Key Business Updates

Financial Performance & Guidance

  • Company achieved 60% revenue CAGR over last 3-4 years with EBITDA growth exceeding 100% year-on-year
  • PAT margins grew more than 150% over last 3 years
  • Current revenue mix: 40% from IVD and MedTech, 60% from renewable energy
  • FY27 Revenue Guidance: ₹1550 crores consolidated
  • FY27 EBITDA Margin Guidance: 20.8%
  • FY27 PAT Margin Guidance: 12.8%
  • Gross margins stand at 25.7% (20% growth compared to previous year)
  • Expect MedTech contribution to exceed 50% of total revenue in coming years
  • FY28 Revenue Projection: ~₹2100 crores with EBITDA margin expansion to 23-24%

MedTech Business Division

  • Indian MedTech market: $14 billion growing at 14% CAGR, expected to reach $30 billion by 2030
  • Company has 78% growth in med-tech revenue driven by portfolio expansion
  • Only company with single roof CDSCO approval as manufacturer for 200+ IVD products
  • Gross margins in IVD category: ~60%
  • Current market share in Indian IVD market: ~5%
  • Distribution network: 700+ distributors across 15 states, serving 15,000+ hospitals/nursing homes/diagnostic labs
  • Team strength: ~750 employees

Key MedTech Products & Pipeline

IVD Products:

  • Biochemistry analyzers (semi-automated to fully automatic performing 400 tests/hour)
  • Animal health analyzer for 16+ animal types
  • Rapid test kits (ICMR, CDSCO, CE approved)
  • Plan to achieve ₹70 crores from analyzers, ₹290 crores from rapid tests, ₹360 crores from biochemistry sales by FY27

Sickle Cell Testing Device:

  • Proprietary device supporting National Sickle Cell Elimination Mission
  • 15-minute testing with 99.6% accuracy vs current HPLC method taking 48 hours costing ₹1200-2000
  • Expected to contribute >15% to revenue
  • Awaiting CDSCO approval for commercial launch
  • Government allocated ₹3000 crores for sickle cell elimination
  • Potential market size: 16 crore tests at minimum ₹100/test = ₹1600 crores

Renalytics Dialysis Machine:

  • World's first AI-powered dialysis machine
  • Uses 50% less water than competitors
  • Remote monitoring capability through Renal OS platform
  • 100% in-house manufacturing in Bangalore and Mumbai
  • Current capacity: 60 machines/month, target 150 machines/month by end of next year
  • Confirmed order book: 500+ machines
  • Operating 15 dialysis centers currently, target 50 centers by March 2027
  • FY27 Revenue Guidance for Renalytics: ₹60 crores
  • Gross margins: ~49%, EBITDA margins: ~25%
  • Machine lifecycle: 7-10 years with recurring consumable sales

Dozee Remote Patient Monitoring:

  • Contactless remote patient monitoring system (step-down ICU)
  • Reduces code blue incidents by 80% in installed hospitals
  • FY27 Revenue Guidance: ₹5 crores
  • Exclusive distribution partnership

Pipeline Products:

  • CAR-T therapy: Late-stage discussions with global US FDA-approved manufacturer for exclusive Indian distribution, expected rollout by December 2026
  • Oncodiagnoscope: Oral cancer screening device detecting cancer at cellular level within 15 minutes (developed with BARC)
  • 1DNA preventive genomic testing: CDSCO approval expected by March 2027
  • Gut microbiome testing: Already received CDSCO approval (only company with this approval)
  • Home dialysis machine under R&D (target: reduce water requirement from 500L to 20L per session)
  • CPAP machines and breast cancer screening device in development

Renewable Energy Business

  • Current revenue: ₹600 crores growing at 65%
  • Confirmed order book: ₹2000 crores through 2030
  • Expected additional ₹1000 crores from new contracts
  • Exclusive lighting design partner for Philips (7th largest globally)
  • Contributes to 26% of Indian railway lighting
  • Executed projects for Indian Navy (INS Vikramaditya), Vande Bharat, Rajdhani, NHAI, Maha Kumbh, Ayodhya lighting, India Gate
  • Net debt to EBITDA declined from 6.7x to 1.2x in FY26

Expansion Plans

  • UK and Switzerland subsidiaries established for global expansion
  • First US export order received (~$1 million for surgical products)
  • Planning Asia's largest IVD manufacturing facility in Lucknow (2-acre space)
  • Capex plan: ₹300-350 crores over next 3 years for manufacturing expansion
  • Two oncology cancer care centers planned in Vapi and Solapur by June 2027
  • Target: 27 cancer care centers in 5-7 years
  • Export revenue target: 10% of total revenue by June 2027

Corporate Structure

  • Listed through NCLT-approved reverse merger in July 2026
  • Yet to meet minimum public shareholding requirement (MPS)
  • Appointed Nuvama as Merchant Banker and Advisor for MPS compliance
  • Plan: 3% through OFS (promoter funds infused back into company), 2% through preference/equity
  • Considering strategic options to spin off renewable business and rebrand as Lords Med

Management Team

  • Dr. Sachidanand Upadhyay: Managing Director & CEO (incorporated company at age 21)
  • Mr. Subodh Gupta: Director of Business Development & Chief Technology Officer
  • Mr. Suneet Rastogi: Financial Committee
  • Mr. Manav Teli: Executive Director
  • Mr. Vignesh Pujari: CFO
  • Mr. Nipun Lodha: Chief Strategy Officer
  • Independent Directors: Shweta Dilip Mehta, Vinod Tiwari, Pooja Vijay Gohil, Mr. Govind Singh
  • Core Advisory Group: Mr. G.S. Bhati (ex-REC), Dr. Ravi Mahajan, Mr. Anil Mishra, Dr. Varun Chandrasekharan

Receivables Clarification

  • Receivables of ₹450 crores are on consolidated basis for full FY26 (₹1290 crores revenue)
  • Only 6-month audited balance sheet uploaded due to reverse merger effective 24th September 2025
  • Expect operating cash flow to turn positive in FY27 or by Q2 FY28

R&D Focus

  • R&D facilities in Vasai (cancer detection research), Silvassa (surgical products), planned Lucknow facility
  • Partnerships with IIT Bombay, BARC, Renalytics, Dozee
  • 139 trademarks, 30+ brands with IP protection