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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 31,794 | 45.7 | 12.51 | 37.0 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 15,456 | 82.4 | 16.15 | 43.1 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 12,088 | 25.0 | 7.93 | 28.9 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 8,797 | 32.3 | 15.01 | 32.1 | 27.8 | 33.2 | 10.9 | 33.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 27 Aug 2026 · Annual Report FY26 and 21st AGM Notice filed | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Newspaper publication of 21st AGM notice for FY 2025-26 | compliance | minimal | — | — |
| 25 Aug 2026 · Suraksha Diagnostic files newspaper notice for 21st AGM on September 22, 2026 | compliance | minimal | — | — |
| 17 Aug 2026 · Q1 FY27 earnings call transcript filed, revenue up 21%, PAT up 40% | investor communications | medium | — | — |
| 13 Aug 2026 · Earnings Call audio recording for Q1 FY27 made available | investor communications | low | — | — |
| 13 Aug 2026 · Earnings call audio recording for Q1 FY27 posted on website | investor communications | low | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 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 |
| NEPHROCARE HEALTH SERV L |
| 7,678 |
| 79.3 |
| 6.88 |
| 30.4 |
| 6.9 |
| 8.6 |
| — |
| 25.3 |
| KRSNAA DIAGNOSTICS LTD | 1,794 | 18.4 | 1.83 | 9.0 | 10.3 | 8.4 | — | 27.7 |
| SURAKSHA DIAGNOSTIC LTD ◆ | 1,693 | 47.2 | 6.95 | 17.2 | 12.9 | 11.5 | — | 36.0 |
| 3B BLACKBIO DX LTD. | 1,217 | 20.3 | 3.67 | 14.3 | 18.1 | 22.5 | (8.9) | 52.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.2 | 23.2 | 21 of 29 | 29% |
| P/B | 7.0 | 2.3 | 18 of 24 | 26% |
| ROCE | 11.5 | 6.1 | 9 of 29 | 71% |
| ROE | 12.9 | 7.3 | 9 of 26 | 68% |
| Debt / Equity | 0.0 | 0.0 | 11 of 26 | 60% |
| 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 | 1693 | 38 | 7 of 30 | 79% |
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| 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 |
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