Financial Performance Highlights (Standalone & Consolidated)

Revenue and Profitability

  • Revenue from operations: ₹88.5 crores in FY26, representing 6% year-over-year (YoY) growth from ₹83.2 crores in FY25.
  • EBITDA: ₹33.2 crores in FY26, up 17% YoY from ₹28.5 crores in FY25.
  • EBITDA margin: 37.5% in FY26, expanding by 320 basis points (bps) from 34.2% in FY25.
  • Profit After Tax (PAT): ₹19.3 crores in FY26, up 21% YoY from ₹15.9 crores in FY25.
  • PAT margin: 21.8% in FY26, improving by 270 bps from 19.1% in FY25.
  • Cash flow from operations (Consolidated): ₹23.3 crores in FY26, a significant improvement from (₹2.6 crores) in FY25.

Balance Sheet (Standalone)

  • Total Assets: ₹153.4 crores in FY26 (₹97.9 crores in FY25).
  • Property, plant and equipment: ₹25.2 crores in FY26 (₹20.9 crores in FY25).
  • Trade receivables: ₹49.9 crores in FY26 (₹50.7 crores in FY25).
  • Cash & Cash Equivalents: ₹51.5 crores in FY26 (₹5.1 crores in FY25).
  • Total Shareholders' Equity: ₹116.1 crores in FY26 (₹47.1 crores in FY25), with share capital at ₹17.4 crores.
  • Total Liabilities: ₹37.4 crores in FY26 (₹50.8 crores in FY25).
  • Long-term Borrowings: ₹6.6 crores in FY26 (₹14.9 crores in FY25).
  • Short-term Borrowings: ₹14.1 crores in FY26 (₹17.9 crores in FY25).
  • Net debt to equity: (0.3x) in FY26, improved from 0.6x in FY25.

Key Ratios

  • Return on Capital Employed (ROCE): 29.0% in FY26.
  • Return on Equity (ROE): 23.7% in FY26 (40.7% in FY25).
  • Fixed Asset Turnover: 3.9x in FY26 (3.8x in FY25).

Business and Operational Updates

Service-wise Revenue Breakdown (FY26)

  • Radiology: ₹73.6 crores (83.2% of total revenue)
  • Pathology: ₹12.3 crores (13.9% of total revenue)
  • Cardiology: ₹2.2 crores (2.5% of total revenue)
  • Neurology: ₹0.4 crores (0.5% of total revenue)
  • Urology: ₹0.1 crores (0.1% of total revenue)

Business Model Revenue (FY26)

  • B2C Revenue: ₹33.0 crores, up 12% YoY.
  • B2B Revenue: ₹47.3 crores, down 1% YoY.
  • B2G Revenue: ₹8.1 crores, up 10% YoY.

Geographic Revenue (FY26)

  • Delhi: ₹42.4 crores (5 centers)
  • Uttar Pradesh: ₹43.0 crores (18 centers)
  • Nashik, Maharashtra: ₹3.2 crores (services through royalty-based B2G model)

Strategic Developments

  • Vikaspuri center was expanded and upgraded with the installation of an MRI and CT machine.
  • B2B hospital tie-up network expanded significantly, adding 40-45 new hospital empanelments, taking the total B2B network to over 100 tie-ups.
  • New empanelment secured with the Central Government Health Scheme (CGHS).
  • Tied up with RG Hospital; a CT machine was installed and commercialized.
  • Tilak Nagar Centre was upgraded with a 640 SLICE CT scan.
  • Four more tie-ups are coming up with RG Stone.

Expansion Plans

  • A new B2C center in Dwarka has been announced. The location is finalized, project work has started, and it is expected to be operational by H1 FY27.

Management Commentary and Guidance

  • Management expects a growth rate of 25-30% on a year-over-year (YoY) basis for the upcoming years.

Technology Infrastructure

  • The company utilizes a central tele-reporting hub, EMR integration, and is implementing an ERP system.
  • IT tools include LIS, PACS, Augnito (Voice AI), Tally, SanCCS (Call Center), and Freedom Modality.
  • Specialized tools include Motic (Cytology Imaging) and Priscca (Double/Triple Marker Testing).

Industry Context

  • The presentation notes the Indian diagnostics industry is projected to grow at a 10–12% CAGR during FY24–FY28.
  • The company operates Public-Private Partnership (PPP) models with the governments of Uttar Pradesh, Delhi, and Nashik for diagnostic services.

Availability of Information

The enclosed investor presentation is also available on the company's website at www.starimaging.in.