Daily Brief India: Thyrocare Technologies, Aster DM Healthcare Ltd, Emmvee Photovoltaic Power Limited and more

In today’s briefing:

Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics
2025 High Conviction Update: Aster DM (ASTERDM IN)- Stable Q2 Show on Continued Business Recovery
Emmvee Photovoltaic Power IPO Trading – Lacklustre Demand

Thyrocare Technologies Limited: Positioned for the GLP-1 Diagnostics

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.

Aster DM Healthcare Ltd (ASTERDM IN) reported double-digit growth in revenue and EBITDA in Q2FY26, led by substantial recovery in Kerala, strong growth in international revenue, and better case mix.
In Q2FY26, Kerala delivered its highest-ever quarterly revenue of INR6B, growing 24% increase over Q4 FY25. Profitability improved sharply, with EBITDA margins expanding to 26.8% from 22.3% in Q4FY25.
Since our initiation of Aster DM as ‘2025 High Conviction’ idea in last November, shares rose ~55%. Main investment thesis of margin improvement still holds good.

Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) raised around US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

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