BSE: 544482
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. B2G (Government), B2C (Retail), B2B (Hospitals). Asset-heavy diagnostic services with material government-linked revenue and a long government receivable cycle
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 89 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 11.05 |
| ROE % · ROCE % | — · 22.6 |
| Debt / equity (x) | — |
| Cash from operations | 23 |
| Capex | (10) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 45 | 43 |
| Profit before tax | 13 | 13 |
| Net profit | — | — |
| EPS (₹) | 5.75 | 5.30 |
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. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 31,676 | 45.6 | 12.46 | 36.8 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 14,858 | 79.2 | 15.52 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,403 | 23.6 | 7.48 | 27.2 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 7,875 | 28.9 | 13.44 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 6,272 | 64.8 | 5.62 | 24.8 | 6.9 | 8.6 | — | 25.3 |
| SURAKSHA DIAGNOSTIC LTD | 1,615 | 45.1 | 6.63 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| KRSNAA DIAGNOSTICS LTD | 1,609 | 16.5 | 1.64 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| 3B BLACKBIO DX LTD. | 1,199 | 20.0 | 3.61 | 14.1 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.8 | 23.6 | 4 of 25 | 88% |
| ROCE | 21.0 | 6.1 | 5 of 29 | 86% |
| Market cap | 131 | 34 | 12 of 30 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Empanelled with MCD for diagnostic services at CGHS rates | business updates | medium | — | — |
| 7 Oct 2026 · Routine compliance certificate filed for Q2 FY26 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · 22nd AGM results: both resolutions passed unanimously with 100% votes in favor | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 22nd AGM held on 29 Sept 2026 via video conferencing | board shareholder meetings | low | — | — |
| 28 Sept 2026 · CT Scan Facility Starts at R G Stone Hospital, Faridabad | business updates | medium | — | — |
| 26 Sept 2026 · Trading Window Closure for H2 FY27 Results | compliance | minimal | — | — |
| 4 Sept 2026 · Corrigendum to 22nd AGM notice and annual report for FY 2025-26 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 22nd AGM Notice Published - Meeting on Sep 29, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report FY25-26 link sent to shareholders ahead of 22nd AGM on 29 Sept 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 22nd AGM on 29 Sep 2026 via video conferencing | 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.