Suraksha Diagnostic Ltd(SURAKSHA)

NSE: SURAKSHABSE: 544293

₹ 302.15+4.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,574 crWebsite: www.surakshanet.comUpdated: 24 Oct 2026

About

Suraksha Diagnostic Ltd is an integrated diagnostics chain offering pathology and radiology services through a hub-and-spoke network, operating primarily in West Bengal and expanding into neighbouring states. As of Q1 FY27 the network stood at 72 centres with 214 sample collection points, serving 0.38 million patients and performing 2.10 million tests in the quarter. FY26 revenue from operations was ₹3,104 million, up 23.1% year-on-year. The company also operates Suraksha Genomics, described as the only commercial genomic lab in Eastern India.^[1][2][3][4]

Service mix

Pathology contributed 48.85% of revenue and radiology 44.26% in FY26; in 9M FY26 the split was 48% pathology and 46% radiology.^[2][5]
B2C revenue was 91% of the total in Q1 FY27, up from 89.02% in FY26 and 93% in H1 FY26, reflecting gradual B2B growth via hospital tie-ups and corporate clients.^[1][2][4]
Public-sector corporate (CGHS) clients account for ~15% of total revenue as of Q1 FY27.^[1]

Network and operations

The network reached 72 centres in Q1 FY27 (from 68 at end-FY26 and 58 in Q1 FY26), plus 214 sample collection centres as of Q1 FY27.^[1][2]
Post-quarter additions in July - August 2026 included two hubs and three spokes, one of which was the first hub in Jharkhand (Dhanbad).^[1]
The central reference lab can handle 2.5× current test volumes without additional investment, providing operating leverage as the network scales.^[4]
The polyclinic model supports 160+ doctor chambers and 1,000+ associated doctors; patient consultation footfall grew ~11% year-on-year in Q1 FY27 (June 2025 to June 2026).^[1]
A next-generation 1.5T helium-free MRI was integrated at Calcutta Medical College under the PPP model during FY26.^[2]

Key operating numbers

Tests performed: 2.10 million in Q1 FY27; 8.16 million in FY26. Patients served: 0.38 million in Q1 FY27; 1.37 million in FY26.^[1][2]
Revenue per patient was ₹2,321 in Q1 FY27, up from ₹2,264 in FY26 and ₹2,118 in FY25, driven by genomics and specialised radiology mix.^[1][2]
Tests per patient were 5.56 in Q1 FY27. EBITDA per patient was ₹835 in Q1 FY27.^[1]
Mature centres (>2 years) delivered 40.9% EBITDA margin in Q1 FY27, up from 38.2% in Q1 FY26 and 36 - 37% in FY26. Centres under 2 years turned to +6.5% EBITDA margin in Q1 FY27 from −5.5% in Q4 FY26.^[1][2]
Mature centre like-for-like revenue growth was 12.3% year-on-year in Q1 FY27; same-store growth for mature centres was ~10% in H1 FY26.^[1][4]
Repeat patient rate was ~40% in FY26.^[2]

Genomics vertical

Suraksha Genomics, launched in July 2025, is described as the only commercial genomic lab in Eastern India with CAP validation, offering genetic and molecular testing.^[4][5]
Genomics revenue was ₹13.7 million in Q1 FY27, up 136% year-on-year, with five consecutive quarters of sequential growth averaging ~24%. Current margins are 15 - 20%.^[1]
The Genexus NGS platform for oncology was acquired in FY26, enabling a turnaround time of 48 - 72 hours versus the prior 14 - 21 days.^[2]
B2B share of genomics revenue is ~20% and is expected to grow over time as hospital referrals increase.^[1]

Expansion and capex

FY27 capex is guided at ₹70 - 80 crore for hub and spoke additions, targeting 4 more hubs and 7 more spokes beyond those already opened in Q1 FY27.^[1]
100 centres are targeted by FY28; management confirmed the plan is on track as of Q1 FY27.^[1][2]
FY27 multi-state expansion includes hubs in Jharkhand (first commissioned in Dhanbad post-Q1), Tripura (imminent), Bihar (upcoming), and a second spoke in Assam.^[1][2]
Greater Kolkata currently has 9 hubs; management sees scope to approximately double this count in the medium term.^[1]
~50% of annual centre additions are targeted in new geographies outside the core territory over the next 3 - 4 years.^[1]

Cost and supply chain

The main biochemistry workload was shifted from Siemens to Roche under a better-negotiated deal in FY27, contributing to COGS-level margin expansion at mature centres.^[1]
A CGHS rate revision in mid-October 2025 provided ~1.5% incremental top-line benefit in Q1 FY27.^[1]

Recent developments

Sub-two-year centres turned EBITDA positive for the first time in Q1 FY27 at +6.5%, a milestone management described as the expected ramp-up inflection.^[1]
In Q1 FY27, one hub and three spoke centres were commissioned; two further hubs and three spokes were added in July - August 2026 including the first hub outside West Bengal in Jharkhand.^[1]
20 centres were added between the December 2024 listing and end-FY26, taking the total from 48 to 68.^[2]

Market Cap

₹1,574 Cr

High / Low

₹359 / 224

Stock P/E

44.7

Price / Book

6.5

Book Value

₹47

EPS

₹6.2

No. of Shares

5.21 Cr

ROCE

17.1%

ROE

14.1%

OPM

18.2%

Debt / Equity

0.01

Sales

₹310 Cr

Net Profit

₹31 Cr

Promoter holding

49.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials