Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Bottom-Up

Thyrocare Technologies / Equity Bottom-Up

<ul>
<li>The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare's low-cost, centralized B2B model.</li>
<li>
<a href="https://www.smartkarma.com/entities/thyrocare-technologies-ltd" target="_blank" data-smartkarma-citation="entities:22694:1" rel="noopener">Thyrocare Technologies (THYROCAR IN)</a> reported robust Q2 FY'26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.</li>
<li>Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.</li>
</ul>


The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare's low-cost, centralized B2B model.

Thyrocare Technologies (THYROCAR IN) reported robust Q2 FY'26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.
Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.


Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Company marks explosive profitability in Q2 FY26 as revenue surged 22%, translating to an 82% EPS growth and strong 34.8% EBITDA margins.</li>
<li>
Volume grew 21% supported by a 20% franchise jump. Radiology margin improved by 800bp, signaling a turnaround.</li>
<li>Company maximizes shareholder reward by declaring a massive 2:1 Bonus Share issuance and a generous Rs. 7 Interim Dividend, underscoring confidence.</li>
</ul>


Company marks explosive profitability in Q2 FY26 as revenue surged 22%, translating to an 82% EPS growth and strong 34.8% EBITDA margins.

Volume grew 21% supported by a 20% franchise jump. Radiology margin improved by 800bp, signaling a turnaround.
Company maximizes shareholder reward by declaring a massive 2:1 Bonus Share issuance and a generous Rs. 7 Interim Dividend, underscoring confidence.


From Turnaround to Triumph: Thyrocare's Strategic Leap into the GLP-1 Megatrend

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Insilico Medicine entered into outlicensing agreement for ISM8969 with Hygtia Therapeutics for upfront and milestone payment of $66M. Daiichi Sankyo’s Enhertu got its sixth indication approval in China.</li>
<li>Shionogi will pick up Pfizer’s 11.7% stake in HIV-focused ViiV Healthcare for $2.1B. Alteogen signed an exclusive license agreement with GSK’s subsidiary Tesaro for ALT-B4 for upfront payment of $20M.</li>
<li>HK inno.N completes enrolment for Phase 3 clinical trial for its once-weekly GLP-1 obesity drug candidate, IN-B00009. Sun Pharmaceutical has received approval for generic version of semaglutide injection in India.</li>
</ul>


Insilico Medicine entered into outlicensing agreement for ISM8969 with Hygtia Therapeutics for upfront and milestone payment of $66M. Daiichi Sankyo’s Enhertu got its sixth indication approval in China.
Shionogi will pick up Pfizer’s 11.7% stake in HIV-focused ViiV Healthcare for $2.1B. Alteogen signed an exclusive license agreement with GSK’s subsidiary Tesaro for ALT-B4 for upfront payment of $20M.
HK inno.N completes enrolment for Phase 3 clinical trial for its once-weekly GLP-1 obesity drug candidate, IN-B00009. Sun Pharmaceutical has received approval for generic version of semaglutide injection in India.


APAC Healthcare Weekly (January 25) – InSilico, Daiichi, Shionogi, Alteogen, HK Inno, Sun Pharma

<ul>
<li>InnoCare Pharma granted global rights to Zenas BioPharm to develop and commercialize an experimental drug, orelabrutinib for multiple sclerosis and other autoimmune conditions. The deal is worth of $2B+.</li>
<li>Daiichi Sankyo submitted application for additional indication of Enhertu as first-line therapy for HER2 positive breast cancer in Japan. Celltrion got FDA clearance for its Eylea biosimilar, Eydenzelt.</li>
<li>Mesoblast announced gross revenue of $22M from Ryoncil for the quarter ended September 30, 2025, up 66% QoQ. Lupin will invest $250M for new pharmaceutical manufacturing plant in Florida.</li>
</ul>


InnoCare Pharma granted global rights to Zenas BioPharm to develop and commercialize an experimental drug, orelabrutinib for multiple sclerosis and other autoimmune conditions. The deal is worth of $2B+.
Daiichi Sankyo submitted application for additional indication of Enhertu as first-line therapy for HER2 positive breast cancer in Japan. Celltrion got FDA clearance for its Eylea biosimilar, Eydenzelt.
Mesoblast announced gross revenue of $22M from Ryoncil for the quarter ended September 30, 2025, up 66% QoQ. Lupin will invest $250M for new pharmaceutical manufacturing plant in Florida.


