Suraksha Diagnostic Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Suraksha Diagnostic Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Suraksha Diagnostic reported Q1 FY'27 total income of Rs 887 million, up 21% year-on-year, with EBITDA growing 28% to Rs 315 million and PAT growing 40% to Rs 128 million. The company added one hub and three spoke centres during the quarter, taking its network to 72 centres, and management said centres under two years old turned EBITDA-positive for the first time at 6.5% margin. Management also discussed continued growth in the Suraksha Genomics vertical, which posted revenue of Rs 13.7 million, up 136% year-on-year.
Numbers mentioned
Total income: INR 887 million (Q1 FY27)
p. 5
“For Q1, the company reported total income of INR 887 million compared to INR 735 million in Q1 FY '26, registering a year-on-year growth of 21%.”
Ritu Mittal, page 5 of the filed PDF · View the filing
EBITDA: INR 315 million (Q1 FY27)
p. 5
“EBITDA stood at INR 315 million compared to INR 247 million in Q1 FY '26, with EBITDA margin at 36% compared to 34% in the corresponding quarter.”
Ritu Mittal, page 5 of the filed PDF · View the filing
PAT: INR 128 million (Q1 FY27)
p. 5
“PAT stood at INR 128 million compared to INR 92 million in Q1 FY '26, registering a year-on-year growth of 40%.”
Ritu Mittal, page 5 of the filed PDF · View the filing
PAT margin: 14.7% (Q1 FY27)
p. 5
“PAT margin for the quarter stood at 14.7%.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Patients served: 0.38 million (Q1 FY27)
p. 5
“On the operating side, patients served stood at 0.38 million, while tests performed stood at 2.10 million.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Tests per patient: 5.56 (Q1 FY27)
p. 5
“Tests per patient stood at 5.56.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Revenue per patient: INR 2,321 (Q1 FY27)
p. 5
“Revenue per patient is INR 2,321 and EBITDA per patient stood at Rs. 835.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Network size: 72 centres (Q1 FY27)
p. 5
“Our network stood at 72 centres at the end of the quarter, following the addition of one hub and three spoke centers during Q1 FY '27.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Mature centres EBITDA margin: 40.9% (Q1 FY27)
p. 5
“On centre-level profitability, our mature centres delivered a 40.9% EBITDA margin in Q1 FY '27.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Centres under 2 years old EBITDA margin: 6.5% (Q1 FY27)
p. 5
“Centres under 2 years old turned profitable for the first time at 6.5% EBITDA margin from negative 5.5% last quarter.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Genomics revenue: Rs. 13.7 million (Q1 FY27)
p. 4
“The vertical recorded a revenue of Rs. 13.7 million, registering a 136% year-on-year growth with five consecutive quarters of sequential growth.”
Somnath Chatterjee, page 4 of the filed PDF · View the filing
Genomics B2C/B2B split: 80% B2C, 20% B2B (Q1 FY27)
p. 7
“So, for us right now, it is 80% is B2C and 20% is B2B.”
Ritu Mittal, page 7 of the filed PDF · View the filing
Mature centre revenue growth: 12.5% quarter-on-quarter (Q1 FY27)
p. 6
“So, even our centres which are more than 2 years old have shown a revenue growth of around 12.5% quarter-on-quarter.”
Ritu Mittal, page 6 of the filed PDF · View the filing
Overall sales and less-than-2-year centre contribution: Rs. 88 crores total, Rs. 8.5 crores from newer centres (Q1 FY27)
p. 8
“So, my overall sales is Rs. 88 crores and my less than 2 years centre contributed around Rs. 8.5 crores, whereas the rest was from mature centres.”
Ritu Mittal, page 8 of the filed PDF · View the filing
Patient volume growth: 12.4% quarter-on-quarter (Q1 FY27)
p. 8
“My patient volume growth has been 12.4% quarter-on-quarter.”
Ritu Mittal, page 8 of the filed PDF · View the filing
Genomics margin: 15% to 20%
p. 8
“Genomic margins right now would be somewhere around 15% to 20%.”
