar to INR5 crores what we have done for the last year. Maybe between INR4.5 crores somewhere around that.

    — Dhirendra Dubey

What to watch in Q1 FY27

Coris BioConcept Q1/Q2 Profitability

Q1/Q2 FY27
Current Expected loss-making in Q1/Q2 FY27
Target Improvement towards EBITDA positive

Why it matters

Coris's profitability is a key factor for blended margins and overall company performance.

Coris Q1 should be little dragging, but then Q2 if they have the order of HAT also that also they don't book in the Q2, they just get advance. So Q1 and Q2 Coris will have a loss...

Risks & concerns

  • Lower-than-projected growth for 3B India

    medium

    3B India's molecular diagnostic business grew 10%, slightly lower than projections due to exceptional flu/dengue demand in FY25 and geopolitical tensions impacting exports.

    Management acknowledged

  • Coris BioConcept's near-term profitability

    medium

    Coris BioConcept is expected to be loss-making in Q1 and Q2 FY27 due to seasonality, impacting blended margins.

    Management acknowledged

  • Competition in specific product segments

    medium

    Competition exists in low-priced assays (tuberculosis, HBV, HCV) and from Chinese companies in high-volume products (respiratory, Entero), affecting growth and margins in those areas.

    Management acknowledged

  • Uncertainty in US FDA approval timeline

    medium

    While confident in approval, the exact timeframe for Coris's AMR product to receive US FDA clearance is uncertain (1-1.5 years or longer).

    Management acknowledged

  • High M&A valuations in Europe

    medium

    European valuations for M&A targets are very high (20x multiples), making it challenging to find suitable acquisitions at desired prices.

    Management acknowledged

  • Delay in Coris HAT order execution

    low

    The remaining 2.4 million Euros of the HAT order for Congo could be delayed or affected by the Ebola outbreak.

    Management acknowledged

Q&A highlights

8 direct
Export numbers and domestic revenue growth Direct
No, firstly I would not like to go into quarter-on-quarter. So if you see standalone last year versus this year, so there is a growth of around 7.1% on the standalone non-export revenue. And if we include the export growth of say 25% odd, we reach a growth of consolidated growth of 10%.

Clarifies the components of revenue growth and the impact of exports on overall performance.

Asked by Dharmil Shah

Underlying industry growth and competition in India Direct
Look, actually seasonality of flu, dengue, influenza is one very strong factor. Then we are into niche market, especially we are dominant into oncology. So to expect now that domestically we will grow at 20% only if there is a seasonal flu or dengue chikungunya, then domestically we can grow at 20%. Otherwise, domestically we should grow around 15% and internationally we should grow around 20% to 25% and put together it would be between 15% to 20%.

Provides insights into market dynamics, growth drivers, and the company's competitive positioning in niche segments.

Asked by Dharmil Shah

Coris BioConcept's annual revenue for FY26 and US FDA approval confidence Direct
Entire year, it was around INR50 crores because 4.7 million. So this year what we have done is we have made Coris to do their accounting up to 31st March. So 15 months their revenue was INR57.65 crores from January to March 26. ... No, it is a process. So, we are pretty confident that we will get it. Only thing is the timeframe.

Clarifies Coris's full-year revenue estimate and management's confidence in achieving US FDA approval, while acknowledging timeline uncertainty.

Asked by Dharmil Shah

15-20% growth guidance (revenue vs. profitability) and Coris integration impact Direct
No, so again, you know, quarter-on-quarter is very difficult to this thing. For a full year basis what we are saying is 15% to 20% growth on the revenue and I think that the EBITDA margin or profitability will also grow at the same pace because I am not seeing very huge erosion in terms of any margin, the 3B which is actually the main source.

Confirms that the 15-20% growth guidance applies to both revenue and EBITDA, and explains the challenges of quarter-on-quarter analysis due to Coris's seasonality.

Asked by Rajat Narula

Update on new products (sample-to-answer system) and M&A discussions Direct
Actually sample-to-answer we mentioned last time also that, we are doing an OEM because developing a system will take a very long time. So, we have the system and the validation is going on. The initial results are good. So, we hope that probably in one or two quarters we should start offering it. ... So there are two or three opportunities which we are looking into and I think by this year-end we should have something.

Provides updates on product development strategy (OEM for sample-to-answer) and the active pursuit of M&A opportunities to deploy cash.

Asked by Rajat Narula

Capital required for expansion and M&A strategy, including acquisition criteria Direct
For expansion we don't need too much of capital because currently also we are utilizing around 50% of our capacity, so we are very well placed for meeting out any sudden spurge in demand. And if we have to increase capacity, it would not take more than INR4 crores to INR5 crores. ... Yes, Yes, we have given something like a topline of up to 2 million minimum and it's a growing sector. Whether they are EBITDA positive or slightly they can be turnaround, that would be more interesting for valuations.

Clarifies low capex needs for organic expansion and outlines specific financial and strategic criteria for M&A targets.

Asked by Kumar Saurabh

Sustainability of Q4/FY26 EBITDA margins and growth expectations for Coris Direct
Yes, consolidated margin will definitely be similar to this because the Coris margin is very low, the EBITDA margin is around 10% and TRUPCR is around 15% to 20% and 3B is the one, which is high. So if you put all those together, then the margin you're talking on an annual basis, the same margin will continue.

Explains the blended margin profile, highlighting the lower margin contribution from Coris and the higher margins from 3B India and TRUPCR Europe.

Asked by M. S. Lakdawala

Coris HAT contract execution status and future EBITDA positivity Direct
So, first year 2.1 was executed, then 1.35 was executed. So roughly out of six, 2.1 and 1.35, that is 3.45 is executed. Yes, almost 2.6 has been executed. So, 2.4 is remaining. And this 2.4 has to come through FY28. ... So, you know what we are expecting like we have written in the slide, you know, that Coris will become slightly EBITDA positive.

Provides an update on the remaining portion of the significant HAT order for Coris and reiterates the expectation for Coris to achieve slight EBITDA positivity.

Asked by Ranvir Singh

3 min read 7 chapters

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.

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