Suraksha Diagnostic Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Suraksha Diagnostic Ltd filed with BSE on 27 May 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 FY26 revenue from operations of INR3104.1 million, up 23.1% year-on-year, with blended EBITDA margin of 31.73% and PAT of INR314 million. Management said the year included expansion into 68 centers with new hub and spoke launches, alongside investments in genomics, molecular diagnostics and MRI technology. For FY27, management outlined plans to add hubs and spokes in West Bengal and expand into Bihar, Tripura and Jharkhand, while flagging near-term margin pressure from new center ramp-up costs.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR3104.1 million (FY26)
p. 5
“Revenue from operations stood at INR3104.1 million, representing a robust year-on-year growth of 23.1% compared to the previous fiscal year.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Blended EBITDA margin: 31.73% (FY26)
p. 5
“Our blended EBITDA margin for the year stands at a premium of 31.73%, yielding an estimated total EBITDA of INR985 million.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Mature center EBITDA margin: 36% to 37% (FY26)
p. 5
“Our established, mature centers continue to demonstrate immense operating leverage, consistently delivering a 36% to 37% EBITDA margin profile.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Patients served: 1.37 million (FY26)
p. 5
“we proudly served 1.37 million patients across our network, executing a massive volume of 8.16 million clinical tests.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Revenue per patient: INR2,264 (FY26)
p. 5
“Our revenue per patient increased to INR2,264 in FY26.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Pathology revenue contribution: 48.85% (FY26)
p. 5
“Pathology contributed 48.85% of our operational revenue.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Radiology revenue contribution: 44.26% (FY26)
p. 5
“Radiology contributed 44.26%.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Doctor consultancy and polyclinic contribution: 6.89% (FY26)
p. 5
“Our integrated doctor consultancy and polyclinic ecosystem contributed the remaining 6.89%, acting as a highly effective internal referral engine that seamlessly funnels clinical consultations into our diagnostic pipeline.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Number of centers: 68 (as on March 26)
p. 5
“taking our count of centers to 68 as on March 26.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Q4 revenue: INR822 million (Q4 FY26)
p. 6
“For Q4 FY26, the company reported a total revenue of INR822 million compared to INR659 million in Q4 FY25, reflecting a year-on-year growth of 25%.”
Bablu Shaw, page 6 of the filed PDF · View the filing
Q4 EBITDA: INR252 million (Q4 FY26)
p. 6
“EBITDA for Q4 FY26 stood at INR252 million compared to INR200 million in Q4 FY25, registering a year-on-year growth of 26% EBITDA margin for the quarter, stood at 31% compared to 31% in Q4 FY25.”
Bablu Shaw, page 6 of the filed PDF · View the filing
Q4 PAT: INR62 million (Q4 FY26)
p. 6
“PAT for Q4 FY26 stood at INR62 million compared to INR22 million in Q4 FY25.”
Bablu Shaw, page 6 of the filed PDF · View the filing
FY26 total revenue: INR3136 million (FY26)
p. 6
“For FY26, total revenue stood at INR3136 million compared to INR2559 million in FY25, registering a year-on-year growth of 22.5%.”
Bablu Shaw, page 6 of the filed PDF · View the filing
FY26 EBITDA: INR986 million (FY26)
p. 6
“EBITDA for FY26 increased by 15.8% year-on-year to INR986 million compared to INR851 million in FY25.”
Bablu Shaw, page 6 of the filed PDF · View the filing
FY26 EBITDA margin: 31.8% (FY26)
p. 6
“EBITDA margin for FY26 stood at 31.8% compared to 33.8% in FY25.”
Bablu Shaw, page 6 of the filed PDF · View the filing
FY26 PAT: INR314 million (FY26)
p. 6
“Profit after tax stood at INR314 million compared to INR310 million in FY25, reflecting a year-on-year growth of 1.4%.”
Bablu Shaw, page 6 of the filed PDF · View the filing
FY26 PAT margin: 10.1% (FY26)
p. 6
“PAT margin for FY26 stood at 10.1% compared to 12.3% in FY25.”
Bablu Shaw, page 6 of the filed PDF · View the filing
Average revenue per centre: INR45.65 million (FY26)
p. 7
“Average revenue per centre stood at INR45.65 million.”
Bablu Shaw, page 7 of the filed PDF · View the filing
New centre revenue per centre: INR5 million (Q4 FY26)
p. 7
“New centers which are less than 2 years old delivered an average revenue per centre of INR5 million with an EBITDA margin of negative 5.5%.”
