NSE: FISCHER · BSE: 524743
FISCHER MEDICAL VENTURE L
Markets and distributes advanced medical imaging and neurosurgical technologies through subsidiaries and associates. Its wholly-owned subsidiary Time Medical International Ventures (India) supplies MRI systems, intraoperative MRI suites (including the AI-enabled DRIS-iMRI Medharanya Suite for neurosurgery combining AR, AI, ML and Exoscope technologies), Exoscope systems, and brain aneurysm screening solutions. Through associate Nanomedic Technologies, it holds exclusive India and Southeast Asia distribution rights for the Spincare portable electrospun wound care system, which received CDSCO import approval as India's first such clearance for a portable electrospun wound care device. The company operates as a single reportable segment under Ind AS 108, and reported FY26 revenue of Rs. 308.58 crore with net profit of Rs. 31.02 crore. A partnership with the WFNS Innovation & Technology Committee, the first such formal industry tie-up in the committee's history, supports global training and knowledge-sharing in neurosurgical technologies. On the cost side, materials account for 20.2% of revenue and other operating expenses for 34.9%, with employee cost at 4.9% and depreciation at 1.0%. A Rs. 358.46 crore preferential issue has funded imaging technology growth and general corporate purposes, with Rs. 280.93 crore deployed by March 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Medical imaging and neurosurgical technology (consolidated, single reportable segment). Niche medical technology distribution and clinical partnership business in advanced imaging and wound care.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 21 | 111 | 309 |
| EBITDA (ex other income) | 2 | 3 | 43 |
| margin % | 8.9 | 2.6 | 14.0 |
| Owners' profit | 2 | 1 | 31 |
| EPS, as reported (₹) | 1.65 | 0.22 | 0.48 |
| ROE % · ROCE % | 2.3 · 2.6 | 0.4 · 0.7 | 8.1 · 12.7 |
| Debt / equity (x) | 0.02 | 0.18 | 0.19 |
| Cash from operations | 2 | (86) | (101) |
| Capex | (0) | (6) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40 | 12 | 49 | 23 | 86 | 101 | 98 | 82 |
| Profit before tax | 0 | 0 | 2 | 10 | 17 | 21 | (2) | 8 |
| Net profit | 0 | (0) | 1 | 5 | 14 | 19 | (7) | 4 |
| EPS (₹) | 0.05 | (0.05) | 0.09 | 0.77 | 2.15 | 0.30 | (0.11) | 0.06 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POLY MEDICURE LIMITED | 15,101 | 47.9 | 4.80 | 27.7 | 10.2 | 12.6 | 19.0 | 30.2 |
| FISCHER MEDICAL VENTURE L ◆ | 1,725 | 11.0 | 4.48 | 32.2 | 8.1 | 11.3 | — | 15.5 |
| TARSONS PRODUCTS LIMITED | 1,623 | 146.0 | 2.56 | 14.1 | 2.3 | 2.4 | — | 29.0 |
| LAXMI DENTAL LIMITED | 995 | 32.0 | 4.08 | 21.4 | 11.8 | 11.0 | — | 22.3 |
| Hemant Surgical Industries Lim | 750 | 28.7 | — | — | — | 16.7 | — | — |
| FABTECH TECHNOLOGIES LTD | 560 | 9.1 | 1.33 | 9.0 | 9.1 | 10.7 | — | 9.9 |
| Prevest Denpro Limited | 456 | 15.4 | — | — | — | 21.9 | — | — |
| NURECA LIMITED | 287 | 58.9 | 1.59 | 34.6 | 1.2 | 2.7 | (7.2) | 13.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.0 | 21.3 | 4 of 16 | 80% |
| P/B | 4.5 | 2.6 | 10 of 11 | 10% |
| ROCE | 11.3 | 11.3 | 9 of 17 | 50% |
| ROE | 8.1 | 8.1 | 6 of 11 | 50% |
| Debt / Equity | 0.2 | 0.1 | 8 of 11 | 30% |
| EBITDA margin | 15.6 | 16.7 | 7 of 11 | 40% |
| Revenue growth | 249.4 | 13.9 | 1 of 13 | 100% |
| Profit growth | (24.3) | 75.5 | 9 of 10 | 11% |
| Market cap | 1725 | 164 | 2 of 17 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Chan Sing En appointed independent director at Singapore subsidiary | management changes | medium | — | — |
| 16 Oct 2026 · Postal Ballot: NCD issue of Rs 350 cr, borrowing cap hike to Rs 1000 cr | board shareholder meetings | medium | — | — |
| 14 Oct 2026 · Quarterly RTA Certificate Under SEBI Depositories Regulations Submitted | compliance | minimal | — | — |
| 14 Oct 2026 · Board approves Postal Ballot for related party deals, higher borrowing limits | board shareholder meetings | low | — | — |
| 1 Oct 2026 · AGM 2026: All 4 resolutions passed, 5% dividend declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 33rd AGM held via video conferencing; voting results pending | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Fischer Medical subsidiaries declare dividends worth about Rs 25-26 crore | business updates | low | — | — |
| 26 Sept 2026 · Corrigendum to FY 2025-26 Annual Report: minor corrections filed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Fischer Medical Ventures trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Fischer Medical board approves Rs 50 crore investment in 3 subsidiaries via rights issue | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.