Key Financial Figures (Q1 FY27 Consolidated)

  • Revenue from operations: ₹408 crore
  • Devices sold: 164 units
  • Test kits sold: 62.4 lakh units
  • Export revenue: ₹67 crore (16% of total revenue)
  • EBITDA: ₹104 crore (25% margin)
  • Profit After Tax: ₹52.7 crore (13% margin)
  • Working capital metrics:
  • Receivable days: 87 days (June 2026) vs 86 days (March 2026)
  • Inventory days: 230 days (June 2026) vs 280 days (March 2026)

Business Performance and Operational Highlights

Truenat Platform Performance

  • Installed base: 12,500+ machines across 90+ countries
  • Total tests conducted: 40+ million tests to date
  • Current test menu: 43 assays for 30 different diseases
  • Recurring revenue model: 75% of revenues from test kits
  • Capacity utilization: 58% for test kits, 42% for devices

R&D Investment and Innovation

  • R&D team: 153 scientists
  • Patent portfolio: 207 registered patents
  • R&D investment: ₹598 million in FY24 to ₹2.16 billion over last 3 years
  • Current R&D focus: 22 additional diseases with 34 new assays in pipeline
  • R&D spending guidance: 5-6% of revenue annually

Subsidiary Updates

Prognosys Medical Systems (70% stake)

  • FY26 performance: ₹154 crore revenue, ₹12 crore PAT
  • Products: Digital X-ray solutions including ultra-portable handheld X-ray (PRORAD)
  • Regulatory approvals: US FDA approval and EU MDR certification
  • Applications: TB screening companion to Truenat, veterinary market expansion

OptraScan (60% stake)

  • Investment: $30 million fresh equity infusion for 60% stake
  • Recent milestone: US FDA clearance in July 2026 for entire digital pathology workflow
  • Technology: End-to-end digital pathology solution with hardware, software, and AI
  • Current installations: 35-40 installations in India
  • Financial outlook: Expected losses in FY27, profitability targeted from FY28/FY29

Strategic Initiatives and Growth Drivers

Geographical Expansion

  • Current focus: Africa and Southeast Asia markets
  • New market entry: European markets with IVDR certification for CT/NG test
  • Future target: US market entry pending FDA applications

Product Pipeline Development

  • HPV test: Completed validation through Government of India (AIIMS-led), recommended for national program rollout
  • CT/NG test: Received EU IVDR certification for European markets
  • Platform expansion: Working on multiple new platforms beyond Truenat for non-communicable diseases

Capacity and Automation Plans

  • IPO proceeds utilization: ₹200 crore raised, with ₹72 crore allocated for automation
  • Manufacturing facilities: Goa (test kits), Vizag (devices), Bangalore (radiology), Pune (digital pathology)
  • Capacity outlook: Automation to enable 2x revenue growth from current levels with minimal additional capex

Guidance and Outlook

  • FY27 revenue growth guidance: ~25% year-on-year
  • FY27 EBITDA margin guidance: 24-25%
  • Device sales expectation: 2,200-2,600 units annually (historical range)
  • Business nature: Non-linear quarterly performance due to public health segment characteristics

Partnerships and Collaborations

  • Edge program: Annual program for MedTech startup partnerships
  • Current partnership: UE LifeSciences for radiation-free breast health scanner
  • Collaboration partners: ICMR, Department of Biotechnology, FIND, Gates Foundation

Regulatory and Compliance Matters

  • Certifications: MDSAP certification for global regulatory compliance
  • WHO endorsement: Only second technology globally endorsed for TB diagnosis at point of care
  • Compliance: Transcript filed pursuant to SEBI Regulations 30 and 46