Bablu Shaw, page 7 of the filed PDF · View the filing
Genomics incremental revenue: INR1 crores (Q4 FY26)
p. 10
“So the last quarter Q4, we actually did a INR1 crores of incremental genomics business, which is up from the previous quarter by around INR2.5 million.”
Niren Kaul, page 10 of the filed PDF · View the filing
Genomics revenue run rate: INR35 lakhs per month
p. 13
“INR35 lakhs per month.”
Bablu Shaw, page 13 of the filed PDF · View the filing
Pre-Ind AS EBITDA: INR75 crores (FY26)
p. 7
“Pre-Ind As EBITDA will be around INR75 crores and PAT will be INR53 crores.”
Balgopal Jhunjhunwala, page 7 of the filed PDF · View the filing
Total rental cost: INR30 crores (FY26)
p. 15
“It is around INR30 crores.”
Bablu Shaw, page 15 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.
Revenue growth — around 15% · FY27
stated firmly by Ritu Mittal
p. 13
“We don't mind over delivering, but our commitment is 15%.”
Ritu Mittal, page 13 of the filed PDF · View the filing
EBITDA margin — around 33% · FY27
stated conditionally by Ritu Mittal
p. 8
“For FY27, the EBITDA margin would stabilize at around 33%. Because we are adding many more new centers again this year also.”
Ritu Mittal, page 8 of the filed PDF · View the filing
EBITDA margin — 35% · medium term
stated as an aspiration by Ritu Mittal
p. 9
“But as we ramp up, we definitely think midterm we will stabilize at 35%, because of operating leverage as we scale up.”
Ritu Mittal, page 9 of the filed PDF · View the filing
EBITDA margin — 38%, 39% · long term
stated as an aspiration by Ritu Mittal
p. 9
“In the long term, we expect around 38%, 39%.”
Ritu Mittal, page 9 of the filed PDF · View the filing
FY27 capex — around INR70 crores · FY27
stated firmly by Ritu Mittal
p. 9
“So the total planned capex again is around INR70 crores.”
Ritu Mittal, page 9 of the filed PDF · View the filing
New center expansion — three new hubs and eight asset-light spoke centers in West Bengal, plus one hub each in Bihar, Tripura and Jharkhand · FY27
stated firmly by Ritu Mittal
p. 5
“We will establish three new hubs and eight asset-light spoke centers within West Bengal to further sweat our central reference infrastructure.”
Ritu Mittal, page 5 of the filed PDF · View the filing
Mature center growth contribution — 9% · FY27
stated firmly by Ritu Mittal
p. 9
“Yes, so the mature centers will contribute to around 9% of growth.”
Ritu Mittal, page 9 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.
Pre-Ind AS EBITDA around INR75 crores and PAT around INR53 crores.
Answered by Balgopal Jhunjhunwala
Asked by Dhruv Maheshwari: What is the pre-Ind AS EBITDA and PAT for FY26?
p. 7
“Pre-Ind As EBITDA will be around INR75 crores and PAT will be INR53 crores.”
Balgopal Jhunjhunwala, page 7 of the filed PDF · View the filing
Yes, license and power delays due to elections meant only 2 of 4 planned centers had opened, with 2 more opening that month.
Answered by Ritu Mittal
Asked by Rajat Baldewa: Was the shortfall in new center openings due to the elections?
p. 8
“Absolutely. Because of the election, some licenses and power was a little delayed. So out of the 4, 2 have already opened. And 2 are going to open this month.”
Ritu Mittal, page 8 of the filed PDF · View the filing
Repeat rate is around 40%.
Answered by Ritu Mittal
Asked by Rajat Baldewa: What is the current repeat rate?
p. 8
“My repeat rate would be around 40%.”
Ritu Mittal, page 8 of the filed PDF · View the filing
Mature centers deliver 36-37%; blended margin should stabilize around 35% medium term and 38-39% long term as new centers scale.
Answered by Ritu Mittal
Asked by Rajeev Jain: Can EBITDA margins recover to 34-35% medium term, or should investors expect structurally lower margins?
p. 9
“See, the mature centers will continue to deliver 36%, 37%. But as we ramp up, we definitely think midterm we will stabilize at 35%, because of operating leverage as we scale up. In the long term, we expect around 38%, 39%.”