Ritu Mittal, page 8 of the filed PDF · View the filing
Genomics cumulative investment: Rs. 22 crores (over 3 years)
p. 15
“Over 3 years, we have spent around Rs. 22 crores.”
Ritu Mittal, page 15 of the filed PDF · View the filing
CGHS revenue benefit: 1.5 (crores, approx) (Q1 FY27)
p. 16
“1.5 or some, in that kind of a thing.”
Niren Kaul, page 16 of the filed PDF · View the filing
Wellness contribution: 4% to 5%
p. 14
“Our wellness piece right now must be around 4% to 5%.”
Ritu Mittal, page 14 of the filed PDF · View the filing
Kolkata hub/spoke count: 5 hubs, 6 spokes
p. 12
“So, in Kolkata, or we actually consider Greater, only Kolkata we have five hub centers in Kolkata and we have six spoke centers in proper Kolkata.”
Ritu Mittal, page 12 of the filed PDF · View the filing
Greater Kolkata hubs: 9 hubs
p. 13
“We currently have nine hubs, and there is a scope of at least, if I am not being too optimistic, there is a scope of double the number of these counts.”
Niren Kaul, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — minimum of 34% · FY27
stated firmly by Ritu Mittal
p. 7
“So, we believe that the EBITDA, overall EBITDA will not go below 34%.”
Ritu Mittal, page 7 of the filed PDF · View the filing
EBITDA margin — more than 33%-34% · FY28-29
stated as an aspiration by Ritu Mittal
p. 6
“We expect more by the year '28-'29.”
Ritu Mittal, page 6 of the filed PDF · View the filing
Network expansion — 100 centres · FY28
stated firmly by Ritu Mittal
p. 6
“Yes, we are on track to open 100 centres by FY '28.”
Ritu Mittal, page 6 of the filed PDF · View the filing
Capex — Rs. 70 crores to Rs. 80 crores · this year
stated firmly by Ritu Mittal
p. 6
“And the Capex will again be something around Rs. 70 crores to Rs. 80 crores this year.”
Ritu Mittal, page 6 of the filed PDF · View the filing
Genomics business growth
stated as an aspiration by Niren Kaul
p. 6
“So, yes, we look at a strong continued growth in the genomics segment.”
Niren Kaul, page 6 of the filed PDF · View the filing
Genomics quarterly growth — around 20-odd percent · this financial year
stated as an aspiration by Niren Kaul
p. 6
“So, we are expected to grow in the same around 20-odd percent quarterly growth for this financial year.”
Niren Kaul, page 6 of the filed PDF · View the filing
Centre additions — 6 spokes and 3 hubs · full year
stated firmly by Ritu Mittal
p. 10
“We plan to add 6 spokes and 3 hubs.”
Ritu Mittal, page 10 of the filed PDF · View the filing
Genomics CapEx requirement — next 2 to 3 years
stated firmly by Niren Kaul
p. 11
“So, we do not see any additional major CapEx investment in next 2 to 3 years.”
Niren Kaul, page 11 of the filed PDF · View the filing
New centre location mix — around 50-50 between new and existing geographies · next 3 to 4 years
stated as an aspiration by Ritu Mittal
p. 15
“I think it should be around 50-50 because we have to, we are expanding into newer geographies and we will be deepening our penetration.”
Ritu Mittal, page 15 of the filed PDF · View the filing
EBITDA margin — FY28 onwards
stated firmly by Ritu Mittal
p. 17
“No, we expect the margins to increase.”
Ritu Mittal, page 17 of the filed PDF · View the filing
Jharkhand expansion — another hub plus at least 5 spokes · this year
stated firmly by Ritu Mittal
p. 13
“So, Jharkhand, like we have already opened one hub, we plan to open another one this year and then we will fill it up with at least 5 spokes.”
Ritu Mittal, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margin expansion comes from operating leverage and expects margins to exceed 33-34% by FY28-29, with mature centre profitability sustainable or increasing.
Answered by Ritu Mittal
Asked by Om: Can margins reach 33%-34% by FY28-29 and are current mature/non-mature centre margins sustainable?
p. 5
“The margin expansion is, of course, because of the volume expansion.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Management guided EBITDA would not fall below 34% for the year, noting Q2 and Q4 are seasonally strong while Q3 is muted.