APAC Healthcare Weekly (October 12) – InnoCare, Daiichi Sankyo, Celltrion, Mesoblast, Lupin

<ul>
<li>FDA has confirmed the primary endpoints for Neuren Pharmaceuticals’ planned Phase 3 pivotal clinical trial of NNZ-2591 in Phelan-McDermid syndrome. Eisai has ultimately received its long-waited European approval for Leqembi.</li>
<li>Chugai Pharmaceutical’s outlicensed oral GLP-1 drug candidate orforglipron has shown positive topline Phase 3 results. Telix announced preliminary results from the Phase 2 study of TLX101 in recurrent high-grade glioma.</li>
<li>Biocon secured market entry date for Yesafili, an interchangeable biosimilar to Eylea in the U.S. FDA has issued Form 483 with 11 observations for Aurobindo Pharma’s North Carolina inhaler plant.</li>
</ul>


FDA has confirmed the primary endpoints for Neuren Pharmaceuticals’ planned Phase 3 pivotal clinical trial of NNZ-2591 in Phelan-McDermid syndrome. Eisai has ultimately received its long-waited European approval for Leqembi.
Chugai Pharmaceutical’s outlicensed oral GLP-1 drug candidate orforglipron has shown positive topline Phase 3 results. Telix announced preliminary results from the Phase 2 study of TLX101 in recurrent high-grade glioma.
Biocon secured market entry date for Yesafili, an interchangeable biosimilar to Eylea in the U.S. FDA has issued Form 483 with 11 observations for Aurobindo Pharma’s North Carolina inhaler plant.


APAC Healthcare Weekly (April 20)- Neuren, Chugai, Eisai, Telix, Biocon, Aurobindo Pharma

India

Thyrocare Technologies Ltd. is a leading diagnostic healthcare service provider in India, specializing in pathology and radiology services. The company operates one of the largest networks of diagnostic laboratories, focusing on clinical chemistry and preventive care through its Aarogyam brand. It also offers imaging services through its subsidiary, Nueclear Healthcare Limited, and has expanded its international presence to Tanzania. The company is headquartered in Navi Mumbai, Maharashtra, India, and was founded in 1996. 

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Thyrocare Technologies (THYROCAR IN)

Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.

Nimish Maheshwari

From Turnaround to Triumph: Thyrocare's Strategic Leap into the GLP-1 Megatrend

Company sees explosive profitability in Q2 FY26 with 22% revenue surge, 82% EPS growth, and 34.8% EBITDA margins. Volume up 21% with 20% franchise...

Sudarshan Bhandari

APAC Healthcare Weekly (January 25) – InSilico, Daiichi, Shionogi, Alteogen, HK Inno, Sun Pharma

InSilico entered outlicensing deal. Daiichi’s Enhertu got China approval for 6th indication. Shionogi will pick up Pfizer’s stake in ViiV...

Tina Banerjee

APAC Healthcare Weekly (October 12) – InnoCare, Daiichi Sankyo, Celltrion, Mesoblast, Lupin

InnoCare stuck outlicensing deal with Zenas Bio. Daiichi Sankyo filed for label expansion of Enhertu in Japan. Celltrion got FDA nod for Eylea...

Tina Banerjee

APAC Healthcare Weekly (April 20)- Neuren, Chugai, Eisai, Telix, Biocon, Aurobindo Pharma

Neuren is a step closer to P3 trial in PMS. Chugai’s oral GLP-1 drug candidate shows promise in P3 trial. Eisai got Leqembi approval in EU. Biocon...

Tina Banerjee

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Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

​Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.

Nimish Maheshwari

From Turnaround to Triumph: Thyrocare's Strategic Leap into the GLP-1 Megatrend

​Company sees explosive profitability in Q2 FY26 with 22% revenue surge, 82% EPS growth, and 34.8% EBITDA margins. Volume up 21% with 20% franchise...

Sudarshan Bhandari

APAC Healthcare Weekly (January 25) – InSilico, Daiichi, Shionogi, Alteogen, HK Inno, Sun Pharma

InSilico entered outlicensing deal. Daiichi’s Enhertu got China approval for 6th indication. Shionogi will pick up Pfizer’s stake in ViiV...

Tina Banerjee

APAC Healthcare Weekly (October 12) – InnoCare, Daiichi Sankyo, Celltrion, Mesoblast, Lupin

InnoCare stuck outlicensing deal with Zenas Bio. Daiichi Sankyo filed for label expansion of Enhertu in Japan. Celltrion got FDA nod for Eylea...

Tina Banerjee

APAC Healthcare Weekly (April 20)- Neuren, Chugai, Eisai, Telix, Biocon, Aurobindo Pharma

Neuren is a step closer to P3 trial in PMS. Chugai’s oral GLP-1 drug candidate shows promise in P3 trial. Eisai got Leqembi approval in EU. Biocon...

Tina Banerjee

Thyrocare Technologies poised to capitalize on GLP-1 drug availability from 2026 with strong Q2 performance and low-cost B2B model.

Company sees explosive profitability in Q2 FY26 with 22% revenue surge, 82% EPS growth, and 34.8% EBITDA margins. Volume up 21% with 20% franchise...