Key Financial Performance (Consolidated)

Q2 FY27 Results:

  • Revenue from Operations: ₹990.71 million (vs ₹787.29 million in Q2 FY26)
  • Total Revenue: ₹1,005.75 million, up 26.38% YoY
  • EBITDA: ₹363.17 million, up 45.47% YoY
  • EBITDA Margin: 36.7% (vs 31.7% in Q2 FY26)
  • Profit Before Tax: ₹188.72 million, up 56.65% YoY
  • Profit After Tax: ₹149.50 million, up 69.34% YoY
  • PAT Margin: 15.1% (vs 11.2% in Q2 FY26)
  • EPS: ₹2.88

H1 FY27 Results:

  • Revenue from Operations: ₹1,867.17 million (vs ₹1,513.15 million in H1 FY26)
  • Total Revenue: ₹1,893.09 million, up 23.67% YoY
  • EBITDA: ₹678.47 million, up 36.73% YoY
  • EBITDA Margin: 36.3% (vs 32.8% in H1 FY26)
  • Profit Before Tax: ₹353.98 million, up 44.39% YoY
  • Profit After Tax: ₹277.96 million, up 54.39% YoY
  • PAT Margin: 14.9% (vs 11.9% in H1 FY26)
  • EPS: ₹5.38

Accounting Standard Impact

Significant difference between Ind AS and IGAAP reporting due to lease accounting treatment under Ind AS 116:

  • Q2 FY27 EBITDA under IGAAP: ₹289.63 million (vs ₹363.17 million under Ind AS)
  • H1 FY27 EBITDA under IGAAP: ₹537.83 million (vs ₹678.47 million under Ind AS)
  • Interest + Depreciation significantly higher under Ind AS due to lease liability recognition

Balance Sheet Position (H1 FY27)

  • Total Assets: ₹5,206.97 million (vs ₹4,481.16 million in FY26)
  • Property, Plant and Equipment: ₹2,409.58 million
  • Right-of-use Assets: ₹1,335.25 million
  • Cash and Cash Equivalents: ₹56.69 million
  • Total Equity: ₹2,750.41 million
  • Lease Liabilities: ₹1,486.24 million (current + non-current)

Cash Flow Statement (H1 FY27)

  • Net Cash from Operating Activities: ₹587.94 million
  • Cash Flow from Investing Activities: ₹(475.70) million (primarily capex of ₹335.91 million)
  • Cash Flow from Financing Activities: ₹(87.70) million
  • Net increase in Cash: ₹24.55 million

Operational Expansion

Network Expansion in H1 FY27:

  • 5 new centers commissioned (2 hub centers, 3 spoke centers)
  • New hub centers: Mukundapur (Kolkata) with 3T MRI capability, Dhanbad (Jharkhand - first entry into state)
  • New spoke centers: Malegaon, Arambagh, Nabadwip

Upcoming Expansion Plans FY27:

  • 4 additional hub centers planned (Rest of Bengal, Jharkhand, Tripura, Bihar)
  • 7 additional spoke centers planned
  • Geographic focus: Greater Kolkata, Rest of Bengal, Jharkhand, Tripura, Assam, Bihar

Genomics Business Performance

  • Suraksha Genomics vertical launched July 2025
  • Q2 FY27 revenue: ₹14.6 million, up 115% YoY
  • Five consecutive quarters of sequential growth averaging ~22%
  • Services include prenatal diagnostics, inherited disease testing, pharmacogenomics, and oncology molecular panels
  • NABL/CAP-accredited workflows

Management Commentary

Ritu Mittal, Joint Managing Director & CEO: "Suraksha has delivered a robust performance in Q2 FY27, sustaining its growth momentum with YoY revenue growth of 26%. The performance reflects healthy growth across patient and test volumes, supported by an improving contribution from centres commissioned over the past few quarters."

Strategic Focus

  • Consolidate leading position in core geography (Eastern India)
  • Expand in adjacent geographies of Eastern and North-Eastern India
  • Supplement organic growth with selective acquisitions
  • Enhance laboratory capacity and test menu with latest technologies
  • Increase home collection services and polyclinic model implementation
  • Leverage technology for customer experience improvement

Historical Financial Performance

FY23-FY26 Revenue CAGR: 17.4%

FY23-FY26 EBITDA CAGR: 27.6%

FY23-FY26 PAT CAGR: 73.0%

Shareholding Pattern

As of September 30, 2026 (source: BSE)

  • Promoters: 72.9%
  • FIIs: 4.3%
  • DIIs: 0.4%
  • Others: 22.4%

Investor Relations

MUFG Intime India Private Limited appointed as Investor Relations Advisors