Answered by Ritu Mittal
Asked by Nilay Parekh: What is the new margin guidance for FY27-28?
p. 7
“So, we believe that the EBITDA, overall EBITDA will not go below 34%.”
Ritu Mittal, page 7 of the filed PDF · View the filing
Management attributed the decline to expanding reach bringing in more new patients, while absolute repeat patient volumes are not declining.
Answered by Ritu Mittal
Asked by Rajat Baldewa: Why has the repeat patient rate declined from 52% to 40%?
p. 8
“No. So, basically, as we are expanding our reach, new patients numbers are increasing.”
Ritu Mittal, page 8 of the filed PDF · View the filing
Management said the difference was due to test mix change, not price increases.
Answered by Ritu Mittal
Asked by Hitaindra Pradhan: What drove the gap between test volume growth and revenue growth?
p. 9
“No, it is due to the mix change. We have not increased any prices.”
Ritu Mittal, page 9 of the filed PDF · View the filing
Management cited volume growth, genomics contribution from mature centres, and a better vendor deal after shifting from Siemens to Roche for biochemistry.
Answered by Ritu Mittal
Asked by Ankur Kumar: What is driving the 40.9% EBITDA margin in mature centres?
p. 10
“And we have shifted our main track or the main biochemistry business from Siemens to Roche.”
Ritu Mittal, page 10 of the filed PDF · View the filing
Management said B2B has a margin challenge but volume compensates for it, while B2C does not face margin pressure.
Answered by Ritu Mittal
Asked by Rajeev Jain: How is B2B margin managed given competitive pricing?
p. 11
“So, B2B definitely will have a margin challenge, but then the volume makes up for it.”
Ritu Mittal, page 11 of the filed PDF · View the filing
Management said a hub costs roughly Rs 10-10.5 crores and a spoke Rs 1.5-2 crores, with centre-level breakeven in 3-4 months and HO-level breakeven in 8-9 months.
Answered by Ritu Mittal
Asked by Rajeev Jain: What is the capex for a hub versus a spoke centre and typical breakeven timelines?
p. 11
“So, a spoke, the center level break-even happens in 3 to 4 months, whereas the HO level break-even takes 8 to 9 months.”
Ritu Mittal, page 11 of the filed PDF · View the filing
Management said they have been conservative given the organization's relative newness.
Answered by Niren Kaul
Asked by Mohammed Patel: Why does the company guide for 15% revenue growth versus larger peers guiding higher?
p. 16
“So, we have been a bit conservative over it. We have a very new organization.”
Niren Kaul, page 16 of the filed PDF · View the filing
Management quantified the CGHS-related top-line benefit at approximately Rs 1.5 crore.
Answered by Niren Kaul
Asked by Bhavya Sanghavi: What was the CGHS rate revision benefit to revenue this quarter?
p. 16
“1.5 or some, in that kind of a thing.”
Niren Kaul, page 16 of the filed PDF · View the filing
Management did not give a specific reason and said they would look into it further.
Answered by Niren Kaul
Asked by Bhavya Sanghavi: Why has test volume growth slowed compared to the past two quarters' ~20% growth?
p. 16
“So, we will evaluate that.”
Niren Kaul, page 16 of the filed PDF · View the filing
Risks flagged
Cannibalization impact when opening spoke centres near existing mature centres
p. 9
“There is always impact of cannibalization when we set up spoke centers.”
Ritu Mittal, page 9 of the filed PDF · View the filing
B2B segment faces margin pressure from competitive realizations
p. 11
“So, B2B definitely will have a margin challenge, but then the volume makes up for it.”
Ritu Mittal, page 11 of the filed PDF · View the filing
ROCE and ROE are lower than some national peers due to the mix of newer, less mature centres
p. 10
“And the mix is so skewed, therefore.”
Ritu Mittal, page 10 of the filed PDF · View the filing
Q3 is seasonally muted due to festivities and winter season
p. 7
“Quarter 3 is a little muted because of the festivities that come in and the winter season.”
Ritu Mittal, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.