NSE: SURAKSHA · BSE: 544293
SURAKSHA DIAGNOSTIC LTD
Operates a network of 68 diagnostic centres providing pathology and radiology testing services, primarily in West Bengal with newer hubs in Bihar, Tripura, Jharkhand and Assam. In FY26, the network served 1.37 million patients and conducted 8.16 million tests, generating revenue per patient of INR 2,264. The revenue mix is 49% pathology, 44% radiology and 7% integrated doctor consultancy, close to the industry-wide ~55:45 pathology-to-radiology split. Mature centres (over 2 years old) generate 36-37% EBITDA margins while newer centres are at -5.5% during ramp-up, blending to an FY26 EBITDA margin of 31.75%. A genomics vertical (Suraksha Genomics) has been launched using the Genexus NGS platform for 48-72 hour oncology turnaround, running at INR 35 lakh/month, and a 63% stake in fertility chain Fetomat Wellness was acquired in April 2025. Employee costs (17.2% of revenue) and other operating expenses (40.4% of revenue) are the largest cost lines, with capex at 21.7% of revenue supporting the hub-and-spoke rollout toward 100 centres by FY28. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pathology (49%), Radiology (44%), Integrated doctor consultancy (7%), Genomics (Suraksha Genomics). Asset-light, hub-and-spoke diagnostic services network with active centre expansion
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 252 | 310 |
| EBITDA (ex other income) | 81 | 95 |
| margin % | 32.2 | 30.7 |
| Owners' profit | 32 | 32 |
| EPS, as reported (₹) | 5.97 | 6.18 |
| ROE % · ROCE % | 14.7 · 17.1 | 12.9 · 14.7 |
| Debt / equity (x) | 0.03 | 0.01 |
| Cash from operations | 63 | 82 |
| Capex | (42) | (67) |
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 | 67 | 60 | 65 | 73 | 79 | 78 | 81 | 88 |
| Profit before tax | 14 | 8 | 9 | 12 | 12 | 10 | 10 | 17 |
| Net profit | 10 | 6 | 7 | 9 | 9 | 7 | 6 | 13 |
| EPS (₹) | 1.94 | 1.18 | 1.42 | 1.80 | 1.73 | 1.44 | 1.21 | 2.50 |
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) | 45.1 | 23.6 | 16 of 25 | 38% |
| P/B | 6.6 | 2.1 | 19 of 24 | 22% |
| ROCE | 11.5 | 6.1 | 9 of 29 | 71% |
| ROE | 12.9 | 6.0 | 7 of 24 | 74% |
| Debt / Equity | 0.0 | 0.1 | 8 of 23 | 68% |
| EBITDA margin | 36.0 | 25.6 | 4 of 24 | 87% |
| Revenue growth | 20.8 | 20.8 | 13 of 25 | 50% |
| Profit growth | 40.0 | 22.0 | 6 of 25 | 79% |
| Market cap | 1615 | 34 | 6 of 30 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Board comments on Rs. 2,360 NSE fine for delayed shareholding pattern filing | regulatory legal | high | — | — |
| 14 Oct 2026 · Ms. Shreya Arora appointed as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 5 Oct 2026 · Routine SEBI compliance certificate on dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till Q2 results announcement | compliance | minimal | — | — |
| 24 Sept 2026 · AGM 2026 Results: All 5 Resolutions Passed, Dividend of Rs 0.50 per Share Declared | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · 21st AGM proceedings: all resolutions passed, Rs 0.50 dividend declared | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · 21st AGM held: All resolutions passed; final dividend of Re 0.50 per share declared | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Newspaper advertisement for 21st AGM notice and e-voting information | compliance | minimal | — | — |
| 27 Aug 2026 · Suraksha Diagnostic fixes 21st AGM on 22 Sep 2026; dividend record date 15 Sep | compliance | minimal | — | — |
| 27 Aug 2026 · Notice of 21st AGM on 22 September 2026 with FY26 Annual Report | 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.