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Star Imaging and Path Lab reported FY26 revenue of INR88.5 crores (up 6% YoY), EBITDA of INR33.2 crores (up 17% YoY) with margins expanding 330 bps to 37.5%, and PAT of INR19.3 crores (up 21% YoY). The company turned net cash positive with net debt-to-equity improving from 0.6 to 0.3. B2C grew strongly at 18% to INR33 crores while B2G remained flat at INR47.3 crores. Management guided for 25-30% revenue growth in both FY27 and FY28 (targeting INR110-120 crores in FY28) with sustainable 35-40% EBITDA margins. Regulatory hurdles (PNDT, AERB licensing) delayed new centre openings but are now resolved; a Dwarka centre is opening soon (INR14 crore capex, expected INR5-6 crore annual revenue). Capex guidance for FY27 is INR20-25 crores, with 2.5-3 year payback periods.
Strong margin improvement and debt reduction are positive signs, and the 25-30% growth guidance for FY27-28 backed by new centre openings provides a clear multi-year outlook. However, heavy reliance on B2G government receivables (INR49.9 crore outstanding) remains a watch item.