BT Exclusive : Kedaara-backed Tynor targets over 50% India market share, Rs 1,767 crore revenue by FY31

Tynor Orthotics is targeting more than 50% market share in India by FY31, up from around 29% currently, as the company looks to nearly triple its revenue to Rs 1,767 crore over the next five years following Kedaara Capital’s $200-million investment.

Kedaara announced the investment on August 25, saying it would work with Tynor’s promoters, management and long-standing strategic partner Thuasne to build an “ortho-focused wellness platform”, deepen the company’s reach across India and expand internationally.

An internal valuation report prepared ahead of the transaction, reviewed by Business Today, reveals the targets underpinning that expansion.

The management projections in the report show Tynor’s revenue from operations rising from Rs 582.9 crore in FY26 to Rs 1,767.3 crore in FY31, implying a 24.8% compound annual growth rate.

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The projections show Tynor expanding beyond its existing orthotics business into compression, mobility, wellness, sports and lifestyle products, supported by three new sub-brands and new verticals.

The company also plans to move from a largely prescription- and pharmacy-led model towards an OTC-driven, omnichannel model, backed by consumer-facing digital campaigns.

The international strategy is another key part of the plan. Tynor intends to replicate its Indian model across emerging economies while pursuing CDMO and OEM arrangements with retail chains and established orthopaedic brands in developed markets. Eventually, the company plans to enter prescription- and insurance-driven segments with the Tynor brand.

The financial projections show the scale of the expected expansion. Revenue is projected at Rs 723.6 crore in FY27, Rs 926.3 crore in FY28, Rs 1,151.8 crore in FY29, Rs 1,431 crore in FY30 and Rs 1,767.3 crore in FY31. EBITDA is projected to rise from Rs 161.9 crore in FY27 to Rs 427.3 crore in FY31.

EBITDA margin is expected to improve from 20.7% in FY26 to 24.2% in FY31. Management has attributed the projected margin expansion to backward integration and productivity improvements across non-manufacturing functions.

Tynor is also planning significant growth capex. The report projects capital expenditure of Rs 56.1 crore in FY27 and Rs 41.5 crore annually from FY28 to FY31, taking total projected capex over the five years to about Rs 222 crore. The report describes this as a growth capex required to support the company’s projected business growth and expansion plans.

The company is also progressively integrating backwards into the manufacture of key inputs currently procured from third-party suppliers; a move management expects to support margin expansion.

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From orthotics to a global platform

The strategy builds on the ambition outlined by Tynor’s promoters when Kedaara announced the transaction. Dr P.J. Singh and A.J. Singh, promoters of Tynor, said, “Big aspiration of Tynor to become the leader of the global south and an indispensable supply chain partner for the global north shall now be achieved by having Kedaara as a partner.”

Sunish Sharma, Founder and Managing Partner at Kedaara Capital, said Tynor represented a rare opportunity to partner with a category leader and that the firm was looking to “unlock Tynor’s full potential.”

Sumit Gupta, Managing Director, and Nishant Naveen, Principal and Co-Leads for Healthcare and Pharma at Kedaara Capital, said there was “significant headroom” to build on Tynor’s doctor equity, distribution, R&D capabilities, systems and lean manufacturing foundation. They said Kedaara would work with the promoters, management team and Thuasne to help scale Tynor into a “global orthotics champion.”

Poornima Vardhan and Taponeel Mukherjee, principals at AltG, said in their analysis of the transaction that “platform-building and international expansion are the mechanisms” through which the projected earnings growth would be achieved.

Vardhan and Mukherjee also highlighted the importance of execution in determining the investment outcome. “The spread between the scenarios is the analysis,” they said, with the eventual outcome depending on operating performance and the valuation at which the business eventually exits.

The projections represent a significant acceleration from Tynor’s recent performance. The AltG analysis, based on company filings, notes that Tynor’s revenue was Rs 465.1 crore in FY25, while operating profit stood at Rs 86.8 crore.

The FY27-FY31 projections show the scale of the growth Tynor is targeting, with new products, a broader consumer distribution model and international expansion forming key parts of the plan.

The FY27-FY31 figures are management projections contained in the valuation report. The valuer said it relied on projections provided by management and did not independently validate their achievability.