• The document pertains to an Earnings Conference Call held on Friday, 22 May 2026 at 12:00 pm (IST) to discuss the audited (standalone and consolidated) financial results for the quarter and financial year ended 31 March 2026.
  • The event was an earnings conference call hosted by MUFG Intime India Private Limited, featuring management presentations followed by a Q&A session with analysts and investors.
  • Management participants included:
  • Dr. Somnath Chatterjee – Chairman & Joint Managing Director
  • Ms. Ritu Mittal – Joint Managing Director & Chief Executive Officer
  • Mr. Bablu Shaw – General Manager – Finance
  • Mr. Niren Kaul – Chief Sales Officer
  • Mr. Balgopal Jhunjhunwala – Regional Business Head
  • The text transcript of the earnings call was made available on the company's website at www.surakshanet.com as per SEBI Listing Regulations requirements.
  • The discussion covered Q4 FY26 and full year FY26 financial results, operational updates, expansion plans, and business outlook.

Financial Highlights Discussed

Full Year FY26 Performance:

  • Revenue from operations: INR 3,104.1 million (23.1% YoY growth)
  • Three-year revenue CAGR: 17.78% from FY23 baseline of INR 1,900 million
  • EBITDA: INR 985 million (15.8% YoY growth)
  • EBITDA margin: 31.73%
  • PAT: INR 314 million (1.4% YoY growth)
  • PAT margin: 10.1%
  • Patients served: 1.37 million
  • Tests performed: 8.16 million
  • Revenue per patient: INR 2,264
  • EBITDA per patient: INR 720
  • Average revenue per center: INR 45.65 million

Q4 FY26 Performance:

  • Revenue: INR 822 million (25% YoY growth)
  • EBITDA: INR 252 million (26% YoY growth)
  • EBITDA margin: 31%
  • PAT: INR 62 million
  • PAT margin: 7.6%

Revenue Mix:

  • Pathology: 48.85%
  • Radiology: 44.26%
  • Doctor consultancy and polyclinic: 6.89%

Center Performance:

  • Mature centers: EBITDA margins of 36-37%, average revenue per center of INR 16.3 million in Q4
  • New centers (<2 years): EBITDA margin of -5.5%, average revenue per center of INR 5 million in Q4

Operational and Strategic Updates

  • Network expansion: Added 2 hub centers, 11 spoke centers, and 3 PPP centers in FY26, taking total centers to 68 as of March 2026
  • Technology initiatives:
  • Introduced fastest NGS platform Genexus in Eastern India for genomics
  • Established first high-end training center for MRI
  • Deployed next generation 1.5T helium-free MRI technology at Calcutta Medical College
  • Introduced latest automation from Roche in pathology lab
  • AI-driven solution for early detection of Alzheimer's from routine brain MRIs (in partnership with IIT Kharagpur)
  • Specialized clinics introduced: Dementia epilepsy clinics, gynecology-owned clinics for early detection of cervical and ovarian cancer
  • FY27 expansion plans: 3 new hubs and 8 spoke centers in West Bengal, plus one specialized hub each in Bihar, Tripura, and Jharkhand
  • Planned capex for FY27: INR 70 crores

Guidance and Outlook

  • FY27 revenue growth guidance: 15%
  • FY27 EBITDA margin expectation: ~33%
  • Medium-term EBITDA margin expectation: 35%
  • Long-term EBITDA margin expectation: 38-39%

Additional Notes

  • The document includes the complete transcript of the earnings conference call with analyst Q&A
  • The company disclosed that the election period impacted center openings and operations in Q4
  • Repeat patient rate: ~40%
  • Genomics business monthly run rate: INR 35 lakhs per month
  • Pre-Ind AS EBITDA: INR 75 crores, Pre-Ind AS PAT: INR 53 crores