Ritu Mittal, page 9 of the filed PDF · View the filing
Already-opened centers should reflect positive margins within six months, though new center additions will dilute margins.
Answered by Ritu Mittal
Asked by Rajeev Jain: When will new centers start reflecting positive EBITDA margins?
p. 9
“See, the centers that we have already opened, okay, that will start reflecting positive margins in the next six months. But again, we will be adding new centers. So that will dilute the margin.”
Ritu Mittal, page 9 of the filed PDF · View the filing
Some cannibalization occurs at the center level, with a 5-10% dip, but overall regional performance still grows as new centers ramp up faster.
Answered by Ritu Mittal
Asked by Rajeev Jain: Is there cannibalization in existing Kolkata clusters as density increases?
p. 9
“We see the, of course, little cannibalization is there. But then when we look at the overall region's performance, it always grows more. Centre to centre, we might, see a dip of 5% to 10% in the existing centre. But then the new centre ramps up much faster than that.”
Ritu Mittal, page 9 of the filed PDF · View the filing
Small centers break even at center level in five to six months, big centers in nine to twelve months, with HO-level breakeven taking an additional one to two quarters.
Answered by Ritu Mittal
Asked by Siya Maheshwari: What is the average breakeven timeline for a new center?
p. 11
“For a new centre, the centre level breakeven for a small centre happens at around five to six months. For a big centre, this takes around nine to 12 months. This is centre level. But for it to breakeven at the HO expense level takes another additional one to two quarters.”
Ritu Mittal, page 11 of the filed PDF · View the filing
Seasonality as winter infections fizzle out by March, but infection-related high value tests contributed to higher revenue.
Answered by Niren Kaul
Asked by Nakul Doshi: Why was patient growth modest at 1.7% in Q4 despite strong revenue growth?
p. 11
“So, the Q4, actually the normal seasonality, it has a seasonality impact because the winter almost kind of fizzles out till March. It has this impact.”
Niren Kaul, page 11 of the filed PDF · View the filing
Management maintained its 15% growth commitment despite outperforming in FY26.
Answered by Ritu Mittal
Asked by Akash Shah: Given 23% FY26 revenue growth, what is the FY27 revenue growth guidance?
p. 13
“We don't mind over delivering, but our commitment is 15%.”
Ritu Mittal, page 13 of the filed PDF · View the filing
Management said patient count is not a reliable metric due to duplicate records from spelling variations and lack of a unique patient ID, and noted the prior high growth was linked to COVID testing volumes.
Answered by Ritu Mittal
Asked by Aditya: Why has patient growth been low despite new center additions, unlike peers?
p. 14
“one patient might be created by multiple names because there is no unique ID that we attach to a patient throughout our country.”
Ritu Mittal, page 14 of the filed PDF · View the filing
Addition of genomic tests and specialized radiology tests priced higher than routine tests.
Answered by Ritu Mittal
Asked by Aditya: What drove the spike in revenue per patient this quarter?
p. 14
“That is because of the genomic tests that we have added. We have added specialized radiology tests which are typically higher priced than the routine tests and therefore the jump has happened.”
Ritu Mittal, page 14 of the filed PDF · View the filing
Risks flagged
Election-related delays affected new center openings and licensing/power connections.
p. 8
“The only impact that we faced was some of our centers that we had planned to open got a little delayed.”
Ritu Mittal, page 8 of the filed PDF · View the filing
New centers carry negative EBITDA margins and drag down blended profitability during ramp-up.
p. 7
“New centers which are less than 2 years old delivered an average revenue per centre of INR5 million with an EBITDA margin of negative 5.5%.”
Bablu Shaw, page 7 of the filed PDF · View the filing
Higher depreciation, finance costs and tax expenses compressed PAT margin in the quarter.
p. 6
“The decline in PAT margin was mainly due to the higher depreciation and finance cost associated with our expanded center networks and infrastructure investment along with our higher tax expenses during the quarter.”
Bablu Shaw, page 6 of the filed PDF · View the filing
Rising fixed costs from new center expansion have pressured EBITDA margins year-on-year.
p. 10
“Due to this, the expansion of our new centers because our fixed cost has increased for the new centers. So that's the reason that it has been declined.”
Bablu Shaw, page 10 of the filed PDF · View the filing
Some cannibalization occurs in existing centers as new centers are added nearby.
p. 9
“We see the, of course, little cannibalization is there.”
Ritu Mittal, page 9 of the filed PDF · View the filing
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