STAR IMAGING AND PATH LAB LIMI

Operates a network of diagnostic centres across Delhi, Uttar Pradesh and Nashik, offering MRI, CT, ultrasound, X-ray and pathology services under a single Diagnostic Services segment. FY26 revenue of INR88.5 crores was split across three channels: business-to-government (B2G) at INR47.3 crores via empanelment with bodies such as BIS, IPGCL, NIEPA, INSA, the High Court of Delhi, CERC and ICSSR, billed at CGHS rates; business-to-consumer (B2C) at INR33 crores from walk-in patients; and business-to-business (B2B) at INR8.1 crores through hospital tie-ups. B2C grew 18% in FY26, B2B grew about 10%, while B2G was stable. The company invests in advanced imaging equipment — including what it claims is North India's first 1184 slice/sec CT scanner at Tilak Nagar — and is opening a new Dwarka centre. Other operating expenses are the largest cost line at 47% of revenue, with employee cost at 9.1% and capex at 11.6% of revenue. Government receivables of INR49.9 crores run on a 6-month payment cycle, a notable working-capital feature of the model.