Financial Performance Highlights - FY26 (Year Ended 31 March 2026)

  • Revenue from operations: ₹88.5 crores (6% YoY growth from ₹83.2 crores in FY25)
  • EBITDA: ₹33.2 crores (17% YoY growth)
  • EBITDA margin: 37.5% (330 basis points improvement from 34.3% in FY25)
  • Profit After Tax (PAT): ₹19.3 crores (21% YoY growth from ₹16.1 crores in FY25)
  • PAT margin: 21.8%
  • Return on Equity: 23.7%
  • Return on Capital Employed: 29.3%

Financial Performance - H2 FY26 (Second Half Ended 31 March 2026)

  • Revenue: ₹43.3 crores (6% YoY growth)
  • EBITDA: ₹15.9 crores
  • EBITDA margin: 36.7%
  • PAT: ₹9.2 crores (compared to ₹9.7 crores in H2 FY25)
  • PAT margin: 21.3%

Balance Sheet and Cash Flow Position

  • Total debt: ₹20.6 crores
  • Net cash position: ₹31 crores
  • Net debt-to-equity: 0.3 (improved from 0.6 in previous year)
  • Operating cash flow: ₹23.4 crores (significant improvement from negative ₹2.6 crores in FY25)
  • Receivables: ₹49.9 crores (slightly improved from ₹50.8 crores in FY25)
  • Government receivables constitute approximately half of total receivables with typical 6-month payment cycle

Business Segments Performance

  • B2C (Retail): ₹33 crores (18% growth)
  • B2B (Hospital partnerships): ₹8.1 crores (10% growth)
  • B2G (Government PPP): ₹47.3 crores (stable)

Operational Metrics

  • Diagnostic centers: 24 centers
  • Employee strength: 236 people
  • Company is NABL and NABH accredited
  • Geographic presence: Delhi, Uttar Pradesh, and Nashik

Growth Strategy and Guidance

  • FY27 revenue growth guidance: 25%-30%
  • Focus on expanding diagnostic center footprint in existing and new locations
  • Deepening specialized diagnostic capabilities in molecular diagnostics and advanced imaging
  • Pursuing additional government PPP contracts as healthcare infrastructure investment grows

Capital Expenditure Plans

  • FY27 capex guidance: ₹20-25 crores
  • Major projects include:
  • Dwarka center with ₹14 crores investment, expected revenue ₹5-6 crores annually
  • Four CT scanner installations with RG Hospitals at ₹2 crores investment each
  • Typical break-even period: 6-8 months for smaller centers, 12 months for larger centers like Dwarka
  • Typical payback period: 2.5-3 years

Regulatory Challenges

  • Regulatory delays from PNDT (Pre-Natal Diagnostic Techniques) and AERB (Atomic Energy Regulatory Board) impacted FY26 growth
  • Regulatory process involves multiple stages requiring 3+ months for various licenses
  • Two centers became operational recently, another center to become operational within two months

Management Commentary

  • AI impact on radiology business is currently nascent, not replacing radiologists but assisting workflow
  • Focus remains on B2C segment growth as B2G depends on tender availability
  • Company aims to remain debt-free but may consider debt for large government tender projects requiring ₹50-60 crores capex
  • Margins expected to remain stable around 37-38% EBITDA and 21-23% PAT
  • No plans to disclose segment-wise margins as business operates on blended margin model

Investor Relations

  • Company acknowledged feedback to provide investor presentation earlier before earnings calls
  • Investor relations handled by Atlas Capital