Key Financial Figures

  • Q1 FY27 Revenue: ₹280 crore (standalone)
  • Q1 FY27 Net Profit: ₹32 crore
  • FY27 Revenue Guidance: ₹1,550 crore (representing approximately 20% growth over previous year)
  • Business Segment Revenue Split (Q1 FY27): ~55% from IVD and Medtech, balance from renewable energy
  • EBITDA Margin Guidance: ~20% for IVD/Medtech segment, ~11% for renewable energy segment

Business Segments and Operational Developments

Renewable Energy & LED Business:

  • Current order book: ₹3,000 crore
  • Executes government projects financed by Central Government of India
  • Philips is technology partner for LED lighting projects
  • Has RESCO model projects from UPNEDA and BREDA for rooftop solar at ₹4.95 per unit

IVD and Medtech Business:

  • Six-year old business segment started during COVID-19 pandemic
  • Includes rapid test manufacturing, biochemistry and analyzer machines
  • Currently has order book of 500+ dialysis machines (exports and domestic)
  • Dialysis machine manufacturing partnership with Bharat Electronics Limited (BEL) on cost-plus basis
  • Dialysis machine cost: ~₹4.5 lakhs with average selling price of ~₹7.5 lakhs

Product Pipeline and Technology Acquisitions

Sickle Cell Testing Technology:

  • Acquired from IIT Bombay through exclusive transfer of technology agreement
  • Technology can detect sickle cell in 25 minutes (compared to current week-long process costing ₹800-1,000)
  • Awaiting ICMR and CDSCO approvals
  • Expected commercial launch: Q4 FY27
  • Targeting government mass testing projects under National Sickle Cell Elimination Mission (₹3,000 crore budget allocation)

Cancer Testing Technologies (Bhabha Atomic Research Center):

  • Three products: Onco Diagnoscope, Onco Spot, and Onco TB Truth
  • Technology detects oral cancer without biopsy or PET scan within 15 minutes
  • Prototype ready, awaiting ICMR and CDSCO approvals
  • Expected commercial launch: Q4 FY27 or Q1 FY28

Additional Technologies:

  • Recently acquired breast cancer testing technology from C-MET

Strategic Initiatives and Expansion Plans

  • Plans to set up 50 dialysis centers across India in FY27
  • Evaluating establishment of two cancer hospitals (feasibility study ongoing)
  • Considering acquisition of existing hospitals for conversion to cancer specialty hospitals
  • New company Aviatic Private Limited incorporated for undisclosed business purposes

Capital Structure and Corporate Actions

  • Current promoter holding: 80%
  • Need to dilute to 75% to meet SEBI listing norms
  • Considering OFS (block deal or exchange auction) and/or rights issue
  • Management preference for fund infusion into company rather than promoter exit
  • Board decision pending on exact mechanism

Management Commentary and Forward Outlook

  • Expects H2 FY27 performance to be stronger than H1 due to B2G business seasonality
  • Projects FY28 revenue exceeding ₹2,000 crore with PAT margins of 10-11%
  • Targets 30%+ revenue contribution from Medtech segment in future
  • Plans demerger of business segments for